Do Universities Matter?

Question

In the long run, does (for example) a General Practitioner graduated from Georgetown University School of Medicine make more money or a General Practitioner graduated from a regular, public, not as well known university? Keep in mind that in this example both GP's are pretty much equal in skill.

Answer 1

This is kind of a trick question -- because you are looking at the end product, not the starting product. There is a selection bias.

If you are looking at board certified GPs from top schools and board certified GPs who didn't go to top schools -- then they should have similar skills and make the same money.

However, if you look at those who are accepted to the top schools and those who are accepted to lesser schools -- you will find that the average salary of those at the top schools is higher. Those who go to better schools are more likely to get the desirable internships and more likely to become board certified than those who don't.

There was a study done a while ago about students who were accepted at Harvard (for undergraduate work). Those who rejected Harvard and went to their state schools ended up being every bit as successful as those who went to Harvard. But this does not mean that those who go to State schools are as successful as those who go to Harvard.

In other disciplines, the school matters a lot. Those going to a top MBA program come out making about twice as much as those going to an unranked MBA program.

Answer 2

If you want to be a GP, then it won't matter. What will matter is if you're a good doctor, and if you have a good way with your patients that causes them to recommend you to other people. If you want to go into a competitive specialty, you might find it easier to get good residencies if you come from a more famous university, and they might also do a better job of training you, so the skill level might come out different, even given the same level of native ability and work ethic. On the other hand, a lot of the public universities are more geared up to produce GPs and pediatricians, etc., rather than surgeons and other specialists, so they might actually do a better job of training people for those types of medicine.

Answer 3

Without citing any resources, I don't believe University is important in the grand scheme of matters. I only attended University for a year before I realised what useless and inept individuals my fellow peers were. They had no idea what they wanted to do in life. University was just a place to hopefully make them decide in which direction they wanted to go. While I decided to go about and do things on my own in life.

So many Universities are churning out people who are all the same - textbook intellects. When everybody is becoming the same with no real qualities, that sector is going to be saturated and overwhelmed with potential employees and thus wages will plummet.

While as me, I have developed my own education based on what I want to learn. From your example, the doctor who does not have a University PhD will have learned the sub-topics of the overall subject which would apply to the particular job he wishes to go for. From my own personal experience and perception of others, self-taught individuals are a lot more educated and diverse than those who are institutionally taught - thus climb the ladder quicker and earn more money at the end of the day.

Answer 4

Well you should consider that prospects for graduates from well known universities are generally better. Well applying for a job a person with a qualification from a very well known university stands a better chance than someone with the same qualification from a university which doesn't have as good prestigue.