Hi priyarajan13,
I've also applied to both programs and think that both programs have great faculty and reputation for finance. However, between the two I'm more partial to WashU
WashU is higher ranked and has a stronger class profile(gpa and GMAT wise). Also, I think it is a much more personal program as the cohort size is less than 40 students compared to UIUC's 100+ students. I was also dissapointed in UIUC's placement; only 56% were employed at graduation. I suspect the huge class size and placement doesn't bode well for how much help you might be able to receive from career services.
One drawback at WashU is the curriculum is fixed, but I think its an interesting mix of classes. Also, average age at WashU is 23 and most students won't have work exp, so that could work both ways for different applicants.