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What it boils down to is this: If you want to be an engineer for life, go to Cornell. If you know that you're interested in engineering, but really are thinking about pursuing another career for people with analytical mindsets, go to Columbia. The non-academic components(location, campus life, etc.) also play a role, in addition to academics, which should be weighted in your decision.
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I think all of you are way too inexperienced to be talking about any of this. You all make it out to be that Cornell grads will somehow magically have more engineering doors opened to them just because they went to Cornell instead of Columbia.
I have the feeling that a lot of you think that if 2 people (1 from Cornell, 1 from Columbia) were applying for the same job, say, at Bechtel or IBM or Chevron then the Cornell grad would be chosen the majority of the time. In reality, as long as their GPA and EC's were the same, it would all boil down to the interview. Talk to anyone in HR and they will all tell you that the interview is the most important part of getting a job (getting your foot in the door is different but a Cornell grad and a Columbia grad have about the same foot-door power). And, honestly, I believe the Columbia grad in the majority of cases will be the better interviewer (tho I admit bias may come into this point, but only this point).
Perhaps there is a difference for the 2 schools as far as grad schools go but I doubt it.
The fact that only 1/3 of Columbia engineering grads go on to an engineering job is only by choice, not by necessity.