UW-Madison or Northwestern... Which is more worthwhile?

th25cc
Sun, 05 Apr 2015 19:53:07 +0000

I am deciding between UW-Madison and Northwestern and it is very difficult to compare the two when they have vastly different costs. I agree that Northwestern is academically better than UW-Madison in almost every way, but it’s impossible to quantify that. I have included a summary of my two options.

Future career paths (most likely to least likely): Working in finance (investment banking, financial adviser, etc.), working in economics or public policy (working at a think tank like Cato), working as a lawyer, or perhaps even being a professor.

UW-Madison Cost: 5 year plan, $115,000 to $130,000 at MOST (potential to be a commuter student, especially during graduate year). 4 year renewable 2500/year scholarship included in those calculations. Parents would be able to pay in full.

UW-Madison Undergraduate Degrees: BBA Finance, Investment and Banking; BA Economics (Math emphasis); Math Certificate

UW-Madison Graduate Degree: MS in Finance: Applied Security Analysis (two summer internships at an investment bank included in this program)

The MS in Finance is only available for UW-Madison undergraduate students majoring in Finance, and they apply during their junior year in order to complete year 1 of 2 of graduate school during their senior undergraduate year. I have planned out all of the UW-Madison coursework and I was able to fit all of the classes in to graduate with the degrees I want without exceeding 5 classes per semester. The normal maximum is 6. If I needed to take classes during the summer because of scheduling issues, I could do so because I live 20 minutes from campus.

Northwestern Cost: 4 year plan, $182,000 MINIMUM, upwards of $240,000+ depending on how our $60,000 EFC changes when my sister starts her freshman year of college when I am a junior. Debt load: $60,000 to $120,000+

Northwestern Graduate School Cost: $80,000 to $120,000 depending on if I were to choose the 1 or 2 year MBA. I’m not dead-set on wanting a graduate degree, but since I’ve included UW-Madison’s MS in Finance, I think it’s fair to look at Northwestern’s Graduate options as well.

Northwestern Undergraduate Degrees: Economics; Financial Economics Certificate (four one-quarter courses); two more minors or one more major (potentially)

Overall Sentiment: As someone who prefers a quieter, more focused environment, Northwestern is probably the better fit for me socially. UW-Madison is a much more party-oriented school, and I would have a harder time fitting in. However, with the campus’s proximity to where I live, I could always head home during chaotic weekends (as lame as that sounds). I think I would probably fit in just fine as I got into higher years of schooling. Academically, both UW-Madison and Northwestern offer classes that would allow me to learn what I need to. Northwestern’s limited financial economics certificate program is a concern though because there are only four one-quarter classes compared to the numerous semester-long classes I would be able to take at Madison even during my junior and senior years.

Fundamental Question: Is it worth a $60,000 to $120,000 debt load (or even a $200,000+ debt load if I want an out-of-state graduate degree) to attend Northwestern? Will employers prefer a Northwestern economics undergraduate degree paired with a financial economics certificate substantially more than the Madison BBA Finance, Economics (math emphasis), Math certificate, and even the MS in Finance?

TL;dr - Northwestern undergraduate for $60,000 to $120,000+ of debt to get an Economics degree and financial certificate, or UW-Madison for “free” to get an undergraduate Finance BBA, Economics degree, Math certificate, and MS in Finance for one additional year?