Deciding a school - UConn [~30k] vs. Binghamton [~30k] vs. UMass Amherst [~40k] vs. UMD [~50k] vs. Rutgers [~50k] vs. Fordham [~63k] for finance

Compare College Acceptances
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Net price per year at each college, after applying scholarships and financial aid grants.

  • UConn & Binghamton [~30k]
  • UMass Amherst [~40k]
  • UMD & Rutgers [~50k]
  • Fordham [~63k]

Maximum parent contribution per year.

$50k - family trying to decide if differential is worth it between Fordham & UMD OR another cheaper option is worth sacrificing prestige. Ideally, cheaper is better due to a parent’s job uncertainty but they want me to go with what I’m happy for so this a slightly flexible #.

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).

All for finance, in the business school.

  • UMass Amherst - Dean’s Academy (not guaranteed as it’s a program with limited spots that you have to commit earlier to be in)
  • UMD - Business,society,economy (BSE) scholars program.
  • Rutgers - Honors college.

Desired major and post graduation goals (including if pre-med, pre-law, etc.).

  • Major - Finance
  • Doubling major either in data science or (more likely) information systems as backup.
  • Also interested in pre-law track, definitely not finalized but flexibility important.
  • Career-wise Wall Street (IB) is definitely dream, but I understand this difficult if not improbable. I also find fintech interesting. Definitely not into accounting/consulting, however.

International or domestic student (and state of residency if domestic).
Domestic student from CT.

Student preferences beyond the above (including weather, class sizes, campus culture, college demographics, fraternities/sororities, distance from home, etc.).

  • Any weather fine, except too cold.
  • Smaller class sizes are highly preferred but mix in size is OK.
  • Near important city/metropolitan area - internships, strong recruitment, alumni, career outcomes are very very important. I also have a strong feeling I’ll be (and want to be) in NYC metropolitan area for family & work so presence there is ideal.

~
At the moment I’m between UMD and Fordham.

I really like the culture and flexibility at UMD, plus it’s much more affordable (better AP credit and scholarship policies). The school is rising in rankings, too. However, I don’t want to be in D.C., and I’m concerned about landing a job in government or related fields, which the business school heavily places students into. With everything happening right now, I’m worried about the reliance on D.C. opportunities at UMD. I also might feel overwhelmed by the sheer size of the campus, and they’re more known for its computer science program than business.

On the other hand, Fordham in NYC is incredibly strong on Wall Street, and I know people there who rave about the networking and professional opportunities just from being in the city. Smaller class sizes are also a plus. Has much more name recognition in my area, and Fordham Law is top-notch. But it’s expensive, not very accommodating, and while I’m Catholic, I found the campus surprisingly homogenous. It also felt a bit dull when I visited. UMD’s construction projects aside, Fordham’s facilities seem a bit outdated. It’s superficial, but I also noticed that Fordham has been falling in most rankings and a lot of students aren’t happy about the management.

Otherwise, I’m still open at looking at the other schools if there’s potential. Sorry for the long post! :slight_smile:

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What year in high school are you?

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Senior. Comparing accepted offers.

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Are we voting?

Fordham is above your parent price point, but for finance is probably the best acceptance you have received, in my opinion.

UMass, UConn and Bing are not near big cities…in my opinion.

UMD is, and so is Rutgers. And honors college at Rutgers is a nice thing to receive.

If it were me, and it was truly affordable, I would say Fordham, but if you are going to major in finance, now is a good time to learn how your family finances will be impacted at this school.

@Catcherinthetoast your thoughts?

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It’s getting a little late to apply to many other schools. Both application and financial aid deadlines have passed. Schools are sending their regular decision admission out…now.

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I meant the others listed that are not UMD and Fordham, which I’ve gotten into.

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Exactly which is more prestigious than the others ? They’re all the same level.

You have a budget. So you eliminate anything over. Then choose your preferred.

Finance jobs are a dime a dozen and in most cases don’t care about then school name or do you seek a niche role in finance ?

