In the world of finance, investment banks have long attracted aspiring young talent with their high salaries, elite culture and far-reaching influence on the global economy. Investment banking target schools, which are favored by Wall Street giants, are like golden doors to the financial circle. To a large extent, which school you attend often determines where you start in finance field. So, what exactly are the target schools for investment banking? Why are they so important? Today, let’s take an in-depth look at investment banking target schools and uncover their educational philosophies, training models, and special ties with financial giants.
What are target schools?
In the world of finance, particularly investment banking, “target schools” are a concept that has gained a lot of attention. Finance target schools are those that are favored by top investment banks, financial institutions or consulting firms. These companies choose specific schools for long-term cooperative relationships based on factors, such as academic reputation, student quality, alumni network and past recruitment situation.
When choosing a target school, financial institutions take into account factors, such as academic reputation, student quality, location and alumni network. For instance, New York University Stern School of Business is a preferred target for many investment banks, because of its proximity to Wall Street, deep academic background in finance and strong alumni network. In addition, Ivy League schools such as Harvard University and University of Pennsylvania (Wharton), with their excellent academic reputations and extensive alumni networks, have also been the focus of investment banking recruitment.
List of target schools for investment banking
Below is a list of universities that are highly recognized by the world’s top investment banks. These schools, with their excellent academic reputation, strong financial curriculum system, and rich industry resources, provide students with a golden ticket to a career path in investment banking.
Target schools for investment banking
- University of Pennsylvania
- New York University
- University of Michigan
- University of Texas at Austin
- Cornell University
- University of California, Berkeley
- Georgetown University
- Harvard University
- Columbia University
- University of Notre Dame
- University of Virginia
- University of Chicago
- Yale University
- Duke University
- Princeton University
#1 University of Pennsylvania
- Location: Philadelphia, Pennsylvania
- Business School: Wharton
- QS World University Rankings 2025: 11
- Median Starting Salary: $93k
- Total Bulge Brackets Hires: 271 (82%)
#2 New York University
- Location: New York, New York
- Business School: Stern
- QS World University Rankings 2025: 43
- Median Starting Salary: $71k
- Total Bulge Brackets Hires: 228 (78%)
#3 University of Michigan
- Location: Ann Arbor, Michigan
- Business School: Ross
- QS World University Rankings 2025: 44
- Median Starting Salary: $90k
- Total Bulge Brackets Hires: 148 (69%)
#4 University of Texas at Austin
- Location: Austin, Texas
- Business School: McCombs
- QS World University Rankings 2025: 66
- Median Starting Salary: $80k
- Total Bulge Brackets Hires: 148 (71%)
#5 Cornell University
- Location: Ithaca, New York
- Business School: Johnson
- QS World University Rankings 2025: 16
- Median Starting Salary: $70k-$80k
- Total Bulge Brackets Hires: 149 (84%)
#6 University of California, Berkeley
- Location: Berkeley, California
- Business School: Hass
- QS World University Rankings 2025: 12
- Median Starting Salary: $90k
- Total Bulge Brackets Hires: 142 (82%)
#7 Georgetown University
- Location: Washington, D.C.
