I'm in a pretty interesting situation right now, and would like to hear your comments on this.
I got two admits this year: One is from Princeton EE, PhD, fully funded for the next 5 years. The other is from Stanford EE, which is terminal MSc (even though I applied for the PhD) and has no guarantee of any funding whatsoever. If I were a normal happy EE student, I would gladly take the offer from Princeton and be done with it. But...
The problem is that I'm heavily CS-inclined, and I recently decided that I should pursue a CS PhD (my dream undergrad major) instead of being stuck with EE and trying to include CS components in my work. Both Stanford and Princeton are ranked great among CS PhD graduate schools, and I would consider them equal; if, and only if, one was not located right next to the freaking Silicon Valley.
I would probably be able to fund myself for the duration of the MSc at Stanford, and then reapply for the PhD there (I really want to pursue a PhD). After the PhD, I think I would like to work at a private research company (the whole graduate admissions process, especially the interviews, made me disillusioned about my idea of staying in academia). Now comes the tough question: Considering the fact that I can afford the MSc at Stanford, would it make sense to take the risk and go for the MSc because of the possible opportunities in the Bay Area? Yes, it's ridiculously expensive to study in Stanford unfunded, but I feel the expected gains calculation is not as straightforward as it looks here.
Some additional facts:
I think it's fairly easy to do a EE-CS switch in Princeton. (But then again, my problem is mostly with the location.)
One of the depth areas in Stanford EE MSc is Software Systems, so I can basically take almost all of my classes from the CS department there, be successful (I'm mostly confident about this) and make a good case for a CS PhD.
There's no thesis requirement for Stanford EE MSc, so if I find an advisor I will probably have to do research at my own expense. Stanford's own website says that most of the financial aid is reserved for PhD's. I do not expect to find funding, but I do expect to be able to continue with my PhD.
I'm an international student.
TL;DR: Is it worth the risk to go to Stanford EE MSc rather than Princeton EE PhD if all I want to do is a CS PhD?