Do Bankers love hungry non-target students?
Hello everyone! Im pretty sure this question has been asked thousands of times now but I’d like to share my story with you all. I am a freshman at a non-target school in the northeast (think Rutgers/CUNY/Fordham) with a decent amount of alumni in the industry. And in order to get a glimpse into how networking is like, I decided to attend an info session for a top 5 BB firm held on campus last week; approximately 5 days into the school year.
What I did notice is how many students wanted to do banking, and yet not many had the proper guidance on the part of the school and therefore have little to no chance to get into the industry coming from my school. The courses offered here didn’t provide them with the technical knowledge required to succeed in interviews.
Even though Im a first year, I don't want the school I go to to define the opportunities I have access to. As someone who has closely followed the markets since high school, I started blogging this year about important issues within the markets, religiously posting well written articles every 1-2 weeks. I have also started to try to understand valuation techniques through online programs. I’m want to start networking with bankers but I am afraid they’ll pass on me because I’m a freshman.
I don’t want to come off as overly enthusiastic to them, but I wonder, Do the people in the industry appreciate someone who is just downright motivated and passionate to learn? I know I might not get many responses if I try contacting these individuals but I want them to know my intent as a student from a school with not many opportunities in banking.
Yes, people like motivated professionals. Also, let's be clear. You will not get responses to most of the networking emails you send and some responses you do get will be very lackluster. That's the nature of networking. keep shooting your shot and something will hit.
The secret sauce to cold emailing is professional intimacy. You need email the people you have some identifiable connection with. Same school is the most common. However, other examples can be same fraternity, musical background (this worked for me), minority, same sport, etc.
Thank you so much for the advice! So when you cold email, do you look for these specific things you may have in common with the individual and add an aspect of that into the message itself? I'm confused as to how to approach it. I'm not sure whether or not to have a conversation first and then send in a resume or just put all of this in one email
Try something like this:
"Hi Banker X,
My name is TheAvidInvestor, and I'm a freshman at Non-Target. I looked at your profile on LinkedIn and noticed that we both went to Non-Target/played varsity football in HS/were both born in the same town and was wondering if you would have a few minutes to hop on the phone so that I can learn a bit more about your bank and IB in general. Thank you!
Best,
TheAvidInvestor"
As a freshman, who probably has no experience, attaching a resume will not really serve a purpose; however, I like attaching my resume later on as I gained more experience because it gives the recipient some context, and since I had prior IB experience, it let them know that I was serious.
Hey Sil, but, what if I have done relevant internships? Obviously I haven't had exposure to the same exact field per say but I've done a couple of internships and extra curriculars related to finance the last couple of years. Would that show commitment or passion? Thats what I want to get across
Going to steal this format because it's quick and to the point. +SB
Hungry yes, but alumni generally like to help their own so maybe consider a transfer or getting to know your school's alumni well.
You should make your post title the email subject line on your cold emails to the bankers you want to network with.
Not sure about Rutgers, but Fordham is on the lower end of semi targets and gets recruiting from BB's. I have seen quite a few alum from Fordham on the street. Things may have changed since I was in banking a while ago though, so take all I say with a grain of salt.
Rutgers is in between Fordham and Penn State I would say.
I think Penn State's Nittany Lion Fund alone makes it better than Rutgers.
As a freshman I'd advise you to get some financial experience under your belt (courses/clubs/volunteering etc etc) to back up your claim of motivation/interest in banking. The blog is a nice start.
I occasionally speak to college students who say they're highly motivated but can't really back it up which often garners the reaction sure you're interested now who knows say 5 years from now.
Smart non-targets absolutely have a chance if they can demonstrate the IQ+motivation through their CV. They're sometimes even seen as more reliable and less likely to keep chasing the next step. I don't have stats but am dead sure there are more non targets at MD level than analyst level as they are arguably more committed in general + don't have the network to move around as easily.
my 2c
Thank you.. that usefull info many opportunities in banking
cliff, I appreciate your thoughts. I want to prove to people that im not just another college student who says their motivated with nothing to show for it. Thats why I started my own blog. It has really helped me hone my skills as a writer while helping me understand financial news. I've been able to digest this information and develop my own unique perspectives. I write very frequently and often.
To me this stuff doesn't feel like work, it just comes to me cause this is what I love, its truly is my passion. Going to a networking event 5 days into my freshman year wasn't just to see what it was like, I talked to alumni who were wildly successful in what they did and I tried my best to make an impression. I'm willing to anything and everything, I just want a chance.
It's really who you know. I had interviews from a complete non-target through alumni. The actual work you do is not hard, getting in is.
I would say that most bankers are ok with non-targets but you definitely want to give a good first impression.
try and focus on things that you have in common with the people that you are emailing and you are much more likely to get a response back that you like.
Yes they do. Came from a non-target with no alum - you just have to be better prepared, more polished, more personable, and more impressionable than your target university counterparts. And it'll take a ton of grit since the prestige whores of the industry (they're everywhere) will laugh you away or tell you "maybe get an MBA or something and come back" but fuck em, at the end of the day every bank will have someone who appreciates your tenacity and will give you a shot via an interview.
Agree with this. Be ready to pound the pavement and take some rejection.
Can't directly relate, but a good friend essentially said the same after coming back from a bank for an info sesh with them. It is neither easy nor something you stumble into, but it can happen if you cast your net wide enough.
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