- Business School: McDonough
- QS World University Rankings 2025: 301
- Median Starting Salary: $97k
- Total Bulge Brackets Hires: 143 (86%)
#8 Harvard University
- Location: Cambridge, Massachusetts
- Business School: Harvard Business School (HBS)
- QS World University Rankings 2025: 4
- Median Starting Salary: $90k-$109k
- Total Bulge Brackets Hires: 145 (88%)
#9 Columbia University
- Location: New York, New York
- Business School: Columbia Business School (CBS)
- QS World University Rankings 2025: 34
- Median Starting Salary: $80k
- Total Bulge Brackets Hires: 121 (85%)
#10 University of Notre Dame
- Location: Notre Dame, Indiana
- Business School: Mendoza
- QS World University Rankings 2025: 316
- Median Starting Salary: $76k
- Total Bulge Brackets Hires: 125 (89%)
#11 University of Virginia
- Location: Charlottesville, Virginia
- Business School: Darden, McIntire
- QS World University Rankings 2025: 297
- Median Starting Salary: $75k
- Total Bulge Brackets Hires: 95 (77%)
#12 University of Chicago
- Location: Chicago, Illinois
- Business School: Booth
- QS World University Rankings 2025: 21
- Median Starting Salary: $65k-$90k
- Total Bulge Brackets Hires: 84 (79%)
#13 Yale University
- Location: New Haven, Connecticut
- Business School: Yale
- QS World University Rankings 2025: 23
- Median Starting Salary: $80k
- Total Bulge Brackets Hires: 97 (92%)
#14 Duke University
- Location: Durham, North Carolina
- Business School: Fuqua
- QS World University Rankings 2025: 61
- Median Starting Salary: $89k
- Total Bulge Brackets Hires: 91 (88%)
#15 Princeton University
- Location: Princeton, New Jersey
- Business School: Princeton University School of Business
- QS World University Rankings 2025: 22
- Median Starting Salary: $67k
- Total Bulge Brackets Hires: 91 (91%)
Semi-target schools for investment banking
Semi-target schools for investment banking are those that have a set number of students going into investment banks each year, but have relatively limited recruitment number. In contrast to “target schools”, semi-target schools often have recruitment campaigns involving specific subjects or regional divisions of investment banks.
- University of Southern California
- Dartmouth College
- Brigham Young University
- Stanford University
- Southern Methodist University
- Northwestern University
- Indiana University
- Boston College
- Emory University
- Brown University
- University of California, Los Angeles
- Western University
- Vanderbilt University
- Rice University
- UNC Chapel Hill
Lower semi-target schools for investment banking
Students from these lower semi-target schools are even less likely to enter investment banking.
- Middlebury College
- Claremont McKenna College
- Penn State University
- Baruch College
- Williams College
- Fordham University
- Washington University in St. Louis
- Wake Forest University
- Massachusetts Institute of Technology
- Amherst College
- University of Georgia
- Texas A&M University
- University of Florida
- Boston University
- Carnegie Mellon University
Methodology of finance target schools lists
These lists are from Peak Frameworks. Peak Frameworks’ methodology for ranking investment banking target schools is based on big data analysis to assess their performance in the investment banking sector in a scientific way. Its methodology takes into account not only the size and influence of schools, but also employment efficiency, providing a more comprehensive and scientific reference basis for students and recruiters. The following is a detailed introduction of its methodology:
1. Data source and sample range
Peak Frameworks’ data comes from LinkedIn and covers the backgrounds of analysts working at top US investment banks between 2008 and 2023. They include top investment banks, such as Goldman Sachs, Morgan Stanley and J.P. Morgan.
2. Main evaluation indicators
The ranking is based on the weighting of the following two core indicators:
- Total Hires: The total number of analysts each school has sent to the top US investment banks over the past 15 years. This indicator reflects the overall size of the school and its influence in the investment banking world.
- Undergrad Placement (%): Calculated as “total recruitment/total undergraduate population” and used to measure how easy it is for students to get into investment banking.
3. Weighted calculation method
Total recruitment counts for 2/3 of the weight, as it is more reflective of the school’s overall resources and alumni network.
The undergraduate investment banking employment rate accounts for 1/3 of the weight, which is used to measure the efficiency of the school.
4. Classification of target institutions
According to the ranking results, schools are divided into the following categories:
- Target Schools: The schools that recruit the most people and reach the most people among the top investment banks. These schools often have strong alumni networks and a wealth of finance-related extracurricular activities.
- Semi-Targets: schools that have a certain number of students entering investment banking, but are stronger in certain investment banks or regions and may lack full representation.
- Lower Semi-Targets: only a small number of students enter investment banking each year, often requiring high personal ability.
- Non-Targets: Schools that are not in the rankings have less chance of getting into the top investment banks.
5. Other important indicators
In addition to the above two core metrics, Peak Frameworks also considers the following supplementary data:
- Elite Firm Hires: Hires of top investment banks (Goldman Sachs, Morgan Stanley, etc.).
- Elite Boutique (%): Percentage of students enrolled in top boutique investment banks.
- Presence: Measures the school’s representation among different investment banks, that is, at least 2 students are employed by an investment bank.
Why should you choose finance target schools?
