Do HBS and Wharton have stronger reputations? Most would say yes. But whether that translates into differences in job opportunities available to grads post-MBA and beyond is debatable.
If you're really that stuck on brand name, go to the school with the best brand name and get it out of your system. In any case, between the top schools it will still ultimately come down to a combination of a bunch of factors, of which reputation is one of them. Columbia is a case in point - it's reputation isn't quite as prestigious as HBS or Wharton, but so what? There are a chunk of people at Columbia who would've gone to HBS or Wharton had they gotten the opportunity, as there will be others who would've made Columbia their first choice regardless (they wanted to stay in NYC, their partner/spouse situation, and so forth) and are perfectly happy where they're at. And both these groups more or less will end up working the same kinds of jobs and have the same kinds of careers that their HBS and Wharton counterparts may have.
Beyond a certain point, it still comes down to the individual. Brand name doesn't make your life that much easier - any more so than driving a nice sports car will get you the girl you want.
In fact, the obsession over brand names (whether it's credentials, cars, zip codes, employer names, etc.) is usually a cover for some deep seeded insecurity or feeling inadequate. You went to H/Y/P for undergrad, and I'm sure you met some folks like that; they are smart kids with a lot of potential, but waste that potential trying to chase external validation (that they didn't get from their parents probably) -- and some will go through a good chunk of their lives with that main thing on their mind - go to a top undergrad, get a brand name employer, go to a brand name school, get that job that every MBA wants, then live in the hippest zip code, and continue to talk about their resume in any social occasion hoping to impress anyone that is willing to listen to them regurgitate their resume and talk about themselves... until one day they realize no one actually cares and for the first time, they notice that people start tuning them out the moment they start to mention "well, at McKinsey we blah blah blah". Are there folks like this at HBS and Wharton? Absolutely. Tons of H/Y/P folks so they're of the same ilk. However, you won't find any shortage of that either at Columbia or any top b-school.
The bright side is, not everyone is like that. While there are definitely some conceited, incredibly insecure and neurotic folks at these top schools, there are also enough down-to-earth and grounded people as well.
Alex Chu
alex@mbaapply.com
www.mbaapply.com
http://mbaapply.blogspot.com