Wharton vs. Booth?

Question

Hi all,

I was wondering what you would recommend: I am coming from the southwest US, want to be in I banking and eventually PE for the long-term (likely recruit to NYC post-MBA) and have been offered an $80k merit scholarship at Booth and accepted at Wharton without any $. Do you think the prestige of the Wharton and closer proximity to NYC are big enough factors to decline the $80k scholarship at Booth to attend Wharton?

Also curious to see what education is better overall - thanks everyone.

hamm0 · Answer

It is in my opinion that both W and B are similar schools, especially for someone that is headed to banking. There may be slight differences in education here and there, but the reality is they are both premier Finance schools. I personally would take Booth's offer if I were you, not because of a difference in "prestige" or education, but because of the scholarship. 80k is a large chunk of money. That being said, if Booth isn't a good fit, then the 80k isn't worth it. Also, have you visited the schools? Philly is a different feel than Chicago. Congrats on getting into 2 VERY good finance programs :-D

. You really can't go wrong either way.

Jacksparrow1906 · Answer

Agreed with the above. I would try to take money out of the equation for a second and then evaluate which school is a better fit for your goals, both short and long term. The scholarship certainly helps in the near short term, but you don't want to choose a school solely based on that aspect.

sanjuro9 · Answer

Personally, I would take Chicago any day. But, that's because Chicago is on top my list.

Do some research and find where your dream companies recruit. Wharton may have a slight edge in NYC PE recruiting over Chicago. Are you set on working in NYC?

Chicago philosophies and teaching styles are different than Wharton, more so in finance. Do your research, perhaps this will be the primary factor in your choice.

Don't make that scholarship your top reason for choosing one over the other.

As others have said, you can't go wrong either way.

jdlange01 · Answer

sanjuro9,

I have visited both schools and think I have a good feel for the cultures and communities at each program. I am curious to get your take on the differences in teaching philosophy/styles between the to. As I understand it, they are both a mix of lectures, case studies, etc.; however, Booth has the most flexible curriculum of all the programs, whereas Wharton (even with the recent change) has a pretty set course structure for the 1st years. Any further insight you would like to share?

osbornecox · Answer

Really, what this boils down to is fit and where you'll be happiest. They're the same for your short-term goals, and will both lose relevance by the time you're ready to switch.

If you don't have prior PE experience, then you'll be recruiting for IB. Both, along with Columbia, are your best bets for a Wall St IB job. That's a draw. You'll get the same job and make the same pay coming out of any of those three.

Wharton has the larger PE footprint (especially in New York with the established PE crowd), but that's a function of their student body's pre-MBA experience. In your case, whether you're able to make the switch as a senior banker is up to you, your reputation and your networking 8 years+ from now, not your MBA.

I think Booth is a friendlier place with a clearer sense of institutional direction, and you'll be able to use your first IB bonuses to build wealth, rather than pay off loans. Whoever says that factoring in the scholarship is short-termist hasn't really seen what a difference it makes to start compounding $200k three years ahead of schedule. I'm biased (I didn't even apply to Wharton), but I say: I look forward to seeing you at Booth next year!

sanjuro9 · Answer

I am not a student of either of these programs. Hopefully, that day isn't far. I am sharing from what I know. I am a big fan of Fama, Rajan and Diamond. Need I say any more

Google these three people and read what they have written/spoken. You 'll probably find a small list of superstar finance profs at Wharton. Read what they have said, what research they have done. I don't know where I heard/read this - Prof Diamond would teach a whole class and at the end of the class, he would bring in Fama who will throw everything you have learnt out the window. They don't just say "challenge everything", they actually do. Hit up rhyme and/or walker on this board and ask them for their take on this.

MDF · Answer

Congrats at getting into both schools. And $80K at Booth...just WOW!

Have you looked at the employment reports from both schools? Those are what I used to narrow down the list of schools I applied to.

Wharton: https://www.wharton.upenn.edu/mba/your-c ... trends.cfm
Booth: https://www.chicagobooth.edu/employmentreport/index.aspx

Compare last year's I-Banking and PE placement at each school. That should pin-point any edge that one school might have over the other. (I'd recommend comparing the employment numbers on a per-capita basis since Wharton's class size is around 30% larger than Booth's)

Admissionado · Answer

I agree with osbornecox. You gotta go where you feel best. So if another visit were possible, I think that would be totally in order. Booth and Wharton in "ranking" are very similar, and I have no doubt you could get the job you would want from either. So actually the question I would be asking myself is "Is choosing Wharton over Booth worth 80K to me?" Take everything into consideration, the city you will live in, the people, the professors...

At the end of things 80K is a sweet sum to pocket, but in the large order of things, considering your industry, it's perhaps not enough to make the decision for you alone.

At the end of things 80K is a sweet sum to pocket, but in the large order of things, considering your industry, it's perhaps not enough to make the decision for you alone.

dalillama · Answer

Already PMed jdlange01, but for anybody else in the same position and at the risk of sounding like a broken record:

Go to both admit weekends. I've seen enough undecided admits break in either direction after admit weekend last year that I really do think it's worth it even if you've already visited the school.

jdlange01 · Answer

Thank you all for the feedback/suggestions...very much appreciated.

boouai · Answer

Just out of curiosity, according to Booth website:

chicagobooth.edu/fulltime/admissions/scholarships/merit-based.aspx

Merit-Based Scholarships range from $10,000 to $30,000 per year...

So where does the number 80K come from?

jdlange01 · Answer

They must not adhere to those limits. Booth is somewhat known to offer great scholarships.

Posted from my mobile device

oldguru82 · Answer

Booth offers all kind of scholarships (including full tuition).

@jdlanged I was WL'ed last year at Wharton and withdrew the application as Booth was my top choice. I can share with you the reasons why I chose Booth if you're interested (please pm me).

In addition, I can put you in contact with many classmates who chose Booth over Wharton

Anyway, as many suggested, go to the admit weekends.

PTK · Answer

If schools are almost equal in rankings, 80k$ is a big difference . I would take $$$. 
Compare and contrast electives in your field of interest .
if I am not mistaken Wharton has over 200 electives while Booth over 80, check it I might be wrong. 
Dont fool yourself with statistics, if you have not previous IB or PE experience it is unlikely to end up in PE after MBA. Moreover it is even difficult to get in IB now ( yes we are in downturn yet). I worst case scenario you may not get into IB after graduating either of schools. Recruting is not flourishing now. 
So in this case would you take money?

Good luck.

rtillman · Answer

^^^ Talk about annoying ads...

As previous posters have mentioned, getting into PE (which is why avg salary at Wharton is so high) is more about previous work experience, not the school. I think they're pretty equal in terms of landing finance or consulting jobs. I found the career services and admissions staff at Booth unbelievably helpful and friendly. I'm not a huge fan of Philly, but it is close to NYC so that would probably give you a slight advantage with regard to where you want to work. At the end of the day, I don't think you'll have a problem getting an IB job from either school. Good luck! :-D

brandon432 · Answer

This is why we need a downvote button. StratusPrep revived a 2.5 year-old necro thread with their spam.

enlargemen · Answer

Thank you all for the feedback/suggestions...very much appreciated.

Wharton vs. Booth?

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