UW-Madison or Northwestern... Which is more worthwhile?

College Search & Selection
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I am deciding between UW-Madison and Northwestern and it is very difficult to compare the two when they have vastly different costs. I agree that Northwestern is academically better than UW-Madison in almost every way, but it’s impossible to quantify that. I have included a summary of my two options.

Future career paths (most likely to least likely): Working in finance (investment banking, financial adviser, etc.), working in economics or public policy (working at a think tank like Cato), working as a lawyer, or perhaps even being a professor.

UW-Madison Cost: 5 year plan, $115,000 to $130,000 at MOST (potential to be a commuter student, especially during graduate year). 4 year renewable 2500/year scholarship included in those calculations. Parents would be able to pay in full.

UW-Madison Undergraduate Degrees: BBA Finance, Investment and Banking; BA Economics (Math emphasis); Math Certificate

UW-Madison Graduate Degree: MS in Finance: Applied Security Analysis (two summer internships at an investment bank included in this program)

The MS in Finance is only available for UW-Madison undergraduate students majoring in Finance, and they apply during their junior year in order to complete year 1 of 2 of graduate school during their senior undergraduate year. I have planned out all of the UW-Madison coursework and I was able to fit all of the classes in to graduate with the degrees I want without exceeding 5 classes per semester. The normal maximum is 6. If I needed to take classes during the summer because of scheduling issues, I could do so because I live 20 minutes from campus.

Northwestern Cost: 4 year plan, $182,000 MINIMUM, upwards of $240,000+ depending on how our $60,000 EFC changes when my sister starts her freshman year of college when I am a junior. Debt load: $60,000 to $120,000+

Northwestern Graduate School Cost: $80,000 to $120,000 depending on if I were to choose the 1 or 2 year MBA. I’m not dead-set on wanting a graduate degree, but since I’ve included UW-Madison’s MS in Finance, I think it’s fair to look at Northwestern’s Graduate options as well.

Northwestern Undergraduate Degrees: Economics; Financial Economics Certificate (four one-quarter courses); two more minors or one more major (potentially)

Overall Sentiment: As someone who prefers a quieter, more focused environment, Northwestern is probably the better fit for me socially. UW-Madison is a much more party-oriented school, and I would have a harder time fitting in. However, with the campus’s proximity to where I live, I could always head home during chaotic weekends (as lame as that sounds). I think I would probably fit in just fine as I got into higher years of schooling. Academically, both UW-Madison and Northwestern offer classes that would allow me to learn what I need to. Northwestern’s limited financial economics certificate program is a concern though because there are only four one-quarter classes compared to the numerous semester-long classes I would be able to take at Madison even during my junior and senior years.

Fundamental Question: Is it worth a $60,000 to $120,000 debt load (or even a $200,000+ debt load if I want an out-of-state graduate degree) to attend Northwestern? Will employers prefer a Northwestern economics undergraduate degree paired with a financial economics certificate substantially more than the Madison BBA Finance, Economics (math emphasis), Math certificate, and even the MS in Finance?

TL;dr - Northwestern undergraduate for $60,000 to $120,000+ of debt to get an Economics degree and financial certificate, or UW-Madison for “free” to get an undergraduate Finance BBA, Economics degree, Math certificate, and MS in Finance for one additional year?

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b

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I think Wisconsin is actually pretty academically solid and both of my kids applied there even though we’re from Boston.

This is a no brainer to me.

If you go on Phds.org and rank PhD programs in economics, which really ranks the quality of their faculty, you’ll see that the survey score for the economics department at Northwestern was ranked between 12-19 whereas the survey score for the same department at Wisconsin was ranked 12-23. Hardly a significant difference.

In terms of employers or graduate schools, it hard for me to see it mattering. So to answer your question if it’s worth a $60K-120K debt load to attend Northwestern, it’s hard for me to see how it is.

Also, the lakeshore dorms are quieter, so I’d be surprised if you couldn’t find a social niche that you’d be happy with. It’s hard to characterize such a large class at either school as narrowly as you appear to be doing. You are you and you’ll find people you like at either place.

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UW Madison–it’s a no brainer to me as well. You’re getting a solid education and an extra degree for a better value.

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Probably Madison. But it’s also fun to go to an elite, private school

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^^^^Also a better basketball team! On Wisconsin! (Well, just for tomorrow night)

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I realize I am making quite a few generalizations, most of which have come from stories I’ve heard from other high schoolers who make a point to attend college parties. I put the lakeshore dorms as a higher preference on my housing application, so I would agree that I should be fine eventually.

That phds.org resource was interesting and informative. Thanks for the advice.

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still looking for opinions

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How much AP credits do you think you can get? Can you graduate early with AP credits at NU (thus cutting down on costs)?

NU would likely offer better opportunities to Wall Street and consulting. Goals-wise, that’s the biggest advantage (if you want to become an FA or go the grad school route, Wisconsin would be fine). Fit-wise, yes, it’s not as much of a party school as Madtown.

However, I’m not a fan of taking on gigantic debt, though.

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I have experience at both. Northwestern is not academically superior in every way; in certain disciplines, NU can be inferior, but not by a landslide. Economics at UW is quite strong, though you may need a bit more diligence to create a relationship with faculty, research, etc. But it is there if you put in the effort. It’s true that NU undergrad may offer better Wall Street advantages. However, factoring in the graduate opportunity at UW with your costs, that shifts the deal imo. An advanced degree from an institution with internationally ranked economics should also hold you in good stead.

If you gained these admissions, you have the intelligence and discipline to do well. I’d recommend using your abilities to do a little more research on the strengths of UW as an institution, and look under the veneer of the more superficial rankings, or anecdotal evidence from college freshmen.

I concur they provide different atmospheres, and they’re different institutions structurally; I do hold NU in high esteem for certain programs. I don’t think NU is worth that differential in undergrad debt. I am of the opinion that the college experience can be what you make of it for talented scholars, so long as the institution in question offers sufficient resources. In this case, both UW and NU offer more than sufficient resources. Best of luck-

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I will probably have around 7 AP credits although that will only get me out of the maximum 2 of 12 distribution courses. Graduating early probably wouldn’t be a possibility because I’d like to do the Financial Economics certificate through Kellogg which has a lot of prerequisites.

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Probably leaning towards madison at this point

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In terms of partying Northwestern students can hold their own. I don’t think there’s a major difference there. NU fraternities aren’t particularly meek and mild :wink:

OP, did you apply to UWisconsin’s Honors College? If not, please do.

Choose a quiet dorm, or substance free dorm to ensure fewer parties (note that you’re allowed to attend parties anywhere you want, but you can’t have one in your own dorm, ensuring everyone’s tranquility).

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I am going to apply to the honors college soon.

I have submitted my enrollment deposit to UW-Madison. Thanks to everyone who gave advice!

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Congratulations!