Vault Ranks Business Schools by Employability in Banking

This post is authored by Carolyn C. Wise, Vault.com’s Senior Education Editor.  She oversees the production of 10 annual guides covering undergraduate and graduate admissions, top internships, and career advice compilations for entry-level law and MBA job seekers.  Her team is responsible for all educational content on Vault.com, including law school profiles, admissions advice, GMAT prep and business school industry trends articles.  Carolyn reminds students that, “studying is important, but it isn’t everything. Volunteer, or join a club or sports team. This will make you happier overall—and more attractive to potential employers.”

Of the almost 2,000 banking professionals we surveyed this summer, only 8.8 percent said location was a major factor in their decision to join their firm.  For prospective MBAs, location plays a much bigger role–not only when choosing a business school, but also when considering prospective employers at graduation.  A whopping 79 percent of business school students we surveyed in May told us that location influenced their decision to attend a particular school.  And if you want to pursue a career in finance, location should play a major role in your business school decision, too.

Top Business Schools for Employability in Banking Nationally

1.   Columba Business School

2.   New York University, Stern School of Business

3.   University of Chicago, Booth School of Business

4.   Harvard Business School

5.   University of Pennsylvania, The Wharton School

6.   Northwestern University, Kellogg School of Management

7.   Georgetown University, McDonough School of Business

8.   Dartmouth College, Tuck School of Business

8.   University of Michigan, Ross School of Business

10.  Emory University, Goizueta Business School

New York City is the home of investment banking and most other financial services, so it should come as no surprise that it’s the home of the best business schools for employability in banking.  Columbia Business School and NYU Stern School of Business are No. 1 and No. 2 in New York City, as well as in the Northeast and nationally.  NYU Stern even scores the No. 1 spot in San Francisco and No. 3 in the West.  Columbia also makes it into the Top 5 in the Midwest and Southeast.

How important is business school prestige in banking employability?

But don’t think you won’t get anywhere in finance without a NYC MBA.  The finance industry is not as geographically focused as the legal industry and lacks the prestige obsession of consulting.  Aside from the broad geographic reach of New York schools, employment patterns in finance show a slight regional tilt.  In each region, a local school is No. 1 in our employability rankings.

Top Business Schools for Employability in Banking Regionally

Top Business Schools for Employability in the Northeast

1.  Columba Business School

2.  New York University, Stern School of Business

3.  University of Chicago, Booth School of Business

4.  Harvard Business School

5.  Georgetown University, McDonough School of Business

5.  University of Pennsylvania, The Wharton School

Top Business Schools for Employability in the West

1.  University of Pennsylvania, The Wharton School

2.  UCLA Anderson School of Management

3.  New York University, Stern School of Business

4.  Harvard Business School

4.  Northwestern University, Kellogg School of Management

4.  University of Chicago, Booth School of Business

5.  Georgetown University, McDonough School of Business

5.  University of Pennsylvania, The Wharton School

Top Business Schools for Employability in Canada

1.  University of Western Ontario, Richard Ivey School of Business

2.  McMaster University, DeGroote School of Business

2.  University of Toronto, Rotman School of Management

4.  Harvard Business School

4.  University of Calgary, Haskayne School of Business

Top Business Schools for Employability in the Midwest

1.  University of Chicago, Booth School of Business

Top Business Schools for Employability in the Mid-Atlantic

1.  College of William & Mary, Mason School of Business

Top Business Schools for Employability in the Southeast

1.  Emory University, Goizueta Business School

In each region, the No. 1 school is located within the region:  University of Chicago’s Booth School of Business in the Midwest, Emory University’s Goizueta Business School in the Southeast, College of William and Mary’s Mason School of Business, Columbia Business School in the Northeast and University of Western Ontario’s Ivey School of Business in Canada.  In the West, University of Pennsylvania’s Wharton School tops the list, likely due to its Wharton West campus.  UCLA Anderson School of Management is No. 2.  Not surprisingly, Southeast banking firms are the most regional; the only business schools in the Top 10 that aren’t located in North Carolina, Georgia, Florida or Tennessee is Columbia Business School and Harvard Business School.  The rest of the Top 5s are a mix of regional schools and very prestigious business schools.  Harvard Business School, for example, is in the Top 10 of every regional except the Mid-Atlantic.

Location, location, location

Major cities are even more regional than regions.  In Los Angeles, for example, the Top 3 schools are Wharton, UCLA Anderson and University of Arizona’s Eller College of Management.  Even in San Francisco, NYU Stern ties for the No. 1 spot with UCLA Anderson and Wharton.  In fact, in all major cities, the No. 1 business school for employment in banking is located within city limits.

Top Business Schools for Employability in Banking in Major Cities

Top Business Schools for Employability in New York

1.  Columba Business School

2.  New York University, Stern School of Business

3.  University of Chicago, Booth School of Business

4.  Harvard Business School

5.  Georgetown University, McDonough School of Business

Top Business Schools for Employability in San Francisco

1.  New York University, Stern School of Business

1.  UCLA Anderson School of Management

1.  University of Pennsylvania, The Wharton School

4.  Harvard Business School

4.  University of Chicago, Booth School of Business

Top Business Schools for Employability in Los Angeles

1.  University of Pennsylvania, The Wharton School

1.  UCLA Anderson School of Management

1.  University of Arizona, Eller College of Management

Top Business Schools for Employability in Chicago

1.  University of Chicago, Booth School of Business

Top Business Schools for Employability in Atlanta

1.  Emory University, Goizueta Business School

So where should you go to business school if you want to pursue a career in banking?  Obviously, an MBA program in New York City or a top-ranked program like HBS or UChicago Booth will get you there.  But if you can’t or don’t get into Columbia or NYU Stern, it’s wise to consider where you want to work after graduation.  Earning your MBA at a top school located in the city where you want to work will provide the leg up you need to get a job in a top firm.  Truth be told, going to school in the city where you want to work is a smart move in any industry.  Alumni networks are very strong close to campus, meaning you’ll have ins with tons of local professionals.  Schools also often have very good relationships with employers close to campus, meaning you’ll have many options when it comes time for on-campus interviews.  Moreover, interning during the school year is easier because you’re a local student and a great in to a potential employer, as you’ll be able to show your commitment to working in the city and with that firm.

Posted in: General, Rankings