From what I heard, MIT had around 2700 apps for the mfin program. So selectivity just shot up if class size doesn't grow dramatically. They say on their website that they look to take 115 to 120 kids. Doing the math, that's round-down 4% acceptance rate.
Once again, it matters about what you want to do and what you value if you're there for academic reasons. What track (1 or 2 year) you are able to take at Princeton.
Both are better geared for different things. Personally, I'm more interested in systematic trading/quantitative research so MIT would likely be a better decision since they have more classes geared towards building models, data mining, etc. Since a lot of firms are looking to take advantage of big data, someone looking for a career in this area might appreciate MIT more than Princeton.
This is but one example. Frankly, it depends on preferences and, if you are incompetent, there is no guarantee no matter what.
Do both these programs get you a foot in the door? Yes. The alumni base is good enough for both that you can get into really any job you want. Also, preferences are often different among classes.
You can obviously get into GS investment banking from both or McKinsey consulting or some hedge fund. You have to interview well. No place generally in their right mind will offer you a senior position without work experience, so neither program is somehow magical for people with no work experience.
Coming from a point of view that focuses on cost and payoff.
1. If given the opportunity to attend both, cost must be taken into account depending on scholarships, fellowship, living expenses, and tuition. If you take 2 years or the 18 month period, you forego almost a year of working salary.
2. The second and perhaps MOST IMPORTANT factor is knowing what you want to do. You have to go into the courses and figure out what courses will aid you best in your desired field. You shouldn't be wondering if you want to be a quant or not, you should be pondering where exactly those interests lie within the field of finance. Bulge bracket banks have back end quants, market risk quants, execution trading quants, corporate finance advisory/investment banking quants, quants in sales tech (if I've heard right), quants in derivatives pricing. You could be working at a hedge fund and doing systematic trading, quantitative portfolio management, high frequency trading, or something else. Afterwards when you know what job or jobs you want, you should use the QUALITY (did the professor work in the industry? what for? do they only know from an academic standpoint or were they an actual trader or quant who made it big and decided to retire as a professor?) and number of CLASSES (there are some that aren't often offered every year and you should really consider the consistent ones just in case a class is no longer taught) that fit best for your case as the MAIN reason.
PS: If post too long, read 1 and 2. Also, selectivity is about the same now.
