To an extent, university 'reputation' does exist.
However, what is way more important than university 'reputation' is the generally greater opportunities at the more 'reputable' universities.
If we look at management consulting:
- Statistically, MBB have somewhat of a preference for USYD/UNSW but of course there are Macquarie/UTS exceptions. This means a better alumni network in consulting.
- Generally, there are more case competitions at USYD/UNSW compared to the other universities.
- Generally, there are more consulting clubs/societies at USYD/UNSW compared to the other universities. For example, while UTS has BusinessOne consulting, UNSW has 180 Degrees, BusinessOne, UCC and UMCG.
- Consulting firms probably sponsor more USYD/UNSW clubs than at other universities.
Opportunities encompass, but are not limited to, things such as speaking with people who've been there and done that, societies/clubs, networking events, firm presentations/events, internships, alumni, etc.
HOWEVER, it is up to you to join these case competitions, consulting clubs and attend networking events.
University reputation practically means nothing if all you do is go to university just for classes, go home straight away to study for the rest of the day and don't take advantage of the opportunities before you.