Insight on Investment Banking as a career...?

I posted a question comparing banking and law it seems IB is more successful so I'd like some insight on this, on the following statements is this true?

-someone told me it is impossible to get into IB if you have a low 3 GPA from a state school with a degree say econ...companies prefer people from IVYs with high GPA's in finance.
-it's a high pressure job with a high chance of getting fired if you screw up. There's no room for mistakes
- if you have a weak crappy inexperienced resume, would the only way to get into it is if you get a MBA in finance?

Some more insight would be nice...thanks!

Please note that I am in investment banking and so I will answer without any bs or sugarcoating. Addressing each point of yours below:

1) It is not impossible, but it will be extraordinarily difficult. With a low 3 GPA and state school degree, you need to know someone with major pull. Yes, they usually prefer Ivy's with high GPAs.

2) It is a high pressure job with very little room for mistakes (early on, you are given a little more latitude as you are new... after a couple of months, then no screw-ups). You will be fired if you screw up royally. Otherwise, you will be chastised, sometimes in front of everyone in your group.

3) If resume sucks, then an MBA is most likely the only way. Now the question becomes which MBA program will take someone without any experience? Probably not a great one. Then the question is which investment bank will hire someone with a weak resume and MBA from a half-assed school? Unless you ace your GMATs and are in the top 2% of your graduating class, then you will have a very tough road. All's not lost, but chances of landing a position at a bulge bracket bank (eg. Goldman, Morgan Stanley, Merrill, etc.) are very, very slim.

Hope this helps. If your description is about yourself, then my advice would be to work real hard and transfer to a better school asap. You'd have to compensate for your short-comings and be sure to network with as many as professionals in the industry as possible.