Getting into investment banking is extremely competitive, so going to a target school gives students a huge advantage. Top US schools like Harvard, Wharton, MIT Sloan are favored, as are prestigious business schools like NYU Stern and UMich Ross. Schools in Canada and UK also have their own target lists that major banks recruit from. Knowing whether your school is a target for investment banks is crucial, as it impacts your chances of getting interviews and job offers. This article will analyze the key target schools in different regions that global investment banks heavily recruit from.
Ivy League schools and top US universities are heavily targeted by investment banks
The US investment banks target list is full of big brand-name universities. The top 30 schools ranked by US News are almost all included as targets. The Ivy League schools stand out as top targets that banks heavily focus on. In addition to common elite universities like Harvard, Wharton, MIT and Columbia, the list also features prestigious undergraduate business programs such as NYU Stern and UMich Ross business school. These send a steady stream of strong talent into investment banking every year through extensive on-campus recruiting.
Beyond universities with established business programs, some lesser-known liberal arts colleges also make the target list due to geographic proximity or influential alumni at banks. For example, Hamilton College is relatively unknown but happens to be the alma mater of Goldman Sachs CEO David Solomon, giving it an edge for investment banking placements.
Getting into Canadian investment banks relies heavily on target school status
The Canadian investment banking market is much smaller than in the US, with transaction sizes around one tenth of American banks. So networking and target school status becomes even more important for students looking to break in. The top Canadian target schools that have sent 30+ students to investment banking over 2016-2021 include Ivey Business School, Queens University, University of Toronto, McGill University and University of British Columbia according to data gathered on Wall Street Oasis.
In particular, Ivey and Queens are viewed as the only true “target” business undergrad programs in Canada. They have massive recruiting relationships with Toronto investment banks and US banks’ Canadian offices, hosting dedicated on-campus interview sessions. Students at non-target schools will have a much harder time getting interviews with Canadian banks.
Oxbridge, LSE and top UK universities have exclusive Spring Week programs
For UK investment banking, Oxbridge, UCL, LSE, Warwick and Imperial College are considered the main target universities in undergrad recruiting. At the graduate level, Oxford, Cambridge, LSE and London Business School are the clear targets according to posters on Wall Street Oasis. The ultra competitive nature of UK banking means that even students at these target schools face difficulties, with estimated application-to-job ratios around 150:1 at top London banks.
However, one advantage is the Spring Week program, which is exclusive 3-day to 2 week pre-internship open only to freshman and sophomore students at target UK schools. These early access schemes at various investment banks, consulting firms, asset managers and hedge funds serve as a fast track to full-time offers. So researching whether your university offers Spring Week schemes with financial firms is important.
Major Chinese universities and Hong Kong schools heavily supply talent to Asia investment banks
For overseas students looking to work in Hong Kong or China investment banking, local target schools carry the most weight. Banks with Hong Kong presence favor HKUST, CUHK, HKU and CityU graduates. Goldman Sachs specifically skews overwhelmingly towards recruits from Tsinghua University and Peking University.
Chinese investment banks also cherry pick students from this list of top mainland universities. As Shanghai and Beijing grow into Asia finance hubs, global banks have shifted priorities away from Hong Kong office toward establishing China presence and recruiting local graduates.
Getting into investment banking relies heavily on target school status across different countries. Top US universities, elite Canadian business programs, certain UK schools with special Spring Week access, and highly ranked Chinese universities form core target lists that banks focus their recruiting efforts on. Knowing whether your university gives this advantage is crucial.