I've always seen this as a subject related issue. If you're studying a subject that doesn't lead directly to a specific career path, then the prestige of Oxbridge may help you stand out. For example, from an engineer's perspective the university you went to is completely trivial. If the course is accredited, you got a first or 2:1 and you've proven your competence by taking on some personal projects, an employer is not going to care about your university. This is just an observation, I might be wrong. Aside from that, I think excluding so many students at the application stage (by making the application stage harder than it needs to be) is foolish. There are many 17 year olds who don't want to go through such a long drawn out process, but who, given the the opportunity, could do amazing things in such an institute. And it's not just because they're too lazy to apply. My school had a whole department dedicated to getting students into Oxbridge- how can a student who has no access to resources like that compete with one who does? I know I'm not the first person ever to point out Oxbridge exclusivity but I actually think this should be a reason to consider not applying. At my university I work with people with a range of academic backgrounds- some who failed their A-levels, some who got three A*'s- and its really about 50% of each group contributing to firsts and 2:1s in the department.