Traditionally, Ivy League schools have long held the core position as target schools for Wall Street investment banks, supported by their top-tier academic reputation and vast alumni networks.
However, data from recent years indicates this landscape is quietly shifting. Universities such as New York University, the University of Michigan, and Williams College are becoming new favorites among investment banks, thanks to their program strengths, geographical advantages, or distinctive educational models.
What Are the Advantages of a Target School?
Separate Online Application Channels
Investment banks and other prestigious firms regularly send teams to participate in campus career fairs and hold information sessions. After these events, students can submit their resumes through internal campus websites, as each school has its own application deadline.
Higher Chances of Securing Interviews
Investment banks and similar firms typically decide in advance how many interview slots to allocate to each school. After submitting resumes, students from target schools have a higher likelihood of receiving responses and interview opportunities.
More Networking Opportunities
Target schools have powerful alumni networks, making it easier to network and connect with insiders, gain in-depth understanding of the target industry, and even secure internal referrals when job hunting.
Some investment banks even organize a pre-interview dinner the evening before the first round of interviews, providing an informal setting to get to know candidates and address their questions.
College Transitions analyzed the undergraduate backgrounds of nearly 7,000 entry-level investment banking analysts at 15 of the most prestigious U.S. investment banks, using publicly available data from over 200 million LinkedIn employees.
*The 15 top investment banks include: PJT Partners, Goldman Sachs, Citigroup, JPMorgan Chase, Bank of America, Morgan Stanley, Credit Suisse, Barclays, Guggenheim Partners, Evercore, Greenhill, Lazard, Moelis & Company, Centerview Partners, and Perella Weinberg Partners
Let's take a closer look with CheersYou（清柚教育） at who the latest investment bank darlings are.
Ivy League Halo Persists
The alumni resources and brand effect of the Ivy League still offer irreplaceable advantages. In the ranking by total number of hires at top investment banks, all eight Ivy League schools placed in the top 20. Four made the top 10: University of Pennsylvania (#1), Cornell University (#3), Columbia University (#5), and Harvard University (#6).
Universities with the Most Hires by Wall Street Investment Banks
University of Pennsylvania
2025 U.S. News National University Ranking: 10
Number of Hires: 408 (Total Hires Rank #1)
Top Employers: Goldman Sachs, Centerview Partners
Advantage: First-tier for investment banking, alumni network spanning Wall Street
University of Pennsylvania graduates have topped the hiring numbers at Goldman Sachs, Morgan Stanley, and other investment banks for consecutive years. In U.S. News undergraduate business rankings, Penn ranks #1 nationally, home to the Wharton School, one of the world's premier business schools with international academic acclaim.
Source: U.S. News
According to PayScale's latest college salary report, Penn graduates earn an early career salary of $92,000 and a mid-career salary of $178,000, making it a "golden springboard" into investment banking.
Source: PayScale
Columbia University
2025 U.S. News National University Ranking: 13
Number of Hires: 177 (Total Hires Rank #5)
Top Employers: Goldman Sachs, Morgan Stanley
Advantage: New York City location + strong financial industry reputation, dense internship opportunities
As the only Ivy League institution in New York City, Columbia University's position and opportunities are unmatched, enjoying an excellent reputation among top financial institutions. Columbia boasts a very high elite corporate employment rate, sending the most employees to Goldman Sachs, Citigroup, JPMorgan Chase, and Morgan Stanley, with 50% of its graduates entering the most coveted firms in investment banking.
Source: Peak Frameworks
Columbia also houses a world-renowned top-tier business school that holds an influential position in investment banking. Last year, it sent a record 115 MBA students to intern at 23 different investment banks. This deep integration of geography and industry makes Columbia a undisputed target school for Wall Street investment banks.
Source: Columbia
Classic Non-Ivy Schools Still Hold Their Ground
Classic non-Ivy universities also occupy unique positions in investment banking. Looking at employment data, these schools perform commendably in areas such as the proportion of investment banking positions and average starting salaries.
New York University
2025 U.S. News National University Ranking: 30
Number of Hires: 257 (Total Hires Rank #2)
Top Employers: JPMorgan Chase, Guggenheim Partners
Advantage: Stern School of Business highly favored, prime location
NYU ranks second in the number of investment banking analysts in the U.S., behind only Penn. According to WSO's latest statistics, NYU tops the list of Wall Street's most favored universities, receiving strong interest from both bulge bracket and boutique investment banks.
Source: WSO
NYU's Stern School of Business is adjacent to Wall Street, within walking distance of Goldman Sachs' headquarters, offering unparalleled internship resources. Its top-ranked undergraduate and MBA business programs are globally recognized; the latest MBA graduating class had a median salary of $175,000, surpassing some Ivy League peer programs.