You may or may not like the experience - you should check - but I hear wonderful things about Rutgers Honors. but honors colleges are all different and you should make sure it’s curriculum and enrichment are in things of interest.

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Sorry, didn’t specify. Got into Babson & other more selective schools that had to be cut due to cost.

…

I’ve looked into it…research/small community/social impact seem to be the main benefits. Not much career-wise imo, but I’d love to hear what someone else says. Haven’t visited Rutgers, but the size is putting me off, so I don’t really know.

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Fordham has a considerable advantage over the other schools you mention in my experience when it comes to IB. Gabelli has become an informal target for many large CIBs and also allows students to intern given the proximity to many opportunities. Some of these opportunities are lucrative and could help offset the difference in costs while providing invaluable experience. Fordham also has an extensive and active alumni network.

The school also sponsors a number of invited speaker events on campus that create an informal direct pipeline. I have participated in several of them so can personally attest to their effectiveness.

If you thrive at Gabelli I would not consider IB improbable! IB careers however require early planning and cheaper isn’t always better.

If IB remains her chosen profession the incremental access and opportunity of Fordham can easily justify the incremental cost when amortized over an IB career.

Keep in mind a solid newly minted IB VP (5-7 years post undergrad) will draw a base salary of approximately $250k and earn a bonus (performance dependent) of 100 to 150% of that base. The amounts you are talking about are hardly relevant juxtaposed against that earning potential.

Getting there is very hard work, so it is of course a very personal assessment.

Perhaps of interest on the topic…

Good luck.

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Honors programs in general are for you, not for jobs. That’s why kids who say - I want Honors are mistaking a mistake unless they research. It’s why some apply at some schools but not others.

Their will be kids in IB at some level from all those schools.

Why don’t you look at IB support clubs at each, find grads on linked in, and have some conversations.

More selective doesn’t mean more prestigious. UMD is selective but it’s more Bing than Penn, etc.

Here’s an example of a group all will have in some way or form and again you can ask for recent grads in the industry or find on LinkedIn. Ask what they are doing, how they found their role and would the s hook be a good fit and why.

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You seem to be getting info from people with first hand experience. I would strongly recommend this approach given the idiosyncratic nature of IB recruiting.

For context, I have no personal ties to Fordham but currently have 20+ Rams alum who work for me as I bankers or financial markets professionals and have worked with (or for) literally hundreds of proud Fordham alum. I do know several Maryland alum that have had very successful IB careers but they are much fewer and further between.

You can always find an exception to a rule or an individual that has overcome the odds by getting an IB role from a non target or a school that is on the uptrend. You however astutely characterized IB jobs as “improbable”, which is why the most well travelled paths tend to provide the best opportunities and outcomes. Given your choices (which are both great) Fordham has a clear advantage if IB is the goal.

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Since a lot of this post is about costs, I have a couple more questions.

  • When you say that the number is slightly flexible, do you mean that your parents would be able to pay the 63K for Fordham? Or if their max is 50K, what is the plan to make up the difference between 50K and 63K?
  • Since you mention that there is job uncertainty, what amount would they be able to pay in the event that the uncertain job is lost? Is that the 50K? Or would they not be able to pay 50K in that case?
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Loans. Altogether parents can pay $150k and last year at anywhere except UConn/Bing will be loans but they expect this to happen.

Would probably be able to pay 40kish.

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As a follow-up to this, I would ask your parents to think about a few questions and then get back to you (unless they feel comfortable discussing the topic with you, but many parents will not):

  • How likely do you think it is that there could be a job loss?
  • How likely do you think you could find a position with sufficient earnings to continue contributing to college (including $50k in loans for year 4 of UMD or $102k for Fordham)?
  • How secure is your retirement if you keep your job?
  • How would a job loss impact your planned retirement (lost contributions and potentially needing to start withdrawing money early if it becomes a de facto forced early retirement)?
  • What impact would $50k or $102k in loans have on your retirement?

