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

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

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), http://www.bankofengland.co.uk/publications/documents/speeches/2014/speech723.pdf, 4 April 2014 evestment - All Rights Reserved 2

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 17-18 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 15-16 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

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 300 250 200 150 100 50 0 Average age assuming bachelor's degree received at age 22: 47 1960 1962 1964 1966 1968 1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 evestment - All Rights Reserved 4

ing by University University University 1 University of Pennsylvania 1,101 31 University of Wisconsin - Madison 143 61 Georgia Institute of Technology 60 2 Harvard University 920 32 Tufts University 134 62 University of Illinois - Urbana- Champaign 59 3 Columbia University 886 33 Northeastern University 129 63 Purdue University - West Lafayette 56 4 University of Chicago 877 33 University of Iowa 129 64 Texas A&M University - College Station 55 5 New York University 810 35 Lehigh University 126 64 University of California - Davis 55 6 Stanford University 470 36 Johns Hopkins University 121 64 University of Georgia 55 7 Northwestern University 429 37 University of Maryland - College Park 117 67 Rensselaer Polytechnic Institute 50 8 University of California - Los Angeles 412 38 University of Connecticut 113 67 University of Miami 50 9 University of California - Berkeley 373 39 George Washington University 111 69 Wake Forest University 47 10 Boston College 372 40 University of Texas - Austin 110 70 Virginia Tech 40 11 Cornell University 369 40 University of Washington 110 71 California Institute of Technology 33 12 Massachusetts Institute of Technology 357 42 University of Rochester 109 72 Pepperdine University 32 13 University of Michigan - Ann Arbor 332 43 University of North Carolina - Chapel Hill 108 73 Yeshiva University 23 14 University of Virginia 327 44 Southern Methodist University 105 74 Clemson University 16 15 Yale University 303 45 Emory University 102 75 Worcester Polytechnic Institute 10 16 Boston University 300 46 Ohio State University - Columbus 101 17 Dartmouth College 291 47 University of Pittsburgh 99 18 Duke University 287 48 University of Florida 86 Liberal Arts College 19 Princeton University 273 49 Tulane University 83 20 University of Southern California 268 50 Michigan State University 80 1 Williams College 109 21 Indiana University Bloomington 235 51 University of California - San Diego 77 2 Middlebury College 69 22 University of Notre Dame 234 52 College of William and Mary 75 3 Bowdoin College 55 23 Georgetown University 222 52 University of California - Santa Barbara 75 4 Amherst College 49 24 University of Minnesota - Twin Cities 198 54 Syracuse University 73 5 Claremont McKenna College 41 25 Fordham University 184 55 Washington University in St. Louis 71 6 Wellesley College 39 26 Brown University 177 56 Brandeis University 70 7 Swarthmore College 30 27 Rutgers, the State University of NJ 172 57 Brigham Young University - Provo 69 8 Carleton College 26 28 Penn State University - University Park 162 57 Case Western Reserve University 69 8 Davidson College 26 29 Carnegie Mellon University 155 59 University of California - Irvine 68 10 Haverford College 23 30 Vanderbilt University 143 60 Rice University 64 10 Pomona College 23 evestment - All Rights Reserved 5

