You’ve probably heard the term “target schools” thrown around in the investment banking world and may feel like it’s some kind of an exclusive club. Well, that's not the case.
In this article, we’ll explore what these target schools are, which are in our top 10 list, and how you can succeed no matter where you’re starting from.
So you keep hearing about investment banking target schools. What’s the deal with that? Well, target schools are just universities investment banks focus on for recruiting. These schools have solid finance programs and a big alumni presence in the industry.
Not only do target schools send many students to these IB companies every year, but banks actively go there for hiring events, internships, and networking. Some of them even reserve a few spots each year for their students.
You must be thinking it’s like a shortcut to getting noticed. Pretty much. You have more access to opportunities if you’re at a target school. In the U.S., these schools are known for producing graduates who already understand the competitive finance world.
But there’s a catch! Target schools are about better access, but hard work still matters. If you are not a performing student, unwilling to make investment banking your passion, and lack the skills to succeed in this career line, being at a target school simply doesn't matter.
Alright, let’s cut to the chase. If you’re dreaming of Wall Street, certain schools are practically golden tickets. Of course, the Ivy League makes the list, but some non-Ivies are included in the mix as well. Ready to see which schools open doors to top investment banks? Let’s take a look at them.
1. University of Pennsylvania (Wharton)
With its rigorous finance curriculum, a vast alumni network, numerous internship opportunities, and Ivy League status, UPenn remains the gold standard for those looking to make their mark in investment banking.
Known as the ultimate feeder for Wall Street, Wharton, the business school of the University of Pennsylvania, places over 300 hires annually in elite investment banks. 50% of them are elite firm hires from Goldman Sachs, Morgan Stanley, and JPMorgan. Almost 3.33% of the school’s undergraduates eventually become a part of these top investment banks, too, which is 10 times more than any other school.
2. New York University (Stern)
If you dream of making it big on Wall Street, NYU Stern is your playground. Located in the middle of Manhattan, just steps from Wall Street, Stern offers unmatched access to internships, networking events, and job opportunities in investment banks. In fact, between 275-300 hires annually, the school places 1.02% of undergraduates into Goldman Sachs and J.P. Morgan, and 46% of their graduates are elite firm hires.
3. University of Michigan (Ross)
Each year, over 210 University of Michigan’s Ross School of Business graduates land roles at top-tier investment banks, which makes it a favorite for these firms looking for well-rounded, highly skilled professionals. With stellar career support and collaborative culture, Ross sets you up for success in the competitive finance world.
Of 34% of elite firm hires, Michigan consistently sends 14% to Citi and 12% to Moelis & Co. However, you’ll find Michigan alumni wherever you work on Wall Street.
4. The University of Texas at Austin (McCombs)
At the University of Texas at Austin’s McCombs School of Business, breaking into investment banking is more than possible—it’s a tradition, and your path to a thriving banking career starts here. 200+ undergraduates and graduates secure top banking roles annually because McCombs blends world-class finance education with unparalleled alumni support.
Evercore and Moelis have lasting business relations with UT Austin, and that’s the reason why, out of 43% of total elite hires, 29% of their students are placed in these two firms.
5. Cornell University (Dyson)
Cornell’s highly regarded Ivy League school, Dyson, sees around 175 placements in top-tier investment banks every year. 44% of these placements are elite hires, with a major portion going to J.P. Morgan and Citi.
6. University of California, Berkeley (Haas)
UC Berkeley’s Haas School of Business location near Silicon Valley adds an entrepreneurial edge to its finance program. The school has a strong track record of placing about 170 students annually in investment banking firms.
Haas offers multiple of finance-related programs, including the Haas Sustainable Investment Fund, the Haas Impact Fund, and the Impact Investing Practicum. These 2-year undergraduate school programs are highly appreciated and respected by the Bank of America, Goldman Sachs, J.P. Morgan, and Morgan Stanley. Almost 53% of students make their way into these IB companies, and these firms, too, consider Berkeley to be one of the top hiring schools in San Francisco.
7. Georgetown University (McDonough)
With around 150-175 placements per year, Georgetown’s McDonough School of Business stands out for its strong Washington D.C. ties and a growing presence on Wall Street’s top investment banks. Even though the school is not an Ivy League, they still manage to place 40% of the most hires into Goldman Sachs, Credit Suisse, and Morgan Stanley.
8. Harvard University
As a top Ivy League, Harvard places about 160 students in many top-tier investment banks. Its prestigious reputation and vast alumni network keep it firmly in the target school category. Out of the total, 2.29% are undergraduate placements, and 58% are elite firm hires.
9. Columbia University
Columbia University, ranking 9 on our list, sends between 140-145 students to top investment banks each year. Its location in New York City gives students unparalleled access to internships, networking events, and recruitment opportunities from the likes of Goldman Sachs, Citi, J.P. Morgan, and Morgan Stanley. With an excellent 1.76% undergraduate placement, the other 59% end up at these coveted firms.
10. University of Notre Dame (Mendoza)
Notre Dame’s Mendoza College of Business places around 135-140 graduates annually into investment banking with an impressive 1.5% undergraduate placement and 43% elite hire rate. Known for its strong alumni network and focus on ethical leadership, this target school prepares students for long-term success in finance.
If you are not studying at a target school, and it feels like the odds are stacked against you, landing a job in investment banking roles seems tough but not impossible.
Here’s the play:
Start by aiming smaller. Big names like Goldman Sachs might not be knocking just yet, but regional banks or boutique firms can be great stepping stones.
These small companies don't care as much about where you've graduated and give you hands-on experience as long as you are willing to show your true worth with hard work.
Next, let’s talk about networking—this is your secret weapon. Hit up alums, friends, or even friends of friends. Shoot them a quick LinkedIn message or email—something casual but professional, too. It's better not to just ask for a job but for advice or insight over a coffee chat. People love talking about themselves, so that's your way in!
While you’re at it, build your story. Get long internships, join finance clubs, and maybe even take a few extra courses on platforms like Coursera. Show the recruiters you’re hungry for more.
Finally, crush your interviews. Prepare like your life depends on it. They’ll see your drive, which can be more impressive than a fancy school name.
Alright, let’s be real—investment banking interviews can be intense. Technical questions, brain-teasers, behavioral stuff… it’s a lot. If you really want to stand out, working with a coach is a game-changer.
A good coach is not someone who knows the process—they’ve been through it or helped others crush it. They’ll tailor your prep, spot your blind spots, and make sure you’re interview-ready. Imagine having someone who drills you on those tricky valuation questions or helps you tighten up your “Why investment banking?” answer. That’s a coach for you.
The best part? Coaches keep you accountable. It’s easy to think, “I’ll figure it out later,” but they’ll push you to stay on track. Also, they know what investment banking giants are looking for, so they help you tweak your answers to sound polished but still you.
Oh, and don’t forget mock interviews! Practicing under pressure with someone who gives honest feedback is invaluable. Again, a dedicated coach is of great help here to practice such interviews.
By the time your real interview rolls around, you’ll feel like you’ve been there, and this will surely build your confidence.
Alright, let’s break it down. Target schools are universities where investment banks heavily recruit. Think Ivy League or top business schools. Being at one definitely gives you an edge — on-campus events, direct access to recruiters, and alumni connections.
BUT (and it’s a big “but”), not being at a target school doesn’t mean it's game over. It just means you’ll have to work harder than others. Focus on networking, nailing your story, and crushing your technicals.
Bottom line: Target school or not, investment banking is all about proving you’ve got the drive and skills. With thorough preparation and the will to succeed, we are sure you can do this!
