Investment Banking Target Schools: What They Are & Why They Matter
See which investment banking target schools actually lead to offers—and how to stand out if you’re not at one.
Posted July 30, 2025
Join a free event
Learn from top coaches and industry experts in live, interactive sessions you can join for free.
Table of Contents
Breaking into investment banking is hard, especially if you’re not at the “right” school. Whether you’ve just started college or you're already thinking about transfer options, you’ve probably heard the term investment banking target schools thrown around. But what actually makes a school a “target”? And does it really matter that much?
The short answer: yes. Where you go to school can open (or close) doors when it comes to landing interviews at firms like Goldman Sachs, Morgan Stanley, or Evercore. But most lists online are either outdated, overly broad, or written by people far removed from today’s recruiting landscape.
This guide fixes that. We combined actual placement data, recruiter insights, and a brutally honest Reddit thread to give you the clearest, most up-to-date look at which schools investment banks really target—and what to do if yours isn’t on the list.
Read: Investment Banking: What it Is & How it Works
What Are Investment Banking Target Schools—and Why Do They Matter?
Investment banking target schools are colleges and universities that receive the most attention from top investment banks during their recruiting process. These schools are considered "targets" because firms like Goldman Sachs, Morgan Stanley, and Bank of America Merrill Lynch invest heavily in sourcing candidates from them.
Here’s why they matter:
- On-campus recruiting - Students at target schools get access to exclusive first-round interviews, information sessions, and direct pipelines into internship programs.
- Alumni networks - Target schools have a dense concentration of successful alumni at elite firms, increasing your odds of referral and mentorship.
- High placement rates - The vast majority of front-office IB hires still come from a concentrated list of ~30 schools.
While students from non-target schools can and do break in, being at a target school significantly shortens the distance to your first IB offer, especially at top investment banks or Wall Street offices.
Read: What Do Investment Banks Actually Do?
Target School Tiers (Backed by Data + Real Analysts)
This list synthesizes recruiter access, placement volume, and insights from IB professionals. It’s split into seven tiers, reflecting how investment banks prioritize universities.
| Tier | Definition | Representative Schools | Recruiting Characteristics |
|---|---|---|---|
| Tier 1 Ultra-Target Schools | Elite financial institutions with the highest IB placement rates. The vast majority of students interested in IB land offers at top investment banks or elite firms. | - Harvard University - UPenn (Wharton) - Stanford - MIT | - Direct pipelines to bulge brackets and buyside firms - Preferred for Wall Street and NYC offices - Strong alumni networks and on-campus recruiting |
| Tier 1.5 Top Target Schools | Nearly as strong as Tier 1, with slightly more internal competition or slightly fewer direct investment banking sector pipelines. | - UPenn (non-Wharton) - Columbia University - University of Chicago - Yale - Princeton - Dartmouth - Duke | - Consistent on-campus recruiting - Great access to consulting firms, hedge funds, and asset management - Placement skewed toward the East Coast |
| Tier 2 High Target Schools | Excellent IB access, especially for students in top-ranked business programs. More competitive internally. | - Cornell (Dyson, AEM) - NYU (Stern School) - UMich (Ross) - Georgetown University (McDonough) - Brown University - Northwestern | - Strong presence at bulge brackets - High volume of internship programs - Demonstrating student interest is key |
| Tier 2.5 Semi-Target Schools | Decent access, but placement depends more on GPA, networking, and select regional offices. | - Notre Dame (Mendoza) - UVA (McIntire) - UC Berkeley (Haas) - USC (Marshall) - Emory (Goizueta) - UT Austin (McCombs) | - Placement may vary by particular region - Strong internship pipelines - Fewer elite firm hires, but solid outcomes |
| Tier 3–4 Lower Semi-Target Schools | Lower volume of direct recruiting; often requires extra hustle, programs, or standout experience. | - Boston College (Carroll) - Vanderbilt - UNC (Kenan-Flagler) - Johns Hopkins - Rice - CMU (Tepper) - Indiana University (Kelley IB Workshop) - Brigham Young (Goldman Sachs pipeline) | - Best access via targeted pipelines (e.g., Kelley IB Workshop) - Often recruited for middle markets or non-NYC offices - Heavy emphasis on alumni outreach |
| Tier 5+ Other Schools with IB Placement | Not formal banking target schools, but placement is possible through networking, grit, and early internships. | - Penn State - Villanova - Wake Forest - UConn - Fordham - Liberal arts colleges: Williams, Amherst, Middlebury | - Minimal on-campus recruiting - Must leverage strong alumni networks - Liberal arts colleges often require a personalized recruiting strategy |
Ivy League Schools and Target Status
The Ivy League may scream prestige, but when it comes to investment banking target schools, not all Ivies pack the same punch. Recruiters don’t treat the Ivy League as a monolith—they prioritize based on deal flow, alumni influence, and historical placement data.