ing by for School Size University University University 1 University of Chicago 877 31 Boston University 300 61 University of California - San Diego 77 2 University of Pennsylvania 1,101 32 Southern Methodist University 105 62 University of Texas - Austin 110 3 Dartmouth College 291 33 Case Western Reserve University 69 63 University of California - Irvine 68 4 Harvard University 920 34 Emory University 102 64 Brigham Young University - Provo 69 5 Princeton University 273 35 University of Michigan - Ann Arbor 332 65 Michigan State University 80 6 Massachusetts Institute of Technology 357 36 Rensselaer Polytechnic Institute 50 66 Ohio State University - Columbus 101 7 Boston College 372 37 Tulane University 83 67 Worcester Polytechnic Institute 10 8 Stanford University 470 38 Wake Forest University 47 68 University of California - Davis 55 9 Yale University 303 39 University of Southern California 268 69 University of Florida 86 10 Columbia University 886 40 Indiana University Bloomington 235 70 University of Georgia 55 11 California Institute of Technology 33 41 Yeshiva University 23 71 Purdue University - West Lafayette 56 12 Brown University 177 42 Washington University in St. Louis 71 72 Virginia Tech 40 13 Northwestern University 429 43 University of Iowa 129 73 University of Illinois - Urbana- Champaign 59 14 University of Notre Dame 234 44 Rutgers, the State University of NJ 172 74 Texas A&M University - College Station 55 15 Duke University 287 45 Johns Hopkins University 121 75 Clemson University 16 16 Lehigh University 126 46 Northeastern University 129 17 New York University 810 47 University of Minnesota - Twin Cities 198 18 Cornell University 369 48 George Washington University 111 Liberal Arts College 19 University of Virginia 327 49 University of Connecticut 113 20 Tufts University 134 50 University of Wisconsin - Madison 143 1 Williams College 109 21 Georgetown University 222 51 University of North Carolina - Chapel Hill 108 2 Bowdoin College 55 22 Fordham University 184 52 University of Pittsburgh 99 3 Claremont McKenna College 41 23 Vanderbilt University 143 53 University of Miami 50 4 Amherst College 49 24 Rice University 64 54 Syracuse University 73 5 Swarthmore College 30 25 Carnegie Mellon University 155 55 Penn State University - University Park 162 6 Middlebury College 69 26 Brandeis University 70 56 Pepperdine University 32 7 Haverford College 23 27 University of Rochester 109 57 Georgia Institute of Technology 60 8 Wellesley College 39 28 University of California - Los Angeles 412 58 University of California - Santa Barbara 75 9 Pomona College 23 29 University of California - Berkeley 373 59 University of Maryland - College Park 117 10 Davidson College 26 30 College of William and Mary 75 60 University of Washington 110 11 Carleton College 26 evestment - All Rights Reserved 6

ing by Bachelor s Graduates University BA/BS University BA/BS University BA/BS 1 University of Pennsylvania 451 31 University of Chicago 80 60 University of Pittsburgh 36 2 Harvard University 270 32 Ohio State University - Columbus 73 62 University of Georgia 35 3 Cornell University 209 33 University of Iowa 72 63 Georgia Institute of Technology 34 4 Princeton University 202 34 University of Maryland - College Park 70 64 Virginia Tech 32 4 University of Virginia 202 35 University of Washington 68 65 University of North Carolina - Chapel Hill 30 6 Boston College 197 36 University of Connecticut 66 65 Wake Forest University 30 7 Yale University 195 36 University of Texas - Austin 66 67 Rensselaer Polytechnic Institute 27 8 University of California - Berkeley 184 38 Northeastern University 64 68 University of California - Irvine 23 9 University of Michigan - Ann Arbor 170 39 Fordham University 62 69 California Institute of Technology 21 10 Dartmouth College 167 39 Michigan State University 62 69 University of Miami 21 11 Stanford University 164 39 University of Florida 62 71 Case Western Reserve University 18 12 Columbia University 158 42 University of California - San Diego 61 72 Yeshiva University 14 13 Duke University 156 43 University of California - Santa Barbara 61 73 Clemson University 9 14 University of California - Los Angeles 155 44 Southern Methodist University 57 74 Pepperdine University 8 14 New York University 155 45 Washington University in St. Louis 56 74 Worcester Polytechnic Institute 8 14 University of Notre Dame 155 46 College of William and Mary 53 17 Brown University 140 46 Syracuse University 53 18 Georgetown University 137 48 Johns Hopkins University 51 19 Northwestern University 124 49 Brigham Young University - Provo 50 Liberal Arts College BA/BS 20 Boston University 119 50 Carnegie Mellon University 49 1 Williams College 98 21 Penn State University - University Park 118 51 George Washington University 48 2 Middlebury College 64 22 Indiana University Bloomington 117 52 Emory University 45 3 Bowdoin College 52 23 Massachusetts Institute of Technology 116 52 Tulane University 45 4 Amherst College 43 24 Lehigh University 108 54 University of California - Davis 41 5 Claremont McKenna College 38 25 Rutgers, the State University of NJ 106 55 Rice University 40 6 Wellesley College 35 25 University of Southern California 106 55 Texas A&M University - College Station 40 7 Swarthmore College 28 27 University of Minnesota - Twin Cities 101 55 University of Rochester 40 8 Carleton College 23 28 Tufts University 97 58 Purdue University - West Lafayette 39 8 Davidson College 23 29 University of Wisconsin - Madison 89 59 Brandeis University 38 10 Haverford College 21 30 Vanderbilt University 81 60 University of Illinois - Urbana- Champaign 36 11 Pomona College 19 evestment - All Rights Reserved 7

