The Ultimate List of Investment Banking Target Schools in 2025

Want to land a six-figure job on Wall Street? Discover the top investment banking target schools in 2025 where Goldman Sachs, JPMorgan, and Morgan Stanley actively recruit top talent! In the financial industry, investment banks have long drawn young, ambitious talent due to their high wages, prestigious culture, and significant impact on the international economy. Wall Street titans love investment banking target schools, which are like golden doors to the financial world.

The school you attend has a big impact on where you start in the banking profession. What specifically are investment banks focusing on when it comes to schools? For what reason do they hold such significance? Let’s examine investment banking target schools in more detail today, learning about their training programs, educational philosophies, and areas of expertise with financial giants.

Table of Contents

What are Target Schools?

The term “Target Schools” has garnered a lot of interest in the finance industry, especially in the area of investment banking. Target schools for finance are those that leading investment banks, financial institutions, or consulting businesses choose. For long-term collaborative partnerships, these businesses select particular institutions based on a variety of criteria, including academic standing, student caliber, alumni connections, and previous hiring experiences.

Financial firms consider a number of characteristics, including location, alumni network, student quality, and academic reputation, when selecting a target school. Due to its close proximity to Wall Street, extensive academic background in finance, and robust alumni network, the New York University Stern School of Business, for example, is a top choice for investment banks.

Additionally, investment banking has focused on recruiting from Ivy League universities like Harvard University and the University of Pennsylvania (Wharton), which are known for their stellar academic records and wide-ranging alumni networks.

Types of Target Schools for Investment Banking

Investment banks categorize universities based on their recruitment focus. The three main types of target schools are:

1. Bulge Bracket Target Schools: These are elite universities where major investment banks like Goldman Sachs, JPMorgan, and Morgan Stanley conduct on-campus recruiting. Students from these schools have high placement rates in front-office roles such as M&A, sales & trading, and private equity.

2. Elite Boutique Target Schools: These schools are highly sought-after by elite boutique investment banks like Evercore, Lazard, Moelis & Co., and Centerview Partners. They have strong finance programs and produce top quantitative and M&A talent.

3. Semi-Target Schools: Semi-target schools still provide access to investment banking, but students must network more aggressively to land top roles. While some banks recruit here, competition is higher.

Why Target Schools Matter for Investment Banking

Target schools play a crucial role in determining your chances of landing a job at a top investment bank. Here’s why:

Direct Access to On-Campus Recruitment: Major investment banks actively recruit from target schools, hosting on-campus events, networking sessions, and interviews. Students at these schools have a higher chance of securing internships and full-time offers compared to non-target candidates.
Strong Alumni Networks: Target schools have well-connected alumni who hold senior positions at firms like Goldman Sachs, JPMorgan, and Morgan Stanley. These alumni often mentor students, provide referrals, and help with internal recommendations during hiring seasons.
Better Internship & Job Placement: Since banks prioritize candidates from target schools, students here enjoy a higher success rate in securing prestigious internships and analyst roles, which are critical for long-term finance careers.
Investment Banking-Focused Curriculum: Top finance schools like Wharton (UPenn) and NYU Stern offer specialized courses in M&A, financial modeling, and trading, giving students a competitive edge.
Competitive Advantage Over Non-Target Students: While non-target students must rely heavily on networking, cold emails, and off-cycle hiring, target school students automatically receive interview invitations from top firms.

List of target schools for investment banking

The greatest investment banks in the world have highly regarded the universities listed below, and they provide students with a golden ticket to a career in investment banking because of their stellar academic reputation, robust financial curriculum, and abundance of industry resources.

1. 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%)

2. 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%)

3. 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%)

4. 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%)

5. 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%)

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. 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%)

8. 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%)

9. 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%)

10. 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%)

11. 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%)

12. 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%)

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

Schools that enroll a certain number of students annually in investment banks but have a relatively small recruitment number are considered semi-target schools for investment banking. Semi-target schools, as opposed to “target schools,” may run recruitment drives that focus on particular courses or regional investment bank divisions.

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

It is much less likely that students from these lower semi-target schools will pursue careers in 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 for Funding the Lists of Target Schools

Peak Frameworks provided these lists. Big data analysis is the basis of Peak Frameworks’ technique for assessing investment banking target schools, which evaluates their success in the investment banking industry in a methodical manner. Its methodology provides a more thorough and scientific reference base for recruiters and students by considering employment efficiency in addition to school size and influence. The following provides a thorough overview of its methodology:

1. Data source and sample range: The data used by Peak Frameworks, which is sourced from LinkedIn, covers the backgrounds of analysts employed by leading US investment banks from 2008 to 2023. Among them are prestigious investment institutions like J.P. Morgan, Morgan Stanley, and Goldman Sachs.

2. Main evaluation indicators: The following two fundamental indicators are used to determine the ranking:

Total Hires: The overall size of the school and its impact in the investment banking industry is indicated by the total number of analysts each school has sent to the leading US investment banks during the previous 15 years.
Undergrad Placement (%): A measure of how simple it is for students to enter the investment banking industry, it is calculated as “total recruitment/total undergraduate population.”

