I look at college rankings similar to rankings in my professions (accounting, tax, assurance). The Big 4 firms are always highly rated and will be at the top of most lists just like the ivies and ivy equivelant colleges.
Can one be successful not working at a Big 4 firm, yes, absolutey as there are many “second and third tier” firms that are great such as BDO, Moss Adams, Grant Thornton, regional firms etc. where first year students will get a fabulous public accounting experience.
One can have a very successful career in accounting working for lesser ranked firms (I partner with a lot of them) but the accountants that have worked at the Big 4 firms (myself included) usually garner immediate credibility as the industry recognizes that the Big 4 firms are the gold standard when it comes to knowledge and experience at least in my industry.
To my second point. Working out of our LA office for more than 15 years, I have first hand knowledge that going to top ranked colleges did matter to our on campus recruiters. We recruited heavily from USC and UCLA (90% of our summer interns came from those two colleges alone). We did a lot less or no recruiting at the many CSU colleges such as CSU Long Beach, Los Angeles, and Northridge to name a few colleges.
Where you got your accounting degree DID matter when we were recruiting college seniors and rankings did matter to our firm and the other Big 4 firms in our area.
Lastly, when my D20 was looking at applying to colleges in her area of interest, public policy & economics, she researched many colleges and yes rankings were one factor of many. She chose Duke because they have one of the best public policy programs in the nation and also a great economics minor and/certificate. She also wanted to go to a D1 college with much school spirit. While competitive for the ivies, she didn’t apply to any ivies even though several are higher ranked than Duke as they were not “her cup of tea” and she doesn’t like cold weather! They were not a good fit for her.
The bottom line is that rankings can matter, where you go to college can matter, and some students will thrive no matter where they go to college.
I look at college rankings as just one of many factors that should make up a student’s decision to apply and attend when considering all “fit” factors including financial, academic, job prospects, and socially.