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There’s probably a slightly higher chance of getting hired by someone if you are referred from the inside, given the internal person’s overall standing with the firm. In addition, who you put down as your referral is used to track who earns the referral bonus in the event you are brought on at this firm. So it does make a difference.
Have your friend refer you. Your odds of getting an interview won’t change much, if they’re going to say “ I barely know this person but here’s their resume.” Whereas your friend can say “I went to school with KPMG OP,and they’re super sharp, and was really great on a group project we worked on.”