Public Relations has always been a passion for me. That's the reason I choose to study communications and do my Master's Degree in Public Relations.   
After having gone through the education phase in this industry, I am aware of the gaps in the expectations v/s the reality which students face every year. I have been fortunate to have a fair bit of experience in studying PR, working in the PR industry and finally teaching PR students across two continents. This all round experience has given me a unique perspective on the PR industry. Based on this, I thought of sharing some learnings which could help students make the most of their PR courses and help in their critical job search.    
(Just to give you a background of my PR experience - After graduating with a communications degree from the University of Mumbai, I choose to go the UK & pursue my MA in International Public Relations from Cardiff University. Post that I have been working with PR agencies in the UK & India for around 4 years, before I moved to Australia and began my PR journey here.)
1) 90% of the learning begins outside the classroom 
Unlike technical fields such as Engineering and Medical, Public Relations cannot completely be learned or taught in a class room. Wait, that does not mean you don't go for your lectures. It is very important to pick up the basics of communications and to learn about environments with multiple stakeholders. But other than that, it all depends on what you want to do & how you want to do it.  It's critical that you are able to connect to what's being discussed in the classroom to real world scenarios. That's when the learning happens. You need to learn the process of adapting and learning new things quickly. 
For example - Just reading about how a crisis communications plan is made does not necessarily give you an understanding of the various challenges involved. Try comparing the module to how a company is reacting to a recent crisis in the real world and what all is the company doing or saying to avoid any further damage to its brand. Best example at this point is the German auto giant Volkswagen. It is really interesting to see how Volkswagen is reacting to the recent crisis it faced with regards to its emission scandal. 
2) A Case Study is the best teacher 
Case studies are live examples of PR campaigns which were implemented by a company or a brand. Most of the case studies would talk about campaigns which were successful in meeting the communications objectives and what were the key decisions or ideas as a part of the campaign. Case studies of campaigns which did not work and instead caused a crisis for the company or brand are also important as it give you a idea of what not to do. For example - Check out this PR case study which was the winner of the 2014 Golden Target Awards. EVERY GREYHOUND HAS A STORY 
I still ensure I read as many PR case studies I can find. In most of the technical jobs you do most of your learning in the earlier few years of your job. But with PR, your learning never stops. No two days will ever be the same, in fact it can quite possibly be the opposite. So, always stay open to learn as much as you can whenever you get the opportunity. 
3) A Chef can cook, A PR professional can Network! 
You must have heard this a million times, but it is really important. Networking is the core skill that you need to master if you want to be successful in the PR industry. You don't need to wait till to start with this. As a PR student, you get multiple opportunities to get in touch with  PR professionals from the industry through guest lectures at your university or industry events. Make the most of it by keeping in touch with them, discussing PR campaigns or ideas and seeking their advise to kick start your PR career.
As a part of my Master's course at Cardiff University, many influential PR professionals with decades of experience visited us for guest lectures. I got a chance to interact with Stephen Waddington (Partner & CEO Ketchum, UK) during his guest lecture. Enclosed is the example of how I kept in touch with Stephen on twitter post the guest lecture. 
Also, ensure that you join the various PR associations in your city to be aware of upcoming PR events and an opportunity to network other PR professionals in your city.  In case you are in Victoria, the IABC Victoria & PRIA are the PR associations which you should join. 
4) Use Social Media as your strength 
Social media has grown tremendously over the past few years. The students of this generation are very lucky to have grown up with social media. The understanding of social media and the use of various evolving platforms is a great advantage that the younger generation has over the people in the earlier generation. If you are able to quickly pick up the business application of these social media platforms and be able to integrate it in your PR campaigns for your clients, it will definitely help you in your PR job search.  
After all I believe, managing your own social media accounts is like driving your own car in normal traffic. But managing a brand / client is like driving an F1 car. 
Hope this helps & all the best in your PR careers.