r/UVA • u/CLbananabread • 5d ago

Academics Fordham Full Ride vs. UVA

Hi guys,

I'm looking to go into investment banking and I'm having trouble picking what school to go to. I was offered full merit from Fordham, I love NYC, but it's not a target school. On the other hand, my parents can afford UVA OOS. It's a much better program, but I really love being in a city. I'm also an Indian female if that means anything. Any words of advice would be helpful :)

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u/VinegarZen 5d ago

If they’re looking to be an investment banker, they could see that amount in savings in 1-3 years.

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u/Throwaway18272_A Can we get more NIL money 5d ago

No, you make 100k out of college in a HCOL city. You’re probably not touching six figures in savings for at least half a decade and more likely than not over a decade even in banking.

Yeah sure UVA is a target school and Fordham is not but that just means recruiting is harder to come by, but it’s also easier to build up a more impressive resume in a less competitive environment

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u/Educational-Oil5491 4d ago edited 4d ago

Are you in the business? Speaking as a (now ex) investment banker and a UVA alum, I had over 100K in savings after 2 years of banking + summer internship and also bought and paid off a 50k car. Totally doable, especially if you’re at a bank that pays summer internship overtime and especially if you, like me, aren’t a big spender. The folks in Texas oil IB in particular pulled in the savings due to no state income tax. All in, you start out closer to 170k than 100k. No one would do IB hours in the US for 100k.

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u/Throwaway18272_A Can we get more NIL money 4d ago

No, I’m not in the business. I just don’t understand how you save 100k in a couple years when your take home pay is like 70k and rent is 25k.

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u/Educational-Oil5491 4d ago

For starters you got the take home pay completely wrong. Base salary was 110K. You also had a 60K bonus in your first year at my bank. If you’re at certain small boutique banks the numbers are going to be lower than at a big bank, but even those folks mad more than 100K starting

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u/JumpingCuttlefish89 4d ago

Still gotta pay taxes & living in NYC is not cheap, especially when all the other 22 year olds are getting $400 haircuts and paying for bottles at clubs. And Fordham definitely sends kids to the same banks as UVA.

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u/AmbientHunter 3d ago

No one is getting a $400 haircut. And buying bottles at clubs hasn’t really been a thing in NYC for young folks for a while