here's my 2 penny worth:Undoubtedly, some departments are better than others. The key differentiator from my time at Oxford and earlier, at Westminster, is the brand. My department at Oxford did not have a very high research ranking and the teaching left much to be desired. But, the Oxford brand meant that I had access to the same opportunities and a world class graduate recruiting milk round. At Westminster, by contrast, the department was fabulous but the milkround was unmemorable. Maybe, Westminster made me cleverer but Oxford provided an opportunity to apply that cleverness by opening up career choices. Secondly, Oxford has the advantage of vintage. It has an excellent alumni network, many of whom are leaders in their field. Very few universities in the world can match the strength of the Oxford network and newer universities may have better labs, but their network will be a while in catching up. So, Oxford gives you that - brand and network. At the end of the day very few careers demand that you use what you learnt in uni (except e.g. medicine). It is rare to come across a Manager who can truthfully say I apply everything I learnt in Microeconomics 101 to my job. So, I would choose the brand and network over a department's research ranking any day.