The real issue…
Did this parent put a price limit on college costs BEFORE they allowed their student to apply to NYU? The parent says they hoped for more merit aid than they got…but was the student TOLD that if a certain net price wasn’t met, the student could not attend this school?
My opinion…the money talk needs to happen BEFORE applications are sent. NYU Stern sounds like a top choice for this field. But if the parent wasn’t prepared to pay over a certain amount…the student should have KNOWN that…well in advance of applying to and getting accepted to a top program.
It’s no secret that UT Austin is less expensive for instate students than NYU.
Sometimes financial situations change between application time and acceptances…a parent loses a job, some serious illness happens to a family member, the family house burns down with no insurance. Sure, this could change the money talk outcome once acceptances arrive.
This doesn’t sound like it’s the case with the OP.
Now…if the family really can’t afford NYU, that’s an issue that needs to be discussed.
I hope this family didn’t just let their kid apply to an expensive top program, on a wing and a prayer that it would end up being a bargain.
Too late to edit.
I DID post upstream that I retracted my first comment about NYU. Clearly, their program is an outstanding one. The question here is…will this family pay for it.
@blossom does one have to major in finance to get a great job in…finance? I thought some IB jobs also liked math and engineering majors…but maybe I’m “off” on that as well.
There are plenty of opportunities in IB for kids who didn’t study finance. You can’t major in “finance” at Yale, and yet somehow the banks manage to find their way to New Haven every year (Yale’s business school is a graduate program- as is Harvard’s, Princeton doesn’t have a B-school at all).
Math, engineering, comp sci, econ… all popular majors for kids interested in banking. But I’d be leery of betting the farm on a 17 year old kid’s interest in I-banking- OP hasn’t elaborated as to where or why this interest comes from.
And again- colleges don’t “place” their kids at certain companies. The kids still have to interview and and actually get hired.
I try not to make major life and financial decisions based on what I hear in the vegetable aisle. YMMV.
Right. We have a close relative whose career has been in IB. He majored in history with a double major…in french.
I didn’t see mentioned that NYU Stern students have a sizable advantage over all other undergraduate business schools in that they can do extremely highly paid Wall Street internships during the school year. This is because they are a couple subway stops away from Wall Street. While the droves of undergraduate finance students from other colleges do compete for these coveted internships in the summer, Wall Street is a captive audience for NYU Stern in the fall and spring. A Wall Street internship is a game-changer on your resume, regardless of where you are ultimately hoping to work.
If I recall the recent stats correctly, NYU Stern boasts nearly 100% job placement after graduation, with an average starting salary of $70k+. These students are highly sought after; recruitment is robust.
NYU is expensive, but ALL private universities are in the 65-75k range now when you factor in tuition, room and board. NYU Stern also requires a substantial amount of liberal arts courses from the other NYU departments, which, IMO, leads to a well-rounded graduate. Needless to say, the liberal arts offerings at NYU are quite enriching. If you can’t afford it, of course you should move on. If you can afford it, it’s an amazing educational opportunity.
For NYU and some other schools, could it be that the student being in the additionally selective division (i.e. the business school that is more selective than the rest of the school) makes the difference for some IB recruiting, rather than that the major is business?
Can your D function well on 0-6 hours of sleep a night every night for months on end?
If she can, she may consider IB (traditional IB, which is M&A, etc.; back office and all those other functions aren’t IB or as prestigious or as high-paying as IB and doesn’t require going to an IB feeder for).
I personally think Stern is too costly a risk to be worth the investment. McCombs is actually among the top 10 IB feeders these days (thanks to WF IB being based in Charlotte, Deutsche in Jacksonville, various other banks building up outside NYC and thus recruiting outside the Northeast).
And yes, I agree with @Publisher: Going to McCombs, doing well, doing well in her career, and going to an M7 to get an MBA (or even a top 15 MBA program if with scholarship or partially paid for by an employer) is a much better investment than spending the equivalent on Stern undergrad.
@PurpleTitan : this student didn’t get BHP at McCombs though.
@MYOS1634, fair point. I still don’t think Stern is worth the financial risk. Stern means certain upfront cost for uncertain extra financial gain (uncertain because we don’t even know how much this kid even wants IB or can hack it). Outside of the prestige industries of IB and (maybe) MC, does Stern give any advantage over even non-BHP McCombs? It’s not as if non-BHP McCombs grads typically end up unemployed and living at home after graduation.
