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I personally think showcases are sometimes over-emphasized. Just because your school has a showcase doesn't mean that you are guaranteed an agent. I am a vocal coach, and a very talented student of mine who just graduated from a BFA program failed to get representation as a result of her showcase. On the other hand, another student of mine (who didn't attend college, and therefore never had a showcase) went directly to NYC and began auditioning. He was cast in several productions, an agent saw him in a show, and signed him up. Having an agent does make it easier, but if you don't have one, you simply get out and start auditioning.
And no, I don't think it makes much difference where you go to school -- as long as you get good training there. Some schools have a reputation for turning out good performers, but if you can't deliver at the audition, where you got your degree will not get you the job. I worked professionally for many years, and I don't think anyone ever asked me at an audition what school I went to.
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