Mcgill, HEC and Canadian IB/PE career progression

How are Mcgill/HEC in terms of placement into Montreal/Toronto IB/PE roles?

I'm aware that at both of these schools, the student-run investment funds (HIM for Mcgill and FPHEC for HEC) do better than the rest of the university, but how hard is it to get into these funds?

For reference, I'm a CEGEP student with a very good understanding (at least undergrad level?) of asset pricing from reading lots of Fama-French, Zhang and AQR papers. I'm not sure if this will help me (it seems the two funds are fundamentals/stock picking based), but I can probably pretend to be a stock picker for the interview... Still, do most people with a decent grasp of investing make it in or will I be rolling the dice?

Also, for students not involved with these funds, it is possible to get an IB/pension fund PE role with a good gpa and some networking or do I need to be best friends with half the firm?

Lastly, assuming one gets an IB/PE offer, how's the career progression like? I know that most people in IB try to exit and that even those who stay don't usually become MDs, but how is it in PE at the pension funds? Do the people who stay there 20+ years make it to MD or is there a 'wall' at the Principal level or somewhere else. 

I know this seems like a lot of questions, but I have other options than finance (r score above 37 with good behavioural interview and casper skills so decently likely med school acceptance) and I wouldn't do a BComm unless there was a reasonable chance that I'd get a decent job from it.

Many thanks.