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UIUC Finance vs UIUC Econ vs. DePaul Finance

zack504zack504 103 replies17 discussionsRegistered User Posts: 120 Junior Member
edited June 2010 in Investment Banking
I already posted this in the UIUC forum but hopefully I can get more hits here.

Hopefully I'll transfer to UIUC in fall 2010 as a finance major. However, if I do not get into the College of Business and choose economics as my second choice major, what are the disadvantages of getting an econ degree vs. finance degree from UIUC? Do econ students have the same access to all the career fairs, career services etc... as the finance students do in the College of Business? I plan to pursue a career in investment banking upon graduation; so I want to make sure all the same networking events, on-campus recruiting etc... that are available to College of Business students, are also available for econ majors.

Personally, I love finance while I find economics to be not as appealing. But I just want to best position myself to secure an investment banking offer upon graduation.

With that said, would a finance degree from DePaul University be better than a economics degree from University of Illinois at Urbana-Champaign?

Thanks !!
edited June 2010
20 replies
Post edited by zack504 on
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Replies to: UIUC Finance vs UIUC Econ vs. DePaul Finance

  • arpster55arpster55 131 replies8 discussionsRegistered User Posts: 139 Junior Member
    Hi zack,

    Some of the disadvantages of the econ degree is that you don't get access to symplicity (the online job portal) for the college of business until your Junior year. I believe this is still true not sure if it has changed. This can hinder you a bit and make life a bit harder. However, if you have the relevant work experience i.e. work at a boutique firm, corp fin experience and good extracurricular activities, ur in good shape. Further, it is important to join investment banking clubs such as the FIRM Investment Banking to network with potential recruiters and also help prepare for the interviews. That said, it is tough to land an i-banking position from u of i but is definitely doable if you are savvy and hard working. For instance, i know friends that have gotten into GS, JPM, Lazard, Deutsche etc. An econ degree from U of I is prolly better than a finance degree from DePaul. I believe DePaul is considered a non target and U of I a semi target for certain firms (and non target for others). Hope this info helps!!
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  • bearcatsbearcats 4078 replies332 discussionsRegistered User Posts: 4,410 Senior Member
    you really think any of the three is actually good for recruiting? I dont think it matters. Non-target, non-target and non-target. Pick where you would do well
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  • birdman000birdman000 88 replies0 discussionsRegistered User Posts: 88 Junior Member
    thats not entirely true. uiuc has a small amount of recruiting for some chicago middle market banks and even a bb or two in chicago. depaul has nothing. i would agree that you should look at different schools if ib is your goal, but out of those choices absolutely do not go to depaul.
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  • zack504zack504 103 replies17 discussionsRegistered User Posts: 120 Junior Member
    arpster55 and bridman000, thank you! Your responses have been a tremendous help. I always thought DePaul Finance > UIUC Econ but I guess not.

    bearcats, obviously neither UIUC or DePaul are not target schools for IBs, but UIUC is a semi-target, especially for regional banks.
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  • arpster55arpster55 131 replies8 discussionsRegistered User Posts: 139 Junior Member
    np man. Although bearcats is being a bit too harsh, he/she does make a good point. If you can get into a better school, i would take that i.e. northwestern, michigan. it will make life easier. you shoud def contact uiuc CoB and ask abt the symplicity rules for econ majors. they might have changed it for the better. Assuming you're a freshman, i would try to get some relevant work experience i.e. working for a boutique ibank, accounting, or consulting firm. i simply cold called a mid market i-bank and got an unpaid internship freshman summer. I am actually interested in consulting more so this summer i am going to work at PwC in their advisory practice, which should be a really good experience. Its still pretty competitive at u of i for all types of jobs and I can't imagine how tough it would be at DePaul. not tryin to knock them down or anything, that's just how the numbers work out sometimes.
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  • zack504zack504 103 replies17 discussionsRegistered User Posts: 120 Junior Member
    I am actually applying to those schools as a transfer applicant. I am a sophomore right now, so I will transfer in as a junior. If I transfer to UIUC as a junior, then I will be able to use Simplicity, right? You guys are correct that their are much better schools for investment banking and I did apply to Northwestern, Boston College and USC Marshall; however, those are slight reaches, so I want to check which of schools (that I'm already accepted to, aside from UIUC Finance), would be best for investment banking. If I do end up getting into NU or BC, I'll definitely go there. Most likely this summer I will be interning at a boutique ibank, if not, then I'll have a PWM internship.

