Just to sidetrack a little. The reputation of a university has
nothing to do with the domains it covers to begin with - at least,
not exclusively.
Harvard and Yale College (for undergraduates) are widely renowned
as being liberal arts colleges, but it hardly makes every faculty
in their undergraduate body equally established. That said, many
employers view graduates of these colleges with utmost respect stem
from the fact that these are among the most selective colleges in
the US - by extension, rendering them holistically (in terms of the
entire student body) as the most brilliant and promising young
people in the country. Even then, it's worth noting that each
varsity has its niche areas - if you looked at the postgraduate
level, everyone regards Yale Law School as one of the top 3 law
schools in the country, but their postgraduate engineering courses
are not as well-regarded.
However, it's also worth noting firms in a particular industry have
an inclination of going after schools renowned in a particular
niche area that is intrinsically linked to their industry - I mean,
it's no secret tonnes of Wall Street investment firms go to UPenn
to headhunt their top students, but you don't see the same firms
resorting to headhunting the top brains at MIT. Just because such
trends are commonplace doesn't necessarily render UPenn graduates
as being more qualified than MIT ones.
In essence, what I am trying to say is the "employability" of a
person depends very much on where and what he studied, as much as
the firm and the industry his potential employer delves in.
Naturally, the closer the match, the better chances of landing
betters jobs for the student - in that sense, the selectivity or
even the school itself doesn't play as big a part as both parties
(for both the graduating student and employer) having a "common
interest".
In truth, I just don't think anyone can deny the influence Wharton
is having on SMU in terms of boosting its credentials as a business
school and at least for me, I have got no qualms SMU will not be
the school it is without its tie-up with Wharton. 
