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Some might even assert that it’s invaluable. :)</p>
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<p>When my son (Wharton grad) was doing a calculation several years ago, it was closer to $1M. Only one of his classmates that he knew went back for an MBA. My son admits that Wharton opens doors for him. After his first job in IB which was merely a stepping stone, other more lucrative opportunities sought him out.</p>
<p>OP, don’t look at the short-term, $200K may seem like a lot of money now, but if you are a super achiever and performer(which I think you are since you’ve won scholarships),a good job out of Wharton can make up the difference in just a few years. It’s an investment in your education.</p>
<p>If this were most any other public school then UNC Wharton would be an easy call. If this were most any other elite private school than Wharton UNC would be an easy call. You really do have two of the best choices out there, so you can not go wrong. If landing at a top 3 firm immediately after graduation is a must then I suppose Wharton will give you a better shot. Honestly though, $200,000 is a LOT of money, and I am a firm believer (as are most of the people I have talked to during my college search) that it is the person involved that really lands the job anyway. I believe the prestige factor is overplayed on CC. If you graduate from UNC top of your class, and with the relevant internship experience your odds of landing your job is very good. And honestly, once you start moving up an organization, where you went to school is not that key of a factor. If your confident in your abilities, both as a student and as an interviewer/networker go to UNC. But also, since both options are so good, you should really consider the fit of the school, such as social life, location, and other factors that will influence your experience over the next four years. Either way, the best of luck to you, and congratulations on the choices :)</p>
<p>This actually does seem like a typical finance problem in terms of risk versus reward.</p>
<p>UNC for free would be a very low risk choice with likely very good rewards at the end.</p>
<p>Paying $200,000 for Penn would be a much higher risk choice, but with a higher (though not guaranteed) chance of elite rewards at the end.</p>
<p>So what it comes down to is how much the OP values the better chance of elite rewards over the likely very good rewards, and whether the value OP puts on that is worth the higher risk of spending $200,000, which is a lot of money if you don’t reach the elite income and wealth level afterward.</p>
<p>Another analogue would be a choice between working at a good, steady, well paying (but not elite paying) job versus putting $200,000 of your own money into a startup company with a business based on what appears to you a plan with some chance of very large success, but also a chance of failure.</p>
<p>Because each person has a different preference in terms of risk tolerance and the desirability of the reward involved, it is not the case that, given the same conditions, each person will make the same choice, even if choosing in a completely rational manner.</p>
<p>I just want to thank everyone again for all their thoughtful, insightful replies. I appreciate so much the time you are taking to write and share your perspectives.</p>
<p>Good luck. Let us know what you ultimately decide. This is a high class problem.</p>