I’ve been accepted to both the business program at Carnegie Mellon University and the economics program at UC Berkeley. I’m finding it really difficult to choose since I’m aiming for a career in investment banking, private equity, or consulting after I graduate.
Advantages of CMU:
The business program offers more direct exposure to finance subjects. The smaller class sizes would allow me to interact more with professors. I also have the flexibility to pursue a double major in computer science or statistics. Plus, all the finance clubs are open to anyone who wants to join, making networking easier. The environment seems more collaborative among students.
Concerns about CMU:
I’m a bit worried that its recruiting opportunities for investment banking might not be as strong as UC Berkeley’s. I fear that job prospects may not be as favorable compared to Berkeley.
Benefits of Berkeley:
UC Berkeley is a well-known target school for investment banks, and its economics department is highly respected. Many big companies actively recruit there.
Drawbacks of Berkeley:
I wasn’t admitted to the Haas School of Business and am concerned that being an economics major might limit my opportunities. The classes can be enormous, often over 500 students, making it hard to receive assistance from professors. I’ve heard that getting into finance clubs can be very competitive, and if I don’t make it into one, I could struggle to find finance roles. Additionally, adding a computer science major seems nearly impossible due to the stringent admission criteria.
I’m facing a deadline for my decision and recognize that both schools have their merits. Which program would you recommend for entering the finance industry?
I’ve done finance recruiting, and both schools work but Berkeley wins by a lot. The numbers don’t lie - Berkeley sends about 3x more students to bulge bracket banks each year than CMU. Sure, CMU’s business curriculum is more relevant, but here’s what matters: JPMorgan, Goldman, and Morgan Stanley all do structured on-campus recruiting at Berkeley with guaranteed interview slots. CMU kids have to network their way in on their own. Don’t worry about the economics major thing either - about 40% of IB analysts actually come from econ backgrounds, not business programs. Plus Berkeley’s brand opens doors with West Coast tech companies for corporate dev roles later. The cutthroat environment sucks but honestly, it’s good prep for what finance is actually like.
I’ve been in your shoes before. Don’t just focus on where you’ll land right after graduation - think bigger picture. Sure, Berkeley’s a target school that’ll help you break into investment banking. But CMU’s business program gives you something just as valuable: solid skills that work across all finance areas. The ability to double major in computer science at CMU is huge in today’s finance world. PE firms and hedge funds want people who can handle data analysis and algorithmic trading. That tech background often beats traditional finance classes. About networking - quality beats quantity every time. CMU’s professors are accessible and the environment’s collaborative. You’ll build real mentorship relationships that last way past graduation. These connections matter when you’re switching roles or going for senior positions. Here’s the truth: your drive and how you position yourself matters more than the school name. Both schools can get you where you want to go.
I’d go with Berkeley. Yeah, class sizes are huge and it’s cutthroat, but that brand recognition opens doors you can’t imagine. I did econ at a similar public school and landed at Goldman - target school status really matters for IB recruiting. CMU’s solid, but you’re competing against hundreds of Berkeley grads who already have their foot in the door. Even without Haas, Berkeley econ carries serious weight with recruiters. Fighting to get into finance clubs? That’ll prep you for how competitive finance actually is.
Both schools will get you there! Since you’re into finance, CMU’s business focus + CS flexibility is perfect for today’s tech-heavy finance world. Don’t sleep on CMU’s growing Wall Street connections either!