Benefits of networking

How impactful is networking outside of actually learning about the firms and their practices? I can see how knowing about firms will let you answer why consulting and why X firm much better, but I am curious if there are serious benefits outside of that and direct referrals.

I am thinking about this from a target school perspective since for a non-target networking is clearly essential.

Is more senior level networking better than associate/1-2 year experience networking?

Thanks in advance.

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