The Education Report Representation of Universities and Colleges Across the Asset Management Industry

Transcription

1 The Education Report Representation of Universities and Colleges Across the Asset Management Industry evestment Research May 2014

2 Introduction The Education Report depicts the representation of universities and colleges across the asset management space. The financial services industry continues to be one of the leading fields of interest for students and recent graduates, and asset management in particular may play a larger role going forward. Andrew Haldane of the Bank of England answers the title of his speech The age of asset management? 1 in the affirmative, concluding: Compared to banks, asset managers generate a completely different risk and opportunity set. But they, too, are special both for the financial system and the wider economy. As they grow in scale and importance, that specialness is likely to increase further. The Age of Asset Management may be upon us. The following report investigates the strength of school networks within the industry, where they are most concentrated, and how networks compare to each other. Current and prospective students aiming for a career in asset management will find the following an invaluable resource. Universities and colleges may also use this report as a benchmark for the development of their career planning and job placement programs. Asset management firms voluntarily provide information on their key professionals to evestment alongside other firm and fund information. The following report draws from a data set of over 35,000 active professionals, from over 4,500 asset management firms, who represent over 900 universities and colleges globally. The top seventy-five national universities and top eleven liberal arts colleges, as ranked by U.S. News & World Report, were chosen for our ranking tables and school-specific pages. Schools are ranked based on the total number of graduates, representation based on firm role, and a variety of other factors. 1. The age of asset management?, Andrew Haldane (Bank of England), 4 April 2014 evestment - All Rights Reserved 2

3 Table of Contents Introduction 2 Table of Contents 3 Report Overview 4 ing Schools by MBA 9-10 Schools by Firm Role 13 Schools by Product Strategy Schools by 5-6 Ivy League ings 11 Schools by Firm Location 14 Schools by Bachelor's 7-8 Public University ings 12 Schools by Graduation School Overview 19 National Universities Georgia Institute of Technology 38 Stanford University 57 University of Michigan - Ann Arbor 76 Boston College 20 Harvard University 39 Syracuse University 58 University of Minnesota - Twin Cities 77 Boston University 21 Indiana University Bloomington 40 Texas A&M - College Station 59 University of NC - Chapel Hill 78 Brandeis University 22 Johns Hopkins University 41 Tufts University 60 University of Notre Dame 79 Brigham Young University - Provo 23 Lehigh University 42 Tulane University 61 University of Pennsylvania 80 Brown University 24 Massachusetts Inst. of Technology 43 University of California - Los Angeles 62 University of Pittsburgh 81 California Institute of Technology 25 Michigan State University 44 University of California - Berkeley 63 University of Rochester 82 Carnegie Mellon University 26 New York University 45 University of California - Davis 64 University of Southern California 83 Case Western Reserve University 27 Northeastern University 46 University of California - Irvine 65 University of Texas - Austin 84 Clemson University 28 Northwestern University 47 University of California - San Diego 66 University of Virginia 85 College of William and Mary 29 Ohio State University - Columbus 48 University of CA - Santa Barbara 67 University of Washington 86 Columbia University 30 Penn State - University Park 49 University of Chicago 68 University of Wisconsin - Madison 87 Cornell University 31 Pepperdine University 50 University of Connecticut 69 Vanderbilt University 88 Dartmouth College 32 Princeton University 51 University of Florida 70 Virginia Tech 89 Duke University 33 Purdue University - West Lafayette 52 University of Georgia 71 Wake Forest University 90 Emory University 34 Rensselaer Polytechnic Institute 53 University of IL - Urbana- Champaign 72 Washington University in St. Louis 91 Fordham University 35 Rice University 54 University of Iowa 73 Worcester Polytechnic Institute 92 George Washington University 36 Rutgers, the State University of NJ 55 University of Maryland - College Park 74 Yale University 93 Georgetown University 37 Southern Methodist University 56 University of Miami 75 Yeshiva University 94 Liberal Arts Colleges Carleton College 97 Haverford College 100 Swarthmore College 103 Amherst College 95 Claremont McKenna College 98 Middlebury College 101 Wellesley College 104 Bowdoin College 96 Davidson College 99 Pomona College 102 Williams College 105 Methodology 106 Contact Information 107 evestment - All Rights Reserved 3

