Within the field of Psychology, how much does it matter which University you attend?

Hi all,

As it stands at the moment, I have just finished my Undergraduate degree in Psychology and am now looking to do my Masters.

I have had offers from different universities and am now wondering... realistically, how much does it matter how prestigious the university is in which you attend? For example, the difference between a Uni in the top 10 compared with top 50. I am only on the reserve list for some of the top Universities and am not sure whether it is worth waiting a year to reapply or just doing the Masters this year at a less reputable institution?

Thanks in advance for any advice!

What type of masters is it? For research masters all that really matters is how good your research project is (i.e. do you get any interesting papers published) and does it give you the opportunity to learn skills that will be useful for your future career. Prestige may be correlated with having better supervisors and research experience but is not sufficient in itself.