    arpster55, where do you go to school? When you cold-called the mid market ibank, did you talk to HR or a MD?

    thanks!!
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  • drizzldrizzl 176 replies0 discussionsRegistered User Posts: 176 Junior Member
    UofI definitely has a presence among banks in chicago, because it has a business program which NU and UofC lack. Do whatever it takes to get into the business program. Btw, I successfully interviewed with a lot of banks in chicago, so let me know if you have questions.
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  • arpster55arpster55 131 replies8 discussionsRegistered User Posts: 139 Junior Member
    I go to U of I. PM me for more info and I can answer your other question as well give some other advice.
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  • arpster55arpster55 131 replies8 discussionsRegistered User Posts: 139 Junior Member
    almost forgot.....Go Illini!!!
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  • zack504zack504 103 replies17 discussionsRegistered User Posts: 120 Junior Member
    drizzl, do you go to UIUC? How did you manage to get several interviews at banks in Chicago? Was it by cold-email/cold-call, personal contacts; a combination of both?
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  • JuB0B0JuB0B0 182 replies26 discussionsRegistered User Posts: 208 Junior Member
    I disagree with the notion that it is tough to find a job upon graduation from DePaul. If you looked at the 2010 undergrad b-school rankings, UIUC was ranked 26th and DePaul was ranked 40th; not much of a difference if you ask me. Also, UIUC was given a C for their teaching while DePaul was given an A+. Both schools were given an A for job placement. And let's not forget that the average starting salary of a DePaul undergrad b-school graduate is $55,000, compared to UIUC's $54,000. With that being said, do not be surprised if DePaul passes UIUC in the rankings in the upcoming years.
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  • DABEARS34DABEARS34 128 replies14 discussionsRegistered User Posts: 142 Junior Member
    ^ Businessweek rankings are total crap. Notre Dame over Wharton!?!? I mean come on, thats just absurd. Although I do like Depaul better than UIUC.
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  • JuB0B0JuB0B0 182 replies26 discussionsRegistered User Posts: 208 Junior Member
    The rankings may be total crap, but the average starting salary isn't. The fact of the matter is, the average DePaul business graduate makes more than the average UIUC business graduate.
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  • ItsTaffyItsTaffy 3 replies0 discussionsRegistered User Posts: 3 New Member
    What a joke. U of I salaries are slightly deflated due to opportunities that pay with experience rather than salary, like Big 4 jobs paying in the low 50s.

    UIUC Econ suuucks compared to finance, which suuucks compared to finance at any target. If you can, I'd suggest just staying an extra semester or year after you transfer, get that much more flair (15+ pieces) on your resume, and knock out the Accountancy/Finance dual degree. Recruiters eat that up, om nom nom.

    It isn't hard to get IB interviews at U of I if you have a 3.5+, but they seem to take 1 out of 10 kids to an office visit then its another big cut at that level.

    I think I remember the following banks interviewed on campus and I interviewed with all of them but Citi: Citi, Lazard, KBW, FPK (They got bought or something?), Lincoln International, Sagent, William Blair (that guy was the worst). Deutsche Bank gave out interviews then canceled because, I'm guessing, they met their state-school quota. If you network harder than I did you can get interviews at BB NY banks, I think one girl is headed to GS IBD in NY.

    It really has more to do with YOU than the school, so make sure you know how to knock out those dumb technical questions, network, and make a good impression.
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  • JuB0B0JuB0B0 182 replies26 discussionsRegistered User Posts: 208 Junior Member
    I agree with Taffy. If you're persistent and committed to breaking into the IB business, your school should not make too much of a difference. Nevertheless, going to DePaul rather than UIUC would not put you at a disadvantage. Both schools have top-ranked undergraduate business programs and will have you well-prepared for your career.
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