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It's not that important for job networking, but among rich people in the South and Texas, membership in specific chapters at specific schools is a class marker. It can be important for fluffy "society" type stuff: charitable and arts organizations (Junior League, the symphony/ballet guild), getting chosen as a deb or Mardi Gras maid for one group vs. another, etc. Yes, it's silly and superficial, but among people who put value on these kinds of things, the groups you belong to give away whether you're one of them (that is, "old money" vs. "new money").