If you want to work at a top financial institution, it makes sense to choose target schools for investment banking. When it comes to applying for jobs, target schools often enjoy preferential recruitment channels, dedicated online application channels, more interview opportunities, and a variety of school recruitment activities. Here are the main reasons for choosing these institutions:
1. More employment opportunities
Investment banks typically focus on on-campus recruiting activities at targeted institutions, including information sessions, job fairs and dedicated resume drop-off channels. These events provide students with direct exposure to investment banking, increasing the likelihood of internships and full-time jobs.
2. More interview opportunities
When applying for investment banking jobs, students at target institutions typically get more interviews than the average applicant. It is estimated that these students have about a 70% better chance of getting an interview than the average applicant. This is because investment banks have a high degree of trust in the quality of students from these schools. Most of these finance target schools are top schools for finance.
3. Strong alumni network
Target schools for investment banking tend to have large numbers of alumni working in investment banking, which provides a wealth of resources for current students. Through alumni relations, students have easier access to insider information, internship opportunities, and career advice.
4. Quality education resources and courses
Target schools for finance often have top educational resources and programs in areas, such as finance, economics and business. These courses not only cover the required expertise in investment banking, but also provide a wealth of hands-on opportunities such as case studies, mock trading, and internship programs.
5. Geographical advantage
Many of the investment bank target schools are located in financial centers or large cities, providing students with more internship and career opportunities. For example, New York University (NYU) is located in New York City. These geographical advantages allow students to more easily access the resources of the financial industry.
6. High recognition
Students from target colleges often have an easier time gaining industry recognition when applying for jobs. These good schools for finance have a high reputation and ranking in the financial field, and the employment competitiveness of their graduates is also stronger.
Conclusion
Choosing your investment banking target schools means you’ll be on a much higher starting point. Here, you can not only access cutting-edge financial knowledge and practical experience, but also, through the rich campus recruitment activities and alumni resources, it is easier to get the opportunity to enter the top investment banks. These schools build a bridge for you to Wall Street.
However, getting into target schools for investment banking does not mean success is within reach. In these competitive environments, you’ll need to constantly improve your professional skills, communication skills, and teamwork. At the same time, through active use of school resources, you need to participate in internships, activities and career development projects. In doing so, you can stand out in the fierce competition.
FAQ
The “Big Four Investment Banks” generally refers to the top four investment banks with broad influence in the global financial markets. According to the latest information, the four major international investment banks generally include:
- Goldman Sachs: Founded in 1869, Goldman Sachs is one of the world’s oldest and largest investment banks, headquartered in New York City.
- Morgan Stanley: Founded in 1935, Morgan Stanley is headquartered in New York.
- JPMorgan Chase: JPMorgan Chase is not only one of the largest banks in the world, but also a top investment bank.
- Bank of America Merrill Lynch: Formed from the acquisition of Merrill Lynch by Bank of America, Bank of America Merrill Lynch is one of the largest financial institutions in the world.
For jobs in the finance industry, high school grades (GPA) don’t usually directly determine your career progression, but it may still make a difference in some cases:
- Apply for target schools: High school grades are one of the most important criteria for applying to college, especially for students who want to get into a top college. The financial industry has certain requirements for educational background. And many investment banks and financial institutions prefer to recruit graduates from well-known universities.
- Earn scholarships and honors: A high school GPA can help you earn scholarships or honors that not only ease the financial burden of college, but can also be a plus when applying for a finance internship or job.
- Develop learning ability and self-discipline: High school grades often reflect a person’s learning ability and self-discipline. The financial industry requires practitioners with solid professional knowledge, the ability to learn new knowledge quickly, and a high degree of self-discipline. If you can get good grades in high school, it means you have these qualities.
If you don’t get into investment banking target schools, don’t worry. While the finance target schools have certain strengths, it does not mean that students from other schools do not have the opportunity to enter investment banking or succeed in the financial field. Here are some solutions and suggestions:
- Make use of university resources to enhance their competitiveness.
- Strive to obtain various certificates and qualifications, such as CFA (Chartered Financial Analyst), FRM (Financial Risk Manager), etc.
- Actively accumulate internship and practical experience.
- Build a strong network. If there are fewer alumni resources, you can attend more events and make new friends.
- Stay positive and take advantage of every opportunities.
