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17 Jun 2023, 10:40
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I’ve been offered admissions to both Stern and Fuqua, and Stern has always been my top choice. However, one thing that is weighing on me is that Fuqua has offered me a $50k scholarship, while Stern didn’t. My post-MBA goal is to work in finance, but I’m uncertain if choosing Stern would offset the higher living expenses in NYC compared to Durham, along with the scholarship from Fuqua. The current inflation and skyrocketing rent prices in NYC have significantly changed the scenario since I started planning to pursue my MBA. Nevertheless, I believe that choosing Stern would still position me in the financial center of the world, making it easier for me to relocate to the finance market. Tough decision!
Any thoughts on that? I would appreciate a lot! Thank you thank you
Posted from my mobile device
Any thoughts on that? I would appreciate a lot! Thank you thank you
Posted from my mobile device
17 Jun 2023, 11:12
Kudos
Bookmarks
Hi and welcome to GMAT Club. Congratulations on your admits and great offers.
Disclaimer 1: Over the years I have learned that a school choice is often very personal and people have different opinions about money. Some people are very frugal and they will not go to booth if they can get a full scholarship from McCombs for example. Similarly others seem to want the absolutely most prestigious program and it seems no matter what I say I can’t convince them and probably shouldn’t either. So this is my opinion that obviously comes from a very different background a very different perspective but perhaps it may be helpful.
Disclaimer 2 I don’t want to sound like a high school counselor who doesn’t want to do their job and just tells the student to follow their dream and to get a French literature major in college, but assuming you’re not under a severe financial burden from your undergrad, the $50,000 of scholarship and cost of living differences are meaningful. Stern is one of the most expensive programs to attend because of the cost of living and tuition. So I think this amount will be probably bumped to 70 or 80,000 in terms of difference for the two years. That is a lot of money. At the same time it is only about 30% of the total investment you will be making and if you look at the opportunity cost it’s probably 20%. This is usually the argument used by people who want to justify going to a particular school that costs more. So this is one offramp for you.
Would you make more money because you went to Stern? Obviously impossible to predict but historically I would say it depends. If you recruit for the same job in Chicago from Fuqua and Stern, then you’ll get the exact same salary offered. At the same time, you probably will not be recruiting in the same places. Which means you may get a higher paid New York job at Stern yet the cost-of-living made it up a lot of the difference. At the same time, you may find a very low cost of living job in Houston but the career prospects and satisfaction and opportunities may not be the same as a New York. It’s all a bit of a guessing game as we try to predict the future which refuses to be predictable.
If you want to live in New York in the long term, and then stern makes perfect sense. It is a program that focuses on Consulting and Finance and with Consulting taking a breather this year there’s probably even more focus on finance now. It’s easy to grab coffee and meet people in Manhattan as opposed to Durham. Fuqua has a sizable group of about 25% of their class going to the East Coast each year so you won’t be alone there it’s not like going to Berkeley or Anderson and then trying to move to New York.
Bottom line: if you want to be in New York in the long term or you want to try living in New York and be in the world Financial center, Stern makes sense even being 30% more expensive.
However if you are open to opportunities anywhere or perhaps you want to be outside of New York, then I don’t think paying a premium for Stern is a strong argument and choosing Fuqua will probably be a more financially savvy decision without compromising your career outcomes.
Finally, it’s always worth checking with Stern about the scholarship at Fuqua. These schools are peer programs so stern may match or at least throw some thing in to probably make a decision only harder 😂
PS. You can check this topic for how to politely negotiate a scholarship https://gmatclub.com/forum/negotiating- ... 12949.html
Posted from my mobile device
Disclaimer 1: Over the years I have learned that a school choice is often very personal and people have different opinions about money. Some people are very frugal and they will not go to booth if they can get a full scholarship from McCombs for example. Similarly others seem to want the absolutely most prestigious program and it seems no matter what I say I can’t convince them and probably shouldn’t either. So this is my opinion that obviously comes from a very different background a very different perspective but perhaps it may be helpful.
Disclaimer 2 I don’t want to sound like a high school counselor who doesn’t want to do their job and just tells the student to follow their dream and to get a French literature major in college, but assuming you’re not under a severe financial burden from your undergrad, the $50,000 of scholarship and cost of living differences are meaningful. Stern is one of the most expensive programs to attend because of the cost of living and tuition. So I think this amount will be probably bumped to 70 or 80,000 in terms of difference for the two years. That is a lot of money. At the same time it is only about 30% of the total investment you will be making and if you look at the opportunity cost it’s probably 20%. This is usually the argument used by people who want to justify going to a particular school that costs more. So this is one offramp for you.
Would you make more money because you went to Stern? Obviously impossible to predict but historically I would say it depends. If you recruit for the same job in Chicago from Fuqua and Stern, then you’ll get the exact same salary offered. At the same time, you probably will not be recruiting in the same places. Which means you may get a higher paid New York job at Stern yet the cost-of-living made it up a lot of the difference. At the same time, you may find a very low cost of living job in Houston but the career prospects and satisfaction and opportunities may not be the same as a New York. It’s all a bit of a guessing game as we try to predict the future which refuses to be predictable.
If you want to live in New York in the long term, and then stern makes perfect sense. It is a program that focuses on Consulting and Finance and with Consulting taking a breather this year there’s probably even more focus on finance now. It’s easy to grab coffee and meet people in Manhattan as opposed to Durham. Fuqua has a sizable group of about 25% of their class going to the East Coast each year so you won’t be alone there it’s not like going to Berkeley or Anderson and then trying to move to New York.
Bottom line: if you want to be in New York in the long term or you want to try living in New York and be in the world Financial center, Stern makes sense even being 30% more expensive.
However if you are open to opportunities anywhere or perhaps you want to be outside of New York, then I don’t think paying a premium for Stern is a strong argument and choosing Fuqua will probably be a more financially savvy decision without compromising your career outcomes.
Finally, it’s always worth checking with Stern about the scholarship at Fuqua. These schools are peer programs so stern may match or at least throw some thing in to probably make a decision only harder 😂
PS. You can check this topic for how to politely negotiate a scholarship https://gmatclub.com/forum/negotiating- ... 12949.html
Posted from my mobile device