There are no loans for retirement. Many families are willing to work longer or to make other sacrifices in order to send their children to particular schools. But those sacrifices are often dependent on 1) their employment, and 2) their health.

If your parents indicate that they feel financially safe for you to attend any of the institutions you’ve listed, then a couple of questions for you to think about:

  • How would you feel if you attended an institution for one or two years and then had to transfer because your family could no longer afford it? Would you prefer to start at a less expensive school and know that you could remain there for four years, or would you prefer to attend a more expensive school with the hope that it will work out and then find out partway through that you need to transfer to a less expensive option (which may still come with substantial loans if you’ve already spent 80% of the saved college money on your first two years).

Essentially, it’s a question of your risk tolerance. UConn and Binghamton are risk-free ($120k cost, so perhaps $30k for grad school, house down payment, whatever, if your parents give you the difference). UMass is pretty safe, but would need $10k in loans, which is a pretty minimal amount to come out of college with. Your other options are definitely financially riskier based on the information you’ve shared. But if you chose your riskiest option (i.e. Fordham), it has the biggest potential for financial loss, but also, perhaps, the greatest potential for financial gain.

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Forgive me if I missed it - Is Gabelli a direct admit program or one that you’ll have to apply to in your sophomore year? If it’s the latter, what is the acceptance rate/what is the fall back if not accepted?

For UMD, the recruitment opportunities will likely skew towards DC. My younger D is a finance major at a university in VA with close proximity to DC, and that’s what she experienced. She didn’t want to be in DC, so she networked on her own and found an opportunity in the city she wants to live in. Several of her classmates are headed to Wall Street.

If your end goal is to work and live in NYC, the cost of living there is very expensive and will eat into those impressive CIB salaries pretty quickly. Older D is 8 years deep into CIB (not living in NYC) but all of her CIB friends who started out in NYC, have since left for jobs in other cities that have a more affordable COL and a better work/life balance.

While it seems like the obvious choice is a program at a college that’s in NYC, know that you can achieve your goals from any of your options, provided you put in the work to get there. Maintain a high GPA, join and participate in the business clubs, network with classmates, faculty and alumni who are working in CIB, etc.

Good luck with your decision!

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Keep in mind many people who work in manhattan don’t live in manhattan. On the Jersey side many might start out in a city like Hoboken or a borough outside manhattan (my daughter just moved out of Boston and will be moving into a Brooklyn Airbnb today for a 2 month clinic) and move into the suburbs later on, many towns have good public transportation into the city. Same could be said for Long Island. Many Rutgers students get nyc internships leading to future employment, there is a nj transit station on campus with direct trains into manhattan. My finance major had acceptances to UMD, UCONN, UMASS, BING and Rutgers, Rutgers was last remaining on her list before deciding to go elsewhere.

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True, and transportation into NYC is readily available - but living on LI or over in NJ, one has to factor in the commute time and additional cost. Also, the COL’s in those places are pretty steep as well because they know they are getting the overflow (we won’t even discuss Westchester). College friends lived in Hoboken after graduation, when it was affordable.

I have a college friend who loves on LI and on a daily basis has to drive to the train station, ride the train into Manhattan and then walk to either the bus or the subway to get to the office. Then they repeat that on the way back.

Just additional thoughts to keep in mind when dreaming of the NYC life.

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Yes, I know! I live in proximity to NYC by train and expect having to commute :slight_smile:

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I grew up in Putnam Co. and used to take the train into NYC all the time, on school field trips or to see Broadway shows with friends. Such a nice perk to be able to get into NYC within an hour or so!

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I get it, we live 8 miles east of the Lincoln tunnel, bus or train commute to midtown us about an hour. My daughter’s commute to a Brooklyn hospital from her Brooklyn housing is still about 35 minutes, even living in the city doesn’t mean a quick commute. If one’s goal is NYC, most likely COL and commute time will be high regardless of where you live. My oldest got her 5 year accounting degree from RBS and did not want an internship in manhattan (not a problem, getting an accounting internship was pretty easy).

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