What is the bitter truth about admission into top 20 schools?

Written By: Zak Slayback

UPENN Alum

I am going to offer a pretty blunt explanation of admission to elite schools.

It's all about the payoff to the University!!!

No, this isn't a conspiracy theory about how schools will only admit you if you have money or that you have to bribe somebody in order to get in.

Instead, look at the admissions process as an economic transaction between the university, on the behalf of its trustees, and you. Realize that for all their talk about being non-profits and their charity, universities are essentially profit-driven (this isn't necessarily a bad thing). They are looking to maximize returns on the endowment for a group of people -- the trustees.

So the admissions officer is on the front-line of this war to maximize returns on the endowment.

They do this by selecting candidates who meet two standards:

1) They are more likely than not to be able to contribute to the university in the long-run. -- These are people who are likely to give back either financially through donations later on, or financially through being good researchers or graduate assistants to bring in grants for the university. They're also people who are likely to attract more high-quality applicants, as the university will plaster their successful grads all over materials in one capacity or another.

2) They are more likely than not to be able to impress current donors in the short-run. -- The university loves to show off its current students to alumni either through galas, newsletters, open houses, or whatever event that gets the alumni to be in front of current students and feel proud of the university for "producing such great young people."

This means that, in order to reduce risk and find the best possible candidates who meet these requirements, the universities don't select people that they think will get much out of the school. They select those who will be great with or without the school -- and then will take at least partial credit for their later-on greatness.

Nassim Taleb calls this "teaching birds how to fly," and it is a great marketing tactic.

Not only does it make the university look more impressive in the short run to current donors but it also increases the likelihood that the university will continue its gains many years into the future.

It sounds cynical and overly-utilitarian, but it is true. The good thing is this: if you're aware of this, you can go into the application process capable of navigating it with this in mind.

Or, you can choose not to go if this strikes you the wrong way.