<p>In case you have not searched this out, there is a B/K thread on the UMD site, and to be honest the stats will surprise many people. These are kids with close to perfect scores, ec’s up the ying yang and usually the number the top 10 kids in their graduating class…notice top 10, not top 10%
Last yr there were 2 kids that I know on CC that were accepted to Duke and UPenn, but decided to accept the BK scholarship and honors program. In the DC area the honors program is well known and BK scholarship recipients have excellent chances for fellowships…the difference is they are not a number, it is more comparable to attending a private. They have seperate dorms for honors, and are eligible for fellowships and internships that are a part of the honors program within heir dept. They not only give free rides for BK, but also Ipods, laptops and book allowance. </p>
<p>Big question I am under the assumption that your child was accepted to Smith and not going just Honors.
SMITH Business school at UMD is ranked very high internationally and nationally…
<p>Not rtying to inflame you, but just trying to give you some facts and figures behind UMD Smith, either school is great, but I wouldn’t throw out UMD believing that they are not nationally recognized…again my opinion is based on being accepted to Smith and honors.</p>
<p>HIGHLIGHT ONLY 2% of the 27K applicants are invited to the BK, some of these kids have close to 2300 SAT with wgpas close to 5.0 and are not invited to interview.</p>
<p>I have a child like your son. My husband was also a faculty member at U-Md for many years (in the econ dept). He doesn’t have time for CC, but he would probably suggest that Chicago is a much better choice if money is not the primary driver for your decision. There are wonderful opportunities at Maryland, and he has advised undergrad students who have gone on to great graduate and professional programs, but for the most part, the typical undergraduate at Maryland would not be your son’s academic peer, to put it charitably. Feel free to send me a PM if you want more information.</p>
<p>I think you should all make the sacrifice and have your son attend the UMd event. That way, if your son is chosen for the full scholarship, you can continue to mull it over until May 1. Otherwise, your family just won’t have that option.</p>
<p>Considering the above, I would encourage you to cast a much wider net and look well beyond the "obvious’ choices of a large university, be it state or private, especially if your priorities are quality of education and educator’s dedication to teaching. Check out the LACs that *truly *specialize in economics and finance, and demonstrate the commitment through resources and depth of faculty.</p>
<p>To the OP: If you want your kid to be challenged by being with students even more qualified than he is, don’t send him to Maryland.</p>
<p>Yes, there are other kids there at his level or maybe a bit higher – the other hundred or so kids each year who get Banneker-Key full rides. But that’s a hundred kids out of a class of nine thousand, most of whom are nowhere near as academic as he is. </p>
<p>My son went to Maryland and had a good experience there. But he was not in your son’s league, academically. He was a good but not great student (old SAT score in the 1300s, 3.5 unweighted GPA in high school). At Maryland, he ended up graduating with a 3.8 GPA and departmental honors; he was definitely in the top half – arguably, the top quarter – of the population, academically. And he didn’t particularly have to push himself to get there, even though he was in one of Maryland’s more difficult majors (computer science). </p>
<p>For a self-motivated high-achieving student, especially one with expensive post-graduation plans (such as medical or law school), going to the University of Maryland on a merit scholarship can be a great idea. But for a student who needs or wants to be pushed, I don’t think it’s the best choice. If my son didn’t have to stretch himself much to be successful at Maryland, your son certainly wouldn’t have to. And that’s probably not a good thing.</p>
<p>He did not go to the Interview. Instead, they called him for a phone interview.
Today we got the full ride scholarship offer (plus a free iPod Touch!!!).</p>
<p>However, we are 99% sure that he will decline this offer. He will go to either Chicago which offered EA or maybe one of the HYPW crops if they admit him - decisions in 3 days!!!</p>
<p>Berkeley accepted him but offered no money. Berkeley was the only one on his safety list he applied to because their deadline was before the EA decision came out - with an exception of U Md college park with a full ride. After he got an EA, he only went for the grad slam. If Berkeley admission came with money, that would have been seriously considered. But as is, as an OOS, Berkeley is not that much cheaper than a private school, so he will decline the offer.</p>
<p>Chicago offered zero money. So, we will have to swallow hard… If one of the upper Ivies gives him admission with some financial incentive, that’s where he is going to. However, we are bracing ourselves for a massacre on March 31.</p>
<p>Someone who wants to work in high finance and has been accepted into Chicago-level schools should not go to Maryland. Finance is an incredibly elitist field. Even if the OP’s son were to excel at UMD, he would still have only an outside shot at big banks and hedge funds. Chicago will very likely get him there if he does well. </p>
<p>The situation would be somewhat different if he were interested in law or medicine. As it stands though, Chicago by a mile.</p>
<p>I don’t think the choice is as straightforward as samonite indicates.</p>
<p>The world of high finance is in turmoil, and who knows what may happen in the next four years. The Wall Street of 2013 may be a very different place than the Wall Street of 2009, and the events on Wall Street now and in the next four years may well lead the OP’s son to change his mind about his choice of career.</p>
<p>thanks for the feedback. what you said is basically what made us give up the full ride option. It’s hard to swallow though - over $200K for four years!!!</p>
<p>Some remaining question: my son was also accepted by U Cal Berkeley. Would you say that even Berkeley keeps you out of the loop for Wall Street type jobs?</p>
<p>I assume NYP-Wharton-Columbia are all in the game for the high finance jobs… Decisions coming out in 1.5 day!!!</p>
<p>I agree with Marian - wall street and finance jobs are in turmoil - and the entire industry may end up operating differently in the future. Some of the elitism will likely survive - but it’s also quite possible that the job market will open up - and that the jobs will eventually pay much less than they used to.