3. Method of weighted computation: Since it is a better indicator of the school’s entire resources and alumni network, total recruitment accounts for two-thirds of the weight. The employment rate for undergraduates in investment banking makes up one-third of the weight, which is used to gauge how effective the institution is.

4. Classification of target institutions: Schools are categorized into the following groups based on the ranking results:

Target Schools: The best investment banks are those that hire the most people and reach the greatest number of individuals. These institutions frequently boast robust alumni networks and an abundance of extracurricular activities pertaining to finance.
Semi-Targets: Schools that have a certain number of students pursuing careers in investment banking, but may not be fully represented and are more prevalent in particular investment banks or geographical areas.
Lower Semi-Targets: Few students enroll in investment banking each year, and it frequently requires strong personal skills.
Non-Targets: There is a lower likelihood of admission to the top investment banks for schools that are not ranked.

5. Other important indicators: Peak Frameworks takes into account the following additional data in addition to the two primary metrics mentioned above:

Elite Firm Hires: Individuals who work for leading investment firms, such as Morgan Stanley and Goldman Sachs.
Elite Boutique (%): The percentage of students enrolled in the best boutique investment banks.
Presence: When at least two students work for an investment bank, it indicates that the school is represented among several investment banks.

What is the Rationale Behind Selecting Financing Target Schools?

Selecting investment banking target schools makes sense if you wish to work for a prestigious financial company. When it comes to job applications, target schools frequently benefit from a range of school recruitment activities, preferential recruitment channels, specialized online application channels, and additional interview possibilities. The primary justifications for selecting these institutions are as follows:

1. More Employment Opportunities

At targeted schools, investment banks usually concentrate on on-campus recruiting initiatives such as information sessions, job fairs, and specific resume drop-off locations. By giving students firsthand experience in investment banking, these events raise the possibility of internships and full-time employment.

2. More Interview Opportunities

Students who apply to target schools for investment banking employment usually receive more interviews than the average applicant. These pupils are thought to have a 70% higher chance than the typical applicant of landing an interview. The reason for this is that investment banks put a great deal of faith in the caliber of students who attend these institutions. Top financial colleges make up the majority of these finance target schools.

3. Strong Alumni Network

Investment banking target schools typically have a high proportion of their alumni employed in the industry, which offers present students a multitude of resources. Students can more easily receive career guidance, internship possibilities, and insider knowledge through alumni relations.

4. Quality Education Resources and Courses

Top-notch educational resources and programs in subjects like business, economics, and finance are frequently found in target schools for finance. These courses offer a multitude of practical experiences, including case studies, simulated trading, and internship programs, in addition to covering the necessary knowledge of investment banking.

5. Geographical Advantage

There are greater internship and job chances for students at many of the investment banking target schools because they are situated in major cities or financial hubs. New York University (NYU), for instance, is situated in New York City. Students can more easily access the financial industry’s resources thanks to these geographic advantages.

6. High Recognition

It is frequently easier for students from target colleges to receive industry recognition when they apply for jobs. These reputable finance colleges are highly ranked in the industry, and their graduates are more competitive when it comes to finding work.

Frequently Asked Questions about Investment Banking Target Schools

1. Can someone without a degree in finance get a job in investment banking?
Yes! While a finance degree helps, many successful investment bankers come from backgrounds in economics, engineering, mathematics, or even liberal arts. Strong technical skills, networking, and relevant internships matter more than your major.

2. What is the difference between bulge bracket, elite boutique, and middle-market banks?

Bulge Bracket Banks (e.g., Goldman Sachs, JPMorgan) handle large, global deals.
Elite Boutique Banks (e.g., Evercore, Lazard) focus on high-value M&A transactions.
Middle-Market Banks (e.g., Houlihan Lokey, Jefferies) specialize in mid-sized deals and often have strong industry-specific expertise.

3. Does an MBA from a non-target school help in getting into investment banking?
It depends. Top MBA programs (e.g., Harvard, Wharton, Stanford) have strong IB recruitment, while non-target MBAs require aggressive networking and relevant experience to break in.

4. Are Ivy League schools the only target schools for investment banking?
No! While Ivy League schools dominate, non-Ivy target schools like MIT, NYU Stern, and the University of Chicago also have excellent investment banking placement.

5. How important are extracurricular activities for investment banking recruitment?
Very important! Banks prefer candidates with leadership experience in finance clubs, investment societies, and case competitions, as these demonstrate a strong interest in finance and teamwork skills.

To sum up, you will start from a much higher place if you choose your investment banking target schools. It is simpler to get into the best investment banks here thanks to the extensive campus recruitment activities and alumni resources, in addition to the cutting-edge financial knowledge and real-world experience you can gain. These educational institutions provide a conduit to Wall Street.

However, success is not guaranteed just because you got into the investment banking target schools. Your teamwork, communication, and professional abilities will all need to be continuously improved in these competitive settings. By actively utilizing school resources, you must also engage in activities, internships, and career development initiatives. In the intense competition, you can differentiate yourself by doing this.