ing by Bachelor s Graduates for School Size University BA/BS University BA/BS University BA/BS 1 University of Pennsylvania 451 31 Boston University 119 61 Pepperdine University 8 2 Princeton University 202 32 Tulane University 45 62 University of Texas - Austin 66 3 Dartmouth College 167 33 University of Rochester 40 63 Michigan State University 62 4 Harvard University 270 34 Wake Forest University 30 64 University of Florida 62 5 Yale University 195 35 University of Michigan - Ann Arbor 170 65 Brigham Young University - Provo 50 6 Boston College 197 36 Emory University 45 66 Ohio State University - Columbus 73 7 Massachusetts Institute of Technology 116 37 University of California - Berkeley 184 67 University of North Carolina - Chapel Hill 30 8 Stanford University 164 38 University of Southern California 106 68 University of California - Davis 41 9 Lehigh University 108 39 Yeshiva University 14 69 Purdue University - West Lafayette 39 10 California Institute of Technology 21 40 Rensselaer Polytechnic Institute 27 70 Virginia Tech 32 11 Brown University 140 41 University of California - Los Angeles 155 71 University of Georgia 35 12 Duke University 156 42 George Washington University 48 72 University of Illinois - Urbana- Champaign 36 13 Columbia University 158 43 Case Western Reserve University 18 73 Texas A&M University - College Station 40 14 University of Notre Dame 155 44 Syracuse University 53 74 University of California - Irvine 23 15 Georgetown University 137 45 University of Iowa 72 75 Clemson University 9 16 Tufts University 97 46 Northeastern University 64 17 University of Chicago 80 47 Indiana University Bloomington 117 18 Cornell University 209 48 Rutgers, the State University of NJ 106 19 Northwestern University 124 49 University of Wisconsin - Madison 89 Liberal Arts College BA/BS 20 University of Virginia 202 50 University of Minnesota - Twin Cities 101 1 Williams College 98 21 Vanderbilt University 81 51 University of Connecticut 66 2 Claremont McKenna College 38 22 Rice University 40 52 Georgia Institute of Technology 34 3 Bowdoin College 52 23 Brandeis University 38 53 Penn State University - University Park 118 4 Amherst College 43 24 Southern Methodist University 57 54 University of California - Santa Barbara 61 5 Middlebury College 64 25 Carnegie Mellon University 49 55 University of Maryland - College Park 70 6 Swarthmore College 28 26 College of William and Mary 53 56 Worcester Polytechnic Institute 8 7 Haverford College 21 27 Washington University in St. Louis 56 57 University of Washington 68 8 Wellesley College 35 28 Fordham University 62 58 University of California - San Diego 61 9 Pomona College 19 29 Johns Hopkins University 51 59 University of Miami 21 10 Davidson College 23 30 New York University 155 60 University of Pittsburgh 36 11 Carleton College 23 evestment - All Rights Reserved 8

ing by MBA Graduates University MBA University MBA University MBA 1 University of Chicago 720 24 Carnegie Mellon University 57 47 Rice University 16 2 Columbia University 557 24 University of Notre Dame 57 48 College of William and Mary 15 3 New York University 533 26 University of Iowa 55 48 Michigan State University 15 3 University of Pennsylvania 553 27 University of Rochester 54 48 University of Miami 15 5 Harvard University 471 28 University of Pittsburgh 51 51 Wake Forest University 14 6 Northwestern University 234 28 Vanderbilt University 51 52 Johns Hopkins University 12 7 University of California - Los Angeles 208 30 Emory University 50 52 University of Florida 12 8 Stanford University 182 31 Rutgers, the State University of NJ 49 54 Lehigh University 11 9 University of Southern California 125 32 Case Western Reserve University 47 55 Washington University in St. Louis 10 10 University of Michigan - Ann Arbor 124 33 University of Connecticut 45 56 Brigham Young University - Provo 9 11 Cornell University 114 34 George Washington University 40 57 University of Georgia 8 12 University of California - Berkeley 111 35 Northeastern University 38 58 Syracuse University 7 13 Fordham University 109 36 Southern Methodist University 35 59 Texas A&M University - College Station 6 14 Dartmouth College 108 36 University of Texas - Austin 35 60 Purdue University - West Lafayette 4 14 Duke University 108 38 University of California - Irvine 34 60 Rensselaer Polytechnic Institute 4 16 Massachusetts Institute of Technology 105 38 University of Wisconsin - Madison 34 60 Virginia Tech 4 17 Indiana University Bloomington 104 40 University of Maryland - College Park 33 63 Clemson University 3 18 Boston University 99 41 Georgetown University 28 63 Georgia Institute of Technology 3 19 University of Minnesota - Twin Cities 95 41 University of Washington 28 63 Tufts University 3 20 University of Virginia 91 43 Tulane University 25 63 University of Illinois - Urbana- Champaign 3 21 Boston College 82 44 Pepperdine University 24 67 Brandeis University 2 22 University of North Carolina - Chapel Hill 64 45 Penn State University - University Park 21 67 University of California - Davis 2 23 Yale University 59 46 Ohio State University - Columbus 18 67 University of California - San Diego 2 evestment - All Rights Reserved 9

