We’ve all heard the phrase — it’s not what you know, it’s who you know —but how many of us work as hard at building and maintaining social networks as we do building our knowledge?

I was at a dinner table the other night and this guy was talking about how he got his job as an investment banker. He explained how a family friend got him a job at a bank, and a year later, a friend of a friend got him a job with one of the most prestigious investment firms in town.

This guy now has a high-paying and respectable job without ever stepping foot inside a classroom, nor is he feeling the crushing anxiety of a massive student loan debt looming overhead.

Is this kind of story becoming increasingly common in today’s market?

In the board game, Life, you start by choosing one of two paths — go to school or go immediately into the workforce. The path of school takes longer, but it comes with greater rewards. What’s not built into the game is networking.

The reality is that having a vast network drastically tips the scales. Although education and credentials are still highly valued, most jobs never get posted to the public. If a job opening comes up, the first thing a company will do is ask, "Who do you know?” or "Do we have someone that can do this?”

Hiring is a huge burden to a lot of companies with no guarantees of what you are going to get. A familiar face that is already ensconced in the company is much more likely to get that job than a random guy with his clean shave and a smile.

That is why networking is so important. The larger your network, the more access to opportunities you have.

Research was found that weak contacts, even distant acquaintances, are often more powerful sources in our network than close friends. According to the study, more than 80 per cent of the time, people found jobs through weak connections.

The goals of networking are to; meet new people, maintain connections, create opportunities, do something for somebody.

When you talk to people, be engaged, develop a rapport. Good networkers — don’t assume anything, and never judge a book by its cover.

You don’t always have to talk about business — ask questions and demonstrate an interest in the other person. This will develop a good rapport and may allow you to learn something new.

Be interesting, have things to talk about, have opinions on things, stay up to date with current events, and be a good listener. Essentially, be the type of person that you would want to meet at an event.

Selling yourself does not mean that you just talk about yourself and boast about your achievements; this will actually do more damage than good.