So I’m currently a freshman studying economics at UIUC, and I’m really confused about where to go in life. I’ve figured out what I want to do for sure now: Finance. However, I have yet to figure out what IN finance I really want to do.
I’m having a lot of doubts about whether I’ll be able to make it very far here at UIUC since the College of Business is really only famous for Accountancy, and not finance. At the same time, the Quantitative Economics degree was only introduced a couple of years ago.
I’m afraid I will have a lot of trouble with accessing higher pay brackets, and with career opportunities after graduating from here, and am wondering whether I should transfer out or stay here and figure something out. I’m also planning on pursuing an MBA from a prestigious university sometime in the future.
Given my research so far, I believe I have two choices: Transfer out to a university with a more prestigious business program, or continue here and finish a dual degree between Economics and Finance. If I do go for a transfer, I plan on applying to USC, Duke, Cost isn’t a major issue. The prestige of university and job prospects are the main factors.
I agree with both @intparent and @“aunt bea”. UIUC is a very good university with a very strong and well deserved reputation. If you do well there, then you will have plenty of opportunities. If you have very good grades from UIUC, then with some working experience you should have opportunities to get an MBA at very strong universities.
Get off of College Confidential and get to work. Stay ahead in your homework and do your homework as close as possible to the day that it is assigned. Pay attention at all times. Seek out help when you need it.
You have received good advice. My daughter and son both majored in finance at Gies…double majored actually. (One was finance/supply chain, the other finance/accounting). If you work hard there are plenty of opportunities at UIUC. I am not familiar with the Quantitative Economics degree, but I am familiar with the wonderful job outcomes of my kids and their friends from Gies.
So let me begin by saying, it sounds like you’re concerned about obtaining a high-paying, post-graduation job. Well, if you apply yourself in and outside the classroom, you can successfully attain your goals.
Here are some of my suggestions.
Get A’s. Work on a high GPA. Your future job search will be similar to your past college search. If you seek prestige/high pay you will be competing with others and your GPA will be an important factor, especially when it comes to attaining the best internships.
Don’t coast. You should be extending yourself in ways to develop skills and to assist you in determining what you are good at and what you like. As a freshman you should be involved in campus…and I don’t mean “just” belonging to a club or two. Stretch and work to the point you have to manage your time well.
Use BCS. Business Career Services at UIUC is excellent. Realize you won’t be using your high school accomplishments much longer on your resume. You have to distinguish yourself from the masses. Be proactive. As an adult, don’t expect the school to notify you of opportunities. You have to go after them.
Get over the “College of Business is really only famous for Accountancy, and not finance”. Focus on the companies that recruit on campus. Research where graduates are employed post-undergrad.
Find mentors. My kids greatly benefited from the assistance of older students in their RSOs. They figured out how to double major, do a semester abroad and many other things which contributed to their success.
Both of my kids (D17 and S19) are going to work as consultants in Chicago. My daughter has been living and working in Chicago for a year. She lives with 2 friends from U of I and has many friends living/working in the area. My son is graduating in May and has accepted a consulting job…a lot of his friends have their future employment set, too.
Lastly, realize that the big summer internship recruiting is done at the Fall job fair. That means you have the remainder of this semester and the Spring to work on building your resume for your post-Sophomore summer internship opportunities. (It isn’t easy, but is good practice for the more important junior year summer internship.) Apply for leadership conferences. Seek leadership in RSOs. I wouldn’t waste time wondering if you went to a more prestigious finance program if the opportunities would come to you.
Thank you all for your replies. Having talked to quite a few college seniors, I’ve come to the realization that being a student at the University of Illinois is a major disadvantage when it comes to accessing several areas in finance, especially banking an consulting.
After talking to quite a few recent alumni, I learned even a dual degree doesn’t make up for the fact that a student has graduated from a non-target school. Additionally, I learned most UIUC graduates tend to land lower-paying jobs with lower growth potential as they are replaced by other feeder schools such as Northwestern, UChicago, UofMichigan, and other more prestigious universities from the coasts. Landing a sub-par job may also affect a student’s post-graduate hopes of landing an MBA at a top graduate school in the near future.
