First of all, the goal of the best colleges for investment banking list is to provide an objective viewpoint on both undergraduate-only banks and non-undergraduate-only banks. It is intended to be a valuable reference point for students who are looking at their own school’s programs in the context of the larger industry. Best Colleges for Investment Banking provides in-depth information about top banking schools. It also offers industry insight on what to do, how to get there, and how to apply to these programs.

Accessing the right information on the internet might not be easy sometimes, that’s why we bring you in the article below, the best and latest information on top universities if you want a career in investment banking & best investment banking colleges. Read on to know more.

You will also discover up-to-date, related articles on investment banking school & best undergrad for investment banking on Collegelearners.  

colleges for investment banking career

For high schoolers interested in pursuing careers on Wall Street, school selection is extremely important. The majority of recruiting that happens for Wall Street banks occurs at what are called “target schools.”

Investment Banking Target School Definition

Target schools are the schools that banks actively plan to recruit students from. These schools will often have on campus recruiting which mean that there will be networking sessions and interviews that occur at the university.

2017 Bulge Bracket Banks – Target Schools

Generally speaking, target schools are ivy league or ivy league equivalent schools but in recent years prestigious state schools have been improving their representation at banks making these schools a good alternative to the Ivy League.
According the WSO Investment Banking Industry Report, we have found the top ten target schools in 2017 to be:

• University of Pennsylvania
• New York University
• Harvard University
• University of Cambridge
• Cornell University
• The University of Texas at Austin
• Columbia University
• Duke University
• University of Chicago
• University of Michigan

These top 10 schools represent ~22% of all recruitment and hiring of bulge bracket banks in 2017.

The below picture, a screen shot from the WSO Investment Banking University Report shows the percentage of the recruiting class that comes from each school. You can find out about the recruitment from various schools in the report.

However, there are many other universities that make up the remaining 78% of all bulge bracket bank hires. Some other notable universities include:

• Yale University
• University of Cambridge
• University of Virginia (UVA)
• Boston College
• Duke University
• UCLA
• London School of Economics
• Princeton University
• Georgetown
• Northwestern University
• Arizona State University
• Brigham Young University
• Georgia Institute of Technology
• Penn State University

These firms all place well on Wall Street and are targets at particular firms. For example – Penn State is a target school at Bank of America Merrill Lynch but not at JP Morgan. This is not just true for non-ivy league schools. WSO’s research indicates that Harvard, UPenn, NYU, and Duke were the only schools in the top ten listed schools that were targeted by all big banks. You can read more about this statistic in the WSO industry report.

2017 Boutique Bank – Target Schools

While perspective bankers often focus on the JP Morgan and Bank of Americas of the world, there are many other banks looking to hire quality undergraduate candidates. Some of these other notable banks include Houlihan Lokey, Lazard, HSBC, SunTrust, Evercore, BMO, Piper Jaffray, RBC, Moelis, Jefferies, Macquarie, and Rothschild to name a few.
Some of these firms have a more regional focus and also look to other schools aside from those mentioned. Some of the schools targeted by these firms include:

• University of Western Ontario
• Indiana University
• Vanderbilt University
• University of California, Berkeley
• University of Southern California, USC
• UCLA
• Dartmouth
• University of Illinois at Urbana
• University of Waterloo
• University of North Carolina at Chapel Hill

Want to Learn More About Investment Banking Recruiting?

The Investment Banking University Recruiting Report shares 7 key takeaways based partially on the data discussed above and sheds light on the schools that banks are recruiting from. This is an extremely helpful resource when looking to determine which schools to apply to.

If you’re thinking about a career in investment banking, you’ll probably be wondering which degree you should study. But what you might not have considered is where you should study it.

investment banking target schools 2021

What are target universities for investment banking jobs?

Target universities are the institutions on which investment banks tend to focus most of their efforts in their search for recruits. They accomplish this by creating a strong presence at the chosen campuses through various methods such as sponsoring societies, regularly attending careers fairs and hosting events such as presentations and workshops.

Banks target these universities because they offer highly reputable courses and produce candidates with strong academic credentials. By targeting these universities, banks are assured that candidates have been educated to a high standard within their chosen field and therefore the banks are willing to invest more money in recruiting from them by hosting such events. However, attending one of these universities will not guarantee you a graduate job in investment banking, though it is a good first step.

Insights from a banking recruiter

We spoke with one recruitment manager from a mid-sized bank to get her views on which universities banks tend to target. She told us that in recent years some banks have expanded their search for recruits to include the likes of Durham, Nottingham and Exeter, whereas traditionally they used to target only Oxford, Cambridge, Imperial College London and UCL.

Certainly from our perspective at TARGETcareers, this is something we have found to be true and banks are broadening their search rather than just focusing on the very top of the rankings.

The reason for this, it seems, is that over the last few years investment banks have noticed that the best candidates aren’t just found at the top few universities. Instead, they’re recognising that there are talented and capable individuals that meet their requirements at other universities lower down in the league tables.

