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No, MBBs actually do a lot of hiring outside of top-tier schools. In the past, it was very rare for MBBs to recruit outside of their target schools, but this has changed a lot and continues to change each year.
So, if you are coming from a non-target school where firms don’t have an active recruiting presence, you can still apply to work at an MBB firm. We have worked with many clients who were coming from non-target schools and were able to land offers at McKinsey, Bain, and BCG.