I recently met a very bright, personable and eager Yale graduate who was desperate for a chance to prove herself at a new, entry level opportunity. I was shocked that she’s had no luck with her job search. She seemed the picture-perfect young candidate. She had concerns that ivy leaguers were stigmatized; perceived as something of Prima Donnas. And in job market, hiring managers were looking for “fire in the belly” candidates.
This got me thinking: Does Your Alma Mater Matter?
According to recent research, there doesn’t seem to be a correlation between elite school diplomas and exceptional opportunities. Professors at Princeton University (of all places!) studied and reported that over time. and all things being equal, those who choose not to attend the most selective schools earn about as much as those who go to highly ranked, elite colleges and universities.
There’s no denying that today’s job market is extremely competitive for recent college grads. A Rutgers University study found that only 56% of 2010 graduates have been able to find work. It’s been widely reported that starting salaries have fallen. And only half of the jobs found by recent college grads actually require a degree at all! Good jobs are indeed scarce.
Last month, I polled the LinkedIn community on some of the credentials they look for in a recent college graduate (for an entry level position) and the feedback was interesting. Of the 301 respondents, 206 were looking for demonstrated personal qualities — this included leadership skills, self-motivation and flexibility. 54 respondents answered that related work experience was most valued (many of these respondents were from technical fields). 35 people answered that great references from a trusted source are helpful. But what about a degree from an elite, private college? Only 6 people who answered the poll were looking for THAT credential in a recent grad!
In fact, the perception of Ivy League graduates is not what I would expect, either! The LinkedIn community responded to another poll of mine–here it is in a nutshell.
From a hiring perspective, my first impression upon seeing IVY LEAGUE on a resume of a recent college grad is:
All things being equal, no advantage: 15%
Must come from an affluent background: 23%
Must have an exceptional work ethic: 15%
Must be bright but may lack “street smarts”: 12%
Must be seeking a higher entry level salary: 35%
Really? No real advantage? What about Wall Street? That’s another story entirely! Because when it comes to Wall Street, Lauren Rivera — a sociologist at Northwestern’s Kellogg School of Management — researched and concluded that Ivy League IS still the best route to Wall Street. “It’s still where you went rather than what you did there that makes the difference to “elite professional service providers” such as investment banks and big-name law firms.” In other words, it’s not the person, it’s the academic pedigree that is most in-demand for this sector.
Perhaps alma mater DOES matter in some industries. But don’t let your diploma derail your ambitions. After all, some of our biggest successes — Dell, Jobs, Branson, Gates — are billionaire dropouts!
What’s your opinion? Does alma mater matter? Or is it hard work, goal setting, risk taking and a bit of luck that will help today’s recent college grads to ultimately succeed?