4 Report Overview Summary The characteristics cited in the following pages are based on employee data reported to evestment. Given the nature of investment manager databases, our information on asset management professionals skews heavily in favor of front office roles, see figure 1. While this is but a fraction of each firms workforce, these individuals represent some of the key decision makers within these organizations: those managing, or helping to manage, product portfolios and those heading the various support roles required to run a successful asset management firm. Highlights: Ivy league schools predictably ranked highly across all of our rankings, both on an absolute basis and after scaling for school size. There was no clear delineation in terms of the best school for a career in asset management, but Ivy league schools with top flight MBA programs were a boon for Harvard University, the University of Pennsylvania, and Columbia University. Public schools were also well represented with University of California Los Angeles, University of California Berkeley, University of Michigan Ann Arbor, and University of Virginia showing a large number of alumni across the asset management industry. Here too regional bias was a factor with lower ranked public schools, based on U.S. News rankings, garnering attention from local firms. Liberal arts colleges were competitive with national universities when taking into account their smaller student body size; Williams College and Middlebury College in particular placed a large number of graduates within the industry. Boston based schools including Boston College, Boston University, and Tufts University benefited from the stable of large asset management firms in the area. A similar effect in the Midwest proved beneficial for Indiana University Bloomington and Lehigh University. Although the focus of this report is on U.S. based schools, many universities outside of the U.S., particularly those with strong MBA programs, boasted strong placement within U.S. based firms. Figure 1: Distribution of reported professionals roles Portfolio Manager/ Analyst 73.2% Strategist/ Economist 4.1% Risk Management/ Due Diligence 1.1% Other/ Unspecified 16.8% Investor Relations/ Marketing 4.9% Figure 2: Distribution of bachelor s degree-receiving graduation years for current portfolio managers Average age assuming bachelor's degree received at age 22: evestment - All Rights Reserved 4

5 ing by University University University 1 University of Pennsylvania 1, University of Wisconsin - Madison Georgia Institute of Technology 60 2 Harvard University Tufts University University of Illinois - Urbana- Champaign 59 3 Columbia University Northeastern University Purdue University - West Lafayette 56 4 University of Chicago University of Iowa Texas A&M University - College Station 55 5 New York University Lehigh University University of California - Davis 55 6 Stanford University Johns Hopkins University University of Georgia 55 7 Northwestern University University of Maryland - College Park Rensselaer Polytechnic Institute 50 8 University of California - Los Angeles University of Connecticut University of Miami 50 9 University of California - Berkeley George Washington University Wake Forest University Boston College University of Texas - Austin Virginia Tech Cornell University University of Washington California Institute of Technology Massachusetts Institute of Technology University of Rochester Pepperdine University University of Michigan - Ann Arbor University of North Carolina - Chapel Hill Yeshiva University University of Virginia Southern Methodist University Clemson University Yale University Emory University Worcester Polytechnic Institute Boston University Ohio State University - Columbus Dartmouth College University of Pittsburgh Duke University University of Florida 86 Liberal Arts College 19 Princeton University Tulane University University of Southern California Michigan State University 80 1 Williams College Indiana University Bloomington University of California - San Diego 77 2 Middlebury College University of Notre Dame College of William and Mary 75 3 Bowdoin College Georgetown University University of California - Santa Barbara 75 4 Amherst College University of Minnesota - Twin Cities Syracuse University 73 5 Claremont McKenna College Fordham University Washington University in St. Louis 71 6 Wellesley College Brown University Brandeis University 70 7 Swarthmore College Rutgers, the State University of NJ Brigham Young University - Provo 69 8 Carleton College Penn State University - University Park Case Western Reserve University 69 8 Davidson College Carnegie Mellon University University of California - Irvine Haverford College Vanderbilt University Rice University Pomona College 23 evestment - All Rights Reserved 5

6 ing by for School Size University University University 1 University of Chicago Boston University University of California - San Diego 77 2 University of Pennsylvania 1, Southern Methodist University University of Texas - Austin Dartmouth College Case Western Reserve University University of California - Irvine 68 4 Harvard University Emory University Brigham Young University - Provo 69 5 Princeton University University of Michigan - Ann Arbor Michigan State University 80 6 Massachusetts Institute of Technology Rensselaer Polytechnic Institute Ohio State University - Columbus Boston College Tulane University Worcester Polytechnic Institute 10 8 Stanford University Wake Forest University University of California - Davis 55 9 Yale University University of Southern California University of Florida Columbia University Indiana University Bloomington University of Georgia California Institute of Technology Yeshiva University Purdue University - West Lafayette Brown University Washington University in St. Louis Virginia Tech Northwestern University University of Iowa University of Illinois - Urbana- Champaign University of Notre Dame Rutgers, the State University of NJ Texas A&M University - College Station Duke University Johns Hopkins University Clemson University Lehigh University Northeastern University New York University University of Minnesota - Twin Cities Cornell University George Washington University 111 Liberal Arts College 19 University of Virginia University of Connecticut Tufts University University of Wisconsin - Madison Williams College Georgetown University University of North Carolina - Chapel Hill Bowdoin College Fordham University University of Pittsburgh 99 3 Claremont McKenna College Vanderbilt University University of Miami 50 4 Amherst College Rice University Syracuse University 73 5 Swarthmore College Carnegie Mellon University Penn State University - University Park Middlebury College Brandeis University Pepperdine University 32 7 Haverford College University of Rochester Georgia Institute of Technology 60 8 Wellesley College University of California - Los Angeles University of California - Santa Barbara 75 9 Pomona College University of California - Berkeley University of Maryland - College Park Davidson College College of William and Mary University of Washington Carleton College 26 evestment - All Rights Reserved 6

