Turn on thread page Beta
    • Thread Starter
    Offline

    14
    ReputationRep:
    This is something I've yet to get clear in my own mind. I'm hoping to apply for roles in September, and obviously I've got a few months to 'network' before I do that.

    I understand how to do networking - go to events, use family and friends' connections, pursue alumni, and so on. What I don't understand is what the outcome of this will be, and how it will be helpful in practical terms for your employment chances.

    Do you try and get these people to "put in a good word" for you to HR? Do you name-drop them on your covering letter to show your interest? Do you simply get "inside" knowledge off them, to help you in tailoring your applications?

    What is it exactly that makes a networked person have a better chances than anybody else?
    Offline

    0
    ReputationRep:
    Well a friend of mine that has networked managed to get experience down in London every summer since first year of sixth form and he has a confirmed position there as well. I'm not sure which firm, I think it's more a smaller one but it shows when he got BBB at A-levels and is only going to Newcastle Uni that networking does work. I will have to ask him which firm he is going to work for..
    Offline

    14
    ReputationRep:
    Networking is just another spoke in the wheel, but you can get an internship offer simply because of connections. Although I think that is more common in Asia, and when people on here refer to networking they don't mean that sort of networking. Networking can help in a number of varying ways. Most likely is that they will "put in a good word" for you to HR, or they will answer some generic questions about the company, such as how have various teams been doing, what recent deals their team worked on, what new initiatives has the senior management implemented etc. which you then can use to show your knowledge of the company at an interview.
    Offline

    13
    ReputationRep:
    For most, it's just about being able to talk about attended events and to get a better insight what the actual job/company/sector is like. Especially the latter can be quite valuable, though.

    In larger companies, or, in this case, banks, you shouldn't expect much help for your application, expect you wine and dine with some senior position people, unit/department heads or whatever that actually want you to work for them.
    • Thread Starter
    Offline

    14
    ReputationRep:
    For most, it's just about being able to talk about attended events and to get a better insight what the actual job/company/sector is like. Especially the latter can be quite valuable, though.
    If you were doing this, would you name-drop in your covering letters and/or interviews. For example, would you answer a question about why you want to work there by saying "Well I spoke to x in department y, and they said such and such..."? Or would that be considered a bit crass?
    Offline

    12
    ReputationRep:
    The realistic aim is to have employees flag your application or to win fast-tracks.
    Offline

    15
    ReputationRep:
    I've never been to a banking networking event at uni, and I've never stalked alumni and over the last 3 years I've had interviews at a fair chunk of the BBs. It's not necessary really, you can still get interviews without 'networking'.
    Offline

    0
    ReputationRep:
    You'll find that when applying for internships and grad positions it's going to make little difference whether you network or not as there's such a well established recruitment process.

    However if you've landed a job in MO/BO and have FO aspirations then networking is going to allow you to be on good terms with the people hiring in the teams that you're looking to join and also find out about internal roles before they become available. This also applies if you're working at a MM bank and looking to move to a BB.
    Offline

    13
    ReputationRep:
    (Original post by Bramlow)
    If you were doing this, would you name-drop in your covering letters and/or interviews. For example, would you answer a question about why you want to work there by saying "Well I spoke to x in department y, and they said such and such..."? Or would that be considered a bit crass?
    It depends. If they're important (or you had contact to them several times) and offered/agreed to be mentioned, I'd definitely do it. Else it might redound on you if it's being checked.

    And if it's just an intern, trainee or junior employee, I'd mention that I've had talks with them and learned a, b and c from it, without naming them.
    Offline

    0
    ReputationRep:
    I got ABB in my A-Levels, currently studying Politics at a semi-target uni, no spring weeks under my belt and yet I got interviews with GS, MS, JPM, Citi and CS. A connection will never be able to get you an internship at a BB. I mean even Blankfein's sons had to interview. The whole point is to get your foot in the door by having an interview. Nowdays, with so many people applying, its harder to get a 1st round interview than it is to get an offer. Out of those 5 banks that I mentioned, 3 invited me for interviews because I knew people inside who referred me and the other 2 selected me based on my CV. Its pretty funny that I got interviews at these top 5 BBs, yet I got rejected by HSBC, RBS, Macap. Anyway im gonna paste here the same advice regarding networking that I sent to a guy previously via PM.


