Confused about the future....

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if you've applied, you already have thought about the debt factor and were not completely frightened. so go to the school that offers the best branding on your resume, all other things being equal more or less.
i vote for wharton

good luck!

Congrats on your performance so far (*cough* showoff..*cough*.. )

I think this is a WIN-WIN-WIN situation.

1) Consider current economy and debt
NYU Full scholarship pretty much gives you flexibility and peace of mind. It allows you to study in a Top 10 bschool without much debt after graduation. In this job market and in this economy, this is a definite PLUS.

2) Consider future opportunities and earnings
NYU Stern might not get you to where you want to go in the near future. Wharton and Columbia are 2 of the most prestigious programs in the nation, if not the world. Those 2 schools (especially Wharton) will allow you to pursue opportunities that you can't even dream of with just NYU Stern MBA.

3) Consider what you want to study and what you want to pursue post MBA
Can NYU Stern take you there? Or would it make your odds better with Wharton or Columbia MBA? What is it that you want to study? In what environment do you want to study the next 2 years?

My Take on This:
I will probably take Wharton MBA even with current economy, current job market and NYU full ride. Wharton MBA puts you into exclusive group of individuals. Wharton MBA is a world class brand, as well as world class institution. You will study with the best of the best and by the best of the best.
Odds are, you will find a great job after Wharton. In fact, I think one has to screw up really bad not to find a job with a Wharton MBA. As an individual with Top 3 undergrad and Wharton admit, I highly doubt you will screw up that badly. Whatever you can gain via Stern Full ride now, you will be more than compensated later on. (probably sooner than later)
If you are worried about debt, consider your earnings potential through summer internship and signing bonus from your first job.
If you are worried about opportunity cost of going to Wharton over Columbia or NYU Stern, you have to think about the opportunity cost of NOT choosing Wharton. I will bet you that the latter opportunity cost is greater.
Also, go back to when you first started you apps. Wharton must have ranked near the top, if not the top. Your hesitation right now is caused by various options plus financial incentives from non-Wharton institutions. A wise person once said, "If you want to go out, go out on top. Compete against the best and fail, rather than finding success in the less competitive world."
If you don't take Wharton pass now, you might always wonder later in your life, "What would have happened if I chose Wharton MBA...."
I think you owe it to yourself to choose Wharton.

In one of my bschool essays, I discussed a movie scenario based on an indie flick called "Sliding Doors." It's a movie that shows different outcomes and its effect on a woman's life when she misses/ or makes a subway train ride home from work. If she makes the train, she arrives home early and catches her cheating boyfriend. She breaks up with the guy and finds a happier alternative with another guy. In the scenario where she misses the train, she arrives home late and fails to catch her cheating boyfriend in action. She ends up with him.

Consider this moment as your own "Sliding Door" moment. Imagine your life with Wharton MBA and without Wharton MBA. If you can live with the opportunity cost of not choosing Wharton MBA, then you should choose either Columbia or NYU Stern. (It's not a bad decision at all)
But if there's any trace of doubt in your mind, you owe it to yourself to choose wharton.

P.S. - besides i need super heavy duty competition at Wharton so zoinnk regrets his Wharton decision over HBS. I hope you can put him in his place at Wharton....

Do you mind sharing where exactly you'd like to work internationally ? It might help guide your decision. Based on just that eventual aim I say you should stick to Wharton. It has the strongest brand recognition among the 3 internationally (or at least in Australia). For international placements you can exchange easily to London Business School from Columbia and to INSEAD from Wharton. Also note that for consulting Columbia and Wharton are perhaps stronger than Stern.

Money is a big factor, but from what I've heard from alums, post MBA jobs cover the debt in 3-4 years.

Also keep in mind the power of location while networking. Stern and Columbia are handier than Wharton to NYC recruiters.

So in summary :
Wharton - international brand
Columbia - compromise between international brand + location
NYU - fellowship money + location

Good luck with the decision. You've done extremely well with the applications.