You folks who use the word “placement” are really not describing the hiring process appropriately.
Kids don’t get placed. Colleges don’t place.
Any NYU Stern kid who gets a job at Goldman (back office, front office, to be a junior HR person, an investor relations rotation, data security) gets tallied as an investment banking hire. Why? Because Goldman is an IBank. Just like a kid who gets a job as a financial analyst at ESPN gets logged as working in media/entertainment.
The tippy top Stern kids have a better shot at the M&A type roles at investment banks than the middle of the pack kids at Baruch or Fordham. But NYU doesn’t “place” kids – kid still needs to actually get him or herself hired.
And back to the OP- what is it about investment banking in the first place??? Before I spent this kind of money I’d want to understand what my kid knew about the industry and why or why not it might be of interest. For most kids- it’s lucrative. And nobody will spend the next four years asking “what do you want to do after college”.
That’s rarely sufficient in my book. YMMV.
re #18, in-state Dyson school (Cornell AEM) students are still under CALS and get in-state reduced tuition.
Estimated total cost for attending in 2017-2018 = $52,951 for an in-state student, $70,321 for an out-of-state student.
https://web.archive.org/web/20170310021652/http://finaid.cornell.edu/cost-attend
(using that year because that’s all I can find for Stern to compare).
Estimated cost of attendance for Stern school undergrads for 2017-2018 was ($69,682 + $4,782 =) $74,454
http://www.nyu.edu/content/dam/nyu/financialAid/documents/tuitionstern.pdf
Cheaper if not living in the dorms, but then you have to live someplace else. It’s always cheaper to go to a commuter school, if you want to live at mom’s, but then you have the school experience of a commuter school. You can live someplace off-campus at Cornell too.
I don’t know specifically how CALS vs NYU compare for need-based financial aid, just what I’ve read here on CC is that NYU is particularly not good for aid.
From what I’ve read, Dyson is pretty actively recruited for IB. I can’t say whether it is “better” than Stern though for recruiting, since I’m not following that and wouldn’t know how to properly quantify it.
(Get twins attending these two different schools, and one gets multiple IB offers the other doesn’t?).
A substantial proportion of students at Stern wants finance, Dyson student interests are probably somewhat less skewed.
When I was on the street years ago we had people from both schools. If you could get an interview, whether you got hired depended on the individual.
At my firm, back then, the GPA threshold for even being interviewed from NYU was very high. I’m talking front-office.
@monydad
The OP is from Texas…so the instate rate would not apply at Cornell.
Look…I’m sorry I brought Cornell into the discussion. I still think it’s a fine choice for IB, but that has nothing to do with the OP…who is deciding between instate at UT Austin…and NYU Stern.
My DD has just received a full ride to BU Questrom. She has also just been accepted to Stern with some, not much aid. What is she giving up by sticking with BU, as I am pretty sure she will have to?
If you can afford Stern then yes and that is a rare pay more yes from me.
I think the Wall St access provided to NYU Stern makes it potentially and uniquely worth it. If I was in your shoes and could afford it, I would take the risk and pay it.
It is easy to spend someone else’s money. How much will NYU cost for each year and how much would be loans?
Remember too…your kiddo could change her mind about major like many do.
I’ve already spent my money for two kids full pay at private schools.
This is a situation where if I had the money, and my kid had IB ambitions, it would be worth it to me to maximize her chances of being successful.
OP already said that he could afford NYU.
@ClassicRockerDad we spent our money too.
Well…if the OP can afford it…then this is a family decision.
Why did this kid apply to BU? That might be a good question for them to think about…maybe there are reasons which would make BU a better choice…maybe not.
Post #32 is not the OP, folks.
Anyway, Stern does provide more opportunities than BU. But a full-ride is a notable achievement as well.
Stern provides NYC access. Unless that kid is aiming for IB, however, that’s a significant investment/gamble. I don’t think you can justify Stern full-pay over BU full-ride from an ROI standpoint. Note that Boston is also an investment management hub.
Sorry that I jumped into the OP’s thread. DD’s extended family does have connections to Boston investment banking for internships. She applied to BU because of swimming recruitment. She will be doing an official visit to NYU this week. We will see what she thinks when she gets back. Thank you for your opinions.