Getting into top investment banks such as Goldman Sachs and JPMorgan has always been the dream of many business students. However, top schools play a significant role in determining whether you can land offers at prestigious banks or not. In this article, we will analyze what makes a school considered as target or semi-target, and key factors that help students get into top investment banks apart from going to target schools.
The Definitions of Target and Semi-Target Schools
Target schools refer to top universities that have the best relationships and on-campus recruitments with banks like Goldman Sachs and JPMorgan. Banks actively headhunt students at target schools by holding info sessions and conducting interviews there. The most notable target schools include Ivy League universities such as Harvard, UPenn Wharton, Princeton, Yale, Columbia as well as MIT, Duke, Dartmouth, etc. Semi-target schools also have connections with banks but they are not as strong as target schools. Banks may visit semi-targets less frequently. Typical semi-targets include schools like UCLA, UMich Ross, UVA, and NYU Stern.
Strong Alumni Network Helps with Referrals
Attending target schools offers significant advantages because you can leverage extensive alumni network at banks for referrals. Based on 2019 statistics, among 2,300 investment banking employees at top banks, 3.1% came from UPenn, 2.9% from NYU. Such strong alumni presence enables students to connect for insider tips and get referred. However, semi-target or non-target students can also network with alumni from their schools or local professionals to grab opportunities.
Preparation for Technical Interviews is a Must
Regardless of schools, acing technical interviews is vital for getting investment banking offers. Students need to master financial modeling, valuation, accounting, Excel, PowerPoint skills. Prepare cases and practice mock interviews extensively. Strong technical skills help students stand out even without target school tags. Polish storytelling and communication skills as well for fit interviews.
Starting Preparation Early Helps Build Advantages
Students interested in investment banking need to start early. Apply for relevant internships from freshman year for hands-on experiences. Attend info sessions, join finance clubs, complete certifications like CFA. Build relationships with bankers by cold emailing or messaging alumni. Such efforts demonstrate passion even if you don’t attend target schools.
In conclusion, attending target schools provides advantages for breaking into investment banking. But proper preparation on technical and soft skills, networking early on, and gaining relevant experiences enable non-target students to also land offers at top banks like Goldman Sachs.