Yeah, and there's the old saying, "It's not what you know, but who you know." Even ignoring the nepotism that that can obviously be applied to, there's something major to be said about social networking and finding a good job (whether that's a new job or a promotion within a company or even changing fields entirely).
When I was in college over a decade ago, our school had a program set up with GDC (the Game Devlopers' Convention) to send 3rd year students and put them up in a hotel for the duration of the convention so that they could meet industry professionals and see what was new in the industry. And right from the first day, our professors expressed how important going to the convention and getting to know the people in your major were because they could potentially lead to you getting your next job, whether your first year out of school or decades later. And that was years before the current climate of the job sector had really taken off. Some of those guys had been making games since the 80s or 90s.
Make a good impression on someone, and they might call you about a new job opening before it's publicly posted.