It's probably law degrees where schools (and clerkships) probably have the most sway--especially for big city law firms. For MBAs, schools probably carry out-sized weight for new grads in some specific areas like management consulting and investment banking.
> For MBAs, schools probably carry out-sized weight for new grads in some specific areas like management consulting and investment banking
I've seen a huge variance in MBA-graduate quality between schools, to the point that if you're not graduating from one of the top schools I question the value of not only the degree but the candidate for failing to see that. As for undergraduates, the value the top schools deliver is consistency more than quality--you're unlikely to be horribly embarrassed by the Stanford or Georgia Tech grade in a way you are one out of ASU.