<p>^^ PhDs are not a barometer I would use to indicate much about an LAC math department. Many of Williams math grads go into finance, banking, consulting, i.e., Wall Street. That is why Mudd, which is tip tops, is not even on the list, as many are engineers knee deep in developing algorithms after graduation.</p>
<p>The data the OP should look at is the acceptance rate of Williams and Mudd grads into top graduate programs, not the number of PhDs produced per school. A school could easily produce more PhDs than Williams or Mudd, yet have a lower rate of acceptance to top grad programs. I would bet Williams and Mudd match or beat anyone on that list, with Caltech probably being the one possible standout. </p>