First, congratulations on your application success. Your situation would be a great to have for anyone applying for B-school this year.

I think you have already got two very good arguments for choosing Wharton so far, but I will put my 2 cents in favor of NYU.

First, the fact that you will graduate from NYU debt-free in couple of years is an amazing choice to have, especially in a midst of such fundamental changes in the financial sector. And, don't forget that NYU is a top 10 institutions for MBA. Actually in Finance, I would put in at the very top or at the least in the top 5.

This means whatever opportunity you would like to pursue in Consulting/Finance post MBA should be equally available with an NYU degree. I personally don't see how Wharton MBA could be worth an extra $130k+ (ignoring time value of money) over an NYU degree. So, my vote is for NYU.

Besides, good luck in whatever you choose to do.

I've got to disagree. I don't think the difference between NYU and Wharton are that stark.

Will Wharton provide you with more opportunities for job placement in certain industries? Yes.

Will getting an MBA from NYU vs. Wharton mean you might have to work harder to get the kind of job you want? Yes.

Will getting an MBA from NYU prevent you from ever getting that job you could get with an MBA from Wharton? No.

Will it matter whether you got your MBA from Wharton vs. NYU 5 years after graduation? No.

That being said, you need to weigh all the factors that are important to you. Sure a full ride at NYU is a great plus, but if you average the cost of an MBA over your entire post-MBA career, it's not as big a chunk of cash as you think.

However, not having to worry about loans can really open up a lot of opportunities. As others have said, you can do exactly what you want to do. Instead of thinking "Hmmm.. I'll probably be happier at company X, but I better take the offer from company Y because they'll pay my second year's tuition" won't cross your mind. That has real value.

Good luck with your decision.

RF

Thanks for all of the responses so far and for the encouraging words.

I'd like to work out of Latin America. I've been luck enough to have lived or visited every country in S. America, and find that region of the world particularly fascinating. The Columbia and Wharton brands are very strong in the region, and both schools have alumni clubs in many of the more developed cities. NYU is a lesser known entity in the region, atleast to my knowledge. From what I've heard, NYU's stamp holds more of its weight domestically, though I could be wrong.

I always was mentally prepared to take on the debt when I applied back in October, however, Ive heard from various people at these schools, that the market conditions have really been detrimental to the non-traditional students / career changers. I am confident in my ability to hang with the best of them, however, it'd certainly be disappointing to not even be "in contention" from the get-go.

I don't think you need to worry too much about the fact that you want to change career with your MBA. Since, a big chunk of all MBAs are career changers, this should not be that much of a negative factor.

And, if you plan to work in Consulting/Finance (as you stated), lack of prior experience on the field is not as much of a hurdle (as opposed to a career in PE).

I respectfully disagree with this. In fact, I think I can say better than most people here (non-Stern MBAs) that NYU Stern MBA isn't quite Wharton MBA. (I am NYU Stern undergrad alum and there are lots of Stern alum activities that we HAVE to mingle with MBAs whether we like it or not. i.e. - Stern Alumni Ballroom Dance)

Let me explain how a Wharton degree is worth more than 130k difference mentioned above:

1) Wharton alumni network has 81,000+ members in 142 countries around the world. There are eighty-two alumni clubs providing support to the School. In addition to the annual campus-based Wharton reunion, Wharton partners with its alumni clubs to mount three annual Global Alumni Forums around the world. = PRICELESS

2) Wharton alums are industry leaders, titans, and legends. The best part of Wharton network is the willingness of all Wharton alums to “take the call.” Wharton alums have an instant connection and a mutual respect unlike any other. Opportunity to talk to individuals listed below? = PRICELESS

