it is very underrated for finance/business IMO.
It isn't Wharton, but Tepper has a really great UG program that's small and high quality.
CMU gets amazing recruiting as well. Bulge bracket banks, trading companies, etc. They have a really elite quant. finance program that you can apply to in your soph or junior year that's very rigorous (though its mathy so not sure if that's what your kid would be into).
Regular business is still strong and because of the huge draw from the cs/tech programs, all the SV companies come and will pick up business kids for their finance/marketing arms.
CMU is also known for a very strong acting/drama school that quite well known. a number of actors went there...ethan hawke, ted damson, Zach quinto, aaron staton, George romero, matt bomer.
Downside? Stingy in aid compared to ivies. I guess it stems from very low endowment compared to peer schools.
Not a happy campus- QoL is low. And it is an ugly campus. Very High stress, hard grading.
the acceptance rate (minus school of CS) is kind of high compared to the institution because of the factors I just mentioned above. It's not a sexy school with great QoL reputation. Lots of indian/Chinese foreign students.