I have a different take. I'll try to be as real as possible. I interviewed at Cornell, but ended up training at MGH.
Disagree strongly with the "prestige doesn't matter" or "prestige is stupid crowd" because they are only 90% right. A lot of their opinions seem like cope because they didn't train at an elite place or have some sort of psychological hang up about prestige. Prestige is a very real thing, but it doesn't matter for 90% of psychiatrists who work in community, hospital, or privately in most cities. In my opinion prestige matters in the two scenarios below
1) Niche Academia: Access to experts, funding, other peripheral benefits. I'm not in academia because the pay is horrible. Most of the people I know or trained with who do full time academia are either married to other doctors or someone wealthy, too autistic to care about money, or come from a wealthy family/have a trust fund.
2) High End Private Practice: If you want to run a full cash based ($500 or more) an hour private practice in a major city (NYC, Boston, LA, Miami) then prestige absolutely does matter because Prestige= marketing. Anyone who is skilled in marketing and consumer psychology knows this. Most ultra high net worth people who go to private and concierge practices are prestige and status conscious. I don't necessarily think that training at Harvard or Cornell makes you that much better of psychiatrist in practice. In fact I know some pretty average people at MGH and I know some brilliant psychiatrists who trained at state school affiliated medical centers. However, most cliental assume that because you have Harvard by your name that translates to better results/care. Harvard/MGH is a more prestigious brand than Cornell I know a lot of people here will disagree with this take, but I've seen it up close personally and with colleagues and have absolute conviction it is true. There is a reason why luxury goods (Gucci shirts, Rolex watches, sports cars, etc) are a separate market than 90% of consumer goods. It is not that functionally they are that much better, but that there is a certain group that perceives it as such. People who pay that much for mental health care want to perceive that they are getting the best. Absent of any other data will choose the person with the better brand training than the other person. So
FYI: when I lived in a major city I did 20 hours of a week of this type of practice. When I started a family I moved out of the city to a small coastal community and closed this practice to work at a community hospital where I make the same as a guy who trained at a unknown IMG factory. It was a personal values (family) > money decision and I'm very happy.