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There's so much competition chasing so little money that it's hard to see a path to a career for all but the luckiest few PhD graduates. And forget it if you don't have a PhD from a top school.

The problem here is that academic research (at least in math+physics, what I'm familiar with) doesn't have a place for second best. Most academic research produced by people below the top tier is worthless and will never amount to anything.

It's a very different situation from technology, where yet another CRUD app can actually bring huge value to the business.



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