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In table 3, having a PhD degree gives an odds ratio of 2.88 in matching into a competitive specialty. If you increase your odds by 2.88 times by having a PhD degree why does the paper rank it only 5th in terms of how well the factor predicts match success. Other criteria (except step I) that rank above it all have lower odds ratios.
http://www.nrmp.org/data/chartingoutcomes2007.pdf
http://www.nrmp.org/data/chartingoutcomes2007.pdf