Source: NYU Stern
University of Michigan, Ann Arbor
2025 U.S. News National University Ranking: 21
Number of Hires: 213 (Total Hires Rank #4)
Top Employers: Jefferies, PJT Partners
Advantage: A model of public university comeback, a strong Midwestern finance school
University of Michigan's Ross School of Business ranks #9 in U.S. News undergraduate business programs nationally, with finance, accounting, and other majors all in the top ten. It is a widely recognized core target school for Wall Street investment banks.
Source: U.S. News
Although located in a small Midwestern city, its close ties to the Chicago financial circle provide students with abundant internship opportunities. According to BBA employment data published by the Ross School, 45.6% of undergraduate graduates enter the financial industry, with 25.4% joining investment banks, working at top firms such as JPMorgan Chase, Goldman Sachs, and Citigroup.
Source: UMichigan
University of Chicago
2025 U.S. News National University Ranking: 11
Number of Hires: 175 (Total Hires Rank #6)
Top Employers: Morgan Stanley, Credit Suisse
Advantage: Top-tier for quantitative finance, located in a major global financial center
Chicago is a major global financial hub, the second-largest commercial center in the U.S., and home to the world's largest derivatives exchange. Numerous Fortune 500 company headquarters are located here, providing UChicago students with abundant employment and internship resources.
UChicago's standing in finance and consulting is very high, with a powerful alumni network. It has a stable employment rate in investment banking and strong momentum in private equity.
Source: U.S. News
UChicago's Booth School of Business is globally renowned and a key member of the elite M7 group. Investment banks such as Goldman Sachs, JPMorgan Chase, and Citigroup all recruit its graduates and build talent pipelines through internships.
Source: UChicago
University of Virginia
2025 U.S. News National University Ranking: 24
Number of Hires: 122 (Total Hires Rank #13)
Top Employers: Jefferies, Guggenheim Partners
Advantage: Southeastern public flagship, alumni network covering East Coast boutique investment banks
The University of Virginia, located in Charlottesville, maintains close ties with Wall Street through convenient transportation and a strong alumni network. The McIntire School of Commerce and Darden School of Business consistently rank among the best for public universities, both cultivating a large number of business leaders with practical skills.
Source: U.S. News
The Darden School's MBA employment report shows that 26% of graduates enter the financial services sector, with particularly strong performance in investment banking. Citigroup, Morgan Stanley, Bank of America, and other top investment banks actively recruit talent from the school, fully demonstrating its robust competitiveness.
Source: UVA
Taking school size into account, College Transitions also produced a second list highlighting institutions with small enrollment but strong placement power.
Universities with the Highest Proportion of Alumni Hired by Wall Street Investment Banks
In the adjusted list, the proportion of "small yet elite" liberal arts colleges rises, highlighting their caliber.
Rise of Dark Horse Niche Institutions
Williams College
2025 U.S. News Liberal Arts Colleges Ranking: 1
Number of Hires: 48 (Alumni Proportion Rank #5)
Top Employers: Guggenheim Partners, Barclays
Advantage: Top liberal arts college, dense investment banking resources, strong alumni network
Williams College is a prestigious private liberal arts college and the #1 liberal arts college in the U.S. The fact that 48 graduates out of fewer than 1,000 entered top investment banks clearly demonstrates its popularity in investment banking recruitment.
Source: U.S. News
In terms of salary, Williams graduates earn an average early career salary of $85,000, higher than peers from Northwestern University and UCLA, and a mid-career salary of $173,000, ranking among the top 20 nationally. Its employment strength rivals that of Top 30 universities.
Source: PayScale
Claremont McKenna College
2025 U.S. News Liberal Arts Colleges Ranking: 8
Number of Hires: 22 (Alumni Proportion Rank #12)
Top Employers: Citigroup, Moelis & Company
Advantage: Concentrated investment banking resources among West Coast liberal arts colleges
Claremont McKenna College is a small, private liberal arts college in California, known for its small size and highly selective admissions process. Its graduates earn an average early career salary of $87,000 and a mid-career salary of $176,000, second only to Harvard, with impressive employment outcomes.
Source: PayScale
Although only 22 graduates entered top investment banks, considering the school admits fewer than 1,000 students annually, its investment banking employment proportion is quite outstanding. According to the college's latest employment report, approximately one-third of students work in accounting and financial services industries.
Source: Claremont McKenna College
Aspiring to break into Wall Street investment banking? The Ivy League is by no means the only path! Many private universities, public universities, and liberal arts colleges also offer strong competitiveness. Identifying target schools can help you secure better financial career opportunities.
Of course, rather than obsessing over the target school label, choosing a university that fits your personal development and planning your academic and professional career strategically is a more pragmatic way to knock on the doors of investment banks. Remember, investment banks ultimately hire the individual, not the school.
CheersYou（清柚教育） wishes everyone success in both education and career pursuits.
