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5 Ways to Not Suck at Networking
 

olafenizer's picture
IB
(King Kong, 1,005
 
Points)
 on 9/7/12 at 4:00pm
ethernet+cable.jpg

Kids ask how many bankers they need to contact or how many “informational interviews” they need to set up to score that magical offer. And then once they score that offer they seem to think that’s it, that they can call it a day. I understand it’s only natural to want to do the least amount of work to get the biggest benefit. But this mentality shows through; people can see when you’re going through the motions just for the sake of doing something.

1. You should start calling bankers (or traders, etc.) beginning the day you firmly decide that’s what you want to do, whether it be “recruiting season” or not. It doesn’t matter.

There is no magic number of contacts that will guarantee you a job. It might be the first guy you reach out to, it might be the 100th. You might even realize through the course of this adventure that banking sucks, and that you’d rather do something else. But the great thing is that in the process of figuring out you don’t actually want to be a banker you probably did figure out what you would rather do instead.

2.Be a sniper, not a howitzer. Find one guy and send him an email. Find the next guy and send him one. Don’t build it up and blow it all at once because chances are good that no matter how confident you are in the wording of your first cold email, a week later you’ll have already made 20 revisions. Also you need to be constantly contacting people on a rolling basis.

3. Analyst to MD, it doesn’t matter. Sure you can be an armchair banker, reading about the job on here and elsewhere, but you really haven’t the foggiest idea of what it’s really like until you actually talk to somebody. And why limit yourself? For those like me who didn’t go to a “target” school and are not in New York, the alumni list gets quite short from the beginning. Go after everybody because you’ll never know who will randomly be able to help you, which leads to #4.

4. It’s all about luck. Some banks are recruiting, others are not. We argue day and night whether 80% the summer interns got full-time offers, or whether it was actually 78%. Really it doesn’t matter at all. Forget about what everybody else’s situation is, the fact of the matter is that you do not yet have a job. You might speak with an analyst that’s a complete dick and an MD that absolutely loves you. You never know.

5. You need to go to your target city and meet these people in person. Take 2 days off of school and set up a trip, whatever it takes. No deal has ever been done over the phone. It shows some deep commitment to spend a few hundred dollars to get on a plane to go drink some flavored water with a guy you don’t know. That and it allows the other person to check to see that you are as smart and likable in person as you were on the phone.

Crucial to all of this is that you have a genuine interest in whatever field you are going for, and that you have a solid story to back it up. If you don’t, you’re going to be eaten alive.

See my other WSO blog posts
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Comments

DonVon's picture

Yes. This is it!

IB
(King Kong, 1,914
 
Points)
 on 9/7/12 at 8:10am

Yes. This is it!

"An intellectual is a man who takes more words than necessary to tell more than he knows."
- Dwight D. Eisenhower

Check out my blog!

Beretta's picture

I do have to ask you about #5

ST
(Orangutan, 358
 
Points)
 on 9/7/12 at 8:10am

I do have to ask you about #5 - do you (you personally) usually meet kids who e-mail you? What makes you want to meet them?

olafenizer's picture

Beretta: I do have to ask you

IB
(King Kong, 1,005
 
Points)
 on 9/7/12 at 8:25am
Beretta:

I do have to ask you about #5 - do you (you personally) usually meet kids who e-mail you? What makes you want to meet them?

Yes. 1) because it's always good to meet new people. You never know if a situation will come up in the future where you need a favor from them (or they need one from you). 2) because I will be forever grateful to the people who took the time out of their busy days to meet with me.

See my other WSO blog posts

Beretta's picture

olafenizer: Beretta: I do

ST
(Orangutan, 358
 
Points)
 on 9/7/12 at 9:44am
olafenizer:
Beretta:

I do have to ask you about #5 - do you (you personally) usually meet kids who e-mail you? What makes you want to meet them?

Yes. 1) because it's always good to meet new people. You never know if a situation will come up in the future where you need a favor from them (or they need one from you). 2) because I will be forever grateful to the people who took the time out of their busy days to meet with me.

I asked because I'm thinking about meeting some people over the next few months before SA recruiting. However, I wasn't sure about how alumni would feel about going out of their way to meet some random college kid. I'm biased to think that 99% of them think it's a waste of time.

DonVon's picture

Beretta: olafenizer: Bere

IB
(King Kong, 1,914
 
Points)
 on 9/7/12 at 9:54am
Beretta:
olafenizer:
Beretta:

I do have to ask you about #5 - do you (you personally) usually meet kids who e-mail you? What makes you want to meet them?

Yes. 1) because it's always good to meet new people. You never know if a situation will come up in the future where you need a favor from them (or they need one from you). 2) because I will be forever grateful to the people who took the time out of their busy days to meet with me.

