The article neglects to mention that 15-40% [1][2] of graduating classes at elite schools go into finance. That's a staggering number.

Sure the top students are going into research careers/PhDs, but the banking/consulting/tech recruiting engine is very strong for the rest. I think there are many people who could have productive roles in science/engineering/teaching/etc without getting PhDs who end up in tech/finance instead due to the strong recruiting pressure and great job perks/prestige.

[1] https://www.marketplace.org/2014/03/20/education/top-student.... [2] https://economix.blogs.nytimes.com/2011/12/21/out-of-harvard...