Not all prestige is equal, for one thing. Your fine institution might attract world leaders as speakers for its econ, foreign policy, and poly sci departments, but its CS department might be weak. For another thing, the academe and what it teaches is, as a general rule, not really focused on what the business world teaches. So excellence in the academe does not per se translate immediately to excellence in the business world. While an adaptable learner would be excellent potential and long-term capability, I would expect them to have a learning curve for the different pressures and knowledge needed to succeed in business.
Presumably someone who graduates from Stanford or MIT in CS will be preferred over someone graduating from Princeton or Yale in CS (Personally Indiana or NEU would be my first choices).
