How much a grad school ranking matters drastically falls off the higher you look. For example, if you’re thinking about a Wharton MBA or a Harvard Business School MBA, it probably doesn’t really matter. On the other hand, if you’re talking about a school ranked below the top 100 versus a top 25 school, it does matter materially.
For some programs, it can be better to be the big fish in a small pond, as opposed to a small fish in a big pond. For example, if you want a generous scholarship to law school, you’re better off being the best applicant for a lower ranked school. If you’re a median student for a school, you’re less likely to get the scholarship.
As for job outcomes, your career success is a mixture of ability and luck. Highly ranked schools tend to have better alumni networks who can bump you up in your career. The actual material content taught at differently ranked schools could be fairly similar. A red flag to look for is the placement of graduates. If graduates are not placing well, then you can start to assume the education quality might be subpar.
