Non-IB/BB applicant being asked to submit application

Hello everyone, I'm extremely new to this world of banking, so apologies if I use incorrect language or abbreviations. 

But I'm currently a law student at an okay law school, my background is in compliance and securities. While I know some of banking I don't know it as well as y'all at these top MBA schools. I had initially applied for a compliance role at a big bank, but my application had not advanced. However a little over a week ago I received an email from this big bank saying they found my resume and think i'd be a good fit for their wealth management group, and was told to pick 3 cities from a list to be considered for either the New Associate or Summer Associate program (I've still got 1 more year of law school so New Associate wouldn't work).

I just want to know what are my chances here? As a JD I feel like I'm at a severe disadvantage. Have y'all seen this before? They said they'll throw my application to the backend, does this mean my application may still get rejected? I'm not even sure what part of the hiring process I'm at tbh. 

Any help or advice would be appreciated