Here’s how it breaks down:
| School | Target Status | What Sets It Apart |
|---|---|---|
| Harvard University | Ultra-target | Unmatched brand + alumni at every elite firm. Strong access to both IB and buyside roles. |
| UPenn (Wharton) | Ultra-target | Often considered the #1 undergraduate business school for IB. Dominates in sheer placement volume. |
| Columbia University | Top target | Strong NYC location advantage. Top-tier access to Wall Street firms. |
| Princeton | Top target | Fewer finance majors, but powerful placement through alumni pull and brand prestige. |
| Yale | Top target (low volume) | Great outcomes for top candidates, but a smaller finance cohort means fewer seats. |
| Dartmouth | Top target (tight-knit) | Small class size, strong alumni networks. Excellent for NYC and boutique investment firms. |
| Cornell | High target | Solid placement, especially from Dyson/AEM. But large class size = fierce competition. |
| Brown | High target | Good placement for highly motivated students, but less structured finance pipeline. Self-starters do best. |
Tactical Advice from Bankers and Coaches
- Prestige ≠ placement. Internships, networking, and targeted preparation still carry more weight than the name on your diploma.
- Don’t rely on your school to carry you. Even at Harvard or Wharton, firms look for polish, preparation, and hustle.
- Use your alumni wisely. Ivy networks are powerful, but underutilized. Don’t just rely on OCR (on-campus recruiting)—start early with cold outreach and mock interviews.
Want help identifying which Ivy is best for your goals, or how to compete coming from one with limited IB volume? Talk to a top investment banking coach who’s placed at an Ivy League institution.
Tactical Strategies for Breaking into IB from a Non-Target School
You don’t need to transfer to land a role in investment banking, but you do need to outperform your circumstances. The recruiting process is stacked in favor of target school students, but with smart positioning and relentless execution, you can absolutely win offers from top investment banks. Here's how.
Build Finance Credibility on Campus
If your school doesn’t have a strong finance brand, you need to create one around yourself. Join an existing investment or finance club—or better yet, start one. Leading a student-run investment fund or hosting a speaker series with alumni in the finance industry can help position you as someone serious about the field. These experiences signal leadership, technical interest, and drive.
Get Real Experience—Fast
You can’t wait until junior year to get your first exposure. Find a part-time internship, even if it's at a local wealth management firm, search fund, or commercial banking office. Create a track record of real-world impact, no matter how scrappy. Recruiters care more about how early and consistently you’ve pursued finance internships than where they happened.
Master the Cold Outreach Game
Networking is your lifeline. Learn how to search for alumni on LinkedIn using job title + school filters. Target successful alumni at top investment banks who may remember what it’s like coming from a non-target school. Keep your cold messages concise, personalized, and respectful. Your goal: turn emails into informational interviews, and those into referrals.
Use Diversity and Early ID Programs to Your Advantage
Many elite firms offer early access to underrepresented or high-potential candidates through diversity programs and sophomore internships. These programs often come with mentorship, training, and fast-tracked interviews. If you qualify, these are one of the few “backdoors” into otherwise closed pipelines.
Don’t Overlook Boutiques and Middle Market Firms
If bulge brackets aren’t biting, start with boutique banks, middle market firms, or commercial banking internships that give you exposure to deals and clients. Many of the best IB analysts didn’t start at a bulge—they started somewhere smaller, built technical muscle, then lateraled into an elite firm or moved to private equity.
Final Thoughts: Your School Matters, But So Do You
Attending a top school makes IB recruiting easier—but grit, polish, and preparation matter just as much. Whether you’re at New York University, Georgetown, or a small liberal arts college, you can break into the investment banking sector with the right roadmap.
Want 1:1 help from former investment bankers who’ve sat on the other side of the table? Get matched with a coach here.
Read these next:
- How to Answer “Why This Firm?” and “Why Investment Banking?” in Interviews
- Investment Banking Analyst: What They Really Earn in 2025 - Job Description, Salary, and Lifestyle
- A Day in the Life of an Investment Banker: Role, Hours, & Responsibilities
- Investment Banking Interview Guide: What to Know
- The Best MBA Programs for Investment Banking
FAQs
Is York University a Target School for Investment Banking?
- In Canada, yes — in the U.S., no. York University (specifically the Schulich School of Business) is generally seen as a semi-target school for Canadian investment banks, particularly in Toronto. It has some alumni representation and structured recruiting from local firms. However, it’s not considered a target for U.S.-based top investment banks like Goldman Sachs or Morgan Stanley.
How do investment banking target schools differ by region (U.S. vs. Europe vs. Asia)?
- Target school classifications vary by region. In the U.S., Ivy League institutions and top business schools like Wharton and NYU's Stern are prominent. In Europe, universities such as the London School of Economics (LSE) and Oxford are considered targets, while in Asia, institutions like the University of Hong Kong and the National University of Singapore hold that status. These designations are influenced by regional recruiting practices and alumni networks.
What role do student finance clubs play in breaking into investment banking?
- Student-run finance and business clubs at elite universities have become critical gateways to Wall Street careers. These clubs offer early access to recruiters, exclusive networking opportunities, technical training, and experience managing real investment funds. Membership can fast-track students to coveted investment banking internships, essential for landing full-time positions post-graduation.
Is it possible to break into investment banking from a non-target school?
- Yes, while more challenging, breaking into investment banking from a non-target school is achievable. Success often requires proactive networking, securing relevant internships, and demonstrating strong technical skills. Building relationships with alumni and leveraging any available resources can also enhance prospects.
Are investment banks expanding their recruitment beyond traditional target schools?
- Yes, investment banks are broadening their recruitment strategies beyond elite universities. Firms like Goldman Sachs and Bank of America are now reaching out to a wider range of institutions, focusing on merit, skills, and overall potential rather than institutional prestige. This shift aims to promote diversity and inclusivity in hiring practices.