7 ing by Bachelor s Graduates University BA/BS University BA/BS University BA/BS 1 University of Pennsylvania University of Chicago University of Pittsburgh 36 2 Harvard University Ohio State University - Columbus University of Georgia 35 3 Cornell University University of Iowa Georgia Institute of Technology 34 4 Princeton University University of Maryland - College Park Virginia Tech 32 4 University of Virginia University of Washington University of North Carolina - Chapel Hill 30 6 Boston College University of Connecticut Wake Forest University 30 7 Yale University University of Texas - Austin Rensselaer Polytechnic Institute 27 8 University of California - Berkeley Northeastern University University of California - Irvine 23 9 University of Michigan - Ann Arbor Fordham University California Institute of Technology Dartmouth College Michigan State University University of Miami Stanford University University of Florida Case Western Reserve University Columbia University University of California - San Diego Yeshiva University Duke University University of California - Santa Barbara Clemson University 9 14 University of California - Los Angeles Southern Methodist University Pepperdine University 8 14 New York University Washington University in St. Louis Worcester Polytechnic Institute 8 14 University of Notre Dame College of William and Mary Brown University Syracuse University Georgetown University Johns Hopkins University Northwestern University Brigham Young University - Provo 50 Liberal Arts College BA/BS 20 Boston University Carnegie Mellon University 49 1 Williams College Penn State University - University Park George Washington University 48 2 Middlebury College Indiana University Bloomington Emory University 45 3 Bowdoin College Massachusetts Institute of Technology Tulane University 45 4 Amherst College Lehigh University University of California - Davis 41 5 Claremont McKenna College Rutgers, the State University of NJ Rice University 40 6 Wellesley College University of Southern California Texas A&M University - College Station 40 7 Swarthmore College University of Minnesota - Twin Cities University of Rochester 40 8 Carleton College Tufts University Purdue University - West Lafayette 39 8 Davidson College University of Wisconsin - Madison Brandeis University Haverford College Vanderbilt University University of Illinois - Urbana- Champaign Pomona College 19 evestment - All Rights Reserved 7

8 ing by Bachelor s Graduates for School Size University BA/BS University BA/BS University BA/BS 1 University of Pennsylvania Boston University Pepperdine University 8 2 Princeton University Tulane University University of Texas - Austin 66 3 Dartmouth College University of Rochester Michigan State University 62 4 Harvard University Wake Forest University University of Florida 62 5 Yale University University of Michigan - Ann Arbor Brigham Young University - Provo 50 6 Boston College Emory University Ohio State University - Columbus 73 7 Massachusetts Institute of Technology University of California - Berkeley University of North Carolina - Chapel Hill 30 8 Stanford University University of Southern California University of California - Davis 41 9 Lehigh University Yeshiva University Purdue University - West Lafayette California Institute of Technology Rensselaer Polytechnic Institute Virginia Tech Brown University University of California - Los Angeles University of Georgia Duke University George Washington University University of Illinois - Urbana- Champaign Columbia University Case Western Reserve University Texas A&M University - College Station University of Notre Dame Syracuse University University of California - Irvine Georgetown University University of Iowa Clemson University 9 16 Tufts University Northeastern University University of Chicago Indiana University Bloomington Cornell University Rutgers, the State University of NJ Northwestern University University of Wisconsin - Madison 89 Liberal Arts College BA/BS 20 University of Virginia University of Minnesota - Twin Cities Williams College Vanderbilt University University of Connecticut 66 2 Claremont McKenna College Rice University Georgia Institute of Technology 34 3 Bowdoin College Brandeis University Penn State University - University Park Amherst College Southern Methodist University University of California - Santa Barbara 61 5 Middlebury College Carnegie Mellon University University of Maryland - College Park 70 6 Swarthmore College College of William and Mary Worcester Polytechnic Institute 8 7 Haverford College Washington University in St. Louis University of Washington 68 8 Wellesley College Fordham University University of California - San Diego 61 9 Pomona College Johns Hopkins University University of Miami Davidson College New York University University of Pittsburgh Carleton College 23 evestment - All Rights Reserved 8

