Will competitive programming success help me get a programming job?

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Classification notes

This question asks about the relationship between doing well in competitive programming, and getting hired as a software developer. It isn't about whether competitive programming helps someone succeed at a software development job once they are hired.

Questions like these also belong on this page (see CPFAQ: Merging Questions):

• Can joining a competitive programming site and getting a good rank increase my chance of getting a job at a top software company?
• Do top software companies hire on the basis of competitive programming ratings?
• Will having a good rank on a competitive programming site help me get a job at a top software company?
• What role does competitive programming experience play in getting an interview and a job at a top software company?