If you want a break from the city, go to Chicago. Unless the money's a significant amount (it doesn't appear to be), go where you feel most comfortable.

I can say confidently that this year's GMATClub cohort is the funniest, smartest, most interesting, and most irresistibly attractive (mostly due to me) that ever was.
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Really up in the air. Booth is higher ranked and the money from CBS is offset by the higher cost of living in NYC. That said, CBS is a huge name in finance in NY (though Booth is a top player too) and it will make recruiting in NY much easier because you will only need to take a train to midtown/downtown as opposed to flying in from Chicago. I would probably stay in NY but only because I would hate having to pack up everything to go to a different town.

Hey thanks for the responses guys.
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Speaking with my friends at other banks, most summer classes at the various BBs and top boutiques have pretty similar numbers from CBS, Booth, and Wharton -- the #s in employment reports from each school reflects this as well. Anecdotally, there is the same number from both CBS and Booth going to my bank this summer. I think you'll be as successful with banking recruiting at either school. Similar with AM, which has a pretty solid amount of on-campus recruiting at CBS.

To give my pitch for CBS, I'd argue that there is less variance at CBS than possibly at other schools. That is to say, each firm will probably take a pretty similar number from either school, but I think that which people end up at which firm has less volatility at CBS. This is due to the high number of touch-points you get with every firm. Coming out here for a week-long banking trek is a lot different than being on Wall St every day of the week for a few months straight meeting with people. You really get to know the banks and they get to you know on good days, bad days, and everywhere in between, versus other schools with fewer touch-points. It increases your odds of really connecting with people and understanding the bank better. Especially at firms which place you directly into groups, having the opportunity to really get to know people even outside of the school recruiting teams can really help you get comfortable with where you join up.

This of course isn't going to really increase the overall recruiting numbers, and also helps everyone from CBS equally, so its not like there is a huge boost to your overall chances at getting a job generally from Booth vs. CBS, but I think that because they get to know you better and you get to know them better, that there is a better chance of you ending up at the "right" firm for you. And the banks agree -- they all state that CBS students have a higher summer yield, ie, more come back FT at the end of summer, partly because they better found the right fit during the recruiting process and didn't need to figure things like culture out over the summer. The "New York advantage" I think might be sold as a way of increasing your chances of getting a job, but really it probably should be better spun as something that increases your chances of finding the job of best fit.

Let me know if you have any questions about recruiting in general or about CBS. GL with the decision.
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I think that rankings and employment prospects are over-emphasized. It's splitting hairs. Yes, yes, I know that we are going to bschool to get a job, but hear me out:
IMHO, your outcomes from Booth will be the same as they are from CBS. We are talking about TOP finance programs here with stellar reputations, contacts, alumni networks, etc. I think the small CBS fellowship totally just balances out the COL in NYC so I'd call that a wash. What you're left with is an even-up choice.

Why try to quantify the tiny differences between the two programs? When it's that close, why not just let your gut decide? If your gut tells you to get out of the city for a few years, head to Booth.
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Before voting, I thought it would be like 100% for Columbia. Three main reasons

1)Proximity to wall street. It is so much easier to go to interviews and take the advantage of being in NYC

2) Columbia is an Ivy League school. Ranking is the least that matters, but the overall prestige of the Columbia brand is greater.

3) You actually get some $$$ from Columbia, which means they like you and would invest in you.

Thanks everyone. I've made up my mind. I'm going to be a Class of 2014 Boothie!
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