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I've just got to add that a person interested in doing a PhD in Native American studies is probably the LEAST likely person to all of a sudden get interested in banking or venture capital.</p>
<p>If this hypothetical person got her PhD from Oklahoma and couldn't find a tenure track job in academia, s/he could be well prepared to work in all sorts of capacities in Native advocacy programs, NGOs, etc. How so?</p>
<p>Well, a PhD in Native Studies at U Oklahoma would have at least one Native language (potential to work in linguistic reclamation programs), but MORE importantlly, would have developed relationships with elders at least one Native nation (potential there to teach in a tribal school, administer programs on the rez, etc.), and, depending on their area of specialization, could have developed expertise in Native law, Native treaty history, the impact of casinos, etc, and thus could have opened up possibilities of careers (consulting, etc.) in those areas.</p>
<p>Bottom line: Contacts developed at the U of Oklahoma would create all of those opportunities. Same thing for the Harvard PhD? Possible, but not so much.
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<p>Banking and consulting are just two potential examples (yet ones that apparently seem to generate the most controversy). What I am simply saying is that plenty of people end up finding out that they'd rather do something else, and that 'something else' can be any myriad of things. </p>
<p>Look, my point of view is simple. I have met far too many PhD students and/or graduates who are tired of what they used to study and are ready to do something else. Heck, just last Saturday night, I was talking to a couple of PhD students who have already said that they are no longer really interested in pursuing research jobs and are instead looking for other careers. One of them was half-joking that he's so bored with his dissertation that he spends most of his time working on his blog which is now apparently highly popular, in fact, so much so that he actually generates money from it (via advertising through the Google AdSense service). I then told him that his story reminded him of 2 former Stanford EE PhD students who were so bored with writing their dissertation on integrated circuit manufacturing that they spent most of their time goofing off by building a website that compiled their favorite links. We know that website as Yahoo. They never finished their dissertations, but I doubt that they care, as those 2 guys (Yang & Filo) are literally billionaires now.</p>
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Bottom line: Contacts developed at the U of Oklahoma would create all of those opportunities. Same thing for the Harvard PhD? Possible, but not so much.
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The fact is that the number of fields where the name on your degree really matters is miniscule,
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<p>I have to fundamentally disagree, although I think it's because you guys are misconstruing what I see as the real value of a top school. The pure brand name is only part of the equation. The real value is in the networking. </p>
<p>Let's be perfectly honest. Surely we've all heard of the phrase: 'It's not what you know, it's who you know'. That is why every career advice book or website tells you that the first thing you should do to find a good job is to use your network. Most good jobs are not publicly posted; rather, they can be obtained only if you know the right people. When I used to work in the private sector, I must have been asked probably every couple of weeks if I knew somebody who would be interested in some job opening, and I naturally would give names of my friends, some of whom actually got hired. But if those guys hadn't known me (or somebody else in the firm), they wouldn't have even gotten the interview. Similarly, every job I ever had after my first one out of college, I had obtained through personal contacts. Networking is probably the most effective means to get a job. </p>
<p>Hence, the real value of a name-brand degree is that it gives you access to a powerful network. Since Harvard was the example that was brought up, I will use it as an example: Harvard is arguably the most incestuous school in the country and arguably the world when it comes to alumni networking. There is a Harvard Club in practically every major city in the world, and Harvard alumni are absolutely notorious for their internal socialization. If Steve Ballmer hadn't gone to Harvard, he wouldn't have become Bill Gates's poker playing buddy in Currier House, and hence he wouldn't be the CEO of Microsoft right now.</p>
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sakky has brought up this point numerous times and he argues it well. I still disagree with him, however, since he seems to assume that everyone will eventually want to switch careers
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<p>Uh, no, not once have I ever said or assumed that everyone will want to switch careers. Not once. In fact, I have always said that some people never want to switch.</p>
<p>My point has always been that some people will want to switch, and that you don't know if you will be one of them. Sure, you might now want to switch, but then again, you might. You don't know. That's why it's important to reduce your risk. </p>
<p>I've said it before, and I'll say it again, if you were always sure about exactly what you want (and you were also sure that you would be able to get it), then there would be no reason to be risk averse. Similarly, if you knew that you weren't going to get sick or injured, then you wouldn't need health insurance. The problem is you don't know that. You don't know what's going to happen. Hence, it is entirely rational for you to hedge your risks by pursuing a flexible degree. Just like it's rational for you to get health insurance because you don't know if you'll get sick. </p>
<p>To continue with the example of Harvard, I was talking to a couple of Harvard PhD students who said that arguably the greatest aspect of choosing Harvard as opposed to some other school is that if they find out that they don't like their research field and decide that they'd rather pursue some other career (or if they can't get the research job they want), it's quite easy for them to do so through the Harvard name brand and the alumni networking. I couldn't agree more. To them, it's like having 'career insurance'. </p>
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The fact is that the number of fields where the name on your degree really matters is miniscule,
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<p>Miniscule in the grand scheme of all schools? Sure. But hardly miniscule when you are talking about schools like Harvard. The WSJ ran a recent article that stated that something like a full third of an entire recent Harvard undergrad class took jobs in finance. Nearly half of all MIT bachelor's and master's degree recipients who went to the workforce did so in finance or consulting. </p>
<p>Sure, I agree, at a place like the University of Oklahoma, the presence of finance or consulting is probably going to be miniscule. But when you're talking about the very top tier of schools, it's a very different story.</p>