Breaking into investment banking from a non-target school requires strategy, hustle, and location awareness. While your diploma might not say “Harvard” or “Wharton,” choosing the right city can dramatically increase your odds. Moreover, these five best cities to break into investment banking offer the strongest opportunities for non-target graduates to launch careers at middle-market and boutique firms.
New York City: The Numbers Game
New York remains the epicenter of American finance. It hosts roughly 70% of all U.S. investment banking analysts. With over 150 boutique and middle-market banks operating in Manhattan alone, the sheer volume of opportunities is unmatched.
Yes, competition from Ivy League graduates is fierce. However, the abundance of firms means more seats to fill. Many of the best cities to break into investment banking start with NYC. Smaller boutiques prioritize work ethic over pedigree. In fact, local universities like Baruch, Rutgers, and Fordham have proven that aggressive networking and relevant internships can overcome a non-target background.
Additionally, the key is leveraging NYC’s unparalleled networking scene. This includes alumni groups, industry events, and in-person coffee chats with bankers.
Chicago: The Midwest Advantage
Chicago accounts for 3-4% of U.S. investment banking analysts. Furthermore, it offers a notably friendlier environment for non-target candidates. The city hosts 47 active investment banks, including powerhouses like William Blair, Robert W. Baird, and Lincoln International.
What makes Chicago one of the best cities to break into investment banking is its recruiting philosophy. Banks here draw heavily from Big Ten and Midwestern universities rather than exclusively from the Ivy League. Consequently, alumni networks from Illinois, Michigan, Indiana, Wisconsin, and other regional schools create natural pipelines into Chicago’s banking community.
The culture is more collegial. The cost of living is lower. The tight-knit finance community makes networking more accessible.
Los Angeles: West Coast Accessibility
Greater Los Angeles hosts about 55 investment banking firms in its lower-middle-market network. It’s anchored by Houlihan Lokey’s headquarters. LA’s banking scene focuses on media, entertainment, technology, and real estate—creating niche opportunities for candidates with industry expertise.
West Coast offices have smaller Ivy League presence. They recruit heavily from UCLA, USC, and other California schools. For non-target graduates, this geographic preference is an advantage. The city’s diverse financial ecosystem spans Hollywood finance to Silicon Beach tech, creating multiple entry points.
Among the best cities to break into investment banking, LA stands out. Specifically, it excels when you develop expertise in the city’s key industries. Additionally, tapping into USC and UCLA alumni networks through finance networking events provides crucial connections.
San Francisco: The Tech Banking Hub
The Bay Area claims 9% of U.S. investment banking analysts. This makes it the second-largest market after New York. San Francisco’s tech-focused banking scene includes elite boutiques and 36 middle-market firms specializing in technology M&A.
Here’s the advantage for non-targets: many top graduates choose venture capital, Big Tech, or fintech over investment banking. This creates less competition for analyst roles. Banks recruit from Stanford and Berkeley but also tap Santa Clara, UC Davis, and other regional schools.
When evaluating the best cities to break into investment banking, San Francisco excels for specific candidates. Those who position themselves as passionate about tech banking specifically have an edge. Moreover, a software engineering minor, startup experience, or genuine enthusiasm for the sector can make you attractive to SF banks seeking analysts who “speak tech.”
Houston: Energy Banking’s Local Pipeline
Houston’s banking scene is smaller but remarkably accessible for non-target graduates. The city specializes in energy, oil and gas, and natural resources banking. It hosts bulge-bracket energy groups and dozens of boutique firms like Tudor, Pickering, Holt & Co., Simmons Energy, and GulfStar Group.
Houston banks explicitly prefer local talent. They recruit from Texas A&M, Rice, UT Austin, and even second-tier Texas schools. It ranks among the best cities to break into investment banking. This is because Houston defines its own target schools and values regional commitment.
Alumni networks run deep in Texas energy finance. The culture is relationship-oriented. The message from Houston recruiters is clear: demonstrate commitment to energy finance and willingness to stay in Texas. When you do, your non-target background becomes far less important.
Your Next Step: Prove You Can Pitch
Landing roles in the best cities to break into investment banking requires more than location strategy. You need to demonstrate technical competence and deal execution ability.
To strengthen your chances, join the InfoGate Financial Investment Bank Academy. There, you’ll learn to pitch deals like a seasoned banker. Recruiters want proof you can hit the ground running. Academy certification shows you’ve mastered the skills that matter: financial modeling, valuation, and deal presentation.
Don’t let your school’s name hold you back. Show recruiters you can deliver from day one.