I graduated from Williams in 1993. The last 5 years I have been a graduate student at Harvard, and also been a resident advisor (tutor) at one of Harvard's dorms (House) for the last 2 years. I'm sure a lot has changed since I graduated, but after seeing undergraduate life at Harvard, I realize what a great place Williams was to spend my undergraduate years.
Bottom Line:If getting ahead in life is your major goal, a Harvard or a Yale may be the ultimate choice. But if you want to enjoy college, have many pleasant memories, and get to know a faculty or two, Williams is second to none.
Williams is definitely not for everyone. Compared to a major research university, it lacks resources and the sheer number of opportunities because its 1) small and 2) out in the boonies. But Williams also allows you to concentrate on being a college student, not a pre-professional or pre-medical, or pre-artist, that seems to be prevalent at large universities.
At Harvard, I see that undergrads have to find a niche (like the campus newspaper, or social clubs, athletics) and there is very little cohesion as a college. This is an advantage if you already know what you want to do with your life, and want to get a head start. Editors of the Harvard Crimson may be assured a place at the Times, and etc., but they don't seem to interact with other aspects of campus life. At Williams, students did not seem balkanized, and many social events are geared for the whole campus, and are not "members only". There's a sense of enjoying "college" for its own sake, as opposed to treating it like a stepping stone to a career.
Faculty access is undeniably better at Williams unless you are a star. An undergrad at Harvard would be lucky to be on a first name basis with a faculty member by the end of their 4 years. That is reserved for the true stars (and being a "high school" star doesn't count. everyone was a high school star). At Williams, you would have to hide out in your room not to know at least one or two faculty pretty well. Of course, Harvard faculty are much better known in the research world, but a better researcher DOES NOT make a better teacher. That is a fallacy spread by the academic researchers to justify their place in teaching institutions.
Location: Being out in the boonies helps Williams students concentrate on being an undergrad, and enjoy it. And really, most of the students at Harvard never leave Harvard Sq., and you can live in a city for the rest of your life. Unless you can't live without 24 hour Chinese food, being out in Williamstown is a benefit, not a con.
Name Recognition: Ok, no one you randomly meet on a plane will know where Williams is, or whether its a good school. That is annoying. But do you really want to go to school, just so you can boast about it?
Recommended: Yes
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