We try and take an eclectic approach to this. For any given variable, we don't know what the ‘true’ model is, or the true data-generating process is, if you would like to take a more atheoretical approach. There is rarely one single model that outperforms all the rest.
While my friends in the Banking industry are busy developing “on-line” application forms and “on-line” tests, we need to probably question if we are even targetting the right kind of talent pool. I would like to have a study on how many people in remote villages, at the taluka / tehsil level, appear for the recruitment tests that are conducted.