Start where your school already has people
Every school sends its alumni to a few banks more than the rest, often a regional or middle-market bank near campus. Those alumni are the people most likely to answer you, because you share a school. These are schools outside the 15 with the most investment banking alumni in Paperclip's database, with the banks that have the most of their alumni.
| School | IB alumni | Banks with the most |
|---|---|---|
| UNC-Chapel Hill | 148 | Wells Fargo 26, Bank of America 16, Harris Williams 10 |
| Southern Methodist University | 119 | Intrepid Financial Partners 9, Stephens 8, Jefferies 8 |
| Northeastern University | 109 | Scotiabank 11, Raymond James 8, Provident Healthcare Partners 6 |
| Villanova University | 109 | Nomura 14, BMO Capital Markets 8, Wells Fargo 5 |
| University of Wisconsin-Madison | 92 | BMO Capital Markets 11, Guggenheim 5, Baird 5 |
| University of Georgia | 89 | Citi 17, Wells Fargo 6, Jefferies 4 |
| Wake Forest University | 89 | Wells Fargo 11, Bank of America 9, Raymond James 4 |
| Penn State University | 87 | Citi 10, TD Securities 7, Wells Fargo 6 |
| Fordham University | 87 | Mizuho 10, Santander 5, Goldman Sachs 5 |
| University of Illinois Urbana-Champaign | 81 | William Blair 10, Lincoln International 10, Perella Weinberg 9 |
| Texas A&M University | 74 | Wells Fargo 7, J.P. Morgan 5, Jefferies 4 |
| Ohio State University | 67 | KeyBanc Capital Markets 6, BMO Capital Markets 5, William Blair 5 |
| Miami University (Ohio) | 57 | William Blair 6, BGL 3, Moelis 2 |
| Baruch College | 54 | BMO Capital Markets 9, SMBC 3, Santander 3 |
Apply where the firm says any school is welcome
Some firms say plainly that they do not limit recruiting to certain schools. Centerview says it is "open to candidates from all schools and academic disciplines." Blackstone says it "considers candidates from schools across the globe." Deloitte tells students whose school it does not visit that they are "still welcome to apply through our careers site." Read the firm page before you write a firm off, and apply through the firm's own site even when it does not come to your campus.
Every firm page on Paperclip lists how that firm says to apply, its application limits and the online assessment it uses, where the firm publishes them.
Start a year earlier than you think
Banks hire summer analysts more than a year before the internship. Morgan Stanley took applications for its summer 2027 banking internship from January 1 to February 15, 2026. Freshman and sophomore programs (insight days, early-ID programs and diversity summits) open in the fall and are often how students from smaller programs get a first look. The freshman and sophomore programs guide lists the ones open now, with dates from each firm.
Make networking do the work your campus does not
Students at the schools with the most banking alumni get on-campus events and alumni who come back to recruit. Without that, the conversations have to come from you. Send short, personal notes to alumni at the banks in the table above, one specific reason to talk and one small ask for a 15-minute call, and follow up once after about a week. Most replies come from people who share something with you, and a school is the strongest thing to share.
Paperclip does this for you: it emails analysts and associates at the banks you pick, alumni from your school first, from your own inbox every weekday, and follows up until they reply.
Frequently asked questions
Can you get into investment banking from a non-target school?
Yes. Every school in the table above has dozens of alumni in investment banking in Paperclip's database, and most of them are concentrated at a few banks. Start with those banks and those alumni.
Which banks hire from non-target schools?
It depends on the school. The bank with the most of a school's alumni is often a regional or middle-market bank near campus, for example Wells Fargo for UNC, Nomura for Villanova, BMO Capital Markets for Wisconsin and Baruch, and William Blair for Miami (Ohio). Look up your own school to see yours.
Do banks only recruit at target schools?
Many recruit on campus at a set list, but several say any school can apply. Centerview says it is open to candidates from all schools, and Blackstone says it considers candidates from schools across the globe. Apply through the firm's own site either way.
When should a non-target student start networking?
Freshman or sophomore year. Banks fill summer analyst classes more than a year ahead, and the freshman and sophomore programs that lead into them open in the fall.
Sources and editorial notes
Templates and workflow suggestions are original Paperclip examples. They do not promise replies or job offers. Employer requirements can change; check the current posting before applying.