9 ing by MBA Graduates University MBA University MBA University MBA 1 University of Chicago Carnegie Mellon University Rice University 16 2 Columbia University University of Notre Dame College of William and Mary 15 3 New York University University of Iowa Michigan State University 15 3 University of Pennsylvania University of Rochester University of Miami 15 5 Harvard University University of Pittsburgh Wake Forest University 14 6 Northwestern University Vanderbilt University Johns Hopkins University 12 7 University of California - Los Angeles Emory University University of Florida 12 8 Stanford University Rutgers, the State University of NJ Lehigh University 11 9 University of Southern California Case Western Reserve University Washington University in St. Louis University of Michigan - Ann Arbor University of Connecticut Brigham Young University - Provo 9 11 Cornell University George Washington University University of Georgia 8 12 University of California - Berkeley Northeastern University Syracuse University 7 13 Fordham University Southern Methodist University Texas A&M University - College Station 6 14 Dartmouth College University of Texas - Austin Purdue University - West Lafayette 4 14 Duke University University of California - Irvine Rensselaer Polytechnic Institute 4 16 Massachusetts Institute of Technology University of Wisconsin - Madison Virginia Tech 4 17 Indiana University Bloomington University of Maryland - College Park Clemson University 3 18 Boston University Georgetown University Georgia Institute of Technology 3 19 University of Minnesota - Twin Cities University of Washington Tufts University 3 20 University of Virginia Tulane University University of Illinois - Urbana- Champaign 3 21 Boston College Pepperdine University Brandeis University 2 22 University of North Carolina - Chapel Hill Penn State University - University Park University of California - Davis 2 23 Yale University Ohio State University - Columbus University of California - San Diego 2 evestment - All Rights Reserved 9

10 ing by MBA Graduates for School Size University MBA University MBA University MBA 1 New York University Lehigh University Michigan State University 15 2 University of Connecticut Dartmouth College Syracuse University 7 3 University of Chicago Tulane University University of Miami 15 4 University of Iowa University of Notre Dame College of William and Mary 15 5 Columbia University University of Wisconsin - Madison University of Georgia 8 6 Case Western Reserve University University of California - Irvine Ohio State University - Columbus 18 7 University of Minnesota - Twin Cities Northeastern University Rice University 16 8 Boston College University of Maryland - College Park Rensselaer Polytechnic Institute 4 9 Boston University Vanderbilt University University of Texas - Austin University of Pennsylvania Southern Methodist University Johns Hopkins University University of Pittsburgh University of Virginia Tufts University 3 12 University of Southern California Emory University Georgetown University University of California - Los Angeles Penn State University - University Park Texas A&M University - College Station 6 14 Fordham University Carnegie Mellon University Virginia Tech 4 15 Indiana University Bloomington University of Michigan - Ann Arbor Washington University in St. Louis Harvard University Massachusetts Institute of Technology Brigham Young University - Provo 9 17 Stanford University Duke University Georgia Institute of Technology 3 18 University of California - Berkeley Wake Forest University University of California - Davis 2 19 University of Rochester Pepperdine University University of California - San Diego 2 20 Rutgers, the State University of NJ University of Washington Purdue University - West Lafayette 4 21 Cornell University University of North Carolina - Chapel Hill University of Illinois - Urbana- Champaign 3 22 Northwestern University University of Florida Brandeis University 2 23 George Washington University Yale University Clemson University 3 evestment - All Rights Reserved 10

11 Ivy League ing School School Bachelor's Graduates 1 1 University of Pennsylvania 1,101 6, Harvard University 920 5, Columbia University 886 8, Cornell University 369 5, Yale University 303 2, Dartmouth College 291 1, Princeton University 273 1, Brown University 177 2, University of Pennsylvania 451 2, Harvard University 270 1, Cornell University 209 3, Princeton University 202 1, Yale University 195 1, Dartmouth College 167 1, Columbia University 158 2, Brown University 140 1,603 School MBA Graduates School Master's & PhD Graduates 1 1 Columbia University University of Pennsylvania Harvard University Cornell University Dartmouth College Yale University Brown University Princeton University Columbia University 108 6, Harvard University 71 3, University of Pennsylvania 39 3, Princeton University Cornell University 25 2, Yale University 23 1, Brown University Dartmouth College School Portfolio Managers & Analysts 1 2 University of Pennsylvania 907 6, Columbia University 744 8, Harvard University 709 5, Cornell University 301 5, Dartmouth College 247 1, Yale University 247 2, Princeton University 225 1, Brown University 135 2,082 evestment - All Rights Reserved 11

