Which banks hire the most Middlebury analysts?

By our count, Goldman Sachs leads with 58 Middlebury alumni holding investment banking analyst titles, then Barclays with 42 and Morgan Stanley with 32, among graduates of 2013 or later at the 18 top banks we measure.

Do banks treat Middlebury as a target school?

A semi-target, #28 of 100 by our count, and by forum consensus the liberal arts college just behind Williams and Amherst for banking, with a network in New York that posters say is larger than either.

Which banks recruit hardest at Middlebury?

Goldman Sachs first, by every forum account, then Morgan Stanley capital markets, Barclays, and Bank of America, with little elite-boutique presence. The Student Investment Committee lists placements at all four.

How do you recruit for banking from a college with no business school?

Through the Student Investment Committee, the annual finance trip, and alumni outreach, by forum accounts, with the advice to learn the technicals independently because interviewers test liberal arts students on them.

How many Middlebury College alumni work in private equity?

309 Middlebury College alumni profiles include a private equity job title, ranking #57 of the 100 schools in our database.

How many Middlebury College alumni work in venture capital?

86 Middlebury College alumni profiles include a venture capital job title, ranking #60 of the 100 schools in our database.

How many Middlebury College alumni work in hedge fund?

30 Middlebury College alumni profiles include a hedge fund job title, ranking #79 of the 100 schools in our database.

Semi-target school#28 of 100

Middlebury College investment banking placement: is it a target school?

Middlebury College is a semi-target school for investment banking by our count. It ranks #28 of the 100 schools we measure: 237 alumni list investment banking analyst titles alongside the 18 top banks from classes of roughly 2015 onward, weighted for school size, and its wider banking alumni network holds 832 profiles that include an investment banking job title.

By Ben Chon, former J.P. Morgan investment banking analystUpdated 2026-10-16

Photo: PenelopeIsMe · CC BY-SA 3.0

Rank: #28of 100 schools
At 18 top banks, 2015+: 23778% graduated 2018+
At the elite five: 11549% of the top-bank total
IB alumni network: 832#51 by profiles
Per 1,000 undergrads: 297.1#17 per capita
US-based: 90%750 profiles

TargetTarget 1–15Semi-targetSemi 16–35Lower semi-targetLower 36–60Non-targetNon-target 61–100

Schools ranked 16 through 35 place real numbers into top banks — at least 152 analysts each in this data — but the per-school pipeline runs thinner. Alumni will answer your emails, and the difference between getting an interview and getting skipped comes down to outreach volume. Start networking earlier than your target-school peers and treat every alumni conversation as a referral opportunity.

Is Middlebury a target school for investment banking?

The verdict, from the data

Middlebury carries 297.1 IB profiles per 1,000 undergraduates, roughly three times the 97.8 median across the 100 schools. That density ranks it #17 per capita while its raw count of 832 profiles ranks only #51; the headline, now anchored on top-bank analysts, lands at #28. With 2,800 undergraduates the absolute network will never be large, but relative to class size it is one of the most concentrated in the field.

On the raw top-bank count the school holds 237 analyst seats, ranking #38, ten places below the headline #28 — the per-student side of the anchor does the lifting. Goldman Sachs alone accounts for 58 of those, roughly a quarter of the total, with Barclays at 42, Morgan Stanley at 32 and J.P. Morgan at 23 behind it. Elite-five representation is strong at 115 people, or 49 percent, and 186 of the 237 graduated in 2018 or later.

The buyside tail is thin: 37 private equity and 4 hedge fund profiles per 100 IB profiles, ranking #57 and #79 respectively, so alumni who want to move past banking have fewer paths mapped ahead of them. Ninety percent of profiles remain US-based, which keeps the network domestically useful. Middlebury converts a small class into real elite-bank placement, and the ceiling is set by how few people graduate each year.

Middlebury investment banking placement by bank

Analysts, classes of ~2015+

Middlebury College analysts at each of the top banks we measured — graduates of 2013 or later with investment banking analyst titles. Banks with published feeder pages link through.

Banks with fewer than five matched analysts, and banks not yet measured for this school, are left off the list. Of the 237 analysts at the 18 banks, 115 (49%) are at the elite five: Goldman Sachs, Morgan Stanley, J.P. Morgan, Evercore, and Centerview.

Where Middlebury alumni land beyond investment banking

Alumni profiles, all years

Middlebury College’s rank in each vertical we count, by the same title-phrase method. Bars show its count as a share of that ranking’s #1 school. Per 100 IB shows the network mix: profiles per 100 IB profiles.

How to recruit for investment banking from Middlebury

Middlebury is a liberal arts college of 2,800 undergraduates with no business school; its career office publishes three years of outcomes measured six months after graduation as an interactive dashboard rather than a report with an industry table.