I asked because I'm thinking about meeting some people over the next few months before SA recruiting. However, I wasn't sure about how alumni would feel about going out of their way to meet some random college kid. I'm biased to think that 99% of them think it's a waste of time.

False. I think a lot of people really look forward to meeting kids (at least people in IB) because they get a chance to talk about themselves and their accomplishments. Just be sure to ask a ton of questions about them and they'll be ready and willing to vouch for you during SA recruitment. <3

"An intellectual is a man who takes more words than necessary to tell more than he knows."
- Dwight D. Eisenhower

Check out my blog!

Kalzrw's picture

Thanks Olafenizer for this

(Monkey, 53
 
Points)
 on 9/7/12 at 9:56am

Thanks Olafenizer for this post. It answers actually quite a few questions I had. I am gonna apply this for SA 2013 recruiting.
Cheers!

olafenizer's picture

Beretta: olafenizer: Bere

IB
(King Kong, 1,005
 
Points)
 on 9/7/12 at 9:57am
Beretta:
olafenizer:
Beretta:

I do have to ask you about #5 - do you (you personally) usually meet kids who e-mail you? What makes you want to meet them?

Yes. 1) because it's always good to meet new people. You never know if a situation will come up in the future where you need a favor from them (or they need one from you). 2) because I will be forever grateful to the people who took the time out of their busy days to meet with me.

I asked because I'm thinking about meeting some people over the next few months before SA recruiting. However, I wasn't sure about how alumni would feel about going out of their way to meet some random college kid. I'm biased to think that 99% of them think it's a waste of time.

Some will think it's not a waste, others will. You won't know the actual proportion until you try. If you have a well-written, concise email saying you'll be visiting X city you'd like to pay a courtesy visit on Y day you should be able to get at least a few responses. And don't limit yourself to just meeting a few people, cast your net far and wide. Make multiple trips. Try to build actual relationships these people, because after all they are still just people.

See my other WSO blog posts

DonVon's picture

Also, I love the picture for

IB
(King Kong, 1,914
 
Points)
 on 9/7/12 at 10:46am

Also, I love the picture for this thread...

"An intellectual is a man who takes more words than necessary to tell more than he knows."
- Dwight D. Eisenhower

Check out my blog!

keener55's picture

Great post. 2) is a great

(Chimp, 15
 
Points)
 on 9/7/12 at 11:29am

Great post. 2) is a great point. And not commonly mentioned. The more of these cover letters and emails you write the better you get. And its great to contact people on a rolling basis because eventually something will pan out. Gotta just keep it moving.

Hey if you (or anyone else) can cite an experience or the results of using one of these tactics i'd appreciate the feedback on my posts regarding networking and cold emailing (http://www.wallstreetoasis.com/forums/never-give-u...).

va643can's picture

Great post. Quick question:

 
Points)
 on 9/7/12 at 11:43am

Great post. Quick question: Is there a time where it would be wise to slow down or stop cold-emailing/calling? I networked during most of the summer, but have slowed down since school started. Since summer recruitment starts in December, should I put an end to my networking early-mid November? I don't want to give off the impression that I am networking with them last minute because I have no other options and I am desperate for a recommendation in a month's time...

Maybe I'm thinking too much. Any help would be appreciated. Thanks!

Kalzrw's picture

I was having the same

(Monkey, 53
 
Points)
 on 9/7/12 at 12:39pm

I was having the same thoughts but you never know what can come up last minute. You also don't want to overthink it. You're not only networking to find a SA position, you are networking as a means to create potentially mutually beneficial relationships. You should keep on networking even after SA recruiting is over.

va643can:

Great post. Quick question: Is there a time where it would be wise to slow down or stop cold-emailing/calling? I networked during most of the summer, but have slowed down since school started. Since summer recruitment starts in December, should I put an end to my networking early-mid November? I don't want to give off the impression that I am networking with them last minute because I have no other options and I am desperate for a recommendation in a month's time...

Maybe I'm thinking too much. Any help would be appreciated. Thanks!

JimmyDnFFX's picture

What about contacting more

O
(Baboon, 134
 
Points)
 on 9/7/12 at 2:07pm

What about contacting more than one person at the same bank?

Chances are these folks likely know each other. So do you still speak to more than one individual
at the same bank/in the same group or limit it to one person and take the gamble that you'll wind up clicking with that person you have an informational interview with?

80% of life is just showing up

-Woody Allen-

olafenizer's picture

JimmyDnFFX: What about

IB
(King Kong, 1,005
 
Points)
 on 9/7/12 at 2:26pm
JimmyDnFFX:

What about contacting more than one person at the same bank?

Chances are these folks likely know each other. So do you still speak to more than one individual
at the same bank/in the same group or limit it to one person and take the gamble that you'll wind up clicking with that person you have an informational interview with?