    "hey! You wouldnt call them straight after the event cause that would look weird, if you know what I mean. U would send them an email at first, then another one and then another one and then at some point, you can ask them if its alright to call them. However calling is not really necessary. Email is just fine. As for Qs, you would be asking some questions at these events but bear in mind there are loads of people there who want to do that as well, so time is limited. Ask them 3-4 smart questions (not why did you choose banking and ******** like that) and then close by asking them for their business cards, asking if its alright to email them if you have any further questions and then thanking them for their time. 24 hrs later send them an email, remind them who you are and keep asking questions about Investment Banking. As for questions, you obviously are in your 1st year and dont know that much, just ask them whatever you want to know really. Ex: how is the IBD structured, how is the dealflow in their sector, is it better to work in a product group or an industry group.....etc.

    When you attend events, dont focus necessarily on MDs and VPs, as they wouldnt have the time to email you. Talk to analysts and associates-they can arrange for interviews if they like you. If you know you want to do IBD, then talk only to IBD people as someone from Markets can't really help you. And talk to as many people as possible at these events, dont just concentrate on 1 or 2 guys, get your name across, let them know you applied or will apply for an internship in IBD (or whatever divsion u're interested) and keep them updated about your status. If for example you receive an offer from Barcap, email your buddy from JP, MS, Goldman...whatever... and tell him that you received an offer, would love to interview with their company but that as of yet you havent received an interview and really need to reply to your offer really soon....etc. thats exactly what I did in some cases, and it worked. Because I already established a relationship with the guys, they called HR and invited me to a 1st round. Thats what real networking is. Dont jump on the guy with your CV and beg him for an interview-that aint gonna go well. Have patience, be proactive, know when to strike and its hard not to get a few interviews."
    Offline

    0
    ReputationRep:
    (Original post by andy87)
    I got ABB in my A-Levels, currently studying Politics at a semi-target uni, no spring weeks under my belt and yet I got interviews with GS, MS, JPM, Citi and CS. A connection will never be able to get you an internship at a BB. I mean even Blankfein's sons had to interview. The whole point is to get your foot in the door by having an interview. Nowdays, with so many people applying, its harder to get a 1st round interview than it is to get an offer. Out of those 5 banks that I mentioned, 3 invited me for interviews because I knew people inside who referred me and the other 2 selected me based on my CV. Its pretty funny that I got interviews at these top 5 BBs, yet I got rejected by HSBC, RBS, Macap. Anyway im gonna paste here the same advice regarding networking that I sent to a guy previously via PM.


    "hey! You wouldnt call them straight after the event cause that would look weird, if you know what I mean. U would send them an email at first, then another one and then another one and then at some point, you can ask them if its alright to call them. However calling is not really necessary. Email is just fine. As for Qs, you would be asking some questions at these events but bear in mind there are loads of people there who want to do that as well, so time is limited. Ask them 3-4 smart questions (not why did you choose banking and ******** like that) and then close by asking them for their business cards, asking if its alright to email them if you have any further questions and then thanking them for their time. 24 hrs later send them an email, remind them who you are and keep asking questions about Investment Banking. As for questions, you obviously are in your 1st year and dont know that much, just ask them whatever you want to know really. Ex: how is the IBD structured, how is the dealflow in their sector, is it better to work in a product group or an industry group.....etc.

