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Wanna work at a hedge fund? Go to these schools

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The Wharton School of Business at the University of Pennsylvania, Philadelphia, PA
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Want to make the big bucks at a hedge fund or another hotshot asset management firm? A diploma from University of Pennsylvania is your best bet as an undergraduate. If you're getting an MBA, it's University of Chicago's Booth School of Business. And if you graduated in 2010 or later, Columbia University is the top feeder school to have on your resume.

That's according to a new ranking of where employees of asset management firms went to school by alternative fund database company eVestment. The report draws from a data set of more than 35,000 professionals—mostly portfolio managers, analysts and other investment-focused roles—from more than 4,500 asset management firms, mostly hedge and mutual funds. The average age was 47.

Top schools for working in asset management

Raw rank University Total alumni
1University of Pennsylvania1101
2Harvard University920
3Columbia University886
4University of Chicago877
5New York University810
6Stanford University470
7Northwestern University429
8University of California - Los Angeles412
9University of California - Berkeley373
10Boston College372
Size adjusted rankUniversityTotal alumni
1University of Chicago877
2University of Pennsylvania1101
3Dartmouth College291
4Harvard University920
5Princeton University273
6Massachusetts Institute of Technology357
7Boston College372
8Stanford University470
9Yale University303
10Columbia University886
MBA rankUniversityMBA alumni
1University of Chicago720
2Columbia University557
3New York University533
3University of Pennsylvania533
5Harvard University471
6Northwestern University234
7University of California - Los Angeles208
8Stanford University182
9University of Southern California125
10University of Michigan - Ann Arbor124

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Penn, home to the famed business-focused Wharton School for both undergrads and MBAs, had the most total alumni—1,101—working at firms like PIMCO, BlackRock and Goldman Sachs Asset Management, according to the report.

But Penn's dominance may be fading. The school was the top asset management feeder school nearly every year from 1960 to 2004. But Chicago led from 2005 to 2009 and Columbia had the top spot from 2010 to 2014.

All Ivy League institutions are well represented in eVestment's various rankings based on degree and school size.

"Ivy league schools predictably ranked highly across all of our rankings," the report said. "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."

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One surprise was Boston College, which ranked in the top 10 for total alumni, 7th when scaled by school size and 6th when compared by bachelor's degree only. The school is ranked 31st overall by U.S. News & World Report. Another was Lehigh University, which ranked 9th for bachelor's degrees when scaled by school size. Lehigh was was ranked 41st by U.S. News.

The report also ranked schools by investment product focus. The top school for American hedge funds was Harvard University, followed by Penn and Chicago. For U.S. equities, Penn was first, followed by Chicago and Harvard. In U.S. fixed income, Penn was again number one, followed by Chicago and New York University.