Getting into investment banking is extremely competitive, with the top firms only recruiting from a small group of target schools. Going to one of the top investment banking target schools greatly improves a student’s chances of landing a coveted front office job at a bulge bracket bank or elite boutique. The major investment banks focus their on-campus recruiting efforts on the schools with the strongest business, finance, and economics programs, where they can find students with the analytical, quantitative, and problem-solving skills necessary to excel in the industry. While there are many factors that determine where students get jobs after graduation, the university a student attends plays a significant role in determining the career opportunities available to them in investment banking and finance. This article discusses the most targetted undergraduate and MBA programs for breaking into investment banking and landing a job at Goldman Sachs, JPMorgan, Morgan Stanley or other top firms.
WHARTON UPenn rules the target school rankings
The University of Pennsylvania’s Wharton School is widely considered the number one target school for investment banking recruiting. Wharton tops nearly every ranking of the best undergraduate business programs for getting jobs at the elite investment banks. Its graduates have an immense alumni network on Wall Street and receive the highest number of investment banking offers. Wharton’s strength comes from its rigorous curriculum, stellar career services office, and location near New York City and other major finance hubs. Students that want the best shot at beginning their investment banking careers at a top-tier global bank like Goldman Sachs or Morgan Stanley are well advised to aim for admission to Wharton’s prestigious undergraduate business program.
Other top US target schools
After Wharton, other top undergraduate target schools in the US include NYU Stern, Cornell University, University of Michigan Ross School of Business, UC Berkeley Haas, MIT Sloan, UVA McIntyre, University of Texas McCombs, and Boston College Carroll School of Management. At all of these schools, bulge bracket and elite boutique banks actively recruit on campus, and a significant portion of each graduating class goes into investment banking and high finance positions in M&A, sales & trading, equity research, and other lucrative front office roles. While not a guarantee, attending one of these target universities provides a major edge for students seeking investment banking careers. The banks know that graduates of these programs possess the intellectual horsepower and work ethic to thrive in the industry’s challenging, high-pressure environment.
Top UK and European target schools
The top target schools in Europe for investment banking recruiting include Oxford University, Cambridge University, London School of Economics (LSE), Imperial College London, University College London (UCL), University of Warwick, London Business School, HEC Paris, EDHEC Business School, ESADE Business School, Cass Business School, and Bocconi University. UK and European banks like Barclays, Credit Suisse, and Deutsche Bank focus their recruiting efforts on graduates of these elite universities. In addition, American firms seek out European students from these target schools that want to return to the US after graduation for investment banking roles in New York, San Francisco or other financial centers. Competition for limited spots at the few European target schools is fierce.
Best MBA programs for experienced hires
Once students have a few years of work experience under their belt, the top US MBA programs become the primary target schools for experienced hires and career changers seeking to break into investment banking. Wharton, Harvard Business School, Stanford GSB, Columbia Business School, Chicago Booth, and NYU Stern are foremost among these programs. Their strong alumni networks, specialized courses, and intensive career placement services provide major advantages for securing post-MBA investment banking positions. Because banks recruit heavily from these elite schools, attending one of them is virtually essential for students without relevant undergraduate credentials or an existing connection to the industry to obtain a highly coveted investment banking associate role supporting senior bankers and executing deals.
While every motivated student has a chance to break into investment banking, attending a target school greatly improves the odds through superior training, influential alumni, and heavily focused recruiting by the banks. Wharton stands above the rest, but students have options at the undergraduate and graduate level that provide major advantages in obtaining competitive front office positions at leading Wall Street firms or boutiques.