College prestige in the world of corporations

By: Bella Dalba

            In the contemporary market, an international economy that is both highly competitive and staggeringly delicate, corporations seek to hire the proverbial “best and brightest” employees from the applicant pool, to ensure the future of their company. But how does one distinguish between applicants? Age? Work experience? Facebook posts? Not surprisingly, most employers place heavy emphasis on the level of education that the applicant has completed. What is surprising, however, is the little attention they pay to the degree. Bachelor of Science? Bachelor of Arts? Doesn’t matter – either way, it’s a bachelor’s degree. Instead, weight is given to the institution from which the education was garnered. Think about it – if you had the choice between hiring a Harvard graduate and a state college graduate, who would you choose?

            The prominence of each person’s alma mater is typically used to classify their perceived intelligence and capability. A more reputable private university automatically bestows upon its graduates a reputation that precedes them, whereas a graduate from a public college is automatically viewed much less favorably. A recent paper by Kellog management professor Lauren Rivera explores the tendency of elite investment banks, consultancies and law firms to be education-oriented: “…Educational credentials were the most common criteria employers used to solicit and screen resumes. However, it was not the content of education that elite employers valued but rather its prestige. Employers privileged candidates who possessed a super-elite university, regardless of their actual performance once there.”

            John Carney, a finance journalist for CNBC, explains the process: “Going to a major university is important. Being at the big top four schools is important. An MBA from Harvard or Stanford is even a little more important. It's light-years difference whether or not we are going to consider your resume.” So-called “public Ivies,” such as University of Michigan and Berkeley, were not considered prestigious (or even elite) in the minds of evaluators. In contrast, these so-called state schools were frequently described pejoratively as “safety schools” that were “just okay.” Even Ivy League designation was insufficient for inclusion in the super-elite. For undergraduate institutions, “top-tier” typically included only Harvard, Princeton, Yale, Stanford, and potentially Wharton (University of Pennsylvania's Business School). By contrast, Brown, Cornell, Dartmouth, and University of Pennsylvania (general studies) were frequently described as “second tier” schools that were filled primarily with candidates who “didn’t get into” a super-elite school.

            Evaluators rely so intensely on “school” as a criterion of evaluation not because they believed that the content of elite curricula better prepared students for life in their firms – in fact, evaluators tended to believe that elite and, in particular, super-elite instruction was “too abstract,” “overly theoretical,” or even “useless” compared to the more practical and relevant training offered at “lesser” institutions – but rather due to the strong cultural meanings and character judgments evaluators attributed to admission and enrollment at an elite school.

            The idea of superiority has been entrenched within society for decades – an Ivy League degree brings prestige, and guarantees a job after graduation. This may have been true in the past, but with the job market fluctuating greatly and job requirements varying from position to position, this trend may be changing. CNNMoney released an article in September 2010 showing that the trend for Ivy League graduates being coveted by employers is changing. In fact, state university graduates seem to be the ones getting hired, even over graduates of small, private institutions. This has impacted the college decisions of many. Seckman High School Principal Jeff Krutzsch wasn’t surprised that an increasing number of students choose money over personal preference: “I had expected parents to start looking for value in colleges after the 2008 financial collapse, and this has clearly impacted each student’s college decision.”

            Keith Mayer, a guidance counselor at Seckman High School, agrees: “Families really need to look realistically at what they can afford. Sometimes, they’ll look at a package and say, ‘It’s not enough, but we can sacrifice and send our children to the school they really want to go to.’ They have to realize this is a four to five year commitment. Prestige doesn’t equal a successful career, and it isn’t worth $100,000 in student loan debt to find out.”

            Regardless of these fluctuating trends, or what degree may be prized over another, there are dozens of factors that ultimately go into a student’s college selection: why should anyone be punished for looking to further their education?