By Janie Ho

On Friday afternoon at the University of Chicago's Graduate School of Business, students are streaming towards their weekly dinner with deans and fellow classmates -- all 500 of them. This is just one of the GSB's many social events throughout the year. They include corporate-sponsored cocktail hours, formal dinners, mock receptions, and theme parties. While these gatherings may sound like fun, they also serve a weighty purpose -- getting students a good job.

In fact, for those outside B-school, the experience may sound like a little too much fun. After all, this is school, not a vacation. But there's a lot to be learned from the socializing. It's an opportunity to network and scope out your B-school buddies — and competitors."Careers are a focal point of student socializing and networking," says Stacey Kole, deputy dean of Chicago's full-time MBA program.

The Chicago socializing scene is typical of those at top B-schools. Student networking over the first few weeks of school is just prelude to the onslaught of over 300 companies that visit the campus every year. Some students will visit 10 to 20 presentations per year — and each one requires students to be prepared, poised, and committed. Receptions and formal dinners often follow, and performance there could mean the difference between getting a job and not being considered at all.

SNIFFING OUT THE SCENE.  For that reason, B-school, unlike any other academic experience, puts nearly as much weight on socializing, teamwork, and communication skills as other components of their degrees. Students know the importance of finding a good job and networking throughout their careers, so they dedicate up to 10 hours per week to reaching out to contacts and researching firms. Administrators shift schedules to facilitate recruiting. And professors make allowances during hiring periods — even excusing missed classes.

These days, the astute B-school applicant scopes out a school's social scene almost as thoroughly as its academics. Cornell, for instance, holds at least one recruiting or reception event every night of the first semester. "Top students will not attend a business school that doesn't work very hard to make sure students succeed in the job search," says Cornell grad Sarah Katt.

Adds Chicago first-year student Carlos Ontaneda. "It's all a cost-benefit analysis. The time spent schmoozing is seen as an investment in a future career." (see BusinessWeek.com, 5/4/06, "Who's Hiring").

FREE DAYS.  With the constant pressures of career planning, socializing is hard work for B-school students. "Among students, socializing and networking is basically the same thing," says 2006 University of Virginia Darden graduate Trevor Brown. Even tailgate parties at weekend football games are sponsored by major recruiters. Business and pleasure also get blurred when companies sponsor social events off-campus, such as bowling parties or fancy dinners. It's in this non-academic atmosphere that jobs are often secured, according to Darden student Caroline Rosenberg.

Administrators and professors are no strangers to this heady social whirl. At Duke, Fuqua students use their Wednesday days off to meet with recruiters for first round interviews. At NYU, Stern students have Fridays off to visit nearby companies for lunch. Professors also know that students may miss classes during the heavy recruiting period of December through March or April. (see BusinessWeek.com, 5/15/06, "Never Too Late to Find the Right Job").

All work and mixed play has its practical benefits for both students and recruiters. Students can see how they like and adapt to the constant pressures of networking and socializing, and see if an industry is right for them. For instance, investment banks and consulting firms are likely to require much more face-time and hand-holding than other career paths.

CRAM SESSIONS.  The events work for the recruiters too. They know students can crack case interviews and have great GPAs. What they don't know is if they would enjoy working alongside them for 60 hours a week. "Dinners, quite frankly, are the best ways to see if a candidate is a right fit," says Danielle Domingue, head of MBA Recruiting at JPMorgan Chase (JPM ). "You need to see if it's a good cultural fit, especially in corporate finance, where you work so much with groups and clients. If you don't like the people you work with, you won't succeed in this business."

So here's a lesson to aspiring B-school applicants. The next time you put down that GMAT prep book for heading out for a night with the buddies, just tell the folks that you're cramming for another important part of the B-school curriculum.