12 Public University ing School School Bachelor's Graduates 1 2 University of California - Los Angeles , University of California - Berkeley 373 9, University of Michigan - Ann Arbor , University of Virginia 327 5, Indiana University Bloomington 235 9, University of Minnesota - Twin Cities , Penn State University - University Park , University of Wisconsin - Madison 143 8, University of Iowa 129 5, University of Maryland - College Park 117 9, University of Connecticut 113 6, University of Texas - Austin , University of Washington , University of North Carolina - Chapel Hill 108 6, Ohio State University - Columbus , University of Pittsburgh 99 6, University of Florida 86 12, Michigan State University 80 9, University of California - San Diego 77 7, College of William and Mary 75 2, University of California - Santa Barbara 75 5, University of California - Irvine 68 7, Georgia Institute of Technology 60 4, University of Illinois - Urbana- Champaign 59 10, Purdue University - West Lafayette 56 8, Texas A&M University - College Station 55 11, University of California - Davis 55 7, University of Georgia 55 8, Virginia Tech 40 7, Clemson University 16 4, University of Virginia 202 3, University of California - Berkeley 184 7, University of Michigan - Ann Arbor 170 6, University of California - Los Angeles 155 7, Penn State University - University Park , Indiana University Bloomington 117 7, University of Minnesota - Twin Cities 101 7, University of Wisconsin - Madison 89 6, Ohio State University - Columbus 73 10, University of Iowa 72 4, University of Maryland - College Park 70 7, University of Washington 68 7, University of Connecticut 66 4, University of Texas - Austin 66 8, University of Florida 62 8, Michigan State University 62 7, University of California - San Diego 61 6, University of California - Santa Barbara 61 5, College of William and Mary 53 1, University of California - Davis 41 6, Texas A&M University - College Station 40 9, Purdue University - West Lafayette 39 6, University of Pittsburgh 36 4, University of Illinois - Urbana- Champaign 36 7, University of Georgia 35 6, Georgia Institute of Technology 34 2, Virginia Tech 32 5, University of North Carolina - Chapel Hill 30 4, University of California - Irvine 23 6, Clemson University 9 3,394 evestment - All Rights Reserved 12

13 ing of by Firm Roles University PM/ Analyst University PM/ Analyst University Economist/ Strategist 1 University of Pennsylvania Penn State University - University Park Harvard University 58 2 Columbia University Tufts University University of Chicago 46 3 University of Chicago University of Iowa Columbia University 41 4 Harvard University Lehigh University 99 4 University of Pennsylvania 40 5 New York University Johns Hopkins University 96 5 Stanford University 27 6 Stanford University Northeastern University 94 6 New York University 22 7 Northwestern University Emory University 92 7 University of California - Los Angeles 21 8 University of California - Los Angeles University of Texas - Austin 92 8 University of California - Berkeley 19 9 Cornell University University of Maryland - College Park 89 8 University of Southern California Boston College University of Washington Yale University Massachusetts Institute of Technology University of Rochester Cornell University University of California - Berkeley University of Connecticut Northwestern University University of Michigan - Ann Arbor University of North Carolina - Chapel Hill Duke University University of Virginia George Washington University Massachusetts Institute of Technology Dartmouth College University of Pittsburgh Yale University Ohio State University - Columbus 74 IR/ University 17 Boston University University of Florida 72 Marketing 18 Duke University Southern Methodist University 71 1 University of Pennsylvania Princeton University Michigan State University 67 2 Harvard University University of Southern California College of William and Mary 61 3 University of Chicago Indiana University Bloomington Tulane University 61 4 Columbia University University of Notre Dame Brigham Young University - Provo 59 5 Northwestern University Georgetown University Case Western Reserve University 59 6 University of California - Los Angeles University of Minnesota - Twin Cities University of California - San Diego 56 7 University of California - Berkeley Fordham University Rice University 55 8 Boston College Brown University Brandeis University 54 8 New York University Carnegie Mellon University Washington University in St. Louis University of Virginia University of Wisconsin - Madison Syracuse University Cornell University Rutgers, the State University of NJ University of California - Santa Barbara Penns State University - University Park Vanderbilt University University of Illinois - Urbana- Champaign University of Southern California 17 evestment - All Rights Reserved 13

14 Top Schools for Firms Located in Select Metropolitan Areas Firms Located within 75 Mile Radius of Anchor City New York, NY New York University Columbia University University of Pennsylvania Harvard University University of Chicago Cornell University Fordham University Yale University Massachusetts Institute of Technology Rutgers, the State University of New Jersey Boston, MA Harvard University Boston College Boston University University of Pennsylvania Massachusetts Institute of Technology University of Chicago Columbia University Dartmouth College Northeastern University Cornell University Los Angeles, CA University of California - Los Angeles University of Southern California Harvard University University of Pennsylvania Stanford University University of Chicago University of California - Berkeley Columbia University New York University Massachusetts Institute of Technology Chicago, IL University of Chicago Northwestern University Indiana University Bloomington University of Michigan - Ann Arbor University of Notre Dame University of Pennsylvania University of Wisconsin - Madison Harvard University University of Illinois - Urbana- Champaign University of Minnesota - Twin Cities Washington, D.C. University of Virginia University of Pennsylvania University of Maryland - College Park Columbia University Harvard University Johns Hopkins University Stanford University University of Chicago George Washington University Duke University Philadelphia, PA University of Pennsylvania Pennsylvania State University - University Park Columbia University Harvard University New York University Rutgers, the State University of New Jersey University of Chicago University of Virginia Yale University Princeton University evestment - All Rights Reserved 14

