Almost dead on. I work in investment risk. We definitely look at fields of study first. We take into account grades. School can, and to my mind unfortunately too often, make a difference as to which applicants get an interview when 'all things are otherwise equal'. But who is continued to the second round or hired is based more on the interview, what they can or have done, intelligence, and similar. Frankly, I have met and interviewed far too many entitled and ignorant Ivy and Stanford and MIT people to be very impressed with the actual under graduate education at such schools. i have also met and interviewed some (and approved for hiring) some brilliant ones. But the school is in no way the primary or even major consideration. At least where I work cannot speak for everywhere.
Graduate programs are a bit different. But then again, it can be other schools than Ivy, Stanford, or UCLA/Duke, etc. that have excellent graduate programs for financial economics, quantitative MBA, stochastic modelling, and on and on.