ing by MBA Graduates for School Size University MBA University MBA University MBA 1 New York University 533 24 Lehigh University 11 47 Michigan State University 15 2 University of Connecticut 45 25 Dartmouth College 108 48 Syracuse University 7 3 University of Chicago 720 26 Tulane University 25 49 University of Miami 15 4 University of Iowa 55 27 University of Notre Dame 57 50 College of William and Mary 15 5 Columbia University 557 28 University of Wisconsin - Madison 34 51 University of Georgia 8 6 Case Western Reserve University 47 29 University of California - Irvine 34 52 Ohio State University - Columbus 18 7 University of Minnesota - Twin Cities 95 30 Northeastern University 38 53 Rice University 16 8 Boston College 82 31 University of Maryland - College Park 33 54 Rensselaer Polytechnic Institute 4 9 Boston University 99 32 Vanderbilt University 51 55 University of Texas - Austin 35 10 University of Pennsylvania 553 33 Southern Methodist University 35 56 Johns Hopkins University 12 11 University of Pittsburgh 51 34 University of Virginia 91 57 Tufts University 3 12 University of Southern California 125 35 Emory University 50 58 Georgetown University 28 13 University of California - Los Angeles 208 36 Penn State University - University Park 21 59 Texas A&M University - College Station 6 14 Fordham University 109 37 Carnegie Mellon University 57 60 Virginia Tech 4 15 Indiana University Bloomington 104 38 University of Michigan - Ann Arbor 124 61 Washington University in St. Louis 10 16 Harvard University 471 39 Massachusetts Institute of Technology 105 62 Brigham Young University - Provo 9 17 Stanford University 182 40 Duke University 108 63 Georgia Institute of Technology 3 18 University of California - Berkeley 111 41 Wake Forest University 14 64 University of California - Davis 2 19 University of Rochester 54 42 Pepperdine University 24 65 University of California - San Diego 2 20 Rutgers, the State University of NJ 49 43 University of Washington 28 66 Purdue University - West Lafayette 4 21 Cornell University 114 44 University of North Carolina - Chapel Hill 64 67 University of Illinois - Urbana- Champaign 3 22 Northwestern University 234 45 University of Florida 12 68 Brandeis University 2 23 George Washington University 40 46 Yale University 59 69 Clemson University 3 evestment - All Rights Reserved 10

Ivy League ing School School Bachelor's Graduates 1 1 University of Pennsylvania 1,101 6,119 2 3 Harvard University 920 5,769 3 6 Columbia University 886 8,816 4 8 Cornell University 369 5,746 5 5 Yale University 303 2,790 6 2 Dartmouth College 291 1,635 7 4 Princeton University 273 1,728 8 7 Brown University 177 2,082 1 1 University of Pennsylvania 451 2,636 2 4 Harvard University 270 1,774 3 8 Cornell University 209 3,596 4 2 Princeton University 202 1,248 5 5 Yale University 195 1,285 6 3 Dartmouth College 167 1,093 7 7 Columbia University 158 2,022 8 6 Brown University 140 1,603 School MBA Graduates School Master's & PhD Graduates 1 1 Columbia University 557 640 2 2 University of Pennsylvania 553 839 3 3 Harvard University 471 926 4 4 Cornell University 114 279 5 5 Dartmouth College 108 280 6 6 Yale University 59 276 - - Brown University - - - - Princeton University - - 1 4 Columbia University 108 6,794 2 3 Harvard University 71 3,995 3 7 University of Pennsylvania 39 3,483 4 1 Princeton University 29 480 5 6 Cornell University 25 2,150 6 5 Yale University 23 1,505 7 2 Brown University 11 479 8 8 Dartmouth College 4 542 School Portfolio Managers & Analysts 1 2 University of Pennsylvania 907 6,119 2 6 Columbia University 744 8,816 3 4 Harvard University 709 5,769 4 8 Cornell University 301 5,746 5 1 Dartmouth College 247 1,635 5 5 Yale University 247 2,790 7 3 Princeton University 225 1,728 8 7 Brown University 135 2,082 evestment - All Rights Reserved 11

