(1)About top schools (undergrad) discussed: Wharton and Harvard leads the overall placement in the industry by a large margin as compared to the rest of schools. This is especially true for the most sought after buyside jobs, as schools other than those two "rarely get looks from buyside firms". This landscape may have changed a little bit over the last couple years, but some elite firms such as Silverlake and Blackstone only recruit from these two, or exclusively from one of these two places. Along with the comparison I brought up between Yale and Dartmouth, I think several factors came into play. Firstly, self selection of students should be one; between H and Y, it appears that H has a significantly larger student body that are interested in finance. However, one student claimed to be an Econ student at Y with a GPA of 3.5 did state that s/he and friends in a similar position graduated without a job offer. While Y is obviously a prestigious school and I am sure their students will do well in some other fields such as law, H still has a slightly better name, and is also the only school students even in majors such as History and English Literature can still get into IB, providing s/he has a strong enough GPA. Secondly, in the case of Dartmouth, it is the only school whose semester system enables students to go for off-cycle interships, and its alumni network on street is extremely loyol. As a result, Dartmouth is a strong feeder shool for Wall Street than many may think. Here is an article on hedge feeder schools: http://www.finalternatives.com/node/17509.
(2)Schools other than Ivies and a few top schools: You will be superised at how well schools like Georgetown and UVA are represented at all the large investment banks, although like Stern they rarely get looks from buyside firms. By the standard of folks on this forum, these schools are barely considered as "top" ones. I learned this from raeding the threads, which is also consistent with the # of interns from each school in the BB where my D interned. Also, there will always be some outliers getting into IB, from schools such as Rutgers and Fordham. These are usually overachievers or someone with connections. If I had to guess, I would say maybe ~10% of the new hires are from these complete "no target" schools.
There are a variety of paths to achieve your goal where it is in finance or other fields, but attending a top school that is good at what you are interested as a future career should be a wise decision and a good start point. For us "老中", there are two often seen arguements that kind of annoy me, and make me wonder why the population supposedly to have high IQ (many PhD holders) could not figure such simple things out. In reading some of the threads, I feel they are just "无病呻呤”or trying to catch other's attention. One of this is "大藤" is eveyrthing regardless whatever; the other is trying to give an example using an outlier to argue that attending a good school is useless using a single example that a person who attended a community college has achieved something extraordinary later on. Tired typing, will stop here...