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We’ve known for a long time. I used to work for a very prestigious national laboratory, and we interviewed some PhD candidates from the absolute top schools who, as far as I could tell, had coasted through grad school and hardly done anything. It’s rare but it definitely happens.

On the other hand, management grade tends to fail their way up

That puts the cart before the horse, in the past these prestigious degrees signaled elite status, they are the people who decide where capital flows, if they couldn't get a job they'd just make one. More likely people haven't wised up, they just stopped making hiring decisions, leaving it to AI.