While it is not fair to generalize high profile institution grads as arrogant and the relatively smaller institution grads as those with fire in their belly, the matter is not entirely without merit.
In my view the top ranking institutes like IIMs do provide rigor and granularity in their courses and equip the students with strategic view, the big picture approach. This is essential in long term sustainability as a professional. Sure they come with a chip on their shoulders, but a few months or at the most a year, in the rigor of hard surface of real life corporate life, the lofty attitude does get tamed quite a bit.
The prodigies of lesser placed institutions are on the other hand have more bread and butter issues on their hands - their professional education is earned with the sole purpose of a decent job and a handsome salary. While they work hard to get through the first few hurdles, in the long run its the strong foundation and the strive to be constantly reinventing oneself that propels one forward, and here, in my opinion they tend to be complacent. Their focus is more to make personal advances in career than taking their role to a new level.
I, being a person bare of any professional degree, either big ticket or otherwise, state the above summation out of personal experience earned with colleagues in corporate circles, clients I deal with as a consultant and with students I interact with in institutions that rank among top 25 in the country. In conclusion, while attitude is sure a problem with the super grads, their strong foundation and strategic perspective does put an organization in good stead.
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