David W. Salzberg, president of Roth-Young, an executive recruiting firm located outside Seattle, says that although the Harvard name has a stronger pull on the East Coast, a diploma from Harvard still carries an attractive "mystique."

For large "mainstream" firms such as Proctor & Gamble, Salzberg says going to Harvard almost always boosts a candidate's chances at getting hired.

"Usually it gives them, rather subtly, a few notches up on the ladder," Salzberg says, adding that candidates with an MBA from the Business School can even expect to receive $10,000 to $20,000 more than the normal salary range.

But that gap is narrowing.

Salzberg says that as the high tech industry continues to grow in the West, the demand for job candidates with the right skills has started to override the significance of a prestigious college education, even at Harvard.

"It's not so much where you went to school or what degree you have," he says. "It's what your skill set is."

He says the industry is seeing more and more high school computer whizzes who opt to go to work rather than college, spurred by a newfound mentality that is constantly reinforced by the media.

"How important is a college education when the richest guy in the world dropped out of Harvard?" quips Salzberg.