It's an easy filter. Why bother with kids going to a shitty school who likely don't have a track record of putting in enough effort, or aren't smart enough, when you can have your pick of students from Harvard?

Array
 

Taking a cynical approach (not judging the merits of the situation) ... if you have 10,000 applications for 100 spots then picking from top schools is an easy way to filter CVs , gurantee baseline competence, and rightly or wrongly mitigate risk (HR faces less sh** if a Harvard grad is a dud vs ASU grad).

No one argues that the job requires a great deal of intellect, but if there are 1k apps for every seat, then its hard to argue that HR should value all universities equally. And after a while, the same ~20/~5 schools (US/UK) will be most represented and alumni will refer/help current students.

 

I mean also if you look at true non targets there is maybe 1 or 2 qualified candidates a year for banking. When I say qualified I mean like actually have put in the work to learn about the markets and network. I have seen these people make it, but they truly are the one person who could of gone to a top school, but just didn't have the resources(money) to go to a top school.

 

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