Yes, in the sense that an EE degree from MIT is a heuristic of sorts. It's got some differing qualities, but at the end of the day that heuristic will make a difference for two otherwise comparable job applicants, say.
Konstantin Guericke, one of the co-founders of LinkedIn, now offers coaching and mentoring to students and would-be entrepreneurs. But because he's deluged with requests, he tends to give preference to students from his alma mater, Stanford's engineering school.
"I don't feel a Stanford student is better than another one," he said. But "since there are so many, I use that as a filter."
I do hope that is sarcasm. MIT has the reputation of giving a world class, rigorous, education. People who attend MIT attend it because they know they will have the opportunity to receive that education.
Any school that is capable of giving an education of similar quality has a similar reputation. Claiming that the point of an education from a school like MIT is the "old-boys-network" is in essence confusing the effect with the cause.
I think we need to separate out the term "old boys" from "network." One of the most valuable things you get from going to a top school, whether MIT, Ivy League, or otherwise - is exposure to a network. They're not necessarily the "old boys" you guys are picturing, with money and power and political connections, but the folks who are starting companies, doing the most cutting-edge research... if you go to a school like MIT, you're surrounded by people like this - and you'll be able to reach out to these people for the rest of your life. And this can be very useful... when you're looking for a cofounder, or a guest speaker in a specific field to talk to a group of students, or you want someone to pass on your resume at company X, for example. If you go to a lower tier school, no matter how smart and motivated you are, it will be much harder to forge the same kind of network.
