The Best MBA Programs for Investment Banking
An overview of the best business schools for a career in investment banking, including sample courses and average salaries.
Posted December 13, 2024
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Investment banking is the division of a financial institution that serves other institutions, corporations, and governments. It provides many different services, including raising capital and providing merger and acquisition help, among others. Investment banks also act as intermediaries between investors and companies.
If you’re planning on pursuing a career in investment banking, business school is one route that will give you a major advantage over other candidates. An MBA in investment banking will offer you the coursework and connections necessary to secure internships and, eventually, land a role in your chosen career.
Here is a list of the five best MBA investment banking programs for those interested in pursuing a career in the business field.
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Key Takeaways:
- When starting a career in investment banking, pursuing an MBA is an important step to increase your chances of working at a top investment bank.
- The best MBA programs not only offer the coursework to prepare students for a career in investment banking, but also result in the highest percentage of IB graduates and salaries.
- MBA programs that best prepare students for investment banking jobs upon graduation also provide the practical, professional opportunities necessary to help future candidates stand out during the hiring process.
For an overview of the top banks, including both bulge bracket, boutique, and middle market banks, check out our comprehensive guide here: The Top 10 Investment Banks: By Size & Tier (2024)
How to Choose a Business School for Investment Banking
Choosing the right MBA program for a career in investment banking requires careful consideration of several key factors.
Reputation & Ranking
Top-tier schools with strong connections to Wall Street or major financial hubs are often preferred by leading investment banks, giving students a clear advantage in landing competitive internships and full-time roles. Ranking isn’t everything, but many top firms prefer to recruit from the best business schools so they know that they’re getting the most competitive candidates.
Expert Tip: To what extent you should take the reputation and ranking of the school under account depends on what your post-MBA goals are. Aspiring investment bankers hoping to break into the bulge bracket and other more competitive firms will want to more heavily consider schools’ reputations. If your goal is to go into corporate finance, family funds, or other more niche fields, the rankings may not be as important.
Recruiting and Job Placement Support
Look for MBA programs that have established relationships with investment banks and provide structured recruitment pathways. Schools with a history of strong alumni placements in top banks often have dedicated resources, such as finance-focused career centers, networking events, and investment banking clubs, all designed to help you secure your target role. This is important for both a summer internship after your second year, and full-time offers upon graduation.
Example: Data from Columbia’s most recent employment report shows that over 35% of the class went into financial services, a very significant portion of the class. 16.4% went into investment banking and the median salary was $175,000 with other guaranteed compensation of $50,000. Information like this is critical to look at as you consider different programs.
Location
Schools located in major financial centers like New York, London, or Chicago offer proximity to investment banks and access to internships and networking events, making it easier to connect with finance industry professionals and land key opportunities. Attending an MBA program in one of these locations can provide a direct pipeline to recruiting for hopeful investment bankers.
Example: Stern’s employment report shows that over 77% of graduates in the most recently reported year stayed in the Northeast upon graduation. Of course, you can recruit for areas outside of your school, but the networks and partnerships with companies and firms usually makes it much easier for MBA students to find employment within the same region of their programs.
Faculty Expertise
MBA programs with professors who have experience in the industry or who have conducted significant research in finance can provide unique insights and mentorship, helping you develop the skills and knowledge necessary for a successful investment banking career. Also, different business schools have faculty with different areas of expertise. Some may have professors with deep experience in corporate finance while others may have esteemed professors whose background lies in private equity, venture capital, and other buy-side firms.
Alumni Network and Class Size
A strong, active alumni network in investment banking can provide invaluable mentorship and connections as you navigate the recruitment process. A large alumni network means more people who have gone onto investment banking jobs, which means more people that you can tap into for your own networking and referrals. Additionally, smaller class sizes may allow for more personalized attention, while larger class sizes could expand your networking pool within the program.
