Tough Choice: MSc. Industrial Engineering (Stanford/UMich) vs. Economics (LSE)

Graduate School
1

<p>I’m currently trying to decide between these:

  1. Stanford Univ - [MS</a> Management Science & Engineering](<a href=“Management Science and Engineering”>Management Science and Engineering)
  2. London School of Econ - [MSc</a> Economics (2-year programme)](<a href=“http://www2.lse.ac.uk/graduateProspectus2010/taughtProgrammes/MScEconomics.aspx]MSc”>http://www2.lse.ac.uk/graduateProspectus2010/taughtProgrammes/MScEconomics.aspx)
  3. UMich Ann Arbor (Rackham) - [MS</a> Industrial & Operations Engineering](<a href=“http://ioe.engin.umich.edu/degrees/grad/index.php]MS”>http://ioe.engin.umich.edu/degrees/grad/index.php)</p>

<p>This is somewhat of a difficult decision for me. I’ve briefly outlined the pros and cons for each program, though my biggest, biggest concern right now has to do with post-graduation employment prospects. The job market is still in very fragile shape and naturally, every student wants to make his degree worthwhile.</p>

<p>My background is in industrial engineering. I’ve taken a few economics & finance classes, though not enough to qualify for LSE’s 1-year MSc programme as opposed to its 2-year. I don’t really have a preference for one over the other, and many graduates from either field end up working for the same companies anyway.</p>

<p>1) Stanford Univ - [MS</a> Management Science & Engineering](<a href=“Management Science and Engineering”>Management Science and Engineering)
Program Duration: 1.0–1.33 years (45 units)
[Cost](<a href=“http://studentaffairs.stanford.edu/registrar/students/tuition-fees_10-11]Cost[/url]:”>http://studentaffairs.stanford.edu/registrar/students/tuition-fees_10-11):</a> $41,220 base tuition (est.)
If I crash at parents’ house in Palo Alto, then additional living expenses are minimal; if I live on campus, $53–55K</p>

<ul>
<li>Very large department w/12 areas of specialization; provides lots of flexibility</li>
<li>Brand-name institution (though the department itself is not ranked as highly as UMich’s)</li>
<li>Has a project requirement</li>
<li>Zero financial aid; [website</a> FAQ](<a href=“Management Science and Engineering”>Management Science and Engineering) claims under 10% of MS students receive funding of any kind
(Sidenote: I’ve lived in the [Bay</a> Area](<a href=“http://en.wikipedia.org/wiki/San_Francisco_Bay_Area]Bay”>San Francisco Bay Area - Wikipedia) for basically my entire life, so I’m kind of itching for a new environment, though it’s not too big of an issue.)</li>
</ul>

<p>2) London School of Econ - [MSc</a> Economics (2-year programme)](<a href=“http://www2.lse.ac.uk/graduateProspectus2010/taughtProgrammes/MScEconomics.aspx]MSc”>http://www2.lse.ac.uk/graduateProspectus2010/taughtProgrammes/MScEconomics.aspx)
Program Duration: 2 years + summer school
[Cost:[/url</a>] £35,400 (approx. $53,500) base tuition + at least $20,000 more for living + relocation expenses (financial aid decisions pending)</p>

<ul>
<li>I’ve never studied abroad or been to Europe in my life</li>
<li>One of the world’s premier economics departments; high prestige</li>
<li>Excellent post-grad placement for those going into academia (and those going into industry pre-financial crisis)</li>
<li>Proximity to UK’s financial district</li>
<li>Required to take summer school (starts late July) to make up deficiencies in econ</li>
<li>Very expensive non-UK tuition + high cost of living in London</li>
<li>Hassles associated with living abroad (student visa, etc.)</li>
</ul>

<p>(The admissions rate, hovering at around 11%, is the lowest of the three and honestly I did not expect to get in, so it’s kind of hard to pass this up)</p>

<p>3) UMich Ann Arbor (Rackham) - [url=<a href=“http://ioe.engin.umich.edu/degrees/grad/index.php]MS”>http://ioe.engin.umich.edu/degrees/grad/index.php]MS</a> Industrial & Operations Engineering](<a href=“http://www.lse.ac.uk/collections/tableOfFees/2010-11.htm#Double_Degree_and_Two_Year_Programmes]Cost:[/url”>http://www.lse.ac.uk/collections/tableOfFees/2010-11.htm#Double_Degree_and_Two_Year_Programmes)
Program Duration: 1.0–1.5 years (30 units)
[Cost](<a href=“http://www.finaid.umich.edu/financial_aid_basics/cost.asp]Cost[/url]:”>http://www.finaid.umich.edu/financial_aid_basics/cost.asp):</a> $17,525 base tuition (est.); $34,571 total expenses (est.)</p>

<ul>
<li>The department is ranked #2 by U.S. News.</li>
<li>The cheapest option out of the three.</li>
<li>No thesis and/or project requirement</li>
<li>Fewer areas of specialization than Stanford’s MS&E</li>
<li>Michigan’s unemployment rate is 15%</li>
</ul>

<p>Any feedback would be much appreciated!</p>

2

<p>Sorry for the bump, but it’s still so hard to make a decision… :(</p>

<p>I’ve read through the [“Ask</a> a LSE grad student”](<a href=“http://talk.collegeconfidential.com/graduate-school/499973-question-thread-ask-lse-grad-student-6.html]"Ask”>http://talk.collegeconfidential.com/graduate-school/499973-question-thread-ask-lse-grad-student-6.html) thread, but most of the posts were written prior to the financial crisis, and I’m concerned about the present job outlook.</p>

3

<p>Wow…nice choices to have.</p>

<p>I live in Ann Arbor right now. It is a great mid-sized city. I’m in an engineering PhD program. I don’t necessarily get to enjoy the campus and city as much as I would like to during the academic year because I study all the time. How was you financial aid from Michigan? Sometimes, my classmates in the Masters program have been able to find some sort of funding(tuition/stipend) by thier 2nd year even is this crappy economy…it sometimes delays thier graduation by a semester though. Most of the masters students I knew found internships this summer…not in Michigan…like in Texas or California</p>

<p>I’m in a different area of engineering than you.</p>

<p>The London School of Economics thing sounds really cool if you have any idea what you do with an “Economics” masters degree. London is a great city. The London thing would be hard for me to pass up if I had a clear idea what I wanted to do with the degree and whether the investment would be worth it.</p>

4

<p>I didn’t get any financial aid from Michigan. However, it’s cheaper than some lower-ranked schools from which I did get funding, ironically enough. I’m also a bit of a “bookworm,” so I’m not one to easily get distracted by big cities, heh. I don’t mind doing teaching and/or research assistantships for money, as long as they are reasonably easy for sufficiently-qualified students to get. (They were at my undergrad institution; I earned about $5,000 after many long nights grading papers.) Stanford specifically said that [fewer</a> than 10%](<a href=“Management Science and Engineering”>Management Science and Engineering) of master’s students will ever get such opportunities, so in that case I’m a bit concerned.</p>

<p>I don’t mind relocating, so I’m fine if the internships/work opportunities are not in the same city/state as the school. When I was looking for internships last summer, many job postings I saw wrote “local applicants only” because they wanted to cut down on recruiting/travel expenses.</p>

<p>As for what to do with an Economics master’s degree, it appears that most (at least pre-financial crisis) work in banking and/or consulting. Some prefer the public-sector and intern at the Federal Reserve Banks, even though the compensation is generally much lower. I don’t care a whole lot about money–given this economy, I’d be incredibly grateful for a stable, reliable job.</p>

<p>Thanks very much for commenting…I really appreciate it!</p>