Huge. Get it.
And get it from either Harvard or Stanford. I have found numerous (and source-less) statistics stating facts like:
– HBS grads make up 70% of the VC population with Stanford grads making up the majority of the remainder
OR
-Stanford and HBS grads make up half of all VC’s
While I am not sure the exact statistic, I have noticed that there are some Stanford and Harvard Business School graduates at almost every top VC firm that I have come across. It really is a relationship-based industry and because there are not many open positions, (and when they are open, they keep them quiet) when openings come up, they are almost always filled by referrals or through networks rather than an open recruiting process. It may be unfair, but that is how the system seems to work to get an entry level job in Venture Capital.
Another sure-fire method to getting into VC: start an amazingly successful company… or actually start six of them. The reputation, network, and knowledge about what it takes for a startup to succeed will trump any MBA in the world.
The "Hostel" Venture Capitalist 