Example: Harvard Business School has a size of 930 for the class of 2026, compared to 632 at Booth or 424 at Stanford GSB. The experience and benefits of different class sizes vary dramatically, and what’s best for you will depend on what you choose to prioritize.
Core and Elective Courses
Aspiring investment bankers should look for MBA programs that offer robust finance courses, including both in the core curriculum as well as in a wide selection of electives in areas such as corporate valuation, financial models, mergers and acquisitions, financial statements, and capital markets. These courses are essential for building the technical expertise that investment banks expect. Programs with hands-on learning opportunities, such as case studies, simulations, and investment challenges, will provide practical experience to help you stand out in the recruitment process.
Example: Wharton’s core curriculum includes a class on Corporate Finance. Also, the school offers 18 different majors and specialities that MBA students can choose from, including both Finance and Quantitative Finance (STEM-certified). Relevant courses for investment banking include not just the fundamentals for career changers, but also deep specialist courses for more senior bankers and/or those beyond the associate role.
While all of these factors are important, their significance will vary from person to person. For some, a strong alumni network or close proximity to a major financial hub may be essential. For others, the expertise of the faculty or the strength of job placement resources may take precedence. It's crucial to reflect on what matters most to you personally when choosing an MBA degree for a career in investment banking.
The Top 5 MBA Programs for Investment Banking
For most investment banking jobs, any MBA program at a decently ranked business school will have a positive impact on a career because many roles in IB – and other finance paths like private equity, capital markets, corporate finance, hedge funds, etc. – require an advanced degree for promotion at a certain level. These careers are extremely competitive and many senior bankers hold not only an MBA, but other advanced degrees and certifications like the CFA.
1. Columbia Business School
- % Graduates in Investment Banking: 16.3%
- Median IB Base Salary: $150,000
- Median Other Guaranteed Compensation for IB: $57,500
A substantial portion of the graduating classes of Columbia typically land in an investment banking job. Columbia Business School doesn’t offer a specialization in Finance, but it does have one for Operations Management that includes many beneficial courses like Pricing and Revenue Optimization and Financial Modeling. Columbia Business School also has a noteworthy Investment Banking Club whose mission is to educate members about IB and the recruiting process. Through the club’s alumni network, it maintains a strong relationship with Wall Street, which is also just a subway ride away.
Columbia Business School – Example Finance Courses
- The Credit Superhighway
- Electronic Trading in Financial Markets
- Advanced Value Investing
- Security Analysis
- Short Selling
Read: A Guide to the Columbia Business School Essays (2024-2025)
2. NYU Stern
- % Graduates in Investment Banking: 25.7%
- Average IB Base Salary: $145,695
- Average Signing Bonus: $55,065
Stern has one of the highest percentages of its graduates who enter investment banking among all of the top MBA programs. There are several prominent investment banks among the top employers of the class of 2020, including Credit Suisse, J.P. Morgan, Citi, Morgan Stanley, Guggenheim Partners, and Goldman Sachs & Co. Stern is also uniquely positioned to produce successful investment bankers because it offers a Banking specialization through the Finance department. The specialization includes many relevant courses and electives, as well as connections to recruiters and internships.
NYU Stern – Example Finance Courses
- Bankruptcy and Reorganization
- Global Banking and Capital Markets
- Equity and Fixed Income Research
- Mergers and Acquisitions
- Asset Management
Read: How to Nail the NYU "Pick Six" MBA Application Essay
3. University of Chicago Booth
- % Graduates in Investment Banking: 11.1% (51 hires)
- Median IB Base Salary: $175,000
- Median Signing Bonus: $50,000
The Investment Banking Group at Booth is one of the largest student groups on campus. It serves the interests of Booth MBA candidates, the Booth Career Services office, and investment banks. The group is sponsored by many prominent investment banks and this helps facilitate recruiting. Evidence of the prevalence of this group is in the number of full-time hires upon graduation: ten to Credit Suisse; eight to Bank of America, Goldman Sachs, and JP Morgan; six to Morgan Stanley; and five to Citigroup.
