What does it take to get hired by a HF fresh out of college?

Are HFs any less prestige-attached than IBs? I know someone who went to UMD and then joined the P72 training programing and has been an analyst for 3 years now. Is this common or is the 2 years and out still the common path--this is what I was planning to do but I'd rather go straight into a HF...

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