I would disagree that they'd be better at solving hard algorithms as well. The hard algorithms are being solved at the top theory groups at the top 10 schools.
I did a bit of programming contests in school as well and most kids practiced hard and got good at the tricks and patterns of solving those problems. The algorithms were mostly undergrad or grad level at best. They were not breaking new ground.
As to whether top ICPC talent correlates to IQ and capability, Most likely, although the same can be said about a really high GPA though. People like Tomek Czajka will shine in all areas.
I've worked at a couple of the Big-4 companies before and the best programmers I met there were not competitive programmers.
I did a bit of programming contests in school as well and most kids practiced hard and got good at the tricks and patterns of solving those problems. The algorithms were mostly undergrad or grad level at best. They were not breaking new ground.
As to whether top ICPC talent correlates to IQ and capability, Most likely, although the same can be said about a really high GPA though. People like Tomek Czajka will shine in all areas.
I've worked at a couple of the Big-4 companies before and the best programmers I met there were not competitive programmers.