    When you attend events, dont focus necessarily on MDs and VPs, as they wouldnt have the time to email you. Talk to analysts and associates-they can arrange for interviews if they like you. If you know you want to do IBD, then talk only to IBD people as someone from Markets can't really help you. And talk to as many people as possible at these events, dont just concentrate on 1 or 2 guys, get your name across, let them know you applied or will apply for an internship in IBD (or whatever divsion u're interested) and keep them updated about your status. If for example you receive an offer from Barcap, email your buddy from JP, MS, Goldman...whatever... and tell him that you received an offer, would love to interview with their company but that as of yet you havent received an interview and really need to reply to your offer really soon....etc. thats exactly what I did in some cases, and it worked. Because I already established a relationship with the guys, they called HR and invited me to a 1st round. Thats what real networking is. Dont jump on the guy with your CV and beg him for an interview-that aint gonna go well. Have patience, be proactive, know when to strike and its hard not to get a few interviews."
    good advice that
    Offline

    12
    ReputationRep:
    (Original post by andy87)
    I got ABB in my A-Levels, currently studying Politics at a semi-target uni, no spring weeks under my belt and yet I got interviews with GS, MS, JPM, Citi and CS. A connection will never be able to get you an internship at a BB. I mean even Blankfein's sons had to interview. The whole point is to get your foot in the door by having an interview. Nowdays, with so many people applying, its harder to get a 1st round interview than it is to get an offer. Out of those 5 banks that I mentioned, 3 invited me for interviews because I knew people inside who referred me and the other 2 selected me based on my CV. Its pretty funny that I got interviews at these top 5 BBs, yet I got rejected by HSBC, RBS, Macap. Anyway im gonna paste here the same advice regarding networking that I sent to a guy previously via PM.


    "hey! You wouldnt call them straight after the event cause that would look weird, if you know what I mean. U would send them an email at first, then another one and then another one and then at some point, you can ask them if its alright to call them. However calling is not really necessary. Email is just fine. As for Qs, you would be asking some questions at these events but bear in mind there are loads of people there who want to do that as well, so time is limited. Ask them 3-4 smart questions (not why did you choose banking and ******** like that) and then close by asking them for their business cards, asking if its alright to email them if you have any further questions and then thanking them for their time. 24 hrs later send them an email, remind them who you are and keep asking questions about Investment Banking. As for questions, you obviously are in your 1st year and dont know that much, just ask them whatever you want to know really. Ex: how is the IBD structured, how is the dealflow in their sector, is it better to work in a product group or an industry group.....etc.

    When you attend events, dont focus necessarily on MDs and VPs, as they wouldnt have the time to email you. Talk to analysts and associates-they can arrange for interviews if they like you. If you know you want to do IBD, then talk only to IBD people as someone from Markets can't really help you. And talk to as many people as possible at these events, dont just concentrate on 1 or 2 guys, get your name across, let them know you applied or will apply for an internship in IBD (or whatever divsion u're interested) and keep them updated about your status. If for example you receive an offer from Barcap, email your buddy from JP, MS, Goldman...whatever... and tell him that you received an offer, would love to interview with their company but that as of yet you havent received an interview and really need to reply to your offer really soon....etc. thats exactly what I did in some cases, and it worked. Because I already established a relationship with the guys, they called HR and invited me to a 1st round. Thats what real networking is. Dont jump on the guy with your CV and beg him for an interview-that aint gonna go well. Have patience, be proactive, know when to strike and its hard not to get a few interviews."

    I don't buy that for a second. Make the 'right' impression and MD's/C-level will definitely invite you for coffee/lunch/drinks. It happens, alot. But you are right you shouldn't focus solely on these guys. The whole room need to know 'who you are,' for this to be an efficient process.
    Offline

    0
    ReputationRep:
    (Original post by unknown demon)
    I don't buy that for a second. Make the 'right' impression and MD's/C-level will definitely invite you for coffee/lunch/drinks. It happens, alot. But you are right you shouldn't focus solely on these guys. The whole room need to know 'who you are,' for this to be an efficient process.
    as I said "not necessarily". Thing is analysts and associates can get you an interview as well. Its much easier for them. VPs&MDs at times are way too busy to answer your emails, let alone invite you for interviews. Plus, they are much harder to impress-what do you know that a senior banker doesnt?? nothing really.
    Offline

    0
    ReputationRep:
    when people say 'don't network', that's completely foolish. networking is important across all industries across the globe, especially for hearing about jobs that haven't yet been advertised

    i managed to get a spring week internship simply through networking at the now defunct lehman brothers lol. i never even had to apply for it (everyone else did) and it was good for me because i dont go to a target uni only have 300 ucas points etc. i then had an interview lined up for a summer internship with them but they went bust :/


    i have a really good book on networking, and i suggest maybe you visit your careers library just to see the do's and don'ts, they also say how you should write emails etc. if you meet someone it's always good to follow it up STRAIGHT AWAY with an email. that's how i got my spring week
    • Thread Starter
    Offline

    14
    ReputationRep:
    Thanks for this advice, guys. I'm actually hoping to go into consulting, but I think a lot of these tips are universal across the fields.

