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Sammanfattning: Studies of socializing impacts among students at prestigious colleges (referred to as "elite colleges") have been rare. Central to socializing impact among students is the formation of identity. This study investigates socialization of students during (elite) college through the lens of the formation of social (elite) identity among students. A mixed qualitative and quantitative empirical study has been conducted at the bachelor program Business & Economics at the highest ranked business school (according to Financial Times) in the Nordics, Stockholm School of Economics. The study concludes that socializing effects among students at the Stockholm School of Economics are salient. Socializing effects, for a main part of the student group, work through the (1) construction of elite identity among students, (2) frequent interaction among students, (3) influence by employers, and (4) expectations by the college institution and from peers. The socializing effects can impact (1) career choices, producing conformity of career paths and promoting a careerist mindset (2) ambition and pursuit for achieving and maintaining social status, which could be expressed in a willingness to work long days, (3) mindset, conveying valued styles of thought, and (4) social patterns of behavior. Resistance among some students to the socialization process might also arise where students oppose parts of the socialization process leading to other socializing outcomes. Consequences of socialization, through the frame of social elite identity, that can arise, are strong pressure to perform, status anxiety, high levels of stress and consequences for psychological health and well-being. This gives rise to the concluding remark that there might be a "price of pursuit" to be paid in terms of described consequences while pursuing to win the "prize of pursuit for social status". The study suggests that further research conducted at a broader scale would be needed to draw general conclusions and provide transferability to other contexts.