Does school teach you enough to land an investment banking job? A majority of schools, even some ivy league, will not teach you near enough to land an interview day one. There is a big gap between what schools teach you and what investment banking recruiters expect you to know. Some schools (i.e. NYU, UPENN) and others that have classes dedicated to investment banking but for the most part schools do not teach you near enough to nail an investment banking interview.
I found that coming out of college it was actually pretty difficult to know what to expect. No classes in undergraduate taught me how to use a Merger model or LBO model; this was entirely unknown to me. I was blinded sided by top bulge bracket investment banks asking me to talk through simple accretion/dilution models and various leverage buyout scenarios.
Having been an interviewer myself, I found that most of the content available (Vault, Fee online content, etc.) gave candidates little advantage when it came to interviews. Vault guides are essentially “commodizing” the interview process, in that you have to read it or else you will be at risk of not known stuff they cover.
Investment Banking interviews are intense and you need to be on top of your game to land a job, meaning you better be one of the best prepared. I spent the last 5 years developing material for myself and also started adding to it for others once I joined the recruiting team at my bank.