There are so many post grads enrolling in every year and how many profs are there in a school?
To get into CMU or MIT etc, you will need more than just a 1st class. FYI, each university has a different entry requirement for other university grads. For instance, you might need a minimum of 70% if you graduated from uni A and 80% if you graduated from uni B. This is dependent on the ranking of the uni too. For some scholarships, a 2nd upper class will suffice but some may require a GPA/CAP of 4.8. The point is, it is not difficult to get into a PhD program as 2nd upper will suffice.
However, being a prof is more than just academic results. You have to churn out papers, quality ones every year. That is the main criteria in determining if a faculty staff is suitable for tenure-track. You will also require recommendations from other profs too...
As others have pointed out, you need to have the passion and determination in research. A phd is more than a paper. It reflects an individual's way of thinking. The ability to come up with something innovative and original. The assurance that he or she is committed to the field of study and expertise in it.
In my opinion, a phd certainly adds value to an individual be it on paper or to character. Yet, it also opens doors to many places. Merely looking at salary of prof shows that one have not thought through enough.
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