The Student Investment Committee manages a portion of the college endowment and publishes where its members have gone: Goldman Sachs, Morgan Stanley, Barclays, Bank of America, J.P. Morgan, Evercore, Lazard, Moelis, Jefferies, and UBS on the sell side, and Apollo, Blackstone, Carlyle, Citadel, Point72, Millennium, and TPG on the buyside.

A 2025 Washington Monthly feature on finance recruiting at small colleges describes the Middlebury network, which students call the Middlebury Mafia, and an on-campus recruiting season of newsletters, information sessions, and networking breakfasts, with a student learning discounted cash flow and leveraged buyout models in the investment club.

Forum accounts place Middlebury just behind Williams and Amherst among liberal arts colleges, with one poster counting more Middlebury alumni in New York finance than either. A recent graduate says a few dozen students recruit for banking each year and around twenty reach bulge-bracket or elite-boutique seats; another tempers that to a handful in coverage groups and a stronger record in capital markets.

Goldman Sachs is the deepest relationship in every thread, with senior alumni across the firm and an alumni group that visits campus, followed by Morgan Stanley capital markets, Barclays, and Bank of America, and little presence at boutiques. Posters also describe an annual finance trip, low internal competition, responsive alumni, and an edge for varsity athletes in the networking.

Our data ranks Middlebury #28 on the strength of per-student placement from a small base. The bank breakdown above shows whether the Goldman relationship those accounts describe shows up in the analyst counts.

What Middlebury publishes about outcomes

No figures, 0 sources

Middlebury College publishes no outcome figures in text we could verify against a source, so this page carries none. The sources in the recruiting section hold its qualitative record.

How Middlebury compares with schools ranked nearby

Analysts at 18 top banks, ~2015+

See the full ranking of 100 schools →

Middlebury investment banking FAQ

8 questions

Is Middlebury College a target school for investment banking?
Middlebury College is a semi-target school for investment banking by our count. It ranks #28 of the 100 schools we measure: 237 alumni list investment banking analyst titles alongside the 18 top banks from classes of roughly 2015 onward, weighted for school size, and its wider banking alumni network holds 832 profiles that include an investment banking job title.
Which banks hire the most Middlebury analysts?
By our count, Goldman Sachs leads with 58 Middlebury alumni holding investment banking analyst titles, then Barclays with 42 and Morgan Stanley with 32, among graduates of 2013 or later at the 18 top banks we measure.
Do banks treat Middlebury as a target school?
A semi-target, #28 of 100 by our count, and by forum consensus the liberal arts college just behind Williams and Amherst for banking, with a network in New York that posters say is larger than either.
Which banks recruit hardest at Middlebury?
Goldman Sachs first, by every forum account, then Morgan Stanley capital markets, Barclays, and Bank of America, with little elite-boutique presence. The Student Investment Committee lists placements at all four.
How do you recruit for banking from a college with no business school?
Through the Student Investment Committee, the annual finance trip, and alumni outreach, by forum accounts, with the advice to learn the technicals independently because interviewers test liberal arts students on them.
How many Middlebury College alumni work in private equity?
309 Middlebury College alumni profiles include a private equity job title, ranking #57 of the 100 schools in our database.
How many Middlebury College alumni work in venture capital?
86 Middlebury College alumni profiles include a venture capital job title, ranking #60 of the 100 schools in our database.
How many Middlebury College alumni work in hedge fund?
30 Middlebury College alumni profiles include a hedge fund job title, ranking #79 of the 100 schools in our database.

How we counted Middlebury’s analysts

Counts come from People Data Labs, which aggregates public professional profiles. The headline rank is anchored on the strict measure: profiles that list Middlebury College in their education, a job title containing “investment banking analyst”, one of 18 named top banks as an employer, and a graduation year of 2013 or later — the analyst classes of roughly 2015 onward, deduplicated across banks. Those conditions hold on the profile rather than on a single job, so the title and the bank are usually but not provably the same role. The rank weights that count at two-thirds and the same count per 1,000 undergraduates at one-third, so school size is priced in. The elite-five figure counts analysts at Goldman Sachs, Morgan Stanley, J.P. Morgan, Evercore, and Centerview. Data pulled 2026-10-16.

The alumni-network figure is broader: everyone who has held a title containing “investment banking” at any firm worldwide, across all years, including graduate alumni. It reads as the size of the school’s banking network rather than a single era’s placement. Of those, 750 (90%) are currently based in the United States and 82 are abroad. The per-1,000 figure divides the network count by 2,800 total undergraduates reported for fall 2023 in the NCES IPEDS Fall Enrollment dataset — a school-size comparison, not a placement rate for a graduating class.