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They do not instantly respect you...Austin is an excellent school, but the first reaction from anyone is not going to be, "Wow, you go to UT, you must be really smart".
UT is a great school that benefits from having an extremely large alumni network, making jobs easier to get in Texas.
Tons of very smart people are at UT. So are tons of people that got below 1100 on the SATs. Can't say the same for Harvard.
Outside of Texas, McCombs is viewed very well. Accounting is obviously good, and the BHP is also very good. The thing is, many UT grads get jobs in TX because they are either already from Texas or want to stay there after graduation. Yes, it's going to be lower on the totem pole for NYC jobs, because of location, as well as th fact that East Coast people would consider B-schools or elite privates on the East Coast to be better.
That said, there are tons of UT alums everywhere, including NYC.
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