Having done months of research, I’m coming to the conclusion that although UIUC is an amazing school to be at for any student, a finance student targetting jobs in Chicago is put at a severe disadvantage when competing against other applicants of a similar caliber graduating from more well-known schools from the moment they submit their resume.
Not if you’re a top 5 candidate from UIUC’s business school. Not being from a target school is a disadvantage unless you’re at the very top of it – and if you’re so confident you can move up to a better school, then you certainly have it in you to be the best of your school. This is coming from someone who knows seniors at a top 30 public school still outplaying HYPSM applicants and getting hired at Goldman Sachs, McKinsey, FANG, elite boutiques etc. Of course said companies don’t recruit at the university but that won’t stop the real hustlers and far-distinguishing candidates. The whole point of a target school is simply for companies to be assured that they will have a large pool of qualified candidates and even then, they’ll take less than half a dozen. But that won’t stop them from hiring a superb candidate from a non-target school who really demonstrates that grit.
Your research only applies to the average student and if you feel like you can’t even distinguish yourself at UIUC, I can’t imagine how you would fare at a school like the University of Chicago.
Don’t take advice from college seniors. A business degree from UIUC will not limit it you. It has a good business school. Focus on distinguishing yourself their with top grades and a strong resume of leadership, experience, and community service and you will have plenty of great opportunities. Even at target schools, top finance opportunities are not handed to students; their is fierce competition among the top students for those internships. You want guarantees, but no school comes with guarantees. It’s all about you, not the school.
Only thing to add to the above is to take a deep breath. Way too much stress is coming off that first post. You (read: we) are too young to be too stressed.
Hi again, @franky312. Sorry to hear your research is discouraging you. Of course you have to do what you think is best for you.
I just want to say I think your perception of there being a “major disadvantage” is overstated. Are you talking with Gies students or LAS students? Being an Economics major in LAS is not the same as being a Finance major in Gies. The College of Business (Gies) has a much stronger reputation and better resources, when it comes to future employment. Since you are a freshman, I would consider transferring to Gies if you are in LAS…just be cognizant of the strict requirements and timeline. You would have to apply Spring semester of freshman year. https://business.illinois.edu/undergraduate-affairs/admissions/intercollegiate-transfer/
Realize the competition for the highly sought-after jobs require skills and drive. I think a target school is important for IB. However, for consulting I think UIUC has a very good track record.
Where I think you are floundering in your thinking is illustrated in two points you made.
I’ve highlighted the parts which I found interesting:
In the first statement you said “most” and of course that is true. Ask yourself if you have a realistic understanding of the numbers. There is a very limited number of high-paying, sought-after consulting jobs compared to the number of high caliber graduating students. UIUC, Northwestern, UChicago and UMichigan are just a few of the great universities with very capable students seeking these positions.
In the second statement you talk about competition with similar caliber graduates. There’s a lot to think about in that assumption. Do you think the seniors you talked with are on par with students from the other schools you mentioned? Do you feel you are similar/better/worse than these seniors? Do you understand the ‘big’ consulting firms hire all kinds of majors?
A lot of the high-pay, high-prestige consulting jobs go to the ‘best’ students at each university…students who have outstanding grades and leadership experience beyond the ordinary. They have a resume that suggests outstanding time-management and communication and people skills.
Lastly, since you are going into semester finals, I would focus on them and leave long term future planning for Winter Break. I agree with mjr2013 who suggests taking a deep breath. You are in a good place. Commit to yourself through positive thoughts and productive action. Deal with this ‘other stuff’ in a few weeks.
When you have the time, here are a few links to look at (if you haven’t already).
You may or may not be surprised at some of the job placement data.
Thanks so much for your input. I’m going to focus on finals for the next few weeks and get back to research on this. I need some time to think about what is really best for me. I seem to be receiving a lot of conflicting responses which are making me quite confused. While quite a lot of people have suggested going for a transfer if I have the opportunity, many others believe I should remain at UIUC and make the most of what I have.
I’m going to take some time off to think through this more thoroughly.