connections are what runs the world. im very very sure this is prevalent globally in all industries and in all firms, guaranteed
i have seen it happen both ways as mentioned above
1. Intern Candidate is connected to the boss.
Newbie gets the resume, gets told to do the interview. Prior to this happening, the boss comes to Newbie, says "oh btw thats my son/niece/neighbor". Newbie does the interview, does not take any notes and backfills it later with the correct answers. Boss asks "how did they go". Newbie goes "Sir they were a standout candidate, definitely a tick from me". Boss is happy and doesnt feel like he is rorting the process, Newbie gets brownie points.
2. Intern Candidate is connected to a potential client
Newbie gets the resume, sees a giant shiny gold sticker on the top left, marked as "client referral". Newbie gets called into the bosse's office, gets a rundown of who their father/mother/uncle/aunt is. (examples include CEOs, high ranking government officials, ultra high networth families). Newbie calls the candidate, invites them to coffee/lunch/dinner, gets them excited about the internship. During the internship, the boss and newbie make it a personal mission to ensure that the candidate enjoys all the benefits of the job (models and bottles) while letting them have interesting work such as taking them to all the meetings and introducing them as a key team member. Newbie makes sure no actual internship bitch work ever goes to them. Full time offer guaranteed. Bank gets mandated on the IPO. Fees fees fees. Boss is happy. Newbie gets brownie points.
Sadly i was neither 1 or 2 and had to work for it. At first I was like wtf this is BS, but slowly i have come to realize that just how the world works.
Dont hate the player hate the game.