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<p>That’s not really true. This isn’t a measure of rate of success in PhD programs or even rate of success for admissions to a PhD program. At best, it’s a measure of those two things + the level of desire to do PhD work + financial means of the student body + various other externalities.</p>
<p>We’d need a lot more info to convert PhD production to a figure which demonstrates how well (or not so well) a school prepares students to complete PhD level work.</p>