Notable Alums:
* Michael Adler, CFO, Expedia
* Arthur D. Collins, Jr, Chairman and CEO, Medtronic
* Robert Crandall, Chairman and CEO, American Airlines
* Donny Deutsch, Chairman and CEO, Deutsch Inc and DHL
* Mike Eskew, Chairman and CEO, UPS
* Richard Fain, Chairman and CEO, Royal Caribbean Cruise Lines
* Chip Goodyear, CEO, BHP Billiton
* Jon Huntsman, Sr., Founder, Chairman and CEO, Huntsman Corporation
* Gerard Kleisterlee, CEO and President, Philips
* Yotaro Kobayashi, Chairman and Co-CEO, Fuji Xerox
* Terry Leahy, CEO, Tesco
* Alan Miller, Founder and CEO, Universal Health Services
* Aditya Mittal, President and CFO, Mittal Steel Company
* Nelson Peltz, CEO of Triarc Cos.(Snapple, Arby's, TJ Cinnamon and Pasta Connection)
* Lewis E. Platt, Chairman and CEO, Boeing
* Edmund T. Pratt, Jr., CEO and Chairman Emeritus, Pfizer
* Brian L. Roberts, Chairman and CEO, Comcast Corporation
* John Sculley, Former CEO, Pepsi
* James S. Tisch, CEO, Loews Corporation
* Gary L. Wilson, Chairman and CEO, Northwest Airlines
* William Wrigley Jr, CEO, Wm. Wrigley Jr.
* Warren Buffett, CEO of Berkshire Hathaway
* Steven A. Cohen, Founder, SAC Capital Partners
* C. Robert Henrikson, Chairman, President and CEO, MetLife
* Vernon Hill, Founder, Chairman and CEO, Commerce Bank
* Peter Lynch, Vice Chairman, Fidelity
* Michael Milken, Inventor of the junk bond market
* Bill Miller, CEO, Legg Mason Capital Management
* Michael Moritz, Sequoia Capital
* John Neff, Chairman, Wellington Management
* Ronald Perelman, American investor and businessman.
* Frank Quattrone, Credit Suisse First Boston Technology Group
* Robert Wolf, President and CEO, UBS Investment Bank Americas
* Len Bosack, Co-founder, Cisco Systems
* Safra Catz, President and CFO, Oracle Corporation
* Elon Musk, Founder and CEO, Paypal
* Peter M. Nicholas, Founder, CEO and Chairman, Boston Scientific
* Lewis E. Platt, Former Chairman and CEO, Hewlett Packard
* James L. Vincent, Chairman and CEO of Biogen
* Harold W. McGraw III, Chairman and CEO, The McGraw-Hill Companies
* Donald Trump, Founder and CEO, Trump Organization
* J.D. Power III, Founder of marketing research firm J.D. Power & Associates.

$130K? A chance to speak with Warren Buffet? People pay more than that to his charity to have lunch with him every yr!

I think I proved my point....(patting myself on the back)

Also, have you considered school fit into the equation ? Columbia Wharton and NYU have very different "personalities" in terms of the student body and culture. Wharton is an incredibly large program and NYU takes a lot of pride in its collaborative and supportive student body. If you've visited the schools, what was your take ?

You'd certainly be "in-contention" for your career-change jobs in all of these 3 schools.

Just based on the names you pulled out, give yourself another pat on the back.
And, you made your point quite well actually

ninkorn you forgot to mention Anil Ambani CEO of Reliance infocom (worth something like 40 billion last year). Also Michael Milken landed his first job at Drexel through Wharton professors (to demonstrate the power of the Wharton network).

Either ways I very much doubt that simply because I went to Wharton, Chip Goodyear is going take a call and spare an hour of his time (or offer me an exec level job at BHP). C-level alum lists are probably good just to demonstrate the calibre of students that Wharton has produced over time and Columbia has a list just as impressive and shouldn't be the MAIN reason why you pick school A over B.

.

All the more reason why you shouldn't pick Stern. Fit is EXTREMELY important. Your professional connections in the next few years will be heavily influenced by your peers. You will learn from them more than you will learn from lectures.

ps. Don't let one call from an interviewer dissuade you - if anything, the phone call just betrays a bit of over-enthusiasm to make you part of the Columbia secret society (I believe the current US president is a member too ) just kidding..

