The state school pitch is always "I work harder and am just as smart as those ivy kids" Ok, Ohio state, where was that hard work and brains when you were applying to college and what's this 3.5 gpa.
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My experience has been that selecting for talent rather than for prestige yields better hiring results but I know that PE folks have to impress LPs and raise the next fund so I guess a bunch of ex-lacrosse chads are good to put in front of investors. Every firm is different.
