If you go to an elite MBA program is it that big of a difference with who hires you? What pay or position you start? Etc?

So if you have a BYU MBA and a Harvard MBA and you both apply for a job, do they just throw the BYUs app away? They interview both applicants anyway and offer the one that impresses them the most and if they like the BYU guy, they start him at less money? They interview both, but the Harvard guy already has a leg up because of his degree, so all things being equal, he gets the job?

So if you go to a BYU, you are already sort of "handicapped" as far as what jobs, pay and promotions you can get?

Sorry for being so naive, I am in the medical field and it doesn't quite work that way in my profession, so this is all kind of new to me. I get that the school will "open doors" but never understood that it could be much more than that.