The Ultimate Question: Is the Ivy worth it? Especially for business- entrepreneurship

Applying to College
1

<p>I keep asking myself this question as I decide where to apply. Any good business person should. What is the opportunity cost of going to a ridiculously expensive, first rate college? I try and break it down:</p>

<p>Let’s say there are no barriers to getting into Whartons… which is a far shot I know, but it’s a hypothetical situation.</p>

<p>So in this hyp-situation, getting into Whartons is as easy as getting into some community college.</p>

<p>If I chose to go to Whartons, I will pay 50000 dollars a year and be out of state. The benefits, of course, is I would be an attendee of the most highly reputed business school in the world. </p>

<p>On the other hand, if I went to UIUC or something like it, which is still in the top 10, I will save 30000 in college tuition (might even make 20000 if I get a full ride, since my dad would then give me the money that would have gone for college), and be in state.</p>

<p>The opportunity cost of going to UIUC instead of Wharton is up to 220000 dollars (50000 dollars a year times 4 years plus 20000 that I could potentially get were I to receive a full ride to UIUC)</p>

<p>That being said, I realize that Wharton will provide me with a “better” education and perhaps more financially inviting career opportunities than UIUC.</p>

<p>So I guess my main question would be the following: is the Ivy League worth the 220000? Especially in business? Since, in business, the true nature of your life’s career is determined by perhaps your work experience out of college and, more importantly, the caliber of your master’s degree. </p>

<p>I am an aspiring entrepreneur, and in my “line of work”, there is even consideration of the path shunned by most respected families - not going down the college route at all. But, with close analysis, you can find that this may not be the worst choice at all…</p>

<p>However, the following are reasons why I see college in my future of entrepreneurship:</p>

<li><p>If I am to fail (90% chance) in my start up as an entrepreneur, I need a fall back. Getting into college later in life will probably be more difficult (may be married, have to take care of myself financially, etc), so it would be to my advantage to finish it off now</p></li>
<li><p>Networking. Networking networking networking. College is the prime place to find people who will share your drive to do something.</p></li>
<li><p>An education. Ironically, this ranks at the bottom of my list for business, since I feel that the best business education can only be received through experience</p></li>
</ol>

<p>That being said, I return to my original question: is the Ivy League worth it for an aspiring entrepreneur?</p>

<p>In my opinion, the answer is no.</p>

<p>The Ivy will prepare you for those high paying careers with 100 hour work weeks and no bathroom breaks. It will secure you into a good life, perhaps a great life. But not if you wish to be an entrepreneur… then an Ivy should be seen just as a giant deduction on the costs side of the business that you, an entrepreneur, will try so painstakingly to float.</p>

<p>While the Ivy may boast a stronger network to find like minded thinkers, I do not think that it is worth a 50000 dollar price tag.</p>

<p>Instead, one should go to a respectable college, build a network, and try things… after all, that is what an entrepreneur is supposed to do, right? If you are to fail in your business, you will not be as much in the hole as you would have if you had chosen the Ivy. </p>

<p>Let’s say you make it. Google has bought you. You are rich. Yay! Game over. You win.</p>

<p>Let’s say you don’t make it. Thing’s are still great. Companies would rather hire those that have tried to start their own company than those who have experience working for someone else. Get some work experience, get a master’s, and get back on track. A few years down the line, you can try again.</p>

<p>This all seems pretty logical to me, but I want opinions on my thought process. Do you feel the Ivy is worth it?</p>

2

<p>A Harvard MBA is like gold. A good chunk of them can make that 220,000 in one year a few years out. </p>

<p>But you have to decide if that’s worth it to you.</p>

<p>What about UIUC undergrad and Harvard for grad?</p>

3

<p>I think it’s worth it if you make it worth the money(become a CEO, leader of an organization, support good causes with the loads of money you would make as an Ivy grad, etc.). But if you’re just going to get a “normal” job like a business analyst or an investment banker, I don’t think it’s really worth it. You could do this by going to UIUC or wherever.</p>

4

<p>If the only reason you would go to an Ivy is to make more money, it is not worth it. You are unlikely to derive that much financial benefit from an elite-college education (particularly if your goal is to be an entrepreneur).</p>

5

<p>Consider your make it/don’t make it scenarios <em>with</em>the Ivy degree:</p>

<p>The better education and network will only increase your chance of success, and probably ultimately decrease the amount of time it takes you to get there (thus saving you money).</p>

<p>If you fail, you’ll be in a better position to land an excellent job and get into a top graduate school. When getting a job, I wouldn’t be so sure that having started a company would always trump someone who has demonstrated they can compete at a top level and who has a stellar education. And imagine how competitive you would be for jobs and grad school if you had the Ivy degree AND had started your own company.</p>

<p>The only disadvantage to the Ivy is the greater debt. Yet, if you’re driven to succeed, the Ivy degree will better your chances of making money no matter what the scenario. How much would your debt be elsewhere? I hear a lot of grumbling about student loans from those who went to less prestigious schools (both public and more expensive private schools) who feel they can’t get ahead…but I don’t get the same sense of handicap from people who went to Ivies.</p>

<p>Don’t discount the value of that network. It’s about more than just finding business partners. Especially in a status-conscious business world, it can open all kinds of doors. You don’t have to work as hard to get noticed or earn respect. I don’t believe you need to go to an elite school to succeed, but it has pretty solid advantages.</p>

6

<p>^ Completely agree with the above. No matter what anyone says, Wharton, Yale, Harvard, etc. have a much more impressive alumni base and networking and general amazingness than some place like UIUC, RPI, Rutgers or whatever. Of course some super-CEO’s still come from those, but comparably very few compared to the big names.</p>

7

<p>Business is an incredibly generic term. Finance, or starting your own business? If you plan on starting your own business the social network may be extremely useful but from an eduacation stand point, there is little tangible advantages of ivy over state school. If you plan on going to Wall Street or doing finance however, totally different story. Many of the investment banking firms like Goldman Sachs, Morgan Stanley, etc… almost exclusively recruit from certain target schools. These target schools are Ivy League, Stanford, MIT, and a few other ones (speaking very generally). If you want to work on wall street or do finance on the East Coast, name brand schools are everything and an Ivy League education is certainly worth it from that perspective. Plus, you will pay off your loans pretty quickly if you go that route as well.</p>

8

<p>if you’re going to start a business, state school may be better, since they might be your future clients if your company will stay in illinois.</p>