<p>There are a lot of good schools. A few have recognition well beyond the US borders and people outside of academia take notice. Alumni networks are very strong. My sense is that a very limited number of schools make available opportunities with much higher probability than others. They also tend to cause the already ambitious students to set their sights higher.</p>
<p>My perception is that HYP do these things well and are recognized around the world by people outside of academia. I think Stanford for engineering and perhaps science, MIT and Caltech for engineering and science would fall in the same category. [I’m not saying that they are not superb in other fields, but am thinking about the alumni networks and recognition outside of academia].</p>
<p>Having attended and/or taught at three of these, I’ve benefited from the positive effects. I think that at each step, the probability of good things happening is better, especially if you want to do something out of the normal linear progression. I’ve shifted what I do a couple of times and I am confident that my affiliations have increased the ease with which I’ve been able to shift at high levels.</p>
<p>For example, I decided to take a year off after my first year of grad school and was looking for a job in a field that was different from my own but related to it and interviewed with one firm, and one of the two principals were grilling me about what I knew and what skills I had until one turned to the other and said, “He’s Princeton magna, Jerry” and Jerry then turned and said, “OK, so why do you want to work here?” Similarly, I switched fields after getting my PhD from Harvard and I am confident that the location made the switch easier. I later left academia and joined an investment bank and then a family’s investment firm. Both moves came directly as a result of contacts made as a professor at Harvard. Having Harvard boldly emblazoned on my current firm’s resume and being an expert in what we do means that the red carpet is rolled out at times when we go to places like Australia, Malaysia, Peru, Japan, China. </p>
<p>I’m not sure I’d put Duke, Columbia or Chicago in the group that does what I think distinguishes HYP (and likely SMC). [Chicago might have some of the effects in economics in some countries.] They are all terrific schools with great students, but I don’t think they have the same effects on either horizons or improving the lottery of opportunities that become available. Same with Dartmouth, Penn, Brown, etc. Dartmouth, Amherst and Williams seem to have terrific alumni networks, but I don’t think they have the recognition that I see at HYP. Prestige is in the eyes of the beholder and alumni networks are what they are.</p>
<p>My son was playing chess in Costa Rica with a boy his age. His father asked my son where he was going to go to college. My son had not yet applied and listed a number of high-end schools. The father was a lawyer, who said, “Go to Harvard. If you go there, you are set for life.” This is of course not true, but it illustrates the perception that people have.</p>
<p>And, none of these special benefits – horizon-raising, contacts, alumni networks, improving the lottery of available opportunities – will help at all if the individual isn’t proactive and aggressive in taking advantage of the great opportunities he/she has available.</p>