I like to get into investment banking / business. To accomplish this goal, Is it better to major in Economics in CAS or major in Finance in a business school like Wharton for the undergraduate degree? In both cases, my minor would be in math. Also, do you need to go to top schools to get into IB or can I also get into it from a public state university? Assume that I can do well in both settings. Thank you.
You can get into IB from either Wharton or the college, but you’re better off in Wharton (i.e. if you have two students with same GPA, extracurriculars, etc. the one in Wharton will likely get more opportunities). You can get into IB from a state school, but it’s much tougher when you’re at a non-target school. Check out wallstreetoasis.com if you’re interested in learning more. You can probably get better advice there than here.
^ I dont necessarily agree with the wharton non wharton part, but it is definitely true that you want to go to a target school to maximize your chances. The reason why I don’t agree with the wharton-non wharton opinion is that opportunities are pretty equal across Penns schools (OCR is the same, acess to the same clubs, activities etc) and also that you are probably going to face much more intense competition going into IB as wharton student because most wharton students want to to do the same thing and you are going to have a hard time differentiating yourself. In CAS/ SEAS not nearly as many people want to go into ibanking as in wharton (although it is still a pretty big percentage but not as high) and you can leverage your non-traditional (i.e non-finance) background to stand out.
I think the best way to approach this is decide what you want to study at penn and choose accordingly. You will have equally good chances of breaking into investment banking regardless of what you study at Penn. As a CAS student you can take wharton classes so you will supplement your liberal arts education with more technical stuff and as a wharton student you can take classes in CAS so your education will be well-rounded.
For what it is worth, LinkedIn has a list of its top Wall Street feeders. My little Wall Streeter said he encountered a couple of interviewees not on the list (e.g. Allegheny College). Get great grades, find peer mentors and network like H_LL and you will do well.
It’s definitely easier to get into IB if you’re in Wharton. Your classwork will be more relevant and it will be way easier to show your interest in finance.
You can get in from either if you network well, but Wharton is the obvious choice, as it is more relevant to IBanking and also offers better opportunities.