Hi all! I’m in a bit of a dilemma…
Just about a few weeks ago, I had finished hearing from all of my schools and I was delighted to find out that I had been accepted to both Penn(Wharton) and NYU(Stern). As excited and grateful I am for the opportunity, now comes the most important part, the decision-making process which has been quite difficult for me and my family.
NYU had told me that they’d be able to cover 90% of my tuition (about 45K annually) if I were to attend Stern. As for Penn, I have not received any financial aid, and though I will be visiting the school soon and meeting with a FA representative I do not expect to get much. Penn has been my top choice for a while, but the money provided by NYU would also be a big plus too. Given the scenario, it’d great if anyone could give me their input on the situation.
Are you talking about undergrad or grad school? I did Wharton undergrad (M&T) and then got my MBA at NYU (part-time while employeed). For what it’s worth, I definitely felt that the Wharton undergrad classes were more advanced (and harder) than the Stern classes. This could be an undergrad / grad difference, but the caliber of students at Wharton was higher than at Stern.
@garymui At the undergraduate level. Do you feel attending Wharton would outweigh the financial burden?
Attend Wharton if you can afford.
@dannydalt64 Wait for UPenn’s offer first, I am sure it will be pretty good. I am also sure you will make the decision that is right for you. It’s not the School, but what you do that defines you.
Can you afford wharton tuition? Also, what are your career goals?
As IBXavier2017 suggested, I’d wait for the Penn offer before deciding anything. Penn is need based so if NYU’s offer was based on need, I wouldn’t be surprised if Penn’s offer was similar in terms of family contribution. If you are keen on pursuing business, I would recommend Wharton. It is what you do with it but I know I got job interviews based on the Wharton degree. For me there are other factors that would lead me to Penn like coordinated dual degree programs you can do with Wharton undergrad (I was accepted into Wharton and then transferred into M&T) and even though it is an in urban setting, it still have a very campus feel to it. NYU will pretty much be an all urban setting.
@aoeuidhtns I’m not 100% but I’m considering concentrations of Finance, Operations/Info Systems, Social impact and/or a math minor. Problem go into investman banking short term/temporarily and go into the analytic/managing aspect is of organizing for-profit global impact organizations (atm, might change)
My family really wants me to go to NYU (understandably) bc of money and the fact that it is still a decent school on its own. For me, however, I would prefer Wharton as not only is it oftened regarded at a #1 business school burn I feel that I would be a much better fit at the school socially and campus. But then again idk if the money is fully worth that experience. The money I received from NYU is tuition remession based (not need) so I’m unsure of how Penn will respond to that.
NYU Stern is the clear choice if the cost difference is $23,000 per year for NYU Stern versus about $69,000 per year for Penn Wharton. The cost difference over 4 years is about $184,000 ($46,000 X 4) plus interest. NYU Stern finance is one of the best undergraduate programs in the world. Lots of internship opportunities.
Earn a NYU Stern degree, work for two to three years, then get an MBA from Wharton, Columbia, Northwestern, Chicago, Harvard, Stanford, MIT, Dartmouth, UCal-Bezerkley or even from Duke, Virginia, Michigan and you will be much better off than just having an undergraduate degree from Wharton. Or get a one year specialty masters degree in finance, data science, etc. if that is your career goal.
Do NOT pay sticker price for Wharton when you have a very substantial discount from NYU Stern. If you pay sticker for Wharton in light of your Stern offer, then you should be dismissed from business school, common sense school & anything related.
What would you rather have for essentially the same out-of-pocket dollars (unless you get an MBA scholarship which are readily available for female MBA candidates):
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A very expensive University of Pennsylvania Wharton undergraduate degree or
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An affordable NYU Stern undergraduate degree from one of the best finance schools in the world & a prestigious MBA from a top school based on your career goals after working for 2 or 3 years post undergraduate school ?
I could reasonably argue that an NYU Stern undergraduate degree combined with almost any top 30 MBA degree is worth substantially more & costs the same or less than just an undergrad degree from Wharton. And yes I have figured into the cost analysis lost wages for an additional two years of schooling.
