You have to pass the same tests during interviews. The main difference is that if you come from a no-name university in a tiny country you need something special to even get an interview.

Of course that is for algorithm interviews, in less objective interview formats you are right where you studied etc is a massive factor.

It's also true that the questions are overwhelmingly written by people from "elite" universities, where certain subjects and approaches are emphasized. So if you aren't from one of those you're less likely to nail it. Elite universities also have connections I'm sure, and generally prepare students for interviews much better than average ones.

Institutional reputation has never had much sway with me but what little it did have has pretty much evaporated of late.

Largely because those institutions are known to be extremely selective. If they let you in then you must know a thing or two.

They've been extremely selective for folks with no relationship, yes. They've never been particularly selective for the family of donors or legacy. But, there's not really any way to tell if John Doe Harvard '23 got in because his great-great-grandfather also got in, or because he's hot shit.

I don't think this is altogether a negative, if you're hiring an investment banker then yeah the rich or connected family they come with is a benefit so you're probably in a good space regardless.