1. Hard to say without looking through his application. Even if age was an issue, it probably wasn't the only factor. 2. I think that's a standard reply. They may believe he'll find a better fit in the other program. He should follow-up with the school. 3. Has he demonstrated interest and knowledge in hedge fund? Did he discuss existing skills and expertise that will contribute to his success working in hedge fund in China? Hedge fund is hot but it also takes special talent to stay in the game and ahead of others. It could be difficult to convince the school that he's worth the investment. | 
