Investment banking associates aren't performing the job of a wealth manager or financial planner. They spend much of their time performing research on businesses, creating presentations on businesses, and working with other businesses. They're not working with retail level individuals looking to have their wealth managed.

Until tech took off, investment banking was the only profession that competed with big law and medicine, compensation and prestige wise. It still is highly difficult and selective to break into, even for those coming from high ranking schools. Arguably much more difficult to break into than most big tech, and unlike with tech, if you miss the internship to investment banking sliding door out of college, it can be near impossible to break into later.