<p>I think there is also a selection bias by field. Dartmouth may have a lot of people in say straight M&A for its size, but far less compared to Chicago doing derivatives or pure industry research (Chicago has far more math and physics majors). I just really cannot see a tangible difference between the schools though for finance at large. </p>
<p>The Chicago over NYC element is true, and I know for some students this is make or break. I could see turning down a school if I knew I wanted to be in a given field, and did not want to locked into a city for 6-7 years between school and a 2-3 year stint out the door.</p>