Thanks GoIllini. My ultimate goal is to work in finance in NYC. If that's the case, then should I add Rutgers-Newark to my list? I heard that BU math fin job placement is terrible.
Finance is still sort of generic, so I assume you're referring to anything under the umbrella of trading, investment banking (M&A, IPOs, Origination), research, or investment management. You don't know exactly what you want to do yet- you just know that you want to do something that involves money. (That's ok- I didn't know what I wanted to do until I worked here for two years. I'm still not sure I know what I want to do.)
I'd still prioritize Michigan over Rutgers, but I'd really also think about SUNY, Baruch, and maybe even CMU here in the city.
Rutgers is a good state school that lands many of its students on the street, but I'm not sure it's as strong as SUNY or Baruch on the street. Getting onto a Wall Street trading floor from Rutgers is a long, difficult, uphill climb that will probably at least be as difficult as my experience trying to get in from Computer Science at UIUC. If you go to Michigan, you'll at least have better odds than me. It won't be easy, but the Michigan name still has enough connections in many financial circles to land you some interviews. A backup plan to get to Wall Street from Michigan might be British Petroleum. They have a huge energy trading operation in Chicago, and I believe they recruit very heavily from Michigan, Illinois, and Notre Dame. They need a number of financial engineers and operations researchers to help them determine exactly what refineries should produce and how to manage pipeline capacity in response to market prices. They also account for 25% of the outstanding petroleum contracts on the NYMEX and ICE, and handle more business in oil, natural gas, and the petroleum derivatives than Morgan Stanley and Goldman Sachs (the two biggest investment banks when it comes to commodities) combined. Spend two or three years at BP and you can land a job at any energy trading desk on the street relatively easily; you're more qualified than anyone who's worked in trading in New York for three years.
And frankly, as much as I hate Michigan's football team, if Baruch is considered a top-tier school, I think Michigan should be, too. I think it sort of stands out among the other 11-15 ranked schools, and is recognized as in the same league with Chicago, Stanford, Princeton, and Cornell in other rankings.