The best path to success is to have an advanced degree from a prestigious university like Harvard, Yale, MIT, Caltech, Princeton, etc.. etc..

I can tell you from experience, a degree from one of those universities does not mean you're set for life.
 
My friend works for a super white shoe law firm in NYC. He says that he has Ivy Leaguers under him who are imbeciles but got hired based on pedigree, so OP has a point. My friend went to a much less prestigious university and law school, but excelled. He claims that his bosses are much less inclined to hire based on alma mater over the past few years due to less than stellar results from those they took on.
 
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