Why wouldn't you? Talk to them all if you can. Impress upon them, all of them, that your name is X and you're really cool and you really f'ing want to work for them.

You don't know who's going to respond, and who isn't. That's why you should talk to all of them. But don't just email all the guys in a group at the same time. Try to get one guy to introduce you to the next, who will introduce you to the next using him as a reference.

See my other WSO blog posts

va643can's picture

JimmyDnFFX: What about

 
Points)
 on 9/7/12 at 2:28pm
JimmyDnFFX:

What about contacting more than one person at the same bank?

Chances are these folks likely know each other. So do you still speak to more than one individual
at the same bank/in the same group or limit it to one person and take the gamble that you'll wind up clicking with that person you have an informational interview with?

Exactly that happened with me - a consultant (I wanna get into consulting, not banking) replied to my cold-email mentioning how I had already spoken to several people in her group and if I still wanted to talk to her. I told her that I am trying to find out as much as possible and talk to as many people as possible to get a better idea of the firm. People talking to each other is inevitable and is bound to happen. Just be respectful and strategic in mitigating these relationships

tequilazombie's picture

great stuff man

 
Points)
 on 9/7/12 at 2:51pm

great stuff man

JimmyDnFFX's picture

olafenizer: JimmyDnFFX: Wha

O
(Baboon, 134
 
Points)
 on 9/7/12 at 3:09pm

80% of life is just showing up

-Woody Allen-

Silicon Economist's picture

Insightful post. I'm curious

 
Points)
 on 9/7/12 at 3:53pm
AndyLouis's picture

great post!

 
Points)
 on 9/7/12 at 4:09pm

WSO's COO (Chief Operating Orangutan) | My story | Connect with me on Linkedin.

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JimmyDnFFX's picture

Silicon Economist: Insightful

O
(Baboon, 134
 
Points)
 on 9/7/12 at 4:21pm

80% of life is just showing up

-Woody Allen-

WallStreetOasis.com's picture

Silicon Economist: Insightful

EN
(Human, 12,048
 
Points)
 on 9/7/12 at 4:25pm

WSO Conference 2013

Private Certified User Chat

BTbanker's picture

<3

IB
 
Points)
 on 9/7/12 at 5:09pm

"A man generally has two reasons for doing anything. One that sounds good, and the real one." - J.P. Morgan

Ron Paul's picture

olafenizer: You might speak

 
Points)
 on 9/7/12 at 6:10pm
huanleshalemei's picture

Any tips on networking in PE

(Gorilla, 516
 
Points)
 on 9/7/12 at 7:59pm

The Auto Show

SirTradesaLot's picture

huanleshalemei: Any tips on

O
 
Points)
 on 9/7/12 at 8:14pm

Turbo leverage for capital explosion -- BD Capital

My WSO Blog

huanleshalemei's picture

SirTradesaLot: huanleshalem

(Gorilla, 516
 
Points)
 on 9/7/12 at 8:17pm

The Auto Show

SirTradesaLot's picture

huanleshalemei: SirTradesaL

O
 
Points)
 on 9/7/12 at 8:29pm

Turbo leverage for capital explosion -- BD Capital

My WSO Blog

huanleshalemei's picture

.

(Gorilla, 516
 
Points)
 on 9/7/12 at 8:50pm

The Auto Show

TooFad's picture

kids at info sesh are very

(Chimp, 5
 
Points)
 on 9/8/12 at 2:00am
veljones69's picture

Another thing I think this

RE
 
Points)
 on 9/8/12 at 4:06pm
JimmyDnFFX's picture

Amen, veljones69! I've found

O
(Baboon, 134
 
Points)
 on 9/8/12 at 5:02pm

80% of life is just showing up

-Woody Allen-

Misspartiesalot's picture

The only way to not suck at

 
Points)
 on 9/8/12 at 6:40pm

--Money can't buy happiness. it can only buy orgasms.
--Who the hell says I want happiness? Orgasms all I need.

RelliK's picture

Thanks for the tips.

(Chimp, 1
 
Points)
 on 9/8/12 at 9:41pm
industrial_banker's picture

Very nice topic.

IB
 
Points)
 on 9/9/12 at 12:27am
Hayek's picture

Great post. Simple advice,

CO
 
Points)
 on 9/9/12 at 10:15am
JimmyDnFFX's picture

Hayek: Great post. Simple

O
(Baboon, 134
 
Points)
 on 9/11/12 at 10:47am

80% of life is just showing up

-Woody Allen-

Gomez Addams's picture

6. Learn details about that

CO
 
Points)
 on 9/12/12 at 4:38pm
Aimez's picture

Misspartiesalot: The only way

CO
(Orangutan, 291
 
Points)
 on 9/14/12 at 8:16pm

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