I've been offered a PhD in Psychology at my current university, which is a decent mid-ranked, but not top, institution. I have an MSc, have worked in research for the past 2 years, and my undergraduate degree is a first from a Russell group uni (though in a completely different subject!)

I'm wondering whether it's worth taking it (as there's a good chance I can also get an external third supervisor who is leading in the field), or whether it is better to turn it down and apply to the top institutions. Essentially, I don't want to risk selling myself short further down the line in my research career.

Will institutional bias have that great an effect if one can demonstrate performance through publication and collaboration with leading players? The ESRC's decision to limit funding to designated 'doctoral training centres' seems to indicate that bias against new universities is as prevalent as ever.