I'm a maths student who did his BSc at a top 10 university in England and got solid first. After this, I decided to go to Cambridge to do Part III of the Mathematical tripos (a Masters). This was a HUGE step up for me and I felt like a fish out of water. It didn't help that I had personal problems going on in my life around the time of exams, and this ended up having an effect on my results: I got a pass grade.
The next step for me is a PhD and I have already been admitted to a program. My worry is that I don't feel I am good enough to do this. Yes, I got the place but it seems that everyone else I know who's doing a PhD ended up getting a distinction in their masters.
My question is this: how much does the Masters grade matter for fellow PhD students and supervisors? Are students with 'only' a pass looked down upon?