Networking Internally - Good or bad?
Hi guys,
So real quick, I am an Analyst in the Corporate banking division of a regional bank - been here about 7 months now. I am currently trying to network into IB. Anyways, my bank doesn't have an IBD arm but we do have a "corporate finance" arm that will do a lot of the work MD's would do but more like outsourcing it to a few boutiques we have deals with. Question: would it be a dumb idea to contact a MD in my corp. finance department and pretty much tell him I'm trying to get into IB?...
Approach to internal networking (Originally Posted: 06/23/2014)
Hey guys, I've got access to my bank's contact directory which seems great from a networking point of view. I was wondering what your take on the best way to network with another department (that I have no contact with) is? I was thinking just drop a regular cold email when I know they're online and from my bank email.
I'd do some research on them first. I see you selected ER as your industry, find out what they cover, and read some of their work. reference that when you email so it doesn't look like you're blasting out hundreds of emails to everyone with the same title (VP, MD, whatever). that will also give you specific questions to ask them. at my firm, the ER guys have biographies on our research page, so you can find out where they went to school and what their experience has been.
Thank you, great advice. I'll research some ER guys/gals and try that within the next week or so.
Someone in the firm (not senior) recommended going and meeting them but considering they're on another floor, that seems a tad stalkerish to me.
Definitely agree with the above. I've done a fair amount of networking this way...try to get warm intros though. That combined with working there will always have a good outcome
What do you mean by warm intros? Getting a mutual contact to introduce us? I'm in the risk department and as there is not much overlap, there are not many people who are in contact with the ER department.
Networking Question - Moving internally within a firm? (Originally Posted: 05/10/2013)
If you are trying to internally move within the firm, how would you do it without pissing off your current co-workers?
I would personally find it a little offending if someone who has been less than six months into the job as going round looking to lateral within the firm
*was
Most firms don't allow you to move unless you have been in your current role for 1 - 2yrs.
This is a tricky situation though you may piss them off if you try and leave. I think its best to not tell them at any point until you have to (get an offer, required by HR etc). Allow yourself plenty of time to wind down any current projects, train new a new hire, make the transisition as easy as possible.
Internal Networking (Originally Posted: 04/01/2015)
Can you guys give me some insight into the best ways to network internally, so as to get staffed on the best engagements? Or to at least always be staffed? I'm going to be starting at one of the Big 4 in a couple weeks, and I'm coming from a small, regional firm. At my current firm there is no such thing as internal networking. I work on every engagement with the same team, so internal networking is sort of foreign to me.
To be honest, I think 'internal networking' comes down to two key factors: 1. Reputation - do excellent work 2. Exposure - get your name out there
Internal Network = Reputation*Exposure
As a new joiner, your priority should be to do excellent work.
Networking Internally to IBD (Originally Posted: 02/10/2015)
I will be an SA in the Finance division at MS. I was wondering if anybody had any advice/experience on networking internally for a full time position in IBD
Make a fabulous rapport with your summer supervisor in the first five weeks, which should be good enough for you to get a return offer. Beginning of sixth week, email your HR expressing your interest in internal mobility of the firm. She will get you an interview in the 8th/9th week. Do well in your interview and be able to express your motivation for the change.
Internally networking to IB or trading within BB firm (Originally Posted: 03/12/2015)
I was wondering if anyone had some advice on internally networking within a large firm. I currently accepted a back office position at a BB firm for a summer analyst program and am getting some contacts within the firm who are in the Front office (where I want to be). Anyone have some advice on how to properly network? I.E, contact those individuals for advice?
Firs thing, focus on your job and crush it, it will make it much easier to move around if you have a good reputation. Use the directory, search around for areas you are interested in and reach out to individuals. Hopefully coming from an internal email will lead to a higher response rate. Try to meet up with these people, maybe visit a desk or shadow. If you there are any friends or alumni in the bank reach out to them first
Are you a sophomore or junior?
