Getting a job in investment banking is highly competitive, so attending a target school greatly improves one’s chances. This article provides a comprehensive list of the top target schools that the major investment banks heavily recruit from. We examine the target schools in the US, UK, Canada, and China based on factors like alumni networks, geographic locations, specialized programs, and historical recruitment patterns. Understanding the target school dynamics gives critical edge to students aspiring to break into investment banking.
Wall Street favors Ivy League and top-ranked schools in the US
The major US investment banks focus recruitment on elite schools like the Ivy League universities and prestigious institutions ranked highly on US News. Top choices include Columbia, UPenn, NYU Stern, Harvard, Princeton, etc. They value these schools due to large alumni networks, proximity to New York, and academic rigor. Schools like MIT and Cornell also send many graduates to banking despite lower banking-specific recruitment. Beyond the Ivies, top state schools like Michigan and UVA are targets, as are liberal arts colleges like Williams. Overall, the top-ranked national universities and liberal arts colleges form the primary US recruiting pool.
Oxbridge and the London schools lead UK investment banking targets
The UK investment banks concentrate efforts on Oxbridge (Oxford and Cambridge) along with University College London (UCL), Imperial College London, the London School of Economics (LSE), and Warwick. LSE in particular stands out for placing the most graduates in front office investment banking roles. The London location gives these schools built-in geographical advantage. Landing a UK banking job is very difficult even from a UK target school, but Oxbridge and LSE students have the best chances.
Canadian banks focus on Toronto and elite business schools
For Canadian investment banking jobs, the primary target schools are University of Toronto, McGill, Queen’s University, Western University’s Ivey Business School, and University of British Columbia. These schools benefit from large alumni networks and proximity to Toronto, the financial hub. Ivey is viewed as the top Canadian business program and gets dedicated on-campus recruitment. While other schools place some graduates in banking, the recruitment resources are focused on this core list.
Chinese banks emphasize Tsinghua, Peking, Fudan universities
Within China, the major state investment banks and foreign bank offices overwhelmingly recruit from Peking University, Tsinghua University, Fudan University, and a couple other elite institutions. Shanghai’s location gives it an edge for placement. Banks opening mainland China offices also initially focused on this narrow list, though they are expanding targets over time as business grows.
Target status provides access, interviews, and networking
Attending a target school offers significant advantages beyond just brand reputation. Students get access to special recruiting pipelines, more interview opportunities, and pre-interview networking events. Alumni connections also facilitate networking. Recruiters dedicate disproportionate time and resources to targets, so non-target students must go the extra mile to break in.
Getting an investment banking job is extremely competitive, so target school status provides a major edge. Banks concentrate recruiting efforts on elite universities based on ranking, geography, alumni networks and other factors. The core targets are concentrated in the top US schools, Oxbridge and London institutions, Toronto schools, and Chinese elite universities. Understanding these target dynamics helps students evaluate schools when considering investment banking career ambitions.