Comment by ashwindharne

I've found that this phenomenon exacerbates inequality too:

If you attend a well-known college that bigco's hire from frequently, there's a lot of knowledge floating around about interview prep, hiring schedules, which companies pay the best, etc. Clubs host "interview prep workshops" where they'd teach the subject matter of interviews, host events(hackathons, case competitions, etc.) to help you bolster your resume for applying to these bigco's. So just by attending a better/fancier school, you'd have pretty decent odds of eventually getting a job at one of these prestigious places.

If you were to attend a less prestigious school, regardless of your aptitude or capability, the information asymmetry is so bad that you'll never learn of the prerequisites for even being considered for some of these roles. Not many upperclassmen will have interned at fancy employers, so they won't be there to help you drill dynamic programming/black-scholes/lbo models, and won't tell you that you need to have your applications prepped by a certain date, and won't tell you that you should be working on side projects/clubs, etc.

I suppose that the apprenticeship model biases towards people that already have connections, so perhaps inequality was already bad, whereas now we just have an information asymmetry that's more easily solvable.