Public University ing School School Bachelor's Graduates 1 2 University of California - Los Angeles 412 10,251 2 3 University of California - Berkeley 373 9,435 3 5 University of Michigan - Ann Arbor 332 10,269 4 1 University of Virginia 327 5,466 5 6 Indiana University Bloomington 235 9,541 6 8 University of Minnesota - Twin Cities 198 10,850 7 13 Penn State University - University Park 162 11,409 8 10 University of Wisconsin - Madison 143 8,468 9 7 University of Iowa 129 5,689 10 16 University of Maryland - College Park 117 9,483 11 9 University of Connecticut 113 6,563 12 19 University of Texas - Austin 110 11,458 12 17 University of Washington 110 10,084 14 11 University of North Carolina - Chapel Hill 108 6,425 15 22 Ohio State University - Columbus 101 13,745 16 12 University of Pittsburgh 99 6,521 17 24 University of Florida 86 12,182 18 21 Michigan State University 80 9,972 19 18 University of California - San Diego 77 7,442 20 4 College of William and Mary 75 2,032 21 15 University of California - Santa Barbara 75 5,957 22 20 University of California - Irvine 68 7,169 23 14 Georgia Institute of Technology 60 4,757 24 28 University of Illinois - Urbana- Champaign 59 10,716 25 26 Purdue University - West Lafayette 56 8,224 26 29 Texas A&M University - College Station 55 11,146 26 23 University of California - Davis 55 7,566 26 25 University of Georgia 55 8,035 29 27 Virginia Tech 40 7,075 30 30 Clemson University 16 4,448 1 1 University of Virginia 202 3,726 2 4 University of California - Berkeley 184 7,315 3 3 University of Michigan - Ann Arbor 170 6,351 4 5 University of California - Los Angeles 155 7,342 5 12 Penn State University - University Park 118 10,099 6 7 Indiana University Bloomington 117 7,103 7 9 University of Minnesota - Twin Cities 101 7,449 8 8 University of Wisconsin - Madison 89 6,416 9 21 Ohio State University - Columbus 73 10,626 10 6 University of Iowa 72 4,237 11 14 University of Maryland - College Park 70 7,043 12 15 University of Washington 68 7,048 13 10 University of Connecticut 66 4,973 14 18 University of Texas - Austin 66 8,374 15 20 University of Florida 62 8,286 16 19 Michigan State University 62 7,931 17 16 University of California - San Diego 61 6,336 18 13 University of California - Santa Barbara 61 5,333 19 2 College of William and Mary 53 1,460 20 23 University of California - Davis 41 6,581 21 28 Texas A&M University - College Station 40 9,024 22 24 Purdue University - West Lafayette 39 6,603 23 17 University of Pittsburgh 36 4,165 24 27 University of Illinois - Urbana- Champaign 36 7,533 25 26 University of Georgia 35 6,360 26 11 Georgia Institute of Technology 34 2,842 27 25 Virginia Tech 32 5,486 28 22 University of North Carolina - Chapel Hill 30 4,441 29 29 University of California - Irvine 23 6,069 30 30 Clemson University 9 3,394 evestment - All Rights Reserved 12

