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I'm a first semester freshman and I was just wondering how much family connections actually help in investment banking specifically? I have one connection at an excellent BB firm that I am very interested in working for post-graduation but was wondering how much it could help.

He's not my father but rather a pretty close relative (think uncle or a cousin) of mine. He is an MD at the firm, and will have been one for about 5 years by the time I start applying for internships. Could he basically get me the internship as long as I keep my grades up/build a decent resume OR will he not be able to help to much?

Generally to what factor is a family connection better than a networking connection?

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Comments (19)

  • Black Jack's picture

    Probably can't 'get' you an internship (though might be able to) but can basically put you in a position where you will get one if you don't really fuck up an interview. Depends on the place though.

  • heretoask's picture

    OK that makes sense. And it's a BB, if that helps at all.

  • Sandhurst's picture

    Can isn't the same thing as well. An MD could probably get anyone hired if he actually put his foot down, but it might not be worth the cost in political capital. But there are plenty of other things he can and might very well do. He can definitely take your resume, he probably knows which resume readers might be more sympathetic, he can sit you down for informational (read: practice) interviews with his team, he can casually email interviewers asking "how'd he do?"... you get the point.

    Soft power is as good as, if not better than, brute force in this sort of situation, both for him, and for you. Think about it - do you really want to be that kid on the team whom the MD told HR to hire?

    "There are three ways to make a living in this business: be first, be smarter, or cheat."

  • Husky32's picture

    It definitely helps, the equivalent of having a really good "in" at a firm that puts your resume at the top of the pile for a 1st and 2nd round interview. This being said, you still need to perform well, act normal etc just due to how fierce the competition is out there for BB positions. It also depends on what division your relative is MD of and whether you want to go into that group or whether you want to go to a different group (where the connection could still help, but obv a lot less).

  • OMS's picture

    family connections (or even family friend) are 100x better than a network connection.

  • therock555's picture

    ^Agreed. Family connections are incomparable to a network connection. I don't know about a job, but if the MD (your uncle) really wants to get you an internship, there's really not much people below him can say. You may be deemed "the MD's nephew" but at least you'll have a secured position.

  • jmdude's picture

    I lost count on how many of my friends got internships at BBs through family connections (with and without interviews).

  • G.M.Trevelyan's picture

    Depends if your family are clients (from the PWM side) or just within the bank. So that's a No and a Yes, respectively.

  • In reply to therock555
    Whiskey5's picture

    therock555:
    ^Agreed. Family connections are incomparable to a network connection. I don't know about a job, but if the MD (your uncle) really wants to get you an internship, there's really not much people below him can say. You may be deemed "the MD's nephew" but at least you'll have a secured position.

    No one will look at him as the "MD's nephew" if he works just as hard if not harder than anyone else.
    Family will be able to get you the internship, just don't be a jackass that is all.

  • rpc's picture

    Will get you a first round interview, and probably super day. Most likely won't "get" you a job, but you don't want that to happen anyways. It will float around that he made sure it happened. Very common for family to get the process started though.

  • etherlord's picture

    Dumb question. Of course he'll get you an internship.
    I would think that he'll get you a FT offer too if you don't royally fuck up somewhere. Royally means in the order of losing his bank a few hundred million dollars, or showing up in flip-flops and Affliction t-shirt every day to work in the front office.

  • Mr.Saxman's picture

    Yes it helps tremendously. You won't need to constantly be pulling out your hair in your third year wondering why people don't want you to network with them. Nonetheless, you still need to work hard and nail the later stages of the interview depending how much he is willing to help

  • CompBanker's picture

    Having a family member in a position of influence is the single most powerful thing you can have. If you have a strong resume to go with it, you're absolutely golden. Depending on how much he wants to stick out his neck for you, he can definitely put you a strong position to get a job at his company, if not guarantee you the job outright.

    CompBanker

  • Dreamgazing's picture

    Whats the difference between a PWM Client's kid and a MDs kid?

    What can PWM kids get besides from these investment banking "camps" that are held. I personally know a few kids getting these in Hong Kong for BBs. Aren't these useless anyway? They will just be marked client's kids.

  • SirTradesaLot's picture

    Hi all,

    My name is Jon Blankfein. Do you think I have a shot of landing an analyst position this year at Goldman Sachs? (PS -- I have a close relative who is pretty high ranking there if you think that could make a difference)

    Thanks!

    adapt or die:
    What would P.T. Barnum say about you?

    MY BLOG

  • shark-monkey's picture

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  • heretoask's picture
  • In reply to mountainvalley
    heretoask's picture