The recruitment manager also told us that although the highest ranked universities do produce strong candidates and her bank does still hold careers events at them, it doesn’t focus its search solely on them. The reason for this targeting decision, she says, is because competition for graduates from the top few universities is fierce and, being a smaller bank, it finds that it quite often loses graduates to bigger banks with better known brands.

How to find out which investment banks target which universities

The process of targeting universities is common among both bulge bracket banks (the largest and most profitable multinational banks such as Bank of America Merrill Lynch, Barclays and Citi) and the smaller to mid-sized banks such as Nomura and Royal Bank of Canada.

Unfortunately, banks don’t advertise their preferred institutions so if you want to find out where they like to look for candidates, you’re going to need to do some research. The best way to find out this information is by:

• Seeing which banks visit which universities: banks will advertise on their website if they have any upcoming campus visits scheduled. However, they may only advertise these a few months in advance.
• Contacting bank recruiters: if you have an idea of the banks you like the look of, get in touch with their recruitment teams and ask which universities they recommend you attend if you’d like to work for them after you graduate.
• Speaking to undergraduates at university open days: chatting to current students is a great way to find out which banks put on the most events and have a strong presence at careers fairs.
• Speaking to the tutors: if you have a course in mind, contact the tutors and ask them which banks tend to visit the university the most. But take what they say with a pinch of salt as any university will want to attract potential students, so be wary if they don’t give you any specific banks’ names.

Do I need a degree in economics or finance if I want a career in investment banking?

You don’t need to have studied a finance or economics degree to get a job in investment banking. From our contact with graduates and recruiters at bulge bracket and smaller banks alike, we’ve found that graduate recruits in this sector come from a range of academic disciplines. What’s most important to a bank is that you have a high class of degree, usually 2.1 or above, to demonstrate your academic ability. You stand a far better chance at getting a graduate job in investment banking if you study a degree you enjoy and get a good grade than if you study something you don’t enjoy (but think that banks will like the look of) and get a lower grade.

The recruitment manager we spoke to told us that she’s hired from a range of academic disciplines including politics, history and languages. The reason for this, she tells us, is that banks are interested in candidates who are driven and well rounded. They want graduates who are educated and capable of learning new skills in order to cope with the training they’ll be given to supply them with the financial know-how needed for working in investment banking. They also want candidates who can approach challenges differently and a good way of ensuring they have a dynamic group of thinkers is by selecting a range of people from different academic disciplines.

However, there are roles that require a numerical degree. These are degrees that have some maths content and include subjects such as chemistry, physics, psychology, engineering, IT, maths and economics. The types of banking career that may call for a high proficiency in maths are jobs in the financial institutions group (teams within a bank who provide financial expertise to other organisations) and roles that are involved in the creation of specialised financial products. But for those applying to a position where you deal directly with clients, people skills are more valued and a good degree in any subject is acceptable.

Typical entry requirements for the universities mentioned are in the range of A*A*A to ABB. And if you do choose to study a more specialised degree such as finance or economics, bear in mind that you’ll often need at least an A in maths to be eligible for an offer.

Stand out to investment banks by joining a society

Something else to consider is your choice of extracurricular activities while at university. Joining a society is a great way to make your CV stand out by showing your range of interests. They work well in your favour whether you choose to study a finance-related or non-finance-related degree.

For example, if you choose to study a finance-related degree, such as economics, joining a sports society or a volunteer group is an effective way to demonstrate the social skills that investment banks look for, such as communication and team work. And if you choose a non-finance-related degree, joining an investment society is a good way to demonstrate your interest in financial matters and desire to work in banking. If your chosen university doesn’t offer an investment or finance society, another good way to show your interest is to join a society and take up a treasury role. Nearly all societies require a treasurer who monitors the budget and expenses and liaises with the students’ union for funding and it’s also a great opportunity to prove your financial aptitude.

best mBA colleges for investment banking

From Goldman Sachs to Morgan Stanley, investment banks are among the biggest recruiters of MBA graduates. But what are the best MBA programs for careers in investment banking? 

According to new research from Menlo Coaching, Columbia Business School tops the list, with more Columbia MBA graduates hired by investment banks than MBAs from any other business school.

One of the elite group of M7 business schools, Columbia saw a total of 99 graduates from its MBA program find jobs in investment banking in 2020. 

After Columbia, NYU Stern provided 77 graduates to investment banks, though this was a higher proportion of its overall class, at 21% compared to Columbia’s 13%. 

The top two MBAs for investment banking are both based in New York City, a sign that location is key if you aim to secure a top investment banking role. 

The third highest provider of MBA investment banking graduates in 2020 was the University of Chicago’s Booth School of Business, with 61 graduates; 34 of whom found jobs in New York. 

The top 10 best MBAs for investment banking are all based in the US; the highest ranking non-US school in Menlo’s list is London Business School in 12th place. 

Top MBAs for multinational investment banks 

Columbia also placed more students at the world’s largest investment banks than any other school. A total of 56 graduates from the Columbia MBA found jobs at top firms like Morgan Stanley, Goldman Sachs, and JPMorgan Chase, known as the bulge bracket banks.

NYU Stern saw 51 students employed at bulge bracket banks, while University of Chicago’s Booth School of Business placed 34 graduates. 

