Hey I'm currently in UChicago MSFM and I'm going to be a QR intern on a Systematic Macro Team at a hedge fund this summer, so I feel I can give some pretty good advice. There simply is no better place to study economics than UChicago, so in terms of prestige, I would say if you want to go down the Macro route the UChicago name will be more prestigious than Columbia's. While here it's very easy to take cross-department classes, so getting into those Ph.D. level Econ classes that you are interested in will be a breeze. Just in my class alone, I've seen some students become TA's or do research with Econ Professors, one student even left the program to do an Econ Ph.D. with one of the professors as his advisor. Given the 60% scholarship, I'd say it's simply way more bang for your buck to go the UChicago route, although don't expect the 60% scholarship to help you in interviews, many students here get scholarships, and employers don't really look at them anyway.
Although I would say UChiago's biggest advantage is its location, since Most MFE programs, Columbia, Cornell, CMU, Baruch, ...ect , Focus their networking and career outcomes on jobs in NYC those positions become hyper-competitive and over-saturated very quickly. Whereas UChicago focuses on the US's 2nd biggest finance hub, Chicago, and has incredibly close relations with all the firms out here. For context, as part of the program, I've toured prestigious Trading firms with UChicago flags on their walls. These relationships along with the GOATED Career Development office (CDO) massively helped me secure my internship.
Hopes this helps, congrats on the offers!!
