The most important thing you can do is something you’re passionate about. This will show through in your essays and interviews. I can always tell when I’m interviewing potential applicants whether they’re doing something out of passion or if it’s just a “check the box” thing. If this type of volunteer work tickles your fancy, then go for it. Leadership titles are less relevant than what you do in order to effectuate change.
I think a flaw in the mindset of many financial analysts is the obsessive need to quantify everything and insist that it is countable. A great saying is that not everything that can be counted counts and not everything that counts can be counted. I think this major flaw of thinking has lead to many bad investment decisions and asset bubbles, as well as a general over reliance on models. It also causes a lot of applicants to pursue high GMAT scores obsessively and in my mind wrongly.
Numi, I think you are forgetting the tier of the undergrad degree the applicant has, the tier of their respective recommendations, and the tier of their previous emplyoment. You have made it clear to us in all of your previous posts that this is what matters, so I don’t know what you are talking about here.