QUOTE(CKJMark @ Jan 27 2011, 10:29 AM)
1st class degree doesn't guarantee you a job. Whether you land the job also depends on your presentation skills, your outlook, your communication skills, your extra-curricular activities, and other factors.
Your assumption that 'they did ok in the interview' based on their acedemic qualifications is a little misguided. I'm not saying they didn't do ok, I am saying that other people probably did better. Based on my experience as a hiring manager, academic performence is no guarantee that the hiree will do well in the interview. Your qualifications alone are not enough to win you the job when compared to people who excelled in other areas in addition to academics.
The accounting firms use academics as a cut-off criterion. After that, whether you get hired depends on how well you talk, how well you present yourself, and how well you know your stuff off the paper. It also matters a great deal whether you were active in sports and extra-curricular activities. The paper qualifications only help you make the sorting bin.
Rather than bemoan the rejection, it would be better to call up the HR and find out why you didn't make the cut so that you can improve in the next interview.
I agree on the extra curricular part because from all the interviews I have attended and got offers for, mostly don't centre around my studies once I got in for interviews. If u have good extra-c record they will tend to ask u relate your leadership scenarios or focus more on that besides asking about basic tell me about yourself etc. With that being said, even with first class there will always be masters out there to rival -.-" been to those programs offered by banks and most are equipped with masters when they apply for such jobs. Also, the English part when presenting is very much important.
Perhaps next time when one ends the interview, ask them about your performance on the spot eg. Off the record, may I know how did I do for the interview and is there anything that I should work on to improve myself?
It works for all my interviews and most will be glad to answer u (of coz I have encountered some that said so far so good and wait for call only -.-")