I thought we’d start with the most obvious goal networking in banking can achieve, being to help you
This sounds simple enough, but you have to realize not all insiders are created equally.
Since your main aim is to find insiders who can share recruiting tips, mentor you, refer you, interview you and pass on your resume, then it is you should be seeking out most. ie not HR, not back office, not even senior bankers.
We say this because when we were networking in banking as students (and then as bankers ourselves), we discovered the between usefulness (can the insider do something of value for you) and responsiveness (will they actually reply to your email) is junior bankers.
By contrast someone like an investment banking , however nice and willing to ply you with canapes and cocktails (responsive), isn’t really in any position to help you beyond offering up some trifling recruiting info (not very useful).
Meanwhile can be useful (which we’ll go through in the next tutorial) and will probably return your email (responsive), but are still a Plan B at best given their lack of front office experience.
Whilst are extremely useful, the sad reality is that they don’t give a FF about you – at least when it comes to networking. They’ll start to take an interest in you when you’re sitting in a Superday interview one step away from joining their team, but until then they leave recruiting to us peasant Excel Monkeys in the lower echelons of the IB world (aka junior bankers).
Finally, let me say that although this goal of networking in banking is blindingly obvious, and essential in any industry to be sure, the difference is that in banking the odds of landing a spot straight out of college can bounce around a 1000-1 – so It may be the difference.
]]>
If you’ve read enough to rival Barbarians at the Gate and you’re still convinced you want to become an investment banking analyst, then congrats! But now you need to use networking to meet some real life bankers and find out whether the tales both joyful and evil are true – and whether the work is actually for you.
is often enough to decide whether this whole investment banking thing is your calling or not.
Now the reason I want you to achieve this goal is not so you make the ‘right’ choice and ‘do something you love’. None of that hippie shit. I’m not your freaking daffodils-and-lollipops inspired career counselor!
Instead, I’m hoping you’ll use networking in banking to find out a multitude of real and honest reasons why IB rules and why it resonates so strongly with you. Because with those well thought out and articulate answers in hand, then come interview time when the MD sitting across from you asks , you can reply with an eloquent and passionate list of reasons.
This is the first ‘less obvious’ reason why networking in banking rules.
As you can imagine knowing someone at a bank will do wonders for your recruiting chances.
Bankers interviewing you will feel like you’re after you respond to their “Who do you know here?” question by reeling off the names of their colleagues, and they’ll also subconsciously think you have been .
Plus they’ll know straight away that you’ve actually done your research and taken the time to learn more about that bank specifically.
Also, after the interview when the bankers speak to the people you mentioned and ask “So this Richard kid, how did you find him?”, you’ll be able to any goodwill you have already created at that bank.
Knowing bankers names will also take your from a 4/10 to 9/10, because you can name drop in the opening paragraph as you explain why you’re applying / attracted to the bank.
But what’s a student to do when they don’t know anyone at Merrill Lynch or JP Morgan, and they don’t have a rich daddy who can introduce them to a couple bankers?
All you need to do in order to ‘know’ bankers at Merrill or JP – for the purposes of your cover letter and interview – is simply .
At the bank recruiting event just bounce around the room, shake hands, meet bankers and share a with them. Say/ask something memorable, small talk it up and then ask for their business card at the end with a very innocent “If I have any other questions about working at JP Morgan, would it be ok if I emailed you Chuck?”.
Make sure to follow up with one – just one – email within 24 hours; something nice and easy, and once again memorable. Blamo!! You now ‘know’ Chuck, for the purposes of the interview question (Who do you know here?) and the cover letter that is.
Come interview or cover letter time about how you met Analyst Chuck Chuckford at a mixer hosted by JP Morgan, that he shared some interesting thoughts with you about the analyst program and what makes JP different to everyone else on Wall Street. Nice.
Richard is the head writer for Inside Investment Banking – a one-stop shop of advice for students just like you who want to know how to Break into Investment Banking without a 4.0 GPA from Harvard or nepotistic connections on Wall Street.
Created by a team of 5 young bankers, Inside Investment Banking contains all the real insider advice you need to write killer banking resumes, answer tough interview questions, network with bankers and much more.
You can read more Free Tutorials on Investment Banking Recruiting just like the one above by visiting Inside Investment Banking now.
(c) Copyright – Inside Investment Banking. All Rights Reserved Worldwide.
Find More Banks Articles