<p>In your list, most points are to get into a top program. We're assuming that a student is already in a top program and is choosing between that and a lower tier program.</p>
<p>And, again, if you have no experience in this area, you probably shouldn't be commenting. Being in a high profile position does not mean that you live to work - it's not about hard work at all. It's someone working just as hard as you and as intelligent as you but making triple your salary because they went to a better school. </p>
<p>That seems unfair, and it is at a granular level. But at a high level it's all about signalling. People like to hire Google engineers. Why? It's not because Google is some magic company, it's because Google's hiring process is strict. So people who work at Google have already been screened as being highly intelligent and highly capable (on expectation). This means that having Google on your resume is a signal to other employers that you're an intelligent and capable person.</p>
<p>Employers do the same thing with colleges. They don't go to top schools because that's the only place to find intelligent people, they go to top schools because those schools are difficult to get into, and getting in means that there's something special about you. The school did the interview / screening work for them already. Well, that and it's more impressive to a client when you introduce your Wharton graduate (again because of signalling).</p>
<p>Do some people wash out and end up in the same job as everyone else? Sure. Heck, some of them even graduate unemployed. But there's some selective bias in taking the bottom 10% of one group and comparing it to the top half of another.</p>