There’s a ton of great B Schools in the old and newly reconstituted Big 10 - really most of them.
Wake won’t be a budget hit - but if you’re willing to pay in full, about $85K although their COA is $91K.
If you’re looking at Wake, then cheaper and arguably as good better wise - Richmond and W&M. All three have football although Wake Forest is ACC.
And then if you’re going there, then why not Syracuse Whitman and Miami Herbert - and other fine ACC b schools from Maryland Smith, Va Tech Pamplin, FSU and more…you already ruled out UVA/UNC.
He is such a laid-back kid; he just took it in stride. And you’re right about letting him make his own way, but he is a dreamer and does need some guidance. We have a really great and very open relationship. He knows he can tell me to stop talking, but he also values my opinion and likes our conversations. I try to supply him with sources of information rather than feeding him my limited and subjective opinions.
He is very much a work-some, play-hard type. And I say this with all the love in the world.
The “soul-sucking” comment was made in reference to a big-wig Wall Street fund manager type, which in all honesty I know nothing about, but I know the stereotype.
I did talk to him about the potential for working 80 hours/week for some years to ascend to the level of several million-dollar cars and a mansion. He needed a dose of reality, given the plans he described.
Of the small to medium schools in my first list, these are the ones that are in the Power 5 (none of the small ones made it):
Extremely Likely (80-99+%)
U. of Louisville: About 16k undergrads, 45.7%, A+ for athletics (#28 on Niche)
Likely
Baylor (TX): About 15k undergrads in Waco, 66.8%, A+ for athletics (#16 on Niche)
Syracuse (NY): About 15k undergrads in Syracuse, 46.0%, A+ for athletics (#21 on Niche)
Toss-Up
Texas Christian: About 11k undergrads in Fort Worth, 72.5% overall pass in 2018, A+ for athletics (#50 on Niche)…I’d say leaning closer to likely
Southern Methodist: About 7100 undergrads in Dallas, 63.3% overall pass in 2018, A for athletics (#114 on Niche)…I’d saying leaning closer to likely for admission, but a toss-up for the business school.
Lower Probability
U. of Miami (FL): About 13k undergrads in a suburb of Miami, 74.1%, A+ for athletics (#17 on Niche)
Low Probability
And then there was the rest of the list if he decided he liked bigger schools. Well, all of those were Power 5 schools.
Florida State: 67.6%, A+ for athletics (#12 on Niche)
Indiana U.: 64.6%, A+ for athletics (#39 on Niche). Not a big city but quite metropolitan with a lot of arts opportunities and international cuisines.
Louisiana State: 63.3%, A+ for athletics (#2 on Niche)
Ohio State: 60.5%, A+ for athletics (#11 on Niche)
U. of Alabama: 61.1% overall pass, A+ for athletics (#3 on Niche). Not a big city, but if he likes Ole Miss, then this is an obvious add.
U. of Cincinnati: 45.3%, A for athletics (#102 on Niche). Cincy is known for its co-op program where students get a lot of real-life experience on the job market, which some students find very appealing.
U. of Houston: 49.6% overall pass in 2018, A for athletics (#88 on Niche)
U. of Kentucky: 57.5%, A+ for athletics (#24 on Niche)
U. of Minnesota – Twin Cities: 66.4%, A+ for athletics (#43 on Niche)
U. of Nebraska – Lincoln: 67.0%, A for athletics (#56 on Niche). Nebraska has a surprisingly large number of opportunities in finance (Warren Buffet and insurance companies).
U. of Oklahoma: 59.1%, A+ for athletics (#5 on Niche)
U. of South Carolina: 63.3%, A+ for athletics (#26 on Niche)
U. of Wisconsin – Madison: 82.0%, A+ for athletics (#32 on Niche)
Other Power5 schools, like Boston College & Wake Forest, would be possibilities for him to be accepted to, but I think you’d be paying the full price if he was admitted. The private schools on my original list I think have a shot of giving enough merit to bring them within budget, though there’s obviously no guarantees.
This. I worked in the industry for a while. At some point I had to prioritize time with a new and growing family, but I loved it while I was there, and it set me up well both with a financial base and with the connections that got me my next, less time-intensive but still greatly interesting job.
