Student Films - Do them, learn from them, but don't make a career of them. Work begets the same kind of work. You should always be trying to move a level ahead. Try to do only graduate student films - they must be completed to get a grade. Undergrad films aren't as regulated. Remember, student films are generally run by people without much experience; sometimes they are about as experienced as you, and sometimes much less. You are going to be a novice at hair, makeup, cinematography, lighting, etc. You need to work with people that you will learn from, not people that YOU will be teaching.

I think it is not a good idea to use these student films for a reel. Student films are great learning experiences but tend to be wildly uneven products; a clip of you in a bad student film is worse than no reel at all. A small scene on "Law & Order: Criminal Intent", or any other recognizable TV show, is more impressive than any student film, unless it has won a big award at a film festival. A reel with a clip from an actual film or TV show proves an actor is marketable and hireable in NYC.

In short, a student film has to be well written and well produced to qualify for a place on your reel.

Showcases - A showcase is usually an evening of scenes, or a play, presented for an audience and aimed at showcasing the actors' talents for industry people. Invitations are sent to many agents, managers and casting offices, with the hope that some of them will attend. Showcases are produced by groups of actors who are graduates of an acting class, or by theater schools, or simply by a group of actors who get together to do a showcase in order to be seen.

NEVER do a showcase with the expectation that someone will come! Do the showcase because you want experience, you like the play, you like something about it. I am not saying don't invite anyone, I am saying don't have any hopes someone will come. That way, you will find a reward in doing the work, and if people don't come you won't be disappointed. Nonetheless, you will want to invite people in the industry.
*See Cabaret section below for important info

Cabaret - Cabaret is its own little niche. It is usually a self-contained, one-person musical show done in a nightclub setting. You generally perform by yourself, along with your musicians, competing with the clinking of cocktail glasses. Though the music is usually already published, you still need to create a theme and provide continuity and patter between songs. Cabaret is not for everyone. It is very different from performing onstage, separated from the audience by the footlights. In cabaret people are sitting directly in front of you and around you. It is extremely intimate and not everyone can do it. If you do it well, it is possible to make a career as a cabaret performer. It generally leads to recording albums and concerts. It requires a great deal of self-promotion and many top cabaret performers have publicists to help promote them.
*REMEMBER: you are expected to "comp" the ticket as well as any two-drink minimum for anyone in the industry whom you invited (this does not include friends who are actors, etc.). You can do a mailing to the casting directors and agents and managers you find in resource books at The Drama Book Shop. The mailing is usually a postcard with all the information about the show: where, when (dates and times) and who is in the cast. Well produced "flashy" invites get the most attention - be creative. If you are lucky enough to have the email addresses of some of these people, you can send an email. Even Breakdown Services allows you to advertise in their service that reaches nearly every agent and manager in town for a nominal fee. BREAKDOWNS

Modeling / Print Work - Many attractive actors want to pursue modeling and print work in addition to acting. I find modeling and print work to be very time consuming, as it can distract from an actor's business, but it can be done if managed properly.

Modeling generally requires getting signed to a modeling agency. Some of the big NYC modeling agencies are Ford, Elite, Wilhemina, NY Model Management, DNA Models, Click, Major Model Management, Next Models NY, and there are many others. Being a model is a lot harder than it sounds because many people think that they can be a model simply because they're attractive. That is not true: you have to have "the look", and you have to have the skills. Just watch an episode of America's Top Model and you'll get the idea. You will need to have a modeling "card" with shots of you in different poses and clothing to show your different looks. Photographs for modeling are very different from those needed for your acting headshots. PHOTOGRAPHERS

Print encompasses photographs that are used for a myriad of purposes - those pamphlets at the bank, the old lady in the medicine add in your magazine - basically most non-fashion photos.

For print work, auditions are generally held as cattle calls: you are given a time frame to show up for the "go see" (for example, from 9AM to 6PM) and you may find several hundred people in line causing you to wait for a long period of time. If you book one of these jobs, be aware that print work is non-union, so there are no union rules to follow regarding hours worked, overtime and payment, etc.