But you can't say a guy with P&G experience is not as good as a guy with 2 years IB experience either just as you can't say P&G or Coca Cola CEO is not as good as some MD in an I-Bank. Every industry needs leadership. And most people know that a large proportion of admitted HBS students are from banking and consulting industries. So it's fair to everyone obviously.
At my school, upon graduation, the best people go on to top Investment banks and management consulting firms. Second best move on to Big 4 accountancies. Third tier join GE in its vairous leadership development programs. And the rest are disbursed across P&G, Johnson & Johnson type of companies. These people in firms like P&G are below average students in college. I personally feel it is extrememly unfair that they are even considered for admission into top business schools just because they bring some so called "diversity" to the programs. They bring down the intellectual quality of the class and rarely do IB/MC veterans in business schools want to pair with them in group work if they can choose. To keep it in mind, many many and many senior executives of companies like P&G are top IB/MC veterans.