UPenn or UChicago? Major in Economics

Hello everyone, I am a student from Europe and i have the chance to study in one of these colleges abroad! I am a major in economics but honestly, my main goal is to work in business (MBB or IB) but i chosed Economics due to its more complex content in maths (and in the worst scenario i could hace more options to do a PhD)

UChicago
Pros-
9 month instance
Top 4 in my field
Chicago is cheaper?? (i’m not sure of this)
I can take some courses at Booth Business School

Against-
It’s waaaay more difficult to be admitted (1 person/ in a 180class) and to be completely admitted there’s a need to do a Math Acceptation Exam? (yet this would not be a total complication because i still have time, i’m on my 1st year)
Its not an Ivy League and UChicago “brand name” for the CV would be less useful? (not sure of this)

UPenn

Pros-
It is “easier” to be admitted (my university offer 4 exchanges)
It’s an Ivy, and meanwhile in Economics may be worst in Business it’s completely better (if i’m going to work in Business field maybe this helps?)
This is more subjective, but i value more taking classes in an Ivy! (But i admit this is biased and based on “marketing” i’m not utterly sure if some of the Ivies are kind of “overrated”)

Against

This is a 6 month instance??? So i don’t know if a semester is a full course or i would graduate in more years (4,5 instead of only 4)
I CAN’T take courses from Wharton Business School, and i believe this is a huge issue

Thereby, what would be the best option? I know both are great universities but yet i’m not sure what would be the “most efficient” choice

The last thing i add, i’m a student in some sort of budget and i have understood Chicago it’s cheaper, but then again, i willingly would make some sort of sacrifice to attend Penn if is the best option!

Thank you! (English is not my 1st language and even though i’m preparing for TOEFL test i may have some errors)

I’ve chatted to adcoms. It’s not easy to be admitted to both of those schools. The math requirements in order to be considered for admission are equivalent to a bachelor degree and they expect to see a rigorous economics curriculum. I’m enrolled in an economics program which uses calculus 3, intro linear algebra/differential equations, a Master of Arts program. I’m preparing for a PhD economics for similar reasons, corporate job and the rigor of economics studies, I like the most.

I assume you mean investment banking after PhD. That’s not a good idea. Most people become economists. You should study finance if you want to work in finance or financial economics or minor in finance. Look up the financial risk management certificate. Although there’s emphasis on economics and math, you won’t pick up on enough finance in an Econ program.

However, people do go into finance. Usually risk management, did my undergraduate internships in risk management. They like to see lots of math and finance courses.

@threeskelion If you goal is to work in business then Penn is the option that makes the most sense. It is stronger for business and you will have access to any business classes of your choosing. Also the culture at Penn is a better fit for the type of people usually interested in business and Penn is probably the most heavily recruited university for business out there. Every employer holds info sessions at Penn so you would have the chance to attend many of them and see what MBB and top banks are looking for at candidates. Finally, Penn is just 1.5 hours by train (2 hours by bus) from NYC which is the epicenter of finance and business.

I read through your post and had some difficulty understanding what you were asking. In particular I was confused on whether you were applying as a transfer student, or simply wanting to take a year abroad (exchange student).

If you wanted to transfer, then either school (Penn or UChicago) have similar acceptance rates. The economics department at both schools are excellent. As you point out, there is no undergraduate business degree at UChicago. But I believe that only the UChicago undergrads who are in special program can take Booth classes. Not sure how it works at Wharton.

UChicago is very heavily weighted towards reading/writing. Your knowledge of the English language will definitely make it more difficult for you. Many of the assignments are heavily based on critical reading and writing. You’ll see very few multiple choice tests. Even students whose first language is English often struggle with putting together coherent essays and arguments for class assignments. I imagine this is similar for Penn.

Hope this helps.

@sgopal2: I agree with this post.

Also, not sure that you will be admitted to either university based on your difficulty with the English language.

Nevertheless, as presented I would suggest that Penn is the better option because Chicago, while not Ivy League, is believed by many to be more intellectually demanding than most Ivies.

I’ve heard people describe UPenn as a “bridge” to something - e.g. as a “bridge” to finance jobs or consulting. You can pass thru UPenn and really tailor the experience so it is indeed a bridge to your destination - it doesn’t have to be a destination in and of itself.