200K is SO much money. Wow. Even if the alternative is 100K more, think about what you could do what that money. UMD is a good - not great - school. But top kids can and do excel there. I don’t see this as a no-brainer at all.<br>
Save the cash and go to Wharton for graduate school. Or spend a year or two overseas. Or use the money to start a company. Use the money to enrich the UMD experience. Education is so much more than the four years ahead of you.
And Congratulations - what an incredible offer!</p>
<p>Wall Street may be in turmoil, but to say “the job market will open up” is naive. Wall Street has always been elitist, long before employee income levels went through the roof. The nature of that elitism has changed (from a New England based upper class, elite due to social connections to an elitism based on educational pedigree over a period of about 40 years, among other changes), but its existence has not. </p>
<p>What may change is the structure of the players, and the employment base. We’ll probably see a return of a sharper dividing line between those that play with public money (i.e. have access to treasury funds, deposit guarantees or are publicly traded) versus the private folks. Heck, even the latest bailout proposal relies on private equity (where do you suppose the name came from?). And it is tough legally to cap their incomes, especially since they structure so much of it as a carried interest.</p>
<p>In the next few years, we are likely to see greatly heightened competition for the wall street jobs that can lead to great wealth. This is likely to increase the value of the “right” degrees. It will not open doors for the UMD graduates for these “new wall street” type jobs. The UMD grads will of course be able to compete for and get run of the mill back office jobs, such as accounting. They’re also likely to be working in NJ, not NYC.</p>
<p>hyeonjlee think about what folks are suggesting and what advice you seem to be taking. You are considering spending an EXTRA 200K on the SLIM chance that your son will both do very well at Chicago ( which is no easy guarantee considering all the top kids there because at least half have to be “in the middle of the pack”) and get one of the few Wall Street jobs available if he does perform well. Even if he does, he then has to like the large number of hours required and high stress associated with the job. Think about this!</p>
<p>Keep in mind that Taxguy is one of the group that thinks an elite education is never worth the money. </p>
<p>Thank goodness we’re still allowed to have such choices and choose for ourselves. </p>
<p>I guess some of us believe that not having a few more Lexus to drive, investing the funds in our kids’ intellectual capital is worth doing. And we understand that, even at its best, a UMD does not offer the same intellectual experience that a Yale, Chicago or Stanford offer. But I suspect the folks that have not seen the difference in environments, in faculty quality, in opportunity for the students, would not understand this. </p>
<p>I think taxguy also does not understand (lack of direct knowledge, perhaps) that these “few Wall Street Jobs” don’t just go to the “stars”. No, I’m sure he does not, because he never would have spent the funds to learn firsthand through any of his kids. I did spend the funds (D is June 08 grad). I do know. </p>
<p>Perhaps part of the misunderstanding stems from trying to compare a UMD grad to a Chicago grad. It is true that the UMD grad must do “very well” at UMD “which is no easy guarantee considering all the top kids there” because of all these scholarships…in order to have any chance at a decent WS job. But that’s because UMD is NOT an elite U. Different standards apply at elites.</p>
<p>But to say “the job market will open up” is naive</p>
<p>I worked in this industry for years and I disagree. I didn’t mean that the big-money jobs would open up - just that the industry jobs in general will be open to more folks - yes even state grads - at a lower levels of pay. Yes, there will continue to be high earners - but the level of scrutiny will reduce the size of this group significantly. So even the Ivy types will have a hard time competing for the few slots out there.
When I worked in the industry, money was flowing like water. Don’t see this happening again for a LONG time. The old rules don’t apply any more. My advice if you want big money? Re-think your goals. Getting a degree from an Ivy is no guarantee. Go to a value school, get a few years experience in business and then take that 100k or 200k and invest it in your own business. One of the the more successful hedge fund managers I know is a Univ of Tennessee grad.</p>
<p>The job market on wall street for run of the mill jobs has always been wide open. So no change there. Shrinking big money job pool? Agreed. All the more reason why pedigree will matter. </p>
<p>When I was getting my MBA (yes, at one of those top schools that place a lot of folks on Wall Street), there was a lot of discussion regarding why employers paid so much for grads of top MBA programs. The buzz then, and it is still in vogue, was that it was due to credentialing. This is not changing. </p>
<p>To put it another way, employers find that it is less work and less risk to pursue good students from elite universities over the “stars” from lesser places. Two reasons that come to mind: 1. The gating criteria to the elite programs at State U. are often far looser than admission to an elite university. Consider for example, how much weight is given to SAT and NM status for these programs, compared to the more holistic approach for admission to an elite college. 2. The criteria for “stardom” at a State U is often far lower. Put another way, A grades are easy (-ier?) if you do the work (and are not an engineering major?)</p>