Just because you go to Cambridge doesn’t mean you’re guaranteed a spring week—plenty of people at top universities like Oxford, LSE, and Imperial get rejected too. The reality is, passing assessments and interviews isn’t enough in this ultra-competitive process; being "strong" is the baseline, not the differentiator. If you keep hearing "we can’t take you," it means you’re doing well on the objective stuff but failing to stand out in a meaningful way. Your answers might be polished, but are they unique? Are they tailored to the firm, or could anyone have said the same thing? Firms aren’t just hiring competent people—they want those who align with their culture and bring authenticity. On top of that, luck and timing matter more than you think when applicant numbers are this high. If you’re not networking, attending events, or building relationships with analysts to show real interest, you’re missing a trick. Stop assuming passing stages means you "should" get in, reflect on what’s not landing, and fix it—because sitting around wondering why others are succeeding won’t help. You’ve got the background, but the rest is on you.