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Look I know it makes a difference, but the difference is negligible in the grand scheme of things, and too often people have unrealistic expectations just because they went to Harvard, it's an entry level job.
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I don't disagree with your basic point which is that Harvard does not guarantee anything and that one should not have unrealistic expectations.
Nevertheless, I would say that the difference is more than just 'negligible'. Harvard, MIT, and schools of that caliber give you access to opportunities that other schools cannot. For example, I know guys at Harvard who were able to get some interviews at top private equity firms and hedge funds that practically no other students at other schools could ever get. Now, granted, you still have to do well in the interview to get the job, and if you get the job, you have to do well at that job. But at least they got the interview. Most people can't even get the interview and so they don't even get a chance at the job.