FWIW all the schools have relatively extensive scholarship programs whose breadth and funding is cyclical and dependent on the views of the Headmaster and Board.
Amusing anecdote: I attended Westminster (on a scholarship) under Tristram Jones-Parry who was known for both keeping the school at the top of the UK ranking for the duration of his tenure, and for expanding the scholarship programs. He was the quintessential "close to the troops" manager, he chatted with all pupils regularly, cornering them in the yard or the street to ask them their thoughts, and occasionally barging into a maths class and teaching it (incredibly well). When he retired and wanted to spend a bit of time teaching disadvantaged kids in state-run schools, his application was rejected by the government because he did not hold the appropriate teaching qualification. See: http://en.wikipedia.org/wiki/Tristram_Jones-Parry
In England Public School is where the "upper class" send their children for a private education. Chinless wonders is a derogatory term for less than intelligent children from those schools (in-breeding amounget limited aristocratic gene pool lead UK to have royalty with unusually small jaw lines for a while)
And jobs in finance were considered till mid century to be available only to those people who knew each other, went to the same schools and used same networks.
In short - an industry run by in-bred, unintelligent, privately educated with a small and elite job network.
