I've heard it sets you apart, and shows interest. But I don't get whats the point of work experience if a Harvard philosophy / econ 4.0 guy is gonna beat out a Ross finance 3.6 guy with involvement in finance clubs that teach dcfs and solid work experience.
If work experience and knowing how to model etc is really that important, then the undergraduate business schools would be taking all thespots. However, it seems that just showing "interest" in the field is sufficient.
I understand that knowing how to run agoing in as a SA or even FT analyst might matter more for elite boutiques and other small shops, but at least for my semi-target, i dont get why people try so hard to get a spot in the clubs that teach you DCFs and models.