I would just add that there is much more supply of folks interested in PE/VC than jobs. The firms have to cut the list somehow. Even limiting to the top 5 or

I would just add that there is much more supply of folks interested in PE/VC than jobs. The firms have to cut the list somehow. Even limiting to the top 5 or 7 schools leaves them with way too many applicants. The other thing going on is people from the top 5-7 programs also get the right work experience immediately post-MBA, which helps the cause. Hiring in the industry is relationship driven, so people hire their friends.... The same thing happens in software, though perhaps to a lesser extent. Facebook and Google hire an awful lot out of Stanford, Berkeley and MIT, especially when they're small. Once their needs grow, they expand the schools they recruit from. PE and VC firms never grow large enough to require such an influx of hires.