both are great schools and will get you interview opportunites. In the end, it all depends on your performance in the interviews.
in terms of finance training, chicago is probably the best, compared to other MBA programmes, if not the MFEs.
The best thing about Chicago is its flexibility as you will be able to take whatever courses you want, after while satisfying degree requirments.
For S&T, Chicago is the best of all b-schools, even better than MFE/CF/FM programmes. For IM/IB, Chicago and CBS are on par. The bottom line is that what skills/assets/network you can bring to the business. Chicago offers you quantitative finance/economic skills, which are probably the most important thing when I evaluate a grad rotating on my desk. The CBS grads who get S&T offers are also good, but not as impressive as Chicago ones...
am a Chicago alumnus and now working in S&T. am not interested in trashing schools, as it is all up to you to decide which school to go. Besides, the location issue is indeed over-stated, as some one has already mentioned...
If you wanna do banking in USA, they are the same. Columbia is easier for you to network but Chicago is easiser for you to show commitment. If you wanna do banking in Asia, Chicago is better. Chicago's alum are famous for helping each other.