@Publisher I think your cost analysis is off. With the undergrad degree from Wharton you won’t need the MBA. The total cost of an MBA is ~$170,000. When accounting for the lost wages (assume a decent IB job), then it’s probably around $400,000 after taxes. So NYU + MBA is definitely more expensive, and realistically the Wharton undergrad is more impressive than NYU + MBA in most cases. That said, I would probably just avoid the MBA altogether unless you feel financially comfortable and get into a top program.
Penn is also a better school overall, so if you decide finance isn’t for you then you’re better positioned. It’s a tough decision. Good luck either way, I’m sure you’ll fund success regardless.
Strong female MBA applicants tend to get healthy scholarships to MBA programs. Plus, I did not calculate that OP would be earning $300,000 per year (your figure) in years 3 & 4 after undergraduate school.
OP has already saved $184,000 plus interest on undergraduate study;
Probably get at least a 50% MBA scholarship very possibly higher than 50%;
More reasonable loss of earnings after tax for 2 year = $200,000; (A Penn Wharton MBA starts at $147,000 salary & bonus, but OP would not have a Penn Wharton MBA–just a BS/BA).
US News ranks the top finance programs:
FINANCE:
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Penn-Wharton
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Chicago–Booth
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NYU–Stern
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Stanford
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Columbia
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MIT
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UCal–Berkeley
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Harvard
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Michigan–Ross
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Northwestern-Kellogg
As OP is also considering Information Systems, US News rankings for grad programs:
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MIT
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CMU
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Texas–Austin
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Minnesota
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University of Arizona
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NYU–Stern
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Stanford
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Univ. of Maryland
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Penn–Wharton
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ASU
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Georgia Tech
@publisher Hm? You lost me on your math. Assuming taxes at around 40% then it’s (400-170)/.6 = 383k over two years. That’s actually less than anyone I know made in two year combined after being out of schools for two+ years. So that number could be higher, but sure maybe the MBA is half cost. It’s still much more expensive than the gap between Wharton undergrad and Stern in this case.
I fully understand the decision to go with Stern if the financial burden is too high on the family. It just seems silly to say it’s too high but then get an MBA which is even more expensive and generally less impressive than just having gone to Wharton for undergrad.
As I wrote above, with an NYU Stern degree, OP could pursue just a 10 month specialty masters if she does not want to commit to a two year MBA. At least after working for 2 years after undergraduate school, OP should more clearly see her desired career goal/path making the graduate degree–whether one or two academic years–quite focused & valuable.
@Publisher You keep editing your post so it makes it hard to keep up.
Wharton Undergrad - $184,000 plus interest
NYU + MBA - $80,000 for half cost MBA + minimum $230,000 in lost wages.
Wharton undergrad is also better than most NYU + MBA/Masters programs.
But yes, you can push the cost down the road to make sure you really want to pursue the field first. You also can be perfectly fine with just the Stern undergrad degree. It’s a tough decision, I was just saying the cost analysis isn’t so simple. There’s a lot of variables.
@lmao20118: What do you think that a Penn-Wharton BS grad would be earning in years 3 & 4 out of undergraduate school ?
Also, are you asserting that a NYU–Stern degree in finance will not get similar opportunities as a Penn-Wharton BS ?
I only have figures for average starting salaries & bonus of MBA grads. NYU-Stern = $137,534 & Penn-Wharton MBA = $146,761 for 2015.
@publisher I think reasonable all-in compensation is around $450k. I know a lot who made more than that and some who made less. If they’re in finance then that seems like an okay estimate.
Banks generally pay 140-200k all-in first year. Then it scales up. If you’re in PE it’s higher (250k in third year minimum but some pay up to 400k, and HFs even more). This a path that can be achieved at either Wharton or Stern, but is of course easier at Wharton.
I don’t mean to assert that. Lots of Stern kids do very well. Wharton does do better, but is it worth $184,000? I would say no. But I wouldn’t go to Stern just because you plan to get an MBA.
Good point. NYU–Stern BS in Finance should get similar opportunities as Penn-Wharton BS Finance.
Do you agree ? If so, the MBA or the 10 month specialty masters is a bonus while OP saved $184,000 plus interest & could get a full tuition MBA scholarship as women are sought after by MBA programs.