@"SwapInterestingRate" Im a junior
@"Bobb" Thanks for the advice. How would you go about reaching out to those internal contacts, I.E, asking for advice on how to break into their division? Or just overall career advice
Advice on networking with associates within the same firm? (Originally Posted: 12/15/2015)
So I've been trying to establish a network now for fall recruiting, and I initially started with alumni from my school but have been branching out to others through cold calls/emails as well. I recently spoke to 3 individuals that are at the same firm, 2 of them were in the same team (a first year analyst, senior associate), while the other was a senior associate.
I managed to set up calls with the associates, and one of them recognized that I had talked to his co worker, while the other associate had told me he was recruiting for summer right now and will probably be seeking interns for the fall term so he asked me to send my resume. Both of the associates work on the same floor, and used to actually work together.
My intention is obviously to end up getting an internship by getting them to remember me when it comes time for applications, but I'm genuinely interested in hearing what other people have to say about the group and their experiences. Now my question is, would it be appropriate for me to keep reaching out to people within that team even though he already asked me for my resume? He's bound to hear about me reaching out to his associates, so could that be seen as a positive or would I come off as annoying?
For what it's worth, this firm is one of the largest asset managers in Canada.
Would appreciate any help!
You won't come across as annoying as long as you're asking good questions and keeping your calls
But wouldn't the senior associate be like, wtf this kid already gave me his resume, why is he still trying? Or am I completely overthinking this?....
How to approach internal networking? (Originally Posted: 05/29/2015)
Before anything else, I'd like to ask if there's reasonable time one should wait before doing this. People always say to network as much as possible, but it's hard to when you've been in a firm for only a couple months, yet waiting too long bears opportunity cost and before you know it, it may already be too late.
That said, anyone have any advice on how to approach networking with people from other divisions/teams within the firm?
I want to keep it as casual as possible because I don't want whoever on the other side to think I'm being too pushy. But at the same time, they probably know in the back of their minds I'd want to transfer into their team(s) at some point.
A thing to note, firms usually won't let you move internally until you've been working for a year or two. I wouldn't start reaching out to people your first week on the job, but after you've gone through training and are comfortable in your role you can start networking. Shoot out some emails asking for a phone call or coffee to learn more about their division and what they do etc
I know that. But I don't want to wait over a year before even starting to network, especially considering this job is a 2-year program.
I also graduated early and already have started working. I will have a few months' experience by the time training starts. It's also why my training will be only half of the typical period.
Regardless, this is a good networking opportunity and I really just want to make the most of it.
what are you doing now and what are you looking to transfer into?
Currently in Credit risk on a coverage team, looking towards ER or IBD (higher preference towards ER).
http://www.wallstreetoasis.com/forums/guide-to-building-a-successful-ca…
Maybe this might help? Sorry for the self marketing :).
as an aside,
i internally networked with your mom
get rekt
Advice on networking internally (Originally Posted: 03/30/2012)
Ok really need some advice here.
I recently got a job in Big 4 TAS. I was delighted with this and thought I would finally get some decent experience but unfortunately the majority of the work here is based on formal insolvency cases with no analytical finance work (basically more akin to a trainee lawyers tasks).
Now despite this there are some really interesting things happening within the department (its non-us) but it all seems to happen at a much higher level (manager or above).
I am basically looking for some advice on how to network internally.
Is it acceptable to get in contact with the partner who handles M&A and basically ask can we have coffee as I am really interested in the area?
At the moment I am really frustrated because I am very close to getting good experience but at the moment I am literally doing nothing of relevance.
Anybody ever been in a similiar position and how did you proceed?
At my old firm I did a lot of internal networking. I would go through the directory and shoot emails out to people in on the desks or department I wanted. Most people were very responsive and accepting and admired my balls (as one MD put it).
You may want to wait a bit before you start looking for a way out. It seems like you just started your position, give it some time, settle in and kill your job.
Did you use your work email or personal?
Any other feedback?
Does'nt seem to be a lot of info out there on internal netowrking.
