jvallrugo, most Engineering students who end up at Goldman Sachs, JP Morgan or any other BB IBank are hired into operations positions, not front office positions.
However, the recruitment of Engineers as Associates at McKinsey, Bain and BCG is quite common, and many of those actually have MSE in IOE. In fact, I think MSEs in IOE actually have better odds of getting placed. So yes, if you go to Michigan for the MSE program, your chances of landing a job with a major Management Consulting firm are good.