Business leaders were asked to rank the level of importance four distinct factors have on hiring. Eighty-four percent of business leaders said the amount of knowledge a candidate has in a particular field was “very important,” followed by 79% who said applied skills were very important. These two reasons far outweighed the importance of a candidate’s college major (28%) or where the candidate received his or her college degree (9%).
via Business Leaders Say Knowledge Trumps College Pedigree.

My daughter went to work at a very prestigious law firm, a firm that primarily hired from the most prestigious universities in America. Normally they would not look at a candidate from her law school. I think the fact that she had worked as a runner at the Board of Trade made all the difference. She had knowledge of how money worked at the grass roots level. As stated in this research, her knowledge trumped her school and she did an outstanding job at the law firm.
I worked at a small liberal arts college for over thirty years. We were not very well known in the marketplace, but our graduates were very successful in the business world. They did receive a quality education at our school and I think the fact that they did not graduate from a prestigious university actually gave them more incentive to succeed and they worked harder than their peers from the named schools. They were more motivated to prove their worth! I once told a few of them they now hired men and women from the top schools in the country and their response was….and fire!