Traditionally, Ivy League schools have long been the core target schools for top investment banks, thanks to their outstanding academic reputations and vast alumni networks.
However, recent data show that this landscape is quietly shifting. Universities like New York University, the University of Michigan, and Williams College are becoming new darlings of investment banks, leveraging their professional strengths, geographic advantages, or distinctive educational models.
What Are the Advantages of Target Schools?
Exclusive Online Application Channels
Top firms like investment banks regularly send teams to participate in school career fairs for recruitment presentations. After these events, students can submit their resumes through the school's internal website, with each school having its own deadline.
Higher Interview Chances
Investment banks and other prestigious firms typically decide in advance how many interview slots to allocate to each school. After submitting resumes, students from target schools have a higher chance of getting responses and interview opportunities.
More Networking Opportunities
Target schools boast strong 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 pre-interview dinners the night before the first interview, allowing them to get to know candidates in an informal setting and answer their questions.
College Transitions analyzed the undergraduate backgrounds of nearly 10,500 entry-level investment banking analysts at 16 of the most prestigious U.S. investment banks, based on publicly available data from over 200 million LinkedIn employees.
*The 16 top investment banks include: Goldman Sachs, Citigroup, J.P. Morgan, Bank of America, Bank of America Merrill Lynch, UBS, Morgan Stanley, Credit Suisse, Barclays, Evercore, Greenhill, Jefferies, Lazard, Moelis, Centerview, and Perella Weinberg
Who are the latest favorites of investment banks? CheersYou（清柚教育） takes you on a deep dive.
The Ivy League Shines On
The Ivy League's alumni resources and brand effect still hold irreplaceable advantages. In the ranking of total hires by top investment banks, all eight Ivy League schools are in the top 30. Four made the top 10: Cornell University (#3), Columbia University (#4), Harvard University (#6), and the University of Pennsylvania (#9).
Universities with the Most Hires at Top Investment Banks
Columbia University
2026 U.S. News National University Ranking 15
Hired: 259 (Total Hires Ranking #4)
Top Employers: Morgan Stanley, Goldman Sachs
Advantage: New York City location + high finance reputation, intensive internship opportunities
As the only Ivy League school in New York City, Columbia enjoys unparalleled status and opportunities, with a stellar reputation among top financial institutions. Columbia boasts an extremely high elite corporate employment rate, feeding a large number of graduates to Goldman Sachs, Citigroup, J.P. Morgan, and Morgan Stanley every year, making it a vital talent source for Wall Street.
Source: Peak Frameworks
Columbia also houses a world-renowned top-tier business school, holding a pivotal position in the investment banking sector. It once sent a record 115 MBA students to intern at 23 different investment banks in a single year. This deep integration of region and industry makes Columbia a well-deserved target school for Wall Street investment banks.
Source: Columbia
University of Pennsylvania
2026 U.S. News National University Ranking 7
Hired: 190 (Total Hires Ranking #9)
Top Employers: Morgan Stanley, Goldman Sachs
Advantage: Foremost tier-1 target school for investment banking, alumni network spanning Wall Street
University of Pennsylvania graduates have topped the hiring lists of Goldman Sachs, Morgan Stanley, and other investment banks for consecutive years. In U.S. News undergraduate business rankings, Penn is ranked #1 nationally, home to the nation's premier business school of international academic renown—the Wharton School.
Source: US News
According to the latest official data, financial services and consulting are the most popular career paths for Penn graduates. Within specific segments, investment banking and brokerage are the most concentrated, accounting for over 20% of the 2025 employment destinations. It's no exaggeration to call Penn a "golden springboard" to investment banking.
Source: UPenn
Classic Non-Ivy Schools Still Hold Their Ground
Classic non-Ivy schools also occupy unique positions in the investment banking arena. From employment data, these universities shine in metrics such as investment banking job placement rates and average starting salaries.
New York University
2026 U.S. News National University Ranking 32
Hired: 386 (Total Hires Ranking #1)
Top Employers: Morgan Stanley, J.P. Morgan
Advantage: Stern School of Business highly favored, prime geographic location
NYU has leaped to first place in the ranking of U.S. investment banking analyst numbers, surpassing a host of Ivy League schools. According to the latest WSO statistics, NYU tops the list of Wall Street's most beloved universities, equally favored by both bulge bracket and elite boutique 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-tier undergraduate and MBA business programs are globally renowned; the latest MBA graduate class had a median salary of $175,000, surpassing similar programs at some Ivy League schools.