Other schools had a higher proportion of banking students secure roles within the competitive bulge bracket. Duke University’s Fuqua School of Business had just 25 students find bulge bracket jobs, but this represented a huge 93% of all graduates who went into banking. Columbia’s 56 bulge bracket bankers were 57% of all banking graduates. 

More business schools with a high proportion of banking graduates joining the bulge bracket were University of Michigan Ross School of Business with 82% and University of South Carolina’s Marshall School of Business with 78%. 

Top MBAs for elite boutique investment banks 

The bulge bracket isn’t the only desirable destination if you’re looking for an investment banking career. Places at elite boutiques specializing in specific areas of investment banking and offering a more personalized service are also sought after. 

These boutique investment banks include Centerview Partners, Evercore, and Greenhill & Co.

Menlo’s research found Columbia also had the most graduates (35) securing roles with elite boutiques in 2020. The University of Pennsylvania’s Wharton School was second with 26, while Chicago Booth and NYU Stern came third and fourth with 18 and 17. 

Wharton’s figure was 44% of all investment banking placements, giving it the highest proportion of banking graduates finding jobs at elite boutiques. Northwestern University’s Kellogg School of Management and University of Texas at Austin, McCombs School of Business came second and third with 41% and 38%. 

best undergraduate colleges for investment banking

So, if you’re looking forward to the luxurious life, you might want to consider applying to one of these schools that feed some of the nation’s most competitive I-Banking internships.  

HARVARD

Harvard is often at the top of our lists. Widely recognized as the best school in the nation, it attracts top talent in Business. First year-analyst programs at the world’s most prestigious banks are full of Harvard grads. Students interested in Investment Banking internships might consider majoring in Economics or Business Administration and Management. Whatever you choose, you should be sure to take advantage of Harvard’s vast and powerful alumni network.

NYU

What better place to nab a prestigious banking internship than in the epicenter itself? NYU is just a hop, skip, and a jump from Wall Street, If you want to land a great Investment Banking internship, it couldn’t hurt to have New York City as your sandbox. NYU’s Stern School of Business has a top-notch Finance program where students can develop their chops and connect with NYU alumni in the biz.  

U MICHIGAN

University of Michigan’s Ross School of Business is highly ranked and offers coursework in Finance and Banking. The school’s Banking Club is a great way to rub shoulders with tomorrow’s future bankers (or current interns who know the ropes). Michigan’s career center also works to connect students to alumni. While it’s not an Ivy League college, it still offers a path forward for kids who put in the work.

CORNELL

Cornell’s acclaimed SC Johnson College of Business offers two undergrad majors and several minors. It also has an Investment Banking Club, which seeks to connect students with Wall Street firms. Its members boasted summer internships at UBS, Goldman Sachs, Blackstone, Morgan Stanley, Citi, J.P. Morgan and more…and that was just summer 2022.

COLUMBIA

It’s no surprise that many Ivies are making our list. Columbia is one that offers a Business major. This is a great program for students interested in landing tough-to-get internships. The student-run Investment Banking Division and its Investment Bank Club are great organizations for students to start building their business network. The latter boasts a wide list of banking recruiters with whom it has relationships, from Goldman Sachs to J.P. Morgan and Morgan Stanley.

PENN

Wharton is unparalleled when it comes to Business. Big Investment Banks are full of Wharton alumni and the name is the gold standard. Its Finance program offers a concentration to undergrads and coursework in Banking, as well an additional track in Financial Markets and Banking. Its career services department is geared towards helping students connect with potential employers, including for internships.

UT AUSTIN 

The University of Texas’ McCombs School of Business is home to a Finance major. The program boasts a career forward-focus with an emphasis on Investment Banking, Consulting, and Market Research In fact, all McCombs undergrads are required to complete an experiential learning component, which is most often fulfilled through an internship. The school offers resources, workshops, and events to help students nab hard-to-get internships.

MIT 

Most people might see MIT and think that it belongs on a list of schools for Engineering. But MIT’s Sloan School of Business offers a Finance major for undergrads and it’s one of the top schools in the nation for Business in general. There is an Investment Banking Club for students looking to build a network. Career services also facilitates an online community for students looking to break into the industry that includes job and internship postings and an alumni database. It also features helpful research tools, industry insights, and information about firms and recruiting.  

BERKELEY

Berkeley’s renowned Haas School of Business offers a Business Administration minor for undergraduates within its broader Finance Group. There are several Finance offerings within the major. This is another school with a large alumni base and is particularly solid for those looking to work in finance on the west coast. 22% of last year’s undergrad Business students ended up working in finance. 

INDIANA

Indiana’s Kelley School of Business offers a Finance major for undergrads. But the Kelley School also hosts an Investment Banking workshop for students looking to nab jobs in the sector, with pitch competitions, alumni seminars, and field trips to NYC and Chicago.  There is also a Finance club for undergrads.

Banking is not for the faint of heart, but if you’re destined to work on The Street, you might consider vying for a spot in one of the above schools. It’s important to position yourself as a top candidate for a highly-competitive program by gearing your academics and extracurriculars toward Finance throughout high school.