I'm at one now and can confirm this seems to be true, at least at mine

You definitely see more representation from good undergrads, but I think that's more a function of those schools placing into better jobs pre-MBA than the MBA program caring. It doesn't hurt but if you go to SUNY and work at a solid job and do well you aren't at that much of a disadvantage vs someone in the same job from a better (non-Ivy) school like Michigan / Duke / etc (holding GPA, GMAT, etc equal)

 

All the M7 people I know personally were at T30 schools or better. T10-T15 is where I saw more variability. Currently at a T20-T25 MBA school and we have probably like 10-20 people from T30 undergrads. Rest is fairly variable. I only know of one whose from a top Ivy like HYP whose a 2nd year. 1st years also has a few Ivy undergrads.

I went to a complete non-target undergrad.

 

It's more difficult probably to get offers at lower ranked schools but I've seen it happen in the US. Not sure about Canada and these instances are very rare.

At a T20-T25, we recruit fairly well into a good chunk of MM banks (we historically place in some BBs but it's not common, recently got a few EB hires but those are still considered very uncommon historically at our school).

 

I went to H/S and was honestly shocked by how many people DIDN’T go to good schools. It was really only some of the PE guys and MBB consultants who had Ivy League backgrounds. I would say only 25% of a class went to Ivies. Increases to maybe 50% of the class for T30 schools (which includes more than 30 schools given subjectivity). There were plenty of people who went to schools abroad, state schools and LACs I have personally never heard of.

 

I look at undergrad prestige as a nice backup if you have a low GPA or if you didn't get a good job out of undergrad. Definitely plenty of non targets at every MBA program in the M7. Nontarget + low GPA (less than 3.4) would be very difficult to overcome though unless you perform well above the GMAT average and have A+ work experience, the latter of which is pretty unlikely given you're already coming from a non target and have a low gpa. 

 
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people like to imagine that M7s are full of super high achiever Ivy League types, but the reality is that the modal outcome even at HBS (maybe not Stanford) is an MBB consulting job. 

now, that's a good job in the scheme of things, but if you're defining a "super high achiever" as someone with a top tier job out of undergrad, and maybe a promotion/step up within that path, would an MBB consulting job really be that desirable? for the most part, someone who did IB + PE 2+2, or MBB, or FAANG PM, out of undergrad, is not going to need/want to invest 200k+ 2 years into getting there, because they already have that level of career capital

therefore, most people going into M7 are going to have sub-MBB level careers, and looking to get onto a path like IB, MBB, or amazon PM

again, Stanford has a different proposition, but if we are talking about the "bottom half" M7s, and frankly most of the non-PE/sponsored people at harvard/wharton too, this is true

 

It's really GSB and everyone else these days, with H/W a half step above the others imo.

 

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