It is probably true that people who scholastic reputation will try to make up for it in other ways. However the problem is that there may be too much authority placed in these usual standards of achievements. Philip forgets that people with academic credentials like himself are being smug when they complain about others. If your academic credentials represent you so well, why should it bother you if someone is simply…
Bingo.
Elitists tend to focus conversations around where they are going or went to school, where they work, or "who they know". Conversely, the genuinely smart / non-elitists get more excited talking about what subjects of University studies interest them. The minute the issue of "studied @'_____'" enters the conversation, the conversation has taken on an element of ego, elitism and inferiority that detracts from the interesting subject at hand.
Imho, these "Ivy League" (or whatever they're called these days) Universities are entirely overrated. Not to mention overpriced! In fact, it seems kind of stupid these days to expend the amount of $ demanded by them on a piece of paper that, thanks to libraries and the Internet, can be whatever you want to make it.