So, when you say “the industry” do you mean investment banking? fund management? I don’t know what all the career paths are in finance.
I guess another way to look at it (for me) is that even if he does go down a path that super intense, if he finds that it’s not his bag, he can switch paths and there are other avenues he would be well set up for. Is that right?
I meant investment banking in the context of what was said, though my personal path was banking → investment banking → fund management. (I double majored in economics and finance personally.) There are a lot of options with a business or finance degree and yes he will have a number of paths open to him.
I don’t want to put words in your mouth, but in my experience access to several prestige driven finance career paths typically includes graduating from a “target” undergraduate school. While you can get recruited from a variety of schools the access to an alumni network and historic hiring relationship gives target schools a significant advantage that shouldn’t be discounted.
OP if your kid wants several lucrative finance career paths, schools like ND will support this ambition. Conversely while some of the other schools mentioned in the thread won’t preclude these opportunities they will likely limit them.
Catcher is the resident subject matter expert-- thanks for weighing in. OP-- take Catcher’s posts to heart.
I will point out to the OP that most HS students have no clue about at least 20 interesting careers in finance… so “running a hedge fund” likely represents my 4 year old nephew wanting to be a fireman vs. a well researched, meticulously planned career aspiration.
Every state has an office which is in charge of public financing of things like bridges and stadiums and other “public goods”. The folks there work with a variety of banks (and non-bank financing entities) on bond issues and other ways to come up with huge amounts of cash for infrastructure investment. The work is often VERY interesting, not terribly stressful (no 90 hour weeks), has a lot clout within the financial services industry, and is a real contribution to public service. It doesn’t pay mega bucks, but people often leave and eventually end up as lobbyists for the concrete industry or end up working for the municipal finance team of a large institution- highly lucrative positions.
Just one example of a career path which many HS kids don’t realize exists. And it doesn’t require attending Wharton and getting a 3.9 GPA.
And who knows- OP’s kid could fall in love with an entirely different discipline in college, which many of us hope for!
I mean, maybe. In my current team in the fund management industry our traders, for example, are alums of Stanford and Notre Dame, but also University of Florida and one of the decidedly unglamorous UCs. (The research analysts and PMs mostly have graduate degrees from top colleges but with a variety of undergrad ranging from large not very selective publics to Ivy League).
That wasn’t clear as you responded to my post mentioning all of banking, investment banking and fund management. Maybe more clear to OP as well now what you meant by what parts of the industry require “targets”.
Not just that, but you can get great connections in the industry that way too. Or it can lead to different career paths, example going from a bond issuer to a ratings agency. There are many options for sure.
Yep. If you really want IB, you can probably end up there no matter where you went if you network and get to meet people in the field. Eventually, someone you meet will know someone else who has the perfect connections to get you an interview.
Not my experience if you have been out in the real world more than a few years. Yes I have seen analyst and some associates recruited from ancillary businesses but after a few years it becomes very unusual.
Most notable exceptions being areas like infrastructure where specific project knowledge is valued or emerging technologies. Other than that I can’t remember the last time I saw a “new” banker that was 26+ years old.
Don’t want to go further down the tangent but it is undeniably easier to pursue an IB, VC, PE or HF career by attending a target school. If that’s what your kid wants and has the skills it’s likely worth the cost given those jobs earning potential. If not the kid can have a great finance career in other areas and might be able to access the aforementioned more “exclusive” paths but it is much tougher.
This is why I’m trying to open his eyes, shove as much information in his face as possible. I get that a fair number of kids are highly driven and know exactly what they want to do, at 18 years old, for the rest of their life, but I also think this is the exception to the rule.
I didn’t figure out what I wanted to be when I grew up until I was almost 40 years old. I’ve had multiple careers and had to get multiple degrees to pursue those careers. I wish I’d had parents who gave me some direction and support when I was 17 and starting college. I think I could have saved a bunch of money and made some better choices.
If I were really intent on pushing him in the direction I think is best, I would be insisting he major in a science. It’s his strongest subject and he’s always excited when he talks about the things he’s learning in his science classes and through his own exploration.
