Dear Red-Faced,
Play it cool. Say nothing.

There is some risk that your boss will find out. College roommates tend to share a special bond, and if they're good friends and often talk, it could come out. But odds are it will not, and for a variety of reasons.

For one, blabbing about who just came through your door looking for a job is frowned upon.

"Most firms have a published confidentiality and information disclosure policy when it comes to the hiring process. This means that information regarding applicants will be kept confidential. Any checks, including background verifications, are done after getting the required authorization/release from the applicants," says Supriti Bhandary, head of human resources at Wipro Technologies in New Brunswick, N.J.

"In this case, ethics will require the interviewer to maintain confidentiality of the applicant," Bhandary explains. "Any professional understands that it is a small world, and personal relationships and work should be separate."

But beyond the ethics of it, that interviewer has good reason to keep quiet.

He gains nothing from blabbing to his buddy, and it could well hurt their friendship. If in fact he does want to hire you, he knows it's going to put him in a tough spot with his friend, and he'll not say anything at all until it's a done deal and he's figured out the best way to let him know.

But even if he doesn't hire you, the interviewer likely won't say anything.

The two may be friends, but they're also competitors, and a business as competitive as advertising, who one may be talking to as a prospective hire is kept very close to the vest. It's a business all about people, talent.

If his buddy, your boss, finds out he's talking to his employees, he could then decide to do some poaching of his own, setting off raiding parties that benefit neither agency.

Your bigger concern is that the interviewer decides against hiring you because of his friendship with your boss. But that's not something you have any control over, or even need worry about. There are lots of jobs around these days, and that one might not have worked out anyhow.

But say your boss does find out. If he's the type, he could go ballistic and fire you on some cooked-up pretext. Some bosses will do just that.

But that's not all that common. If you're doing a good job, he can't afford to lose you, and certainly not without a replacement lined up.

If your boss is a reasonable person, be calm and explain why you're out looking. Job hunting isn’t a crime. You're not betraying anyone.

It may lead to a conversation that benefits both sides. So you don't see much chance for advancement. Let him address that issue. If he really wants you to stay, he may figure out how to give you more responsibility, or put you in charge of a new project.

If he's not really that keen on keeping you, well, get it out on the table. Let him give you some ideas as to where you should be looking to advance your career elsewhere. He may have ideas about your talents that you may not have considered.

In any case, it's a great opportunity to sit down and talk over how and when you'd like to leave. You can even come to an agreement where you'll keep him advised of your job hunting efforts so that when the time comes he won't be caught by surprise. You'll get a good reference out of it.

Keep in mind that as much as agencies promote the idea of team work and loyalty, managers know quite well that people will come and go and that ultimately it works to their advantage to help that process along.

It's not good management to have people on staff who've lost interest or are hanging on because they can't find something better. Or because, as in your case, they see no room for advancement.

If they're smart, they'll respect you for wanting to move on and up.