Boston College vs University of Toronto for finance

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Which to choose? Am I correct in my assumption that a degree from Boston College’s Carroll School will make it easier to get a job in finance in the US? We are leaning towards BC despite the price tag. The cost of living in Toronto, in particular the housing market, is insane. A modest home costs $1.2-1.5M. Salaries have not kept pace. Student wishes to get a high paying job in finance.

Net price per year at each college, after applying scholarships and financial aid grants. Full pay at both. 90K/year at BC, 30K/year at U of T

Major/division admitted to at each college, if applicable to the college. Also, any special programs like honors programs or combined degree programs (e.g. BA/BS->MD). CSOM at BC, Applied math major at U of T (St. George campus)

Desired major and post graduation goals (including if pre-med, pre-law, etc.). Wants to get a job in finance.

If not a frosh admit finishing high school, indicate status (e.g. sophomore level transfer, junior level transfer, frosh after gap year(s)). Has done two gap years already and plans to defer the admissions and enter in 26-27 school year.

International or domestic student (and state of residency if domestic). Dual Canadian/US citizen

Student preferences beyond the above (including weather, class sizes, campus culture, college demographics, fraternities/sororities, distance from home, etc.). Has family in both cities and has lived in both cities. No preference as to city. Wants a job immediately post-graduation.

**Preliminary assessment of each college based on the above.**Parents are U of T alums who found it difficult to compete with US alums to get work in the states, not in the finance field though. Sibling majored in finance in Canada at a U of T equivalent school. Sibling was hired by a big bank in Toronto but did not get to do a lot of the finance stuff that they wanted and found it hard to break $100k/year. Sibling switched to software engineering after 3 years for an increase in pay.

Why did you apply to each college you are considering? Both schools are strong in the areas concerned and there is an older sibling in both locations.

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The cost of living in Boston isn’t cheap either, if that is what you are thinking.

What exactly does this student want to do in “finance”? There are many different jobs related to finance.

Where does this student want to live after college? Not that it matters now because people DO move around in their jobs.

But you will have significant savings to help him get established IF he does not get the high paying job he anticipates…if he goes to Toronto.

@Catcherinthetoast do you have any thoughts on this?

Perhaps reading this thread will give you some ideas:

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Student wants to do investment banking. I’m familiar with the cost of living in Boston. It’s not as bad as Toronto. Student doesn’t have a preference as to city. Future salary is the major consideration.

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Did this student have any other acceptances?

Then you also want to read this thread:

@Catcherinthetoast this sounds like it actually is something you can comment on.

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Thanks for the first link. Unfortunately, student does not want to go into CS. I’ll read through the whole thread though. I’ve read through the thread by @catcherinthetoast but I’ve seen them state elsewhere that they don’t plan to update that thread.

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Read the second thread I linked by @Catcherinthetoast

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Thanks for the reply. I guess my question boils down to: Is it easier to get a IB job in the US coming from the Carroll School of Management at Boston College than it is with a math degree from University of Toronto. Am I correct in assuming that recruitment plays a big part in hiring? I read through your other thread which emphasized interviewing and networking skills as being important. I know as a U of T alum that those skills are not developed at all at U of T. I am assuming that those skills will be better developed at BC’s CSOM. Am I wrong in my assumptions?

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OP: Have you researched the placement results for each school ? Also important to ask about internships/externship opportunities for each school.

Also, sent you a PM.

Among Canadian universities, Western & Queen’s place better into IB than does U of T.

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Do these place better for IB programs in Canada…or do they also place well for the U.S.

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Placement results? Once again, OP, read and learn of their limits Problems and limitations with College career outcome reports: reading between the lines

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They place better for US. U of T does well on Bay Street, but not so well for Wall Street. McGill places better in the US than does U of T.

Western/Ivey, then Queen’s. Next is McGill, then farther back is U of T.

The most common barrier to placement in the US is obtaining a work visa. As a dual citizen, that will not be a concern for OP’s son, but does affect recruiting & connections in the US as it is a major concern for many.

The cost difference is unclear as OP didn’t share whether some dollar amounts for school & housing are in US dollars or in Canadian dollars. BC is better for placement in the US, but the issue is the tremendous difference in COA between U of T and BC.

OP: This issue is commonly discussed elsewhere.

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As a general guidelines, when a student loses a question, responses should address the student. The student can decide the merits of the response.

It is not the responsibility of users to challenge other users’ credentials, and it violates ToS to disparage another user

The OP, however, is more than welcome to ask the source of a respondent’s knowledge.

And it goes without saying that this isn’t a debate society. Make your point and move on.

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I can’t add anything about finance. What strikes me is that the student has already had 2 gap years and plans a third so they’ll be around 21 years old as a freshman. I would think that wouldn’t be a big deal at Toronto but could be worth checking with BC about housing and other opportunities for older students.

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While BC likely will give a better shot at an IB job, the plumb IB jobs are few and far between – especially for an undergrad student from a strong, but not top-target college. Is the $60k/year price differential (likely enough to pay for a chunk of grad school or provide the bulk of a house down payment) worth taking the chance? That is for the OP and their family to decide.

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I think the question about housing and age are well worth checking with both colleges. This student will be a few years older than most starting freshmen.

I guess I’m wondering…why two gap years? But that’s probably off topic unless it relates to ECs that were done during that time.

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Thanks for all the replies. We still have not made a decision but BC has dropped lower down the list because of cost. Kiddo is now considering a third (and fourth) possibility. One is a third college they’ve been admitted to and one is to keep doing the EC they’ve been doing for the past 2 years. They prefer to keep doing the EC that they’ve been doing for the past 2 years, hoping to start getting paid for that EC, and although there is still potential there, that hasn’t materialized yet. Kiddo was a young high school grad, so they haven’t turned 20 yet.

Thanks to @Catcherinthetoast. I talked to others in Toronto who gave the same advice.

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One other thing you might think about is the degree of support that your child might want. As you know, you are sort of on your own at most Canadian universities. A school like BC will have more in the way of tutors, counselors, RAs, TAs, career center staff, etc. The faculty student ratio, the staff student ratio, and the five-year graduation rate will be significantly better at BC than at UofT.

Then there is Uof T’s rather notorious grade deflation. You would have to find out how this works for applied math specifically, but there are reports on Reddit of the intro Econ class being graded on a harsh curve:

Do they do this for math as well? Is there some kind of automatic cut where 30% of the first year students will not make it to the second year? If so, how will your student deal with that?

I don’t know what the reputation of BC is in terms of grading, but that would be something to look into. I would say that in general the American universities are more into fun, the college experience, cheering on the sports teams, all of that. Also it is far easier to change majors, generally speaking, in the US versus Canada. Does that kind of stuff matter for your child or not?

Good luck!

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