Meet the least boring college rankings for buy-side jobs
Every finance-related website (including this one) comes out with their annual ranking of college programs for jobs in finance, taking into account different data points and survey information. But at the end of the day, they all look fairly similar. The University of Pennsylvania, Harvard and Stanford tend to lead the way, with NYU and the University of Chicago usually finding their way near the top five.
On the surface, the latest list is no different. In fact, the top three are in the identical order as listed above. UPenn, Harvard and Stanford send a larger percentage of their graduates to buy-side jobs than any other schools, according to SumZero, a private network for buy-side analysts. More than 8% of University of Pennsylvania alumni have or had worked an investment-management job at a hedge fund, mutual fund or private equity firm, nearly doubling the percentage sent by Harvard. Again, not a shocker.
But SumZero then took it a step further. They compiled a list of the best hedge funds to work for, based on a number of factors including assets under management, fund performance and multiple third party entities like Baron’s and Bloomberg. They then cross-referenced that list with the original rankings to see how “good” the jobs were for each set of graduates.
The “batting average,” as they call it, tells a much different story. [efc_twitter text="Colgate University sends 18% of its buy-side graduates to “elite” hedge funds, the highest percentage among any school,"] despite the fact that it didn’t finish in the top 30 of the traditional rankings. Colgate doesn’t send a ton of graduates to the buy-side, but those who make it tend to land in ideal spots.
Other movers include MIT and Johns Hopkins, which sent roughly 15% of buy-side analysts to elite hedge funds. UPenn (12%), Harvard (10%) and Stanford (8.5%) still did plenty well, but it’s just an interesting way of looking at what has largely been a static ranking over the better part of two decades.
Schools that send plenty of graduates to the buy-side but not many to elite funds include the University of Chicago, London School of Economics and the University of Southern California. Although much of that could have something to do with the fact that many third party entities put New York-area hedge funds on their elite list.
Click here for the full rankings, via CNBC.
Here are the key middle office skills that banks are looking for. Being an expert in any one can help earn you a new job, promotion or raise.
Want to know the chances you may become redundant? Knowing how much your “seat” in the organization costs can help. Not salary, not bonuses – just the technology and infrastructure it takes to support you.
In a landmark ruling, a Federal appeals court tossed out two insider trading convictions, ruling that there wasn’t sufficient evidence that the person who gave the tip received any benefit from the trade. This decision could lead to dozens of appeals and may make it much more difficult for prosecutors to secure guilty verdicts down the road.
As we expected, J.P. Morgan will see a significant dip in trading revenue during the fourth quarter. Somewhere in the “high teens,” according to Chief Executive Jamie Dimon. Citigroup and Bank of America signaled earlier in the week that they too would see their trading revenues fall.
After much consternation, Citi is finally increasing base salaries for its junior bankers to meet market standards. They are also accelerating their associate promotion program, so chew on that one Wall Street.
Standard Chartered is hiring more senior executives within its financial crime and compliance unit. It’s already poached nine compliance pros from competing banks and is launching a five-member “Board Financial Crime Committee” following some scrapes with U.S. regulators.
Boutique firms make up eight of the 25 top merger banks in the latest league table. That’s astounding. Boutiques should only gain more traction as clients appear to enjoy the lack of conflicts of interests that accompany a firm that does little more than M&A.
Buzz Around the Office
What happens when a Harvard law professor gets overcharged by $4 because a Chinese restaurant forgot to update their online pricing? Threats, litigation and overall mayhem.
Quote of the Day: “This decision by the Second Circuit, within which lies Wall Street, could stop multiple insider trading cases in their tracks and tarnish the success rate of U.S. Attorney Preet Bharara," – former SEC enforcement lawyer Eugene Goldman on the vacating of two insider trading convictions