I see your point but NYU Stern is much riskier option compared to Wharton.
Especially if you look at NYU Stern's 2008 US Employment by Region:

Northeast: 85%
West: 8%
Mid-Atlantic: 4%
South: 2%
Midwest: 1%
Southwest: less than 1%

Wharton 2008 US Employment by Region:

Northeast: 55% (41% of US total 75.4%)
West: 19% (14.6% of US total 75.4%)
Mid-Atlantic: 11% (8.3% of US total 75.4%)
South: 4% (3% of US total 75.4%)
Midwest: 8% (5.8% of US total 75.4%)
Southwest: less than 3% (2.3% of US total 75.4%)

NYU Stern employment skewed to Northeast employment. Wharton is more balanced compared to NYU Stern.

I vote for the $$$ option for you, and emphatically so if you get some from Columbia. This is especially true since you're not gunning for the PE or VC type of job. But even if you were gunning for a super-selective industry, where you'd think there's a perceived difference b/w Wharton and NYU or CBS, you will already pass the pedigree hurdle anyway w/ your top 3 undergrad, which is a much higher hurdle and more impressive accomplishment.

What people continually do on these anonymous forums is confuse correlation w/ causality. Meaning that someone like you will most likely be successful regardless of which school you go to, or even if you attend a school. It's not because you went to a school ranked #3 vs. #8 or #10 that will have bearing on your future success. Of course having the brand on the resume will open doors (which you already have in spades w/ the top undergrad) but after that it's up to the individual anyway.

Finally, don't underestimate the impact of debt load on your future career flexibility. Anecdotally, I have a relative, an HBS alum, who is (as he terms it) stuck in these high-paying, lifestyle draining jobs in order to pay off his education. Also, a close friend of mine, and Wharton alum, has advised me not to overlook this aspect if I am lucky enough to decide b/w Wharton and Chicago (a similar choice to yours.)

Congrats! that's a great decision to have to make!

We can't predict the future, right. So all we can do is identify what we think we want in the short/long term future, what we're willing to pay/give-up to get it - and then with those criteria in mind, make the best decision right now we possibly can.

Armchair waxing-about-life aside, all else (personal fit, academic fit, location) being equal, I'd vote for whichever school gives you the least amount of doubt over the "what if" factor. For me, I'm willing to pay a lot for the comfort of knowing that I went to the school that was the best fit for me and my academic/career goals. I'd rather enter the post-mba working world knowing that I've done all I can to get the right brand, experience, skills, contacts, etc that I need for whatever my goals are. I think it's a lot easier to have those tools in your toolbox as early as possible than to not have them and be struggling to get them.

my two cents,
isa.
PS sorry if this is rambly, I'm wicked sleepy

I agree with isa's post 100%.

If its any comparison, for undergrad I chose a 'top 50' school that offered me a 25K/year scholarship over a couple other top 25(NYU being one) options that I would have had to pay significantly more for. Though I ended up getting a decent job after graduation anyway, the 'what if' factor is definitely still present, especially as I am trying to compete with students who went to these top institutions in my Bschool applications.

As a result, I am definitely 100% in for Wharton if I get in off the WL (I also have worked in latin america for the past 2 years and am interested in future LA-related work), aid or no aid. I got offered some pretty good $$ from Duke, but it's still hard for me to see myself picking it over Kellogg or Columbia if I get into either of those.

BTW, that's pretty strong for Columbia to want a deposit by March 2. How much is the required deposit if you don't mind me asking?

Oh me too! I went to a school (BU) that gave me a full ride instead of better schools that didn't (UCHicago). Got a good job and such but yea, the "what if" factor is definitely still there.

Exactly, one could argue that if you wanted to stay in NYC, you might have better career prospects if you went to NYU!

It all depends on exactly what you want to do. There isn't one school that is the best for everyone.

RF