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A lot of older baby boomer MDs have way less illustrious academic / pre-IB work experience than what is required for Analysts today to break into Wall Street.
A lot of them are also Harvard MBAs, but it is true that occasionally you come across a Boomer MD who just grew up in an immigrant family in NYC, went to some tiny jesuit / jewish private college where they studied English and then ended up trading MBS at Solomon Brothers somehow.
Anyways, being a non-target MD is swag as fuck.
Non-target MD is prestigious
I interned at a lower MM bank, there were a number of “operators”. They ran the gamut from super pedigreed to non-target. For smaller companies having been there, done that lends a lot of credibility. Some HC people had PhDs from what would be considered nontargets, but within their world were indeed targets.
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