When talking about high-finance careers such as Investment Banking, where you choose to spend your four years of undergrad plays a substantial role in your odds of breaking into such a competitive field. People in finance often categorize schools into three tiers: Target, Semi-Target, and Non-Target. These labels refer to the prestige and reputation these schools carry on Wall Street, as well as your likelihood of landing a high-finance job through your school.
Target schools offer many advantages beyond just brand recognition. Programs like Wharton come with a powerful name and prestige, but the real differentiator is the network. Students at target schools benefit from a strong alumni presence at every major bank. These alumni are often the ones who will coffee chat with you, pull for you, and refer you to HR—getting you into that all-important first-round interview.
Each bank is heavily populated with alumni from target schools, giving students from these institutions a major leg up over those from non-targets. Other factors, such as location and size, also affect a school’s target status.
Below is a breakdown of the schools in each category:
Target Schools
Tier 1: UPenn, Harvard, Yale, NYU, University of Michigan, Columbia, Georgetown
UPenn:
UPenn is widely considered the #1 school for placement into top-tier bulge bracket and elite boutique investment banks. Its alumni network is massive, and most banks reserve specific interview slots for UPenn students. On-campus recruiting (OCR) is extensive, giving students all the tools to secure investment banking internships. Wharton, UPenn’s business school, produces the majority of bankers, though economics majors also see strong placement.
Harvard, Yale, Columbia, Cornell, Georgetown, NYU:
These schools offer strong placement into investment banking, backed by powerful alumni networks, OCR, and prestige. A key note about Cornell: students in the Dyson School (Cornell’s business school) have significantly stronger placement than other Cornell colleges. NYU—specifically Stern—has a more competitive culture, as many students are heavily focused on breaking into IB.
Michigan (Ross):
Ross is an outstanding program with a huge alumni network and strong brand recognition. However, to break into IB, it’s almost essential to join one of Michigan’s top finance clubs: MII, GIC, MIBC, AIC, or a business fraternity. These clubs are competitive but dramatically increase your chances of landing interviews.
Tier 2: Notre Dame, UVA, UT Austin, Duke, Berkeley
Notre Dame, Duke, Berkeley:
These schools have similar placement rates, but geography can affect where students land jobs. Notre Dame sends many students to NYC but also has strong placement in Chicago due to its Midwest location. Duke grads often go to NYC or Charlotte, while Berkeley students commonly end up in San Francisco or other West Coast offices.
UVA, UT Austin:
Both schools are excellent and can place students into top banks, but participation in elite finance clubs is essential.
At UVA, top clubs include MII, AIF, and business fraternities, as well as smaller clubs like VVF, GMG, and SWS.
At UT Austin, the key clubs are WSFM and IBA—both highly competitive and crucial for top-tier recruiting.
Semi-Target Schools
USC, Indiana University, Boston College, UCLA, Emory
These schools all offer solid placement and strong alumni networks. While not quite on par with target schools, they still provide excellent opportunities—with a bit more hustle required.
- USC and UCLA tend to place more students in San Francisco or West Coast offices, although many still make it to NYC.
- Indiana University (Kelley) is unique. Placement into investment banking is largely driven by its Investment Banking Workshop. Admission to the workshop is extremely competitive and involves a rigorous interview process—but if you get in, your chances rival those of students at top target schools.
- Boston College and Emory are fairly even in placement. BC has a slight edge in East Coast recruiting, while Emory places well in the South in addition to NYC.
