The role of education from top universities in the career development and performance of mutual fund managers in China is studied． It is found that graduates from top universities are more likely to start their career in the mutual fund industry，and that it takes a shorter time for them to become fund managers． The size and management fee of their first funds are larger，but their performance is not better than their peers who do not graduate from top universities． The elite school premium in mutual fund industry is more likely to be explained by signaling theory than alumni networks． In later stages of their career，education from top universities has no impact on either the promotion or the salary of fund managers． Performances and abilities are what determines the later stage developments of fund managers． Hence，education from top universities itself is only a stepping-stone and should not be used as determinants of promotion or salary．