Does the company name you work for matter to your career?

It all starts when you're applying for a job. The companies you would initially apply for would be those you are familiar with... the "household names", as they say.

But does the company name really matter as it relates to you building your career?

I finished Bachelor of Science in Biology and it was a struggle looking for a job, other than becoming a teacher, a researcher or a medical representative. I eventually got hired as a bank teller for the #5 bank in the Philippines. In the course of two years, I moved to different roles within the branch I was assigned to allowing me to have a holistic view of the bank operations.

I soon got an opportunity to join a smaller bank. The fact that I was part of the (then became) #2 bank, I was hired for a higher role (and of course higher compensation). And throughout the course of my career, I observed a common trend:

1. The company name you currently work for does matter. It matters because it creates familiarity about the industry you work for and how this relates to the company you are applying for. However, because of this, there is that tendency to get stuck in the same industry and not be able to shift industries/change careers.
2. The company name you work for is not important. Simply put, the name  (alone)of the company you work cannot guarantee a better employment somewhere else. However, at the very least, the name (more so, the reputation) of the company you work can be tied to the culture it drives to its employees. For example, if a person works in a pretty laid back company-- a company known to have a relaxed environment, then there is little chance that a hiring company that emphasizes on results and accountability would hire someone coming from a relaxed environment. In this situation, the hiring company is looking at the "culture fit" or "environment fit" which clearly there is none. If the hiring company brings this person in, it is possible that he/she will have difficulty adjusting to the demands and the expectations of the job and can potentially fail in it. 
3. Experience is more important, but, experience beyond your current role is even more important. Having moved to different roles within my current organization has allowed me to be ready to take on higher, more challenging responsibilities. This has led to promotions within the company I work for, or a better opportunity outside. Keep in mind that hiring companies are "buying talent" (ie. skills), because the skills they are looking for is not available in their current employee pool. And the skills they are looking for can be those that are immediately needed or are needed in the future. Now, if you've done your research about your potential new employer, do you only have the current skills they are looking or do you have more to offer to the company you'll potentially join? This determines what I say as your "marketability" in the industry you are part of--translating to a higher probability of building your career at a much faster pace. 
4. Reputation filters Experience. 100% of the companies all over the world care about their company name and this includes being very careful who to bring in to their business. How an individual was "as a person", and not just as an employee is as important, if not, more important than the contribution he or she has made in her current company. Keep in mind, companies have a culture they want to operate in. And if a person has a bad reputation in his past or current company, or has become more of a reliability than an asset, then this person will have a very limited opportunity outside. All industries are closed-knit, meaning, it is easy to check how an individual acts, think and says things to his superiors, peers, direct reports and the company as a whole.

I have seen people shift from one industry to another, and even given higher positions. This is a true testament of how exceptional skills + positive reputation can do to a person's career. Yes, the company's name does matter, but it is not important. What's more important is the person's experience and contributions to the companies he or she has worked for.