Yep, you heard that right, Target Universities won't help you to break into finance. "But, what's about all those debates and threads on the web? I have to graduate from a top tier university to get into IB!"
No, you don't, because there's lots of misconceptions and misinformation what target universities really are. Most message boards are populated by undergraduate students, who have never seen a bank from inside and who suddenly decided, they want to become Investment Bankers either because of high starting salaries or due to "prestige", compensation of inferiority complexes and false self concepts. Unfortunately, they just write down what they heard and read before, and the self-maintaining misinformation loop starts all over again.
What is a "target university"?
Attending a target university will NOT lead to a job, automatically! It also doesn't mean that you're now somebody special, who deserves special treatment and service over a graduate from a normal university. It might be different in some Asian countries, France (Grande Ecoles) or the States (Ivy League), where society praises Elitism. However, in the majority of European countries the reputation of your Alma Mater plays just a minor role.
After all, what are target universities? As the name implies, target universities are targeted by banks and other financial institutions. Usually, HR departments just have a limited budget for recruiting. Since these corporations are very large and people often quit their jobs after a few years, there's a continuous demand for new talents, who are willing to work under the harsh conditions of Investment Banking. Due to budget constraints, HR departments hold recruiting events (presentations, career fair, etc.) only on some, selected campuses (see this list to get an impression), hence the name "target university". It's not just Oxbridge, but also universities you would've never imagined being a target.
After all, what are target universities? As the name implies, target universities are targeted by banks and other financial institutions. Usually, HR departments just have a limited budget for recruiting. Since these corporations are very large and people often quit their jobs after a few years, there's a continuous demand for new talents, who are willing to work under the harsh conditions of Investment Banking. Due to budget constraints, HR departments hold recruiting events (presentations, career fair, etc.) only on some, selected campuses (see this list to get an impression), hence the name "target university". It's not just Oxbridge, but also universities you would've never imagined being a target.
The advantages of attending a target university are that you get information directly from the source and probably the career service is a lot better. Banks and other financial firms will regularly visit your campuses, telling you how great they are and how great it is to work for them. Beyond that, you won't have much of an edge, since online application is open to just about everyone.
Therefore, you have to be a very good candidate to have a realistic chance of getting an offer. And naturally, those bright students study at prestigious universities. And here's the point, why there is so much misconception about target universities: Recruiters are looking for excellent candidates, who are usually attending top universities. But, attending a top target university, doesn't make you an excellent candidate per se! The reason why recruiters target top universities is due to self-selection than superiority of students from top universities.
My recommendation is to check, if there are any graduates from your university working at your dream employer. You can do that by a simple Google search: Type in "site:linkedin.com [your university] [your dream employer]", e.g. "site:linkedin.com university of amsterdam goldman sachs". You can also further specify by adding terms like "master finance", "london", and so on.
Do banks hire from non-target universities?
Yes, they do. As stated above, all banks have standardized recruiting procedures and online application is open to everyone. Recruiters know, that not all excellent students are studying at prestigious universities and they also know that not every graduate from a top tier university is a good candidate. Moreover, university pedigree is just a small part of the equation. The competition for investment banking jobs is fierce.Therefore, you have to be a very good candidate to have a realistic chance of getting an offer. And naturally, those bright students study at prestigious universities. And here's the point, why there is so much misconception about target universities: Recruiters are looking for excellent candidates, who are usually attending top universities. But, attending a top target university, doesn't make you an excellent candidate per se! The reason why recruiters target top universities is due to self-selection than superiority of students from top universities.
My recommendation is to check, if there are any graduates from your university working at your dream employer. You can do that by a simple Google search: Type in "site:linkedin.com [your university] [your dream employer]", e.g. "site:linkedin.com university of amsterdam goldman sachs". You can also further specify by adding terms like "master finance", "london", and so on.
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