What is more important for MS students who are just looking to get a job after their masters? The overall prestige of a school or the ranking of their CS department? I'm sure it's a bit of both.
For example University of Chicago is a pretty prestigious school overall, but not well known for computer science in particular. Whereas schools like UT Austin, Georgia Tech, and UMass Amherst are less well known in general, but have strong CS departments.
Do tech companies and tech recruiters generally know and care about departmental CS rankings? I have a feeling that large corporations will know, but maybe not small startups?