Booth also offers a concentration in Finance, with courses that take an empirical approach to the evaluation of risk and reward. There are two Nobel laureates that teach classes for this concentration, Eugene F. Fama and Lars Peter Hansen, as well as other world-class staff.
University of Chicago Booth – Example Finance Courses
- Financial Instruments
- Portfolio Management
- Financial Markets and Institutions
- Financial Statement Analysis
- International Corporate Finance
4. The Wharton School – University of Pennsylvania
- % Graduates in Investment Banking: 12.9%
- Median IB Base Salary: $150,000
Wharton offers a Finance major for its MBA candidates who are interested in a career in investment banking or related financial areas like Venture Capital, Private Equity, or hedge funds. The MBA program at the Wharton School places an emphasis on analytical foundations, micro and macroeconomics, and mathematics (especially statistics). Of the top employers of the class of 2021, there was Credit Suisse, Deutsche Bank, Goldman Sachs & Company, J.P. Morgan, Lazard LLC, and Morgan Stanley.
The Wharton School – Example Finance Courses
- Corporate Finance
- Investment Management
- Valuation
- Financial Derivatives
- Fixed Income Securities
5. Cornell University CS Johnson
- % Graduates in Investment Banking: 25%
- Average IB Base Salary: $156,571
Cornell is well-known for its excellence in financial education and for preparing students for investment banking careers. Among the school’s 15 top employers for the class of 2021, there are several investment banks including Citi, J.P. Morgan, Deutsche Bank, and Evercore.
The MBA program at Cornell University also offers Investment Banking as an area of focus. Students who choose to pursue this are required to take nine credits of electives in the corresponding area. Lastly, there is an Investment Banking Immersion Learning Program available for students to take, as well as several clubs, including the Old Ezra Finance Club, Johnson Private Equity and Credit Club, and the Investment Management Club.
Cornell Johnson – Example Finance Courses
- Advanced Financial Statement Analysis
- Derivative Securities Part I and II
- Valuation Principles
- Investment and Portfolio Management
- Mergers and Acquisitions: Accounting, Modeling, and Evaluation of Deals
Where Can I Start?
If you’re interested in a career in investment banking, here are some articles to get you started:
- 37 Free Resources to Break Into Investment Banking
- Top Ten Investment Banks in the World
- An Expert's Guide to Resumes: 5 Tips to Make You Stand Out
If you prefer one-on-one help as you navigate the investment banking recruiting process, or as you apply for some of these MBA programs, browse our coaches. They are experts with tons of experience in top careers and MBA programs, including these schools and top investment banks.
Investment Banking Coach Recommendations
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If you’re interested in the workings of investment banking, here are a few articles to get you started:
- How to Break Into Investment Banking–What to Do From Freshman to Senior Year
- 35+ Free Resources to Break Into Investment Banking
- A Guide to the Investment Banking Interview: Tips From an Expert
- The 20 Most Frequently Asked Investment Banking Technical Interview Questions
- How to Nail the Second Most Common Investment Banking Interview Question ("Why This Firm?")
- How to Answer the "Why Investment Banking?" Interview Question
FAQs
Is an MBA beneficial for a career in investment banking?
- Yes, an MBA is highly beneficial for a career in investment banking, providing essential skills, networking opportunities, and a strong credential that can enhance job prospects.
What is the difficulty level of entering investment banking with an MBA?
- While an MBA improves your chances, getting into investment banking can be competitive. It often requires strong networking, internships, and relevant experience – all things that business school can assist you with.
Which is better for investment banking, an MBA or CFA?
- An MBA is generally preferred for investment banking due to its focus on management and finance, while the CFA is more suited for investment analysis and asset management roles.
What are the potential earnings for MBA graduates in investment banking?
- MBA graduates in investment banking can earn substantial salaries, typically ranging from $100,000 to $200,000 or more, depending on experience and firm.
