For the majority of business it is easier to recruit from the top schools as they act as the talent filters (via selection bias) saving companies time, effort,

For the majority of business it is easier to recruit from the top schools as they act as the talent filters (via selection bias) saving companies time, effort, and money, and ensuring a certain minimum quality (a general candidate from any top 10 school will perform the work function better than one from a top 50 school). Most of the people hiring (HR) often did not go to a top tier school, hence continue the trend/myth with a mental model/image of institutions often being greater than they actually are. These are generally created by the achievements of a few superstar alumni that make mainstreram news, and not the masses? Most of the people I know attended top schools, and sadly most of them do not consider the schools as great when looking from the inside. Basically, because top tier schools are elitist in entry, and excellent in branding and marketing and maintaining (mainstream) presence, they are percieved as being better. Which is not always the case.