<p>I have been accepted to a wide range of state public universities including Wisconsin-Madison, University of Michigan-Ann Arbor, University of Georgia, and University of Alabama. Right now I want to major in economics and possibly pursue a career in investment banking or some financial job. I'm also still slightly interested in doing pre-med. I wanted to get some opinions on what people thought about what I should do. Michigan, which is obviously a top rated university would cost around $30,000 than Alabama. Both Wisconsin and Georgia are comparable in price and are close in stature, not far behind Michigan. They would be around $25,000 more than Alabama. I toured Alabama and Georgia this past weekend and I will be going up to Michigan and Wisconsin next month.</p>
<p>check which universities have better economics/pre-med programs. the most important thing is to get into a really good GRAD school… for undergrad, just get a really good GPA at relatively good school. you don’t want to be in debt. also, if you’re not 100% sure about what you want to major in, make sure you pick a place where a wide variety of majors are offered.</p>
<p>If you are interested in investment banking, go to Michigan. It is incredibly difficult to be hired at an i-bank unless you attend one of their target schools. Several banks target Michigan, none of the major banks target Georgia, Wisconsin, or Alabama.</p>
<p>If you would rather go the MBA route after a few years of work experience, then the situation is a little different. For MBA admissions, Ross is obviously much more respected than the other schools. After that, Wisconsin is very well respected, then Terry, then Alabama (whose school I can’t even name off the top of my head). The drop off from Ross to Wisconsin is large, not so much from Wisconsin to Terry, pretty big drop from Terry to Alabama. </p>
<p>What does this mean? Well, if your goal is to go to a good MBA program, say Mays (Texas A&M), then it really won’t matter too much. A good undergraduate GPA, good GMAT, and good work experience is all you need at any of the schools. But, if your goal is to attend a great MBA program (HBS, Stanford GSB, Ross), then your school will play a role. A Ross graduate can get into those programs with good stats - 700+ GMAT, high GPA, reasonably impressive work experience (which you would get coming out of Ross). An Alabama (or Georgia or Wisconsin) graduate would need to be stellar - 750+ GMAT, graduate top of the class, served as class president, hired by a major consulting firm and worked on major accounts, etc. You can still get in, but your achievements are expected to be more impressive. Think of it like Olympic diving: if you’re going to try what the judges consider to be an easier dive, you have to do it extremely well to have a shot at a medal. Someone with a more difficult dive doesn’t need to be as perfect. </p>
<p>In terms of non-MBA and non-banking work experience, you really need to consider where you’ll work. Michigan graduates travel all across the country, but are heavily concentrated in New York and Chicago. Wisconsin graduates are heavily concentrated in Chicago and Wisconsin, Alabama graduates are concentrated in Alabama, and Georgia graduates are concentrated in Georgia. The degrees from the last two do not “carry well” out of state. What do I mean by that? A Georgia degree has much more value inside Georgia than outside.</p>
<p>One last thing to consider with some of the schools - as a rule, it is usually beneficial to target the top school in a state in your area. Many people consider Auburn to be better than Alabama, and it’s universal that Georgia Tech is the better program in Georgia. Attending the second-tier program in a state can be problematic for a number of reasons. First, there’s generally a stigma attached to you since even if you stay near your college, you’re still interviewing against people from a more prestigious school. Even if you’re hired, there’s still a bias. Also, you’ll see several employers only pursue the “better” school because they want to be the “better” company, so it can lead to some reduction in options.</p>
<p>Being a parent I have had similar discussions with my son and a number of his friends. Having served on the Boards of two companies and having hired MBA’a from the above institutions and all of the Ivies, I can tell you that success is not based on where you went to school, its a function of your drive and commitment. I have several graduate degrees (including an MBA in Finance-not from an Ivy) and I look back on my career and recognize the sacrifices one has to make to achieve professional and financial success in business. Its not just the hours you put in, its missing your kids back to school night, not being there for Halloween, things like that. The reality is that after 5 years in business, your ability to succeed is experience and track-record driven. Most of all its about passion for what you get up every morning and do----you have to love it.
Having said that there is a positive correlation between where you get your undergradute degree and MBA and your ability to land your first real position. This may sound terrible (my son tells me it is), but look at your choice as an investment decision. See where you’ll get the most bang for your buck. Review the placement and starting salary metrics for undergrad and grad programs of the colleges you are considering. Do the math, taking into consideration all the costs, scholarships offered, etc. Also, determine how you intend to finance your education. See the potential pay back periods for all of your options, allowing you to better understand the true financail impact of your decision.
Once that’s done, do what I did many years ago and what I’m telling my son. Consider the intangibles—location, size, etc. Where will you be happiest? At the end of the day college is one of the best experiences you’ll have. Worry less about the “brand” and more about your passion. Remember, you’re the real brand, not the degree that’s hanging on your office wall.</p>
<p>^great advice IMO. I have spent the last 15 years with a fortune 500 Co and have seen tons of MBA’s come and go. The school name can get you in the door, but after a few years it doesn’t seem to matter much. The regional schools get tons of respect and (I’m on the West Coast) and the mid-west and East Coast schools aren’t as well known. In this recession it’s been interesting to see the marquee MBA’s - Duke, UVA, MI - let go just like the U of Oregon MBA’s. It’s about you.</p>