In-State Berkeley vs Wharton Undergrad

blossom
Thu, 11 Feb 2021 20:45:34 +0000

I don’t like telling other people how to spend their money. I also know that very few 17 or 18 year olds understand what investment banking is, and if one tries to educate them on the differences between a traditional M&A path vs. equity analyst vs. quant trading their eyes glaze over- because other than “it pays well” and it’s prestigious (among a certain type of family/acquaintances), they don’t understand how banking and capital markets operate.

Which is fine- that’s what an education is for. That’s why nobody interviews 17 year olds for jobs at a top tier financial institution.

So to the OP- I’d bet you lunch that whether you go to Wharton or Berkeley, you won’t end up in I-banking when you graduate. Not because of the institution you attend- but because you discover that you love something more- or that you can’t stand what you’d be doing as an I-banker. There are dozens of careers that a place like Wharton can prepare you for, and you may find banking to be the least interesting of all of them. And of course- one cannot predict the economic cycles at all that far out- maybe working at Goldman is the hot career when you graduate, maybe it’s somewhere else that hasn’t even been created yet (some incredible crypto/digital platform that’s going to transform the world that only exists inside some Macarthur geniuses head right now).

Go where you can afford- that’s always solid advice. Take on modest debt if you have to- betting on yourself is typically a solid investment- but that means the federal loans, not 100K which will severely impact your parents lifestyle and retirement. Recognize that wanting to work in I-banking is a HS kid’s version of wanting to be a cowboy or firefighter when you grow up, and that you are likely to find something you love even more once you get to college.