12-Year-Old Headed to Cornell University as a Student

I have no doubt that they center IQ with a mean of100 and a standard deviation of 15. Both are easy enough to calculate and fit. And the distributions appear to visually match, so that is the reason for the widely held belief.

However, lots of things which appear to visually fit a normal distribution have fatter extreme tails than expected, including height, stock returns, and IQ. This is known as kurtosis.