    So here's my understanding of what my objectives should be. Someone correct me if I'm wrong in any of this, since this is going to be my strategy:

    1. Try all avenues to make contact with people in relevant firms - events, alumni groups, friends of friends, and so on.

    2. Make contact first of all by just displaying interest in the industry, asking a few intelligent questions about their job, etc.

    3. Later try and arrange a meet or phone conversation - or simply develop an email chat - such that I make them aware of my intentions and that I hope to enter the field.

    4. Try and impress them sufficiently, and get myself "on the radar", such that when I make my apps in September there's a chance my contacts will tell HR to put me through to the first round.

    5. During interviews don't necessarily name-drop, but mention that I've made contact with people, such that it demonstrates an interest in the industry and shows I've put in the effort.

    Does that sound about right?
    Offline

    0
    ReputationRep:
    (Original post by Bramlow)
    Thanks for this advice, guys. I'm actually hoping to go into consulting, but I think a lot of these tips are universal across the fields.

    So here's my understanding of what my objectives should be. Someone correct me if I'm wrong in any of this, since this is going to be my strategy:

    1. Try all avenues to make contact with people in relevant firms - events, alumni groups, friends of friends, and so on.

    2. Make contact first of all by just displaying interest in the industry, asking a few intelligent questions about their job, etc.

    3. Later try and arrange a meet or phone conversation - or simply develop an email chat - such that I make them aware of my intentions and that I hope to enter the field.

    4. Try and impress them sufficiently, and get myself "on the radar", such that when I make my apps in September there's a chance my contacts will tell HR to put me through to the first round.

    5. During interviews don't necessarily name-drop, but mention that I've made contact with people, such that it demonstrates an interest in the industry and shows I've put in the effort.

    Does that sound about right?
    Networking is never useless but you should also not put too much weight on it always. i.e. do not expect it will get you the interview where sometimes a company you haven't networked with ends up giving you the interview/offer.

    It is necessary to network in order to gain better understanding of the industry, especially from friends/alumnis etc who can give you an idea outside of the "glamour" that surrounds consulting/ib industries.

    Able to network well is pretty much like a short interview, it is a good practice of selling yourself and can only do you good. Unless you are naturally good at talking with senior people.

    Also these networking events etc are good practice area because when you enter a new company, its important to get "along" with people and knowing in advance can be great.

    Networking can work and not work, but regardless it is a great way to practice for the future interviews, gain knowledge and help in your future career.
    • Thread Starter
    Offline

    14
    ReputationRep:
    Thanks Neo - repped for that.

    My thinking is that, if nothing else, doing a bit of networking is great practice for later on in my career. It may not be the most important thing for graduate jobs, but I've heard that once you're actually in business - where channels of recruiting become far less structured - it's invaluable.
 
 
 
Poll
Which accompaniment is best?
Useful resources

Articles:

Guide to investment bankingGuide to consultancy

Featured recruiter profiles:

Deutsche Bank logo

Deutsche Bank is recruiting

"Thrive in an international banking environment"

Quick link:

Unanswered investment banking and consultancy threads

Groups associated with this forum:

View associated groups

The Student Room, Get Revising and Marked by Teachers are trading names of The Student Room Group Ltd.

Register Number: 04666380 (England and Wales), VAT No. 806 8067 22 Registered Office: International House, Queens Road, Brighton, BN1 3XE

Write a reply...
Reply
Hide
Reputation gems: You get these gems as you gain rep from other members for making good contributions and giving helpful advice.