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@stevesi When I was considering grad school, what was explained to me was that a PhD was nominally 4 years but that very few finished in that time. And that's what I saw with friends of my cohort who went that route.
@ramez MSR just ruined everything.
@ramez My view is that people just got comfortable in grad school. Interning in industry made it more attractive. Make big money in the summer and then cruise back to school. Then when you want to settle down you go back to your internship. The life.