Having worked at Goldman Sachs in FIG investment banking, and having very close friends at virtually every bulge bracket as well as 8 of the 10 largest Private

Having worked at Goldman Sachs in FIG investment banking, and having very close friends at virtually every bulge bracket as well as 8 of the 10 largest Private Equity firms, I can attest that this is completely false. If there is one industry that bleeds meritocracy (outside of entrepreneurship, which I think is a clear first), it is finance. You are definitely right about the long hours - you must be intelligent and be willing to work extremely hard, and you must also be willing to put up with a great deal of tedium and grunt work at almost all levels. However, the one thing that you don't have to be is white. Minorities are vastly overrepresented, and while I have not done a hard calculation if you take Asians and Indians as a percentage of total front office workers, I would not be surprised if it were near 30%. Include Jews and it's even higher. I currently work at McKinsey & Co in the Corporate Finance practice in New York, and the office as a whole (of 500 front office consultants) is probably 40% Asian or Indian. That said, there are many downsides to finance as well and there are many reasons I am forgoing a $400k+ paycheck in PE to move back to SF to start a company where I am paid $0 and will have to live off of a ramen diet. The fact that I am not straight, white, and anglo-saxon however does not play a factor at all (and in fact there are running jokes at many banks and top tier consultancies that the above description puts you in the minority).