Source: NYU Stern
University of Michigan–Ann Arbor
2025 U.S. News National University Ranking 20
Hired: 296 (Total Hires Ranking #2)
Top Employers: Morgan Stanley, J.P. Morgan
Advantage: A model of public university counterattack, a Midwestern finance powerhouse
Michigan's Ross School of Business consistently ranks among the top in U.S. News business school rankings, with finance and accounting programs in the top ten nationally. It is widely recognized as a core target school for investment banking.
Source: US News
Despite its location in a small Midwestern city, its close ties with the Chicago financial circle provide students with ample internship opportunities. According to Ross's BBA employment data, 45.6% of undergraduate graduates enter the finance industry, and 27.6% go into investment banking, working at top firms like J.P. Morgan, Goldman Sachs, and Evercore.
Source: UMich
University of California, Berkeley
2026 U.S. News National University Ranking 26
Hired: 233 (Total Hires Ranking #5)
Top Employers: Morgan Stanley, Goldman Sachs
Advantage: West Coast top public university, prominent advantage in tech finance
Located in the San Francisco Bay Area, adjacent to Silicon Valley, UC Berkeley leverages its unique geography and industrial environment to maintain close ties with tech companies and West Coast financial institutions.
The Haas School of Business has long been a leader in global business education, with both undergraduate and MBA programs cultivating a large number of interdisciplinary talents equipped with both finance and technology backgrounds.
Source: US News
Haas's MFE program sees 31% of its graduates entering investment banking. Goldman Sachs, Morgan Stanley, UBS, and other top investment banks actively recruit from this talent pool, fully demonstrating its strong competitiveness.
Source: UCB
University of Chicago
2026 U.S. News National University Ranking 6
Hired: 188 (Total Hires Ranking #10)
Top Employers: J.P. Morgan, Goldman Sachs
Advantage: A top destination for quantitative finance, located in a major global financial center
Chicago is a major global financial center, the second-largest commercial hub in the U.S., and home to the world's largest derivatives exchange. Numerous Fortune 500 companies have their headquarters here, providing University of Chicago students with abundant employment and internship resources.
UChicago holds a very high standing in finance and consulting, with a powerful alumni network. It not only boasts a stable employment rate in investment banking but also shows strong momentum in private equity.
Source: US News
The University of Chicago Booth School of Business is globally renowned, a key member of the elite M7 business schools. Investment banks such as Goldman Sachs, J.P. Morgan, and Citigroup have a certain intake of its graduates and also build their talent pipeline through internship positions.
Source: UChicago
Dark Horse Niche Institutions on the Rise
Taking school size into account, College Transitions also produced a second ranking, highlighting schools that may have small enrollments but strong placement power.
Universities with the Highest Proportion of Alumni Hired at Top Investment Banks
In the adjusted ranking, the proportion of "small but elite" liberal arts colleges has risen, underscoring their value.
Claremont McKenna College
2026 U.S. News Liberal Arts Colleges Ranking 7
Hired: 28 (Alumni Proportion Ranking #8)
Top Employers: Goldman Sachs, Bank of America Merrill Lynch
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 rigorous admissions process. Its graduates have a strong employment track record, with an average early career salary of $80,000.
Source: CMC
Although only 28 graduates are at top investment banks, considering the college admits fewer than 1,000 students per year, its investment banking placement rate is quite impressive. According to the college's latest employment report, about one-third of graduates work in accounting and financial services.
Source: CMC
Williams College
2026 U.S. News Liberal Arts Colleges Ranking 1
Hired: 39 (Alumni Proportion Ranking #11)
Top Employers: Goldman Sachs, J.P. Morgan
Advantage: Premier liberal arts college, rich investment banking resources, strong alumni network
Williams College is a prestigious elite private liberal arts college, ranked #1 nationally among liberal arts colleges. For a small institution, having 39 alumni in top investment banks speaks volumes about its popularity in investment banking recruiting.
Source: US News
In terms of salary, Williams graduates earn an average early career salary of $85,000, with mid-career pay reaching $173,000—employment strength comparable to top-30 national universities.
Source: PayScale
Want to break into top investment banks? The Ivy League is by no means the only path! Many private universities, public universities, and liberal arts colleges also have strong competitiveness. Identifying the right target schools can help you grasp higher-quality financial employment opportunities.
Of course, rather than fixating on the target school label, choosing a school that suits your own development and planning your academic and career path wisely is a more pragmatic choice for opening the doors to investment banking. Remember, investment banks ultimately hire the person, not just the school.
CheersYou（清柚教育） wishes everyone success in both education and career pursuits.
