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It can also refer to how well a sorority does throughout the year too though. For example, do they have high attendance at other chapters' philanthropy events, do they have a lot of women involved in Panhel or outside of the Greek system in leadership roles, do they have good retention rates (i.e. do not a lot of girls drop out from the chapter), do frats want to have exchanges with them (which SEEMS really superficial and backwards, I know, but good frat relations = higher turnouts at your sorority's events and philanthropy and you also just get to make more friends). TL;DR - It doesn't matter after graduation but being in a mid-top tier sorority can mean having a MARGINALLY better sorority experience. Sisterhood, memories, and a place to call home and make your best friend will happen no matter the chapter