For Job-Seeking MBAs, Alumni May Be the Answer

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Those who don't heed that rule are eyed suspiciously, employers say. It's better to start earlier, or just ask for career advice or an informational interview. In those cases, says Bolino: "It's easy for me to say yes because somebody said yes to me."

"A LITTLE BIT OF PANIC"

As for students, the writing is on the wall. Formerly casual networking events have become a little more tense—with more industry-related introductions and swapping of business cards. At the University of Chicago's Booth School of Business, Senior Alumni Affairs Director Tracey Pavlishin says she's seen more professional connections made at the school's alumni-student gatherings—which include such things as happy hours, wine tastings, and golf outings—even though that's rarely the core purpose of the events.

At the Thunderbird School of Global Management, Associate Vice-President of Career Services Kip Harrell says there's been about a 50% increase in the number of students asking for alumni contact information since last year—meaning more requests than ever. Harrell, who is also the director of the MBA Career Services Council, says he advises students to dress professionally every day on the off chance they run into someone on campus who might serve as a professional connection. He's made a point to call students when alumni visit him, saying: "Whatever you're doing, drop it and get over here to talk to Jim, or Tony, or whomever it may be."

"You see a little bit of panic on everybody's faces," said Mary Lousteau, a first-year MBA at the Robert H. Smith School of Business at the University of Maryland, who has been organizing events for students and alumni in the marketing sector. She has two potential leads on internships—both through her work setting up alumni events. "It's becoming more important as students realize the reality that some of those opportunities are filled up," she says.

Most students realize their networks will be more crucial this year than ever before and are preparing accordingly—whether it be joining the business networking site LinkedIn, perfecting their golf technique, or methodically mapping out extended networks on Excel spreadsheets. Lousteau said the internship search sometimes takes precedent even over her wedding planning.

Even though many MBAs obsess over their networks, it may not do them much good. In the wake of sweeping cross-sector layoffs, MBA alumni aren't always in a better position than students. "More people are going to look for alumni for those connections," Harrell said. "But whether they prove more fruitful than they have in the past remains to be seen."

Here, view a slide show of the schools with the most active alumni networks and a video describing the importance of alumni networks.

Anne VanderMey is a B-schools writer at BusinessWeek.