UCLA Anderson ($$) vs. NYU Stern ?

Question

Hi all, long-time reader, first-time poster here.

After a long winter wrestling with applications and essays, I have been admitted to two schools: UCLA Anderson with a $50k scholarship, and NYU Stern with no scholarship. I am having a very difficult time deciding which program to attend, and wanted to see what others in my shoes would decide.

I am an international student form Asia, coming from a finance background (investment management for life insurance general account), and I seek employment in the US. Also, I probably will get married immediately after, if not before, graduation and start a family as well.

Here are some factors of importance I consider:

1) Recruiting

Right now I am thinking about pursuing Investment Banking as my post-MBA career. As this alone may be a deciding factor in favor of NYU Stern, with its strength in IB placement and all, I am also open to other options in and out of finance (corporate finance in F500, product manager at tech, talent agent à la Ari Gold...sky's the limit right?). I am especially interested in the options UCLA Anderson would be able to provide better than NYU Stern (tech, entertainment, etc.).

On the other hand, while I am excited for the opportunity an MBA provides to the students who seek career switch, I am not sure whether the two years would be sufficient to explore ALL the options, find the right one, AND successfully recruit in that industry. I'm sure there are people who have done it, but as an international student who is footing all the bill by himself, I need to manage my risk.

2) Location & expenses

NYC: It is a fantastic city, I can see that. I think NYC will give me much more opportunities in terms of networking, recruiting, etc. compared to LA. I have some friends who live and work there. But I don't particularly like the weather (especially compared to LA), the ever-so-high living expenses, and tighter spaces in terms of living and activities. I would live there post-MBA if I absolutely had to, but that prospect does not excite me one bit. I guess I wouldn't have to buy a car in NYC so that would be the only plus against living in LA.

LA: I have been to LA fewer times than to NYC, so I don't know the city as well. But the 350 days/year of sunshine, easy access to beaches and mountains and golf courses, and things being comfortably apart from each other are huge pluses. Also the $50k will greatly reduce my financial burden for the next two years. Living there post-MBA and starting a family would be much better than in crowded and cold NYC. However, I don't know well enough about the networking/recruiting scene in LA. I am not sure if there would be as many job openings and opportunities for an MBA graduate in LA as in NYC. I also know no one living there so the school would be my only medium to the real world I can rely on.

3) Reputation/rank

It is in my genes (j/k) to weigh heavily on what others think of me and my expensive degree. NYU Stern is only marginally higher in terms of ranking than UCLA Anderson, but it still is viewed as a top 10 program with strength in finance. UCLA Anderson is undoubtedly a great program, but I don't think that resonates as well on the east coast and in Asia.

To sum it up, my dilemma stems from the fact that I am not 100% sure of what I want to do and where I want to live post-MBA. If I am set on IB in NYC, then the answer seems obvious; but I have this fantasy of somehow finding something grand and glamorous other than finance during MBA that I can be passionate about for the rest of my life, and leading a leisurely life with perfect life-work balance driving a Tesla convertible (they have got to come up with one soon) up/down the PCH.

Please share your thoughts on this. Thank you.

wmay · Answer

As an Asian applicant, I believe that Stern has a better brand in Asia than UCLA. Given that it is unclear what your goals are, it might be difficult to point as to which might be the better option.

ashl0412 · Answer

Thanks wmay for your input. So if I stick with my initial interest of finance/banking, then Stern would be the right choice, right?

wmay · Answer

Yes, but you also have to think about the $$ that UCLA is giving you.

PTK · Answer

I voted for NYU: 
1) you aim at IB career, and there is no other place to advance in IB then working on the Wall Street and studying in a finance school like NYU.
2) You are not locked to NYC for all of your life, I believe you can easily move to LA after achieveing VP position in NY. 
3) NYU brand name is more important for you. 
4) LA is not cheaper to live in than in NY.
5) you think that NYC will give you much more opportunities in terms of networking, recruiting, etc. compared to LA.

ashl0412 · Answer

Thank you PTK for your input. I am leaning more and more towards IB at Stern.

One little aspect I still can't get over is the $50k Anderson offered--I guess I am even more hung up on it because Stern did not budge one bit after my courteous email asking for some. Am I putting too much emphasis on the money, or is this going to add much more than its face value going forward (e.g. adding it on my resume would differentiate myself from the rest of the class and therefore help me in recruiting)? I wonder whether IB recruiters (or any recruiters) care about if an applicant received scholarship or not.

PTK · Answer

I dont know whether IB recruiters (or any recruiters) care about if an applicant received scholarship. Consider hat might be a difference in sign-in bonus between that from a bulge-bracket bank on Wall street (NY) and that from a non bulge-bracket bank in LA? As I have seen some employment reports, IB sign -in bonuses may be $50-60k and bonus may vary significantly from one IB to another. However if you belive yourself to be a very strong candidate to receive the same job offer in NY and LA from a BB IB, then the choice is obvious here. Please understand me correct LA is an excellent biz school, but for IB goal Stern may be a better choice for you, considering you are leaning more towards NY and Stern. If you bother about $50k, you may call UCLA adcoms to take scholarship offer away from you so that you can easily make you decision

, lol However, everyone's situation is different and you must do a weigheted decision , because I agree that $50k is difficult to pass over.

PTK · Answer

However, both schools are close in rankings and a very nice LA weather and $50k is hard to pass over. I supposed it to be an easy choice, but it is really not. Please talk to current students at both schools and find out more about IB recruiting, salaries post graduation, hiring companies, and sign-in bonuses, etc. You will make a more weighted decision.

ashl0412 · Answer

I guess it all boils down to $50k+nice weather vs. better IB recruiting... Thanks for your advice; I should email current students in the respective finance clubs to see what it is really like.

PTK · Answer

In addition I think you must take into account cultural difference as well. 
I know that UCLA is more friendly and collegiate then a cutthroat culture at NYU (however I have only heard that about Stern's culture, but actually I do know little about Stern's culture). But the competition among bankers may be the same regardless the school, I dont know how it goes in IB.

UCLA Anderson ($$) vs. NYU Stern ?

Which school should I attend?

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