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graduate school admissions were ridiculously competitive in 2003-05

This was true in my experience as well. I applied to grad school for 2004 and heard lots of crazy stories from programs about high applicant numbers and quality. I ended up at a "hidden gem" versus a top program. A couple years later I re-applied to PhD programs and got accepted everywhere.

In today's markets it's a little hard to believe that people would be flocking to grad school due to a poor industry market, but it seemed to be the case across science and engineering fields. I'm sure that influx also made the bad academic job market even worse, unfortunately.



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