Being Rejected After Being Referred
Has anyone networked, been referred over to HR and then rejected weeks later for the internship/full time position?
I'm curious as I assumed if someone refers you then you have a good shot for an interview. Or does it only take effect if a very senior person pulls for you/you are related to someone at the bank?
Maybe the person who referred you doesn't have a lot of credibility? Normally though, yes, if you're referred, most places will at least give you a courtesy interview.
The guy was a third year analyst with a confirmed promotion for an associate level position. Does this count? Also had VPs message HR with no avail (but they still email/call me so I'm not sure they dislike me). Trying to figure out if something else is wrong here.
Clearly they like him enough to keep him for the 3rd year and then promote him so I doubt credibility is an issue. Fact is though, is that he's still at the bottom of the ladder seeing as he's only an analyst. If it were an MD vouching for you that'd be a different story.
Oh I see. Interesting. Thank you for letting me know. Would you recommend hitting up VPs/Exec Directors/MDs only then? Often when I get through to them they are happy to talk but then refer me to someone junior they know (typically associate). It's also rather difficult to get a hold of them! Does this happen to you too?
Has anyone ever been referred through and ultimately not get an offer (despite good interviews, etc.)?
How does that relationship go on after that?
Yes. I interviewed at a place where I was referred and was in the top XX% of analysts after the interviews that get jobs. Referral was through an alumni and he's not upset with me at all or anything. We both realize there wasn't too much more I could have done or he could have done.
Happened to a me a few times (even by a C-Level executive in the IB Division for a pretty solid IB). You make the most of it and move forward with other places. You try to keep the relationship warm given how things could play out in your career.
Being completely honest with you I have been referred to every single SA interview I had. And to give you an idea there were about 12-15 firms I had interviews with, including eight final rounds. I was told I interviewed well at all of them but basically I have been told that it is simply a numbers game. And there might be person X pulling for you but most other candidates have someone else pulling for them.
I have only been surprised about two of those really which was one at MM firm where I had three MD's pulling for me and one lower tier bulge where I was referred and didn't even receive an interview.
TLDR: Yes. A lot.
A resume that is solid + a recommendation = high chance of interview. A resume that is average (or sub-average) + a recommendation= no interview or pity interview in which they end up dinging you anyways.
Depending on how well you know them, ask the people that refer you to look over your resume and suggest changes to make, they know what the company looks for in resumes more than you will.
I'm not sure I am entirely qualified to speak on this so feel free to add your input if you disagree with me.
For the phone screen: Have a well put together resume and personalized cover letter for each firm. You have an unlimited amount of time with both documents so for you to have a error with one of those is just sloppy. You can try and use certain buzzwords to help like creating synergies or utilized precedent transactions...
Study up on technicals... Do the guides, make sure you nail every easy to intermediate question at the very least. I don't think I've gotten anything in phone interview that I hadn't seen before.
Study up on the firm and be ready for standard questions. Ex. Your story. Why Company X? Why this city? Why a BB or why Middle Market or why a boutique?
Ask great questions. I've heard that I really stood out on a few occasions because I asked a lot of questions that really showed my passion for banking. Ex. How has the shift from telecom to technology impacted the make up of your business? Have you seen a shift away from PE groups who prefer stabler cash flows that telecom companies generally provide?
For the actual interview: REALLY get to know the firm. If it is a boutique or a specific group know deals they've recently closed. Come prepared with good questions like why did so and so company sell for this multiple? This same research can be applied in your cover letter as you can talk about how this deal appealed to you because...
All I can say other than that is dress appropriately and pass the airport test.
To answer the OP's question, I have been strongly advocated for by an associate at a place I was hopelessly under-qualified for (Evercore/Lazard/Greenhill/Centerview). HR sent me an email before I applied that I didn't meet their needs.
Additionally I've failed to receive interviews at ~5 MM firms I was referred to. Remember that if you just reached out to them via cold-emailing, even if they like you, they aren't necessarily going to fight for you if others are above you for whatever reason.
Whether you're referred, or not, if you're qualified for the job, you will get an interview. If you aren't, then they won't even bother with an interview invite.
It all depends on who's doing the referring. If it's the Head of IB for that bank, you bet your ass you're getting an interview. If it's a third year analyst whom HR has spoken with just a handful of times, you're probably not getting an interview.
I assume that is final round interviews if the head referred you? Can you apply through a very senior person or submit your application to an MD or Head?
I don't think its final interviews if the CEO, Head of IB, or MD refers you. My point is, you're 99% getting an initial interview if someone of that stature within the firm vouches for you. The trick is getting those contacts in the first place. I would bet it doesn't happen unless a relative has a strong relationship with one of them in the first place.
I have had a different experience cujo.cabbie (I'm in the UK so it may be different in the USA):
@brooj14 and @Anacott_CEO: I've been told my CV is solid (hence they offered to refer me) but have still been rejected pre-interview. They are either lying (not sure they would if they offer to refer you) or there is more than being 'qualified' that matters - what do you think? @CorpFinanceGuy I have rarely seen anyone (at my uni at least) been referred by the head of IB in the UK unless you are directly related to them. Analyst/Associate referrals are more common in the UK (and rare from what I have been told by recruiters at BB's) hence you 'should' land interviews. Why rare? Most people apply online in the UK and wait to be accepted/rejected instead of being pro-active (again - what I've been told by a BB recruiter - not sure how true this is). Most UK people I have come across do not actively refer unless the firm has a referral program where they get something in return and just tell you to apply online.
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