15 Top Feeder Schools by Graduation Yale University Harvard University Northwestern University Princeton University Columbia University Stanford University New York University University of Virginia Massachusetts Institute of Technology University of California - Los Angeles University of Pennsylvania Harvard University Columbia University New York University Stanford University Northwestern University University of Notre Dame Dartmouth College University of California - Los Angeles University of California - Berkeley Harvard University University of Pennsylvania New York University Columbia University Stanford University University of Chicago Yale University Massachusetts Institute of Technology Indiana University Bloomington University of Michigan - Ann Arbor University of Pennsylvania Harvard University New York University Stanford University Princeton University University of Chicago Columbia University University of Virginia University of California - Los Angeles Northwestern University University of Pennsylvania Harvard University University of Chicago Stanford University University of Virginia Columbia University University of California - Berkeley New York University University of Michigan - Ann Arbor Duke University University of Pennsylvania Harvard University New York University University of Chicago Columbia University Northwestern University University of Virginia University of Michigan - Ann Arbor Duke University Dartmouth College University of Pennsylvania Harvard University University of Chicago New York University Columbia University Boston College University of Michigan - Ann Arbor University of California - Los Angeles Northwestern University Cornell University University of Pennsylvania University of Chicago Columbia University Harvard University New York University Northwestern University Boston College University of Michigan - Ann Arbor Duke University University of California - Berkeley University of Pennsylvania University of Chicago Columbia University New York University Harvard University Boston College Stanford University Cornell University Massachusetts Institute of Technology University of California - Los Angeles University of Chicago Columbia University University of Pennsylvania Harvard University New York University Boston College Massachusetts Institute of Technology Stanford University University of California - Los Angeles Boston University Columbia University University of Pennsylvania University of Chicago Harvard University Northwestern University University of California - Berkeley New York University Stanford University Cornell University University of Notre Dame LEGEND Ivy League Public Non-Ivy Private evestment - All Rights Reserved 15

16 Top Feeder Schools by Graduation for School Size Amherst College Yale University Princeton University Williams College Brown University Harvard University Stanford University Massachusetts Institute of Technology Northwestern University University of Virginia Dartmouth College Harvard University University of Pennsylvania Stanford University Claremont McKenna College University of Notre Dame Princeton University Bowdoin College Rice University Yale University Wellesley College Harvard University Bowdoin College Carleton College Williams College Yale University Massachusetts Institute of Technology Haverford College University of Pennsylvania Swarthmore College Swarthmore College Princeton University Haverford College Bowdoin College University of Pennsylvania Williams College Wellesley College Stanford University Amherst College Harvard University Williams College Amherst College Dartmouth College University of Pennsylvania Princeton University University of Chicago Stanford University Harvard University Davidson College California Institute of Technology Williams College Dartmouth College University of Chicago Bowdoin College University of Pennsylvania Harvard University Amherst College Princeton University Massachusetts Institute of Technology California Institute of Technology Williams College University of Chicago Boston College Dartmouth College Harvard University University of Pennsylvania Massachusetts Institute of Technology Yale University University of Notre Dame Carleton College University of Chicago Princeton University Dartmouth College Claremont McKenna College University of Pennsylvania Boston College California Institute of Technology Harvard University Massachusetts Institute of Technology Yale University University of Chicago University of Pennsylvania Boston College Williams College Dartmouth College Massachusetts Institute of Technology Bowdoin College Princeton University Harvard University Stanford University University of Chicago Boston College Massachusetts Institute of Technology Claremont McKenna College University of Pennsylvania Harvard University Columbia University Stanford University Dartmouth College Davidson College University of Chicago University of Pennsylvania Amherst College Bowdoin College Columbia University Harvard University Claremont McKenna College California Institute of Technology Northwestern University Princeton University LEGEND Ivy League Public Non-Ivy Private Liberal Arts evestment - All Rights Reserved 16

