<p>Ok, back on topic…</p>
<p>If your goal is to become a professor, publications are all that matters. Even if you went to Podunk U, if you graduate with 10 publications in your field’s top journal and are well cited, you’ll be hired at a top school. </p>
<p>The thing is, that rarely ever happens. It’s the top school’s students that graduate with the most publications. Why? To be well published as a PhD student, you usually need a well known adviser (publication is often very political). Well known people tend to be at top schools. Also, you need access to a well equipped lab and some money for research. Those also tend to be at top schools (people like to cite “according to a Stanford study…” rather than “according to researchers at Podunk U…” so prestige impacts money). </p>
<p>So, does prestige matter? Not directly, but indirectly it does. And in my above comparison of “Stanford” and “Podunk U”, I don’t mean something like Stanford and Texas A&M (where there would be minimal difference in facilities and researchers in most fields) but rather Stanford and a 3rd tier school. </p>
<p>Now, at lower tier schools, prestige absolutely matters. A second or third tier school might hire an MIT PhD graduate based just on the school (as long as he is at least a half-way decent interview).</p>