<p>Of course qualifications always come first. That goes unstated. I would never argue that you can get a job "simply" through having a conversation starter.</p>
<p>some schools will rarely accept their ug students into graduate. Princeton is notorious for this-- mostly due to the small size of the school and the fact that everyone is doing independent research as an ug. They don't want you working with the same prof for 10 years, theyd rather you go out and get your phd somewhere else and hire you after that.</p>
<p>If anyone were working at Princeton for ten years for their whole collegiate career, I'd think they'd be ready to move and work somewhere else anyways. :)</p>
<p>In my experience, for those going into academia, it is very helpful to absorb different approaches and points of view. This would be especially true in schools that have relatively small (albeit high quality in the case of Princeton) departments. I think I broadened my perspective substantially by attending three schools.</p>
<p>There is no big advantage at cocktail parties per se, but it is helpful when job-seeking or job-switching if you are known and respected by people at different schools.</p>
<p>Actually I know this guy that's a mechanical engineering major and he had a sub-average gpa and he said his choice was to come back to the same school for graduate school and getting to know the department better. He's pursuing a Ph.D.</p>