Re: Does it matter where you do a PhD?
The bragging rights attached with attending a first rate university are limited. Your department's ranking is more important and the repute of your prospective supervisor is the most. When you start a PhD, the choice of your supervisor is the most critical one. He/She should be reputed as an expert in the area you are interested in and doing the work that excites you. A lot of experts in certain areas are attached with average ranked universities in Europe and North America.
The rankings take into account all the departments and facilities available in the university and hence the universities focusing on one or two areas are not ranked well in overall ratings.