Question about networking within my company (Originally Posted: 08/02/2011)
I am currently interning at a bulge bracket, but my position is closer to back office. I am trying to pursue investment banking full time. It has been suggested to me to network within the company. Is this something that is done? Can, and should I email non alumni investment bankers in the bank I work for, explain my situation and ask if they would like to meet for a quick cup of coffee or have a phone call? Would this be considered alright, considering that they are not alumni from my school. Should I do this through the internal email, or my personal email? Please keep in mind that I don't have access to the company email outside of the office and after the internship is over. Any suggestions would be helpful. Thank you.
+1
I'm interested in this topic as well...
I think you'll be fine emailing with the company email. I also think networking internally will be encouraged. Keep in mind though that making that transition is extremely difficult and you're unlikely to be given a chance at IBD. I would try to network internally and externally and hope for the best to get an IBD interview from a different firm
Internal email is fine, or at least that's what I did when I was trying to get out of that hell hole. Nothing wrong with asking for an informational interview or a quick chat.
I was just curious about using internal email, as I can't check it outside of work, and after my internship. I am trying to network externally obviously, but I just wanted to know if I could expand my network like this. Any other thoughts would be appreciated. Thanks.
is it a bad idea to jot down some internal contacts before wrapping up a summer gig? would be look bad -- especially when you contact said contacts via an external email months later and having to explain how you "stole" their contact info from the company while interning?
Well, I don't think it will look like you stole it, because you could just look them up on linkedin and use the company email format, which can likely be found online, to contact them, so that's not too different then sending out cold emails, but just including a mention that you used to intern at their company. I am interested, as I understand you are, in sending out internal emails while still at the internship. Thanks.
bump
BB Internal Networking (Originally Posted: 04/14/2015)
I am currently in credit risk for a BB in a regional office and will be in NYC this summer for formal training. During my time there, I'd like to take full advantage of the networking opportunities with other divisions in the firm, specifically for FO roles as I anticipate to want to transition into a more client-facing role in the future. Ideally, I'd like to reach out and hopefully talk to these folks on the phone first before getting the chance to have a coffee chat when I actually get to NY.
I've broken down the type of folks I would want to reach out to below and would some pointers as to how I should approach in terms of reaching out.
-People who've already made that transition. Through LinkedIn, I've found some folks who also started in credit risk at the same BB and were able to internally lateral into a FO position (Coincidentally, all of them went into LevFin).
-Folks in ER (I should say, fixed income research). I think ER would probably be the role I'd want to lateral into the most because it's most similar to my current role, except ER is more markets-focused whereas mine is more company-focused. I've also frequently read my firm's ER reports while writing my own credit memos for the companies I cover.
-Alumni of my school. For these people, I'd think it'd be much more casual. I think I'd just reach out to them and tell me "Hi, I'm also a gradaute of school, going to NY for training, and would love to have coffee sometime." Or is that too casual?
If you are at the BB I think you're at (which has a large credit risk group by a certain large salt lake) then I would recommend that you first lateral to the credit team in NYC, and make that a primary objective of your trip. Not saying that you can't hit up the other guys you mention, but I doubt its effectiveness.
Two reasons why to network with the credit team in NYC than the FO guys.
Actually that is on my thought too. I am in good relations with an MD from CR in NYC but he works in reporting, which conducts CCAR and other stress tests for the bank. I know I will definitely meet the members of my industry team in NY because we have phone conferences regularly (Actually quite excited to meet them in person). I didn't mention it earlier because think despite the fact that they do have client exposure and generate revenue (Obviously not to the same extent as the true FO guys), they're still not considered real FO. Also someone on this forum mentioned to me "there's no way they'd let me do that," but I suppose you can never base conclusions on one anonymous person's opinion.
When I do meet them, I will try my best to have lunch/dinner with them and probably have occasional chats in the office. Do you think it'd be a good idea to explicitly express that I would actually like to transition to NY sometime in the future?
Whoever said they wouldn't let you do that is full of shit, as exits ops into the IB side were highlighted by the business partners when I went through the interview process (although don't get me wrong, it isn't a breeze to lateral from NYC CR to IