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They may not have a "business" major, but they do have econ/finance, etc. Majors like these are suitable for IB.
The reason the schools like HYPS, Penn, etc are good for banking are the networking. Do you really think that the corporate finance class you take at wharton is that much better than the one you take at your state school?
Now, one can't deny that Wharton is an amazing school with amazing opportunies. I would say its network potential is just the same as that at Harvard, Yale, etc. But all in all, the schools that are defined as "targets" by banks are recruited equally, at least those in the top tier.
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