I really don't want to come off as pessimistic but with all of thebashing and "prestige" rankings it seems as though people are forgetting about just how hard it actually is to get in most jobs that require a BA or BS degree. It's a little presumptuous for people with no full time experience acting like they "MUST GET IN " or else they will be screwed for life.
I thought I'd mention someone who went to Harvard, graduated with honors, and still didn't get hired in banking at GS: Lloyd Blankfein. He was just like many us looking to get in finance. He didn't have a md dad or come from a hnw family and actually lived in the projects. After being dinged at goldman he went to law school and was a lawyer before coming back to goldman and the rest is history.
Look at any stats on applicants and hires for any investment bank and it's quite staggering how difficult it is. AnySA application you see on linkedin will probably have at least 200-300 other applicants. Not to say it can't happen to you because obviously people will get hired every year (I try to read a couple of the wso success stories every week), but by no means is it the end-all-be-all if you don't get in. There are so many reasons why you couldn't get the job and hiring isn't always an exact science. I'm sure just about everyone has been denied a job at least once.