ing of by Firm Roles University PM/ Analyst University PM/ Analyst University Economist/ Strategist 1 University of Pennsylvania 907 31 Penn State University - University Park 113 1 Harvard University 58 2 Columbia University 744 32 Tufts University 108 2 University of Chicago 46 3 University of Chicago 727 32 University of Iowa 108 3 Columbia University 41 4 Harvard University 709 34 Lehigh University 99 4 University of Pennsylvania 40 5 New York University 667 35 Johns Hopkins University 96 5 Stanford University 27 6 Stanford University 372 36 Northeastern University 94 6 New York University 22 7 Northwestern University 333 37 Emory University 92 7 University of California - Los Angeles 21 8 University of California - Los Angeles 325 37 University of Texas - Austin 92 8 University of California - Berkeley 19 9 Cornell University 301 39 University of Maryland - College Park 89 8 University of Southern California 19 10 Boston College 300 40 University of Washington 87 10 Yale University 18 11 Massachusetts Institute of Technology 298 41 University of Rochester 86 11 Cornell University 16 12 University of California - Berkeley 286 42 University of Connecticut 85 11 Northwestern University 16 13 University of Michigan - Ann Arbor 279 42 University of North Carolina - Chapel Hill 85 13 Duke University 15 14 University of Virginia 259 44 George Washington University 81 13 Massachusetts Institute of Technology 15 15 Dartmouth College 247 45 University of Pittsburgh 80 15 Yale University 247 46 Ohio State University - Columbus 74 IR/ University 17 Boston University 242 47 University of Florida 72 Marketing 18 Duke University 225 48 Southern Methodist University 71 1 University of Pennsylvania 47 18 Princeton University 225 49 Michigan State University 67 2 Harvard University 40 20 University of Southern California 201 50 College of William and Mary 61 3 University of Chicago 31 21 Indiana University Bloomington 194 50 Tulane University 61 4 Columbia University 30 22 University of Notre Dame 188 52 Brigham Young University - Provo 59 5 Northwestern University 28 23 Georgetown University 180 52 Case Western Reserve University 59 6 University of California - Los Angeles 24 24 University of Minnesota - Twin Cities 164 54 University of California - San Diego 56 7 University of California - Berkeley 23 25 Fordham University 137 55 Rice University 55 8 Boston College 21 26 Brown University 135 56 Brandeis University 54 8 New York University 21 26 Carnegie Mellon University 135 56 Washington University in St. Louis 54 10 University of Virginia 19 28 University of Wisconsin - Madison 131 58 Syracuse University 52 11 Cornell University 18 29 Rutgers, the State University of NJ 128 59 University of California - Santa Barbara 50 12 Penns State University - University Park 17 30 Vanderbilt University 118 60 University of Illinois - Urbana- Champaign 47 12 University of Southern California 17 evestment - All Rights Reserved 13

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

Top Feeder Schools by Graduation 1960-1964 1965-1969 1970-1974 1975-1979 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 1980-1984 1985-1989 1990-1994 1995-1999 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 2000-2004 2005-2009 2010-2014 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

Top Feeder Schools by Graduation for School Size 1960-1964 1965-1969 1970-1974 1975-1979 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 1980-1984 1985-1989 1990-1994 1995-1999 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 2000-2004 2005-2009 2010-2014 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

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

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

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

Boston College Chestnut Hill, Massachusetts (Private) of for Firm Size of 372 10 2,993 7 Bachelor's 197 6 1,531 6 Master's, excluding MBA 85 4 1,462 3 Master of Business Admin (MBA) 82 21 100 8 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 300 80.6% 10 Strategists & Economists 9 2.4% 19 Risk Management & Due Diligence 4 1.1% 9 Investor Relations & Marketing 21 5.6% 8 Other/Unspecified 38 10.2% 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 7 1960-64 0 1965-69 0 1970-74 2 1975-79 8 1980-84 11 1985-89 25 1990-94 48 1995-99 47 2000-04 48 2005-09 38 2010-14 3 Firms Represented: 194 57% evestment - All Rights Reserved 20

Boston University Boston, Massachusetts (Private) of for Firm Size of 300 16 8,194 31 Bachelor's 119 20 3,980 31 Master's, excluding MBA 64 7 4,214 16 Master of Business Admin (MBA) 99 18 142 9 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 242 80.7% 17 Strategists & Economists 14 4.7% 15 Risk Management & Due Diligence 1 0.3% 32 Investor Relations & Marketing 12 4. 19 Other/Unspecified 31 10.3% 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 3 1960-64 0 1965-69 3 1970-74 4 1975-79 6 1980-84 13 1985-89 20 1990-94 33 1995-99 27 2000-04 28 2005-09 23 2010-14 1 Firms Represented: 163 58% evestment - All Rights Reserved 21

Brandeis University Waltham, Massachusetts (Private) of for Firm Size of 70 56 1,605 26 Bachelor's 38 59 831 23 Master's, excluding MBA 25 19 774 7 Master of Business Admin (MBA) 2 67 69 68 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 54 77.1% 56 Strategists & Economists 3 4.3% 47 Risk Management & Due Diligence 1 1.4% 32 Investor Relations & Marketing 2 2.9% 61 Other/Unspecified 10 14.3% 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 2 1960-64 0 1965-69 0 1970-74 2 1975-79 3 1980-84 4 1985-89 4 1990-94 4 1995-99 7 2000-04 4 2005-09 7 2010-14 1 Firms Represented: 54 41% evestment - All Rights Reserved 22