Age an obstacle for Quants? - Myth or Truth?

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I am an incoming student to a Masters in Financial Engineering program.
I keep hearing that for many quant roles ( quant researcher/trading/derivatives pricing/fixed income/statistical quant etc) prefer younger people (with less than 3 years of any previous experience right after undergrad). Is this true?
Do older folks have a harder time getting into these roles?
About me - Finished my undergrad 4 years ago. I have 3 years of work experience as a software dev.
The program I am accepted to isn't in NY or Chicago or California. On quantnet, it is ranked between 10 and 15.
This is my first post here.
Please help out this Chimp.

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