[ChicagoBoy11]

While you may argue that it is inefficient, there is something to be said for the power of signaling theory. I think that if the interview process ends up simply weeding out candidates that are willing and have the motivation to study for a few months for the job versus candidates who aren't, it is in it of itself probably extremely valuable as a selection tool. Heck, there is a lot of literature suggesting that this is what college is mostly about.

The thorny -- and important issue -- in all of this is recognize that the cost of "studying for a few months" varies sharply between people. when it comes to matters of equity of access, this is something that this model is bad at dealing with. Some 17yr old with a solid family background who has no responsibilities is facing very different constraints on "studying for a few months" then an older single-family professional trying to make a career switch.