Being famous from something has little impact on QS's ranking...Its more concerned with the research output and quality of faculty. I have seen Universities stuffed with PhDs from middle and lower tier universities of France, China, UK, Turkey, Austria, Australia and State Universities of US (Which I still rank far better than the junk around)......Plus the natural tendency and potential of research in a specific discipline is also an important consideration. You would see little research output in Business schools than Engineering and School of Medicine. This is where the universities like LUMS/IBA lag behind than general universities like QAU/NUST.
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I can't say about other universities, but at my time we had professors/researchers from MIT, Georgia Tech, ANU, NUS, Tshingua just to name a few. We also had people from middle and lower ranking universities as you mentioned. But the quality of their research was visibly different from top university PhDs.
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LUMS SSE was actually caught in no-man's land. The purpose of school was to produce people who could move to PhD rather than go straight to the industry but they couldn't target the right lot.
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That's a big problem. People flock to industry without giving academia a chance.
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Same thing, being famous doesn't mean being ranked top
I am now preparing for my PhD....But there are 100000+ universities where I won't even file my application because that would be a waste of my 3-5 years. However, universities in Pakistan don't recognize that....A PhD from Ivy league is paid similar or only slightly higher than a PhD from an annonymous university in central Asia or East Europe. All people thus care is to have a PhD....