This is true. When I interviewed at a large investment bank for a position as a developer on a low-latency market making desk after completing my PhD in EE at t

This is true. When I interviewed at a large investment bank for a position as a developer on a low-latency market making desk after completing my PhD in EE at the University of Washington, the managing director, who had a Master's from Stanford, wondered "why UW" and asked "why didn't you go to Stanford?" Virtually all the traders were from elite schools. Devs and quants had diverse backgrounds. (I got the job.)