Firms Swiping Left on Ivy Leaguers

When the analyst graduated from college, he proudly put “Harvard” atop his résumé, right below his name. For fifteen years and three separate rounds of job applications, it stayed there. But when he applies for jobs these days, “Harvard” is no longer at the top of his résumé. It’s buried at the bottom.

For decades, a degree from the Ivy Leagues was a ticket to the top of many industries. But these days, the pendulum has swung in the other direction, as hirers emphasize skills and experience over pedigree: A survey by Forbes last year found that a third of employers were less likely to hire Ivy Leaguers than they were five years earlier, while 42% said they were more likely to hire public-university grads. “Overcoming business challenges trumps pedigree right now,” says Reena Patel, principal in the Global Financial Officers practice at Korn Ferry. A recruiting chill has overtaken the Ivy League.

To be sure, the reputation of the Ivies has ebbed and flowed over the years, and elite-school status continues to carry prestige in both professional and social circles. But in the US, hirers are moving away from their past practices—such as automatically offering interviews to qualified candidates with shiny degrees. Two factors are pushing this seismic shift, both of which long predate the piles of negative press that’s befallen the Ivies in recent years: 1) Recruiting on campus is exorbitantly expensive for firms; and 2) Some organizations have discovered that campus-recruited employees are less likely to become longtime employees. Meanwhile, hiring organizations are prioritizing candidates who have a deep connection with the brand and customers. Some firms are openly requesting that recruiters focus on state schools. “There’s a perception that they might be more willing to roll up their sleeves or work at entry level,” says Renee Whalen, North America consumer market leader at Korn Ferry.

Hiring managers still look to the Ivies for specific types of talent, because elite universities are talent-recruiting machines. Once bastions of family patronage, these schools now recruit students from around the world. “They compete for talent, and in finding undervalued, undiscovered talent—and they succeeded,” says Kate Shattuck, a Korn Ferry managing partner. Elite schools have reputations for accepting certain types of personalities and skill sets, and recruiters know where and how to tap into them. For example, some see an elite-school background as a predictor of entrepreneurialism. “A high level of competitive behavior is commonly required to get into elite schools,” says Marnix Boorsma, senior client partner in the CFO practice at Korn Ferry.

The same waves have not washed over Europe, where so-called "degree quality" is still a distinguishing factor on the hiring market—particularly when accompanied by first class honors. For example, a degree from INSEAD often opens doors on the continent, and a degree from Trinity College Dublin or University College Dublin "will always be held in high regard," says Rowan Hillis, managing associate in the Dublin office of Korn Ferry. "Postgraduate degrees in particular are perceived to add a depth."

Back stateside, recruiters say that pedigree still matters—corporate pedigree, that is. A firm hiring a new CFO might stay focused on a candidate’s last three job stints, not the university they graduated from thirty years ago. Experts point out that the pendulum will likely swing back in the Ivy League’s favor at some point: After all, it has outlasted most of the companies that are currently debating whether or not to recruit there.

Learn more about Korn Ferry’s Talent Recruitment capabilities. 

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