On the other hand, you will “feel” a Chicago education much more - there’s much less choice. You can’t tailor it as much - you will take tough classes in reading/writing, whether you want to or not. At the end of the day, no matter what you major in at Chicago, you’ll have a similar fundamental skills set to your other Chicago peers. At Penn, there is no similar foundational structure, and what you learn can be much more of a toss up. It’s much easier to meet two UPenn graduates and find out they have completely different educational experiences.

If your majoring in economics, there are two heavyweights in this category. Harvard and UChicago. Then there are the others, many excellent options including UPenn. Having said that, UPenn’s Wharton is the heavyweight for those interested in business, but as you said, you aren’t taking classes in the Wharton school.

@sgopal2 you are not correct when you say that “only the UChicago undergrads who are in special program can take Booth classes.” All undergrads at Chicago can take classes at Booth. If OP can not take classes at Wharton, that is a major downside to choosing UPenn, especially given that UChicago probably has the most renowed Economics department in the world.

I’m just a parent of a HS kid who asked a lot of questions about the Econ major during our tour of U Chicago. I was told that their program was intensely math-oriented, and in their opinion, was the most math-oriented Econ program around. I left with the impression that the Econ students at Chicago are interested in Econ, NOT in business.

@melvin123 - that’s correct, although Chicago is starting a new “Business Economics” major soon - https://www.chicagomaroon.com/article/2018/1/27/business-major-proposed-economics-department-booth-school/

As this is Chicago, having a word as pre-professional as “business” attached to a major has set off protests.

Also, @ThankYouforHelp - I’m not sure why the OP says s/he can’t take Wharton classes as an undergrad. Any Penn undergrad can take classes at virtually any other undergrad school - it’s a fairly open, easy process to do this.

@sgopal2 @Publisher I believe @threeskelion is talking about being exchange student. It looks like his school would offer 4 students for abroad study @ UPenn but only 1 @ UChicago, and hence the chance for UChicago is slimmer than for UPenn

@Cue7 I’m just going by what the OP himself said - that if he chooses Penn, he is not permitted to take classes at Wharton but if he goes to UChicago he can take classes at Booth. I presume he knows what he is talking about regarding the limitations on his exchange program.

@threeskelion @ThankYouforHelp @sgopal2 Any Penn undergrad is free to take as many Wharton courses as they can fit into their schedule so OP can definitely take Wharton classes.

Hello again, first of all, i viewed all the responses, i want to express my gratitude for taking your time.

To clarify, i’m studying in Europe, and my college offers a bilateral exchange. Much to my dismay on their exchange information it specifies “students from Economics can’t take courses at the Wharton School” @UPenn95

Still, thanks for “criticizing” my faculties on English Language, i’m aware of my weakness at writing, yet i’m improving all sort of skills due to most of my classes are taught in english, however, any tips for mastering it and avoiding the inconvenience of bad writing? @sgopal2 @Publisher

Finally, which books would be better to prepare for Calculus Accreditation Exam? @JPNguyen

(Btw, i’m 18 so i guess i’m having quite sort of time yet)

Thank you all for taking your time about this subject!

@threeskelion this is strange. during my time at Penn I knew exchange people from europe who could take courses across different schools. You probably need to take a minimum number of courses to satisfy some required courses at your home school. Those requirements most probably cannot be satisfied with Wharton courses. But you probably can enroll in extra courses outside of your core requirements if you want, just like any Penn student can.

Here is what the Penn international office says:

https://global.upenn.edu/pennabroad/students/prospective-exchange-students

“Exchanges are linked to one or more of the four Penn undergraduate schools. Students are expected to take the majority of their courses in the school of their exchange. If you are unsure, ask your study abroad coordinator.

Exchange students must enroll in a minimum of four credit units (four courses) per semester in order to maintain full-time status at Penn. Course descriptions can be reviewed in the Penn Course Register. Some courses will have prerequisites.“

@threeskelion “Much to my dismay on their exchange information it specifies “students from Economics can’t take courses at the Wharton School” @UPenn95

My first guess is that this information is incorrect. My second guess is that maybe it is a rule your school has. Yes, you should take a majority of your courses in the school you are in. However, for example, taking a course per semester in Wharton should not be an issue. Penn students are encouraged to take classes across schools.

Sorry but my intent was not to criticize.

Just simply pointing out that the standards for written language mastery is high at UChicago.

To improve you’ll need to write more argumentative pieces in English, and have it read by a native speaker. There are some good online classes. Also read more English novels.

Good luck.