17 Top U.S. Schools by Product Strategy U.S. Equity University of Pennsylvania University of Chicago Harvard University Columbia University New York University Northwestern University Stanford University University of California - Los Angeles University of Wisconsin - Madison University of Virginia U.S. Fixed Income University of Pennsylvania University of Chicago New York University Columbia University University of California - Los Angeles Harvard University Boston College Cornell University Northwestern University University of Minnesota - Twin Cities Global, Global Ex-U.S. & EAFE Equity University of Pennsylvania University of Chicago Harvard University Columbia University New York University Massachusetts Institute of Technology Stanford University University of California - Berkeley Northwestern University University of California - Los Angeles European & U.K. Equity Harvard University Columbia University Northwestern University University of Pennsylvania University of Chicago Princeton University New York University Massachusetts Institute of Technology University of California - Berkeley University of California - Los Angeles European & U.K. Fixed Income University of Chicago University of Pennsylvania Boston College University of Pittsburgh Boston University Cornell University Columbia University New York University Harvard University Massachusetts Institute of Technology Global, Global Ex-U.S. & EAFE Fixed Income University of Chicago Columbia University University of Pennsylvania New York University Harvard University Massachusetts Institute of Technology University of California - Los Angeles Stanford University Dartmouth College University of California - Berkeley Asia-Pacific & Sub-Region Equity University of Pennsylvania Harvard University Columbia University University of Chicago University of California - Berkeley New York University Massachusetts Institute of Technology University of Michigan - Ann Arbor Northwestern University Cornell University Asia-Pacific & Sub-Region Fixed Income Boston College Stanford University University of Pennsylvania Northwestern University Harvard University New York University Massachusetts Institute of Technology Boston University Georgetown University Cornell University Hedge Fund Harvard University University of Pennsylvania University of Chicago Massachusetts Institute of Technology New York University Columbia University Stanford University University of California - Los Angeles Northwestern University University of California - Berkeley evestment - All Rights Reserved 17

18 Top Schools Globally by Product Strategy U.S. Equity University of Pennsylvania University of Chicago Harvard University Columbia University New York University Northwestern University Stanford University University of California - Los Angeles University of Wisconsin - Madison University of Virginia U.S. Fixed Income University of Pennsylvania University of Chicago New York University Columbia University University of California - Los Angeles Harvard University Boston College Cornell University Northwestern University University of Minnesota - Twin Cities Global, Global Ex-U.S. & EAFE Equity University of Pennsylvania University of Chicago Harvard University Columbia University University of Oxford New York University University of Cambridge Massachusetts Institute of Technology Stanford University University of California - Berkeley European & U.K. Equity University of Oxford University of Cambridge London School of Economics Copenhagen Business School Durham University University of Edinburgh University of London University of Warwick Harvard University Columbia University European & U.K. Fixed Income University of London University of Cambridge University of Warwick Erasmus University Rotterdam Vienna Univ. of Economics & Business University of Oxford University of Chicago University of Strathclyde University of Pennsylvania London School of Economics Global, Global Ex-U.S. & EAFE Fixed Income University of Chicago Columbia University University of Pennsylvania New York University University of Cambridge London School of Economics University of London Harvard University University of Oxford Massachusetts Institute of Technology Asia-Pacific & Sub-Region Equity University of Oxford University of Cambridge Keio University Hitotsubashi University University of Pennsylvania Waseda University National University of Singapore London School of Economics University of New South Wales Nanyang Technological University Asia-Pacific & Sub-Region Fixed Income University of New South Wales University of Melbourne University of Cambridge University of London Boston College Macquarie University University of Toronto Monash University University of Sydney McGill University Hedge Fund Harvard University University of Pennsylvania University of Chicago Massachusetts Institute of Technology New York University Columbia University Stanford University University of Cambridge University of California - Los Angeles University of Oxford evestment - All Rights Reserved 18

19 School Overview Summary Figure 1: Bachelor s degree (left) and master s degree in business administration (right) by school type, *distribution of degrees are based solely on the eighty-six schools specified in the following pages The following pages highlight university and college specific representation within the asset management industry. We show the distribution of degrees conferred, distribution of graduation years, firms with strong school networks, alumni roles at their respective firms, popular product strategies, and regional representation. Although the following information is derived from roles within the asset management industry, given the typical trajectory from sell-side analyst to buy-side analyst, we believe the data to be indicative of recent graduates representation in a variety of sell-side positions such as equity research at an investment bank. Public 30.7% Liberal Arts College 6.2% Ivy 24.9% Public 20.3% Ivy 30.8% We separate the schools analyzed into four categories: Ivy league, non-ivy private, public, and liberal arts college. By and large, overall university prestige seemed to correlate strongly to placement within the asset management industry. As might be expected, Ivy league schools are heavily represented across the asset management industry accounting for 24.9 all undergraduate degrees and 30.8 all MBA degrees based on data reported to evestment, see figure 1. Almost two-thirds of all professionals in our data set held a graduate degree, see figure 2. Given the recent explosion of programs tailored for those interested in finance conferring degrees such as the master s in finance and master s in financial engineering, we suspect this proportion to trend higher. Graduates also seemed to gravitate toward working at firms close to their schools, no doubt a mix of local recruitment by firms, selection bias toward established networks, and graduates preferences for a familiar environment. Many schools show a proclivity for placing its graduates within the asset management industry, beyond what potential matriculants may expect given the perceived value of the name of the school and claims made regarding their campus recruitment office. Lastly, we also consider the size of schools for our results. While a large network, in absolute numbers, is seen as an asset, comparisons on the effectiveness of job placement efforts may not be fair depending on school size differences. The effect of student body size becomes most poignant when comparing large public schools within the U.S. to smaller liberal arts colleges. Non-Ivy Private 38.2% Figure 2: Distribution of highest degree attained *Professionals electing not to provide educational backgrounds were excluded 4 35% 3 25% 2 15% 1 5% 38.2% 37.1% 16.3% Bachelor's MBA Master's (excluding MBA) 3.6% 3.2% PhD MBA & Master's (excl. MBA) Non-Ivy Private 48.9% 1.2% 0.4% JD Other evestment - All Rights Reserved 19

