I am in a bit of a bind. Here is the scenario in words. I am looking at several different Universities as far as a doctoral program. Some of them are local, some of them aren't. So what's the big deal? I really want to attend a specific University and I want to teach (future) there as well. The University, or most Universities(?) don't hire their students as faculty after a degree program. I am not sure if this is a trait of all major universities or just the one that I want. Regardless here is the thought process.
If I attend the university, my chance of gaining employment there are miniscule (at best). This means that they most likely wouldn't consider graduates of their program for entry into their staff. It actually makes some sense if you think about it. One of the key benefits of doing it this way is diversity. You bring much more breadth to the ideologies, experiences and more for the program then you do if you were taught there. If a university consistently hires their own graduates to teach; then your students could be getting a stale education. Diversity is good in upper level education (as it is almost anywhere).
If I decide to go elsewhere, so that my education can be obtained in a manor in which I would be more likely to get picked up by the University of my dreams; then I run the chance of still not being able to obtain employment at said (dream) University. Basically, there are hundreds of grads each and every year (or dozens in a specific arena); so lets assume that there are jobs in this department. What if there aren't jobs at the specific University you want to be at? If I chose this route, I feel I may severely hamper my ability to ever get to this University (either as a student or staff).
Adversely, if I take a chance and just go to this University (my original goal is just to be an Alumni), I basically surrender my right to ever teach there from a faculty perspective. However, I achieved my goal of Alumni and also spent 4 years in this dream of mine. Whereas choosing to go elsewhere for my initial education means that I spent 4 years achieving a goal, and still have a chance at attaining lifetime employment at my favorite U.
The saga deepens. I generally don't plan on staying anywhere for more than 5 years. I feel that 5 years gives you enough time to accomplish what you were brought in to do. After that, unless it is JUST the right fit, you would move on or risk becoming non-diverse (complacent, old-timer, etc.). I feel that the same reason Universities don't always hire their graduates could be the same reason that people don't generally stay anywhere for a lifetime these days. Looking at today's economy could be a perfect example: these lifetime employees at companies like Chrysler, GM or Ford who have been employed for 20+ years (and maintain this loyalty until death if they may), are being laid off or put on involuntary (unpaid) vacations and even in some cases bought out for a portion of their pension.
While I could write on this subject for days, I won't because I have too many other things going on. The basic question here is: Choose the University of your dreams (providing you get accepted), knowing that after your degree is done, so are you in regards to this University? Choose the University that will provide you a solid platform to get a faculty position at the University of your dreams? Again, this only applies to doctoral (and some Master's) programs.
Update***
I have thought about the whole 5 year thing, and while I feel my intentions were definitely stated properly, I also feel that it deals with the current state of mind. I feel that 5 years in the business world is appropriate, especially if you want to move around and move up. Sometimes, this number can be greater depending on your current situation. In the academic world, there are certainly chances to move around and move up; however, I also feel that the reward is in the work you do whether that be with students or in research. I feel that if I have the chance to complete my education in Business Information Technology, I will most certainly find that "right spot" and hopefully stimulate (to my hearts desire) the intellectual need to grow both personally and professionally.
In conclusion, I would have to say that my heart and mind are made up. This so called "vow of poverty" is worth it to me to realize the reward. Feeding and learning enough information to launch my intellectual person into a state in which anything that can be dreamed, done, learned and taught (within reason, right?). One day, I will lecture in the halls of this University, I will complete a terminal degree, I will.