I don't think blunt and inefficient are necessarily the same in this instance. The hiring managers are basically outsourcing the prescreening to the college admission boards. That method certainly allows a huge number of great candidates to slip through the cracks. However,it also is an incredibly quick and efficient way to narrow down applications to a group that is on average "better" than the general population.

Another firm can try to capitalize on the market inefficiencies and hire tons of Brown grads. Although they will likely need to spend more time and money on the hiring process since the candidates aren't as thoroughly prescreened. None of us know if that will really pay off in the end.