20 Boston College Chestnut Hill, Massachusetts (Private) of for Firm Size of ,993 7 Bachelor's ,531 6 Master's, excluding MBA ,462 3 Master of Business Admin (MBA) Doctor of Philosophy (PhD) 0 Juris Doctor (JD) 6 Other/Unspecified 22 State Street Global Advisors Wellington Management Company, LLP The Boston Company Asset Management, LLC MFS Investment Management Manulife Asset Management Standish Mellon Asset Management Company LLC Eaton Vance Management Acadian Asset Management, LLC BlackRock Pioneer Investments Summit Global Investments, LLC Wakefield Asset Management LLLP Pillar Pacific Capital Management, LLC American Capital Management, Inc. Nottinghill Investment Advisers, Ltd. Samoset Alternative Strategies GP I LLC Windham Capital Management, LLC Portolan Capital Management Pear Tree Funds F-Squared Investments Inc Distribution of by Firm Location Portfolio Managers & Analysts % 10 Strategists & Economists 9 2.4% 19 Risk Management & Due Diligence 4 1.1% 9 Investor Relations & Marketing % 8 Other/Unspecified % 9 of of US Equity 99 US Fixed Income 65 Global Equity 30 Global ex-us Equity 24 Hedge Fund 15 EAFE Equity 13 Global Fixed Income 12 Emerging Markets Equity 12 Global Balanced 10 US Balanced Firms Represented: % evestment - All Rights Reserved 20

21 Boston University Boston, Massachusetts (Private) of for Firm Size of , Bachelor's , Master's, excluding MBA , Master of Business Admin (MBA) Doctor of Philosophy (PhD) 9 Juris Doctor (JD) 9 Other/Unspecified 19 State Street Global Advisors Wellington Management Company, LLP MFS Investment Management Manulife Asset Management Grantham, Mayo, Van Otterloo & Co. LLC Eaton Vance Management Pyramis Global Advisors Standish Mellon Asset Management Company LLC Pioneer Investments Walden Asset Management Summit Global Investments, LLC The Bollard Group LLC Capital Prospects LLC Constitution Research & Management F.L.Putnam Investment Management Company Samoset Alternative Strategies GP I LLC Westfield Capital Management Company, LLC Boston Advisors Julex Capital Management, LLC Long Wharf Investors Distribution of by Firm Location Portfolio Managers & Analysts % 17 Strategists & Economists % 15 Risk Management & Due Diligence 1 0.3% 32 Investor Relations & Marketing Other/Unspecified % 16 of of US Equity 77 US Fixed Income 45 Global Equity 28 EAFE Equity 23 Global ex-us Equity 19 Emerging Markets Equity 14 Hedge Fund 11 Global Fixed Income 11 US Balanced 6 Global Balanced Firms Represented: % evestment - All Rights Reserved 21

22 Brandeis University Waltham, Massachusetts (Private) of for Firm Size of , Bachelor's Master's, excluding MBA Master of Business Admin (MBA) Doctor of Philosophy (PhD) 2 Juris Doctor (JD) 0 Other/Unspecified 5 State Street Global Advisors Wellington Management Company, LLP Morgan Stanley Investment Management Grantham, Mayo, Van Otterloo & Co. LLC Pioneer Investments Lazard Asset Management LLC Walden Asset Management Goldman Sachs Asset Management, LP Indus Capital Partners LLC OFI Institutional Asset Management OFI Institutional Asset Management Sandalwood Securities, Inc. Portfolio 21 Investments Caravel Management LLC Walden Asset Management Newgate Capital Management LLC AFL-CIO Housing Investment Trust Osterweis Capital Management Sentinel Asset Management, Inc. AlphaSimplex Group, LLC Distribution of by Firm Location Portfolio Managers & Analysts % 56 Strategists & Economists 3 4.3% 47 Risk Management & Due Diligence 1 1.4% 32 Investor Relations & Marketing 2 2.9% 61 Other/Unspecified % 45 of of US Equity 13 Emerging Markets Equity 13 Global Equity 6 US Fixed Income 6 Global Fixed Income 5 Global ex-us Equity 4 Emerging Markets Fixed Income 4 EAFE Equity 4 Hedge Fund 3 Canadian Fixed Income Firms Represented: 54 41% evestment - All Rights Reserved 22