I was in a similar situation deciding between the two schools as well. After research at the BW forums I came accross this post.
From PhearME BW Forums (USC Student)
Factual RankingsUSC > CMU and top 10 in:Accounting
Entrepreneurship
International Business
Media Marketing
Real Estate
Sports Management
CMU > USC and top 10 in:Information Systems
Production/Operations
Supply Chain Management
USC > CMU in Asian ReputationUSC has spent milions of dollars and thousand upon thousands of man hours building a repuation in Asia. USC has a top 10 rep in the majority of Asian countries. This is part of the reason it has such a high ranking in International Business.
CMU > USC in East Coast RepuationUSC > CMU in West Coast RepuationCMU = USC in undergraduate business reputationBoth schools are perrenial top 10 in undergraduate business and are curently 1 rank apart.
Subjective Rankings (no official rank for either program)
USC > CMU in the intangibles:Tradition
Network
Location
Weather
Entertainment
Dining
Attractiveness of Student Body
etc. etc.
USC > CMU in VCBecause USC has so much exposure to VC firms and Angel Investors via its top rated entrepreneurship program (I've met 20+, had dinner with 3, and been offered a partnership with 1) I'd have to give USC the edge for VC
CMU > USC in TechnologyBecause CMU is second only to MIT in its repuation for technology this is a no brainer.
CMU > USC in FinanceThis is purely based on CMU's repuation as a technical school and the perception that CMU students will be better prepared for hard core quant.
USC = CMU in Management ConsultingA simple look at the recruiting guides will tell you that MC is a tie.
USC = CMU in Pre-MBA scoresUSC GMAT 692
USC GPA 3.3
Current USC Salary 140 *This is not post-graduate, but career projection*
23% admitted
CMU GMAT 700
CMU GPA 3.35
Current CMU Salary 119 *This is not post-graduate, but career projection*
29% admitted
(Information accumulated from Forbes)
Finally, I dont think one should base a decision upon rankings alone Tepper - 17 USC - 21 (UsNEWS). Being so close to each other and especially this years applicant pool being so competitive Tepper will once again for the 6th straight year raise its median GMAT score. In additon, USC only admitted 23% of students from its norm of 29-30%. Thus, I think rankings are definately up in the air and standards are rising.
Both schools however are very similar your choice should be dependant upon your goals, career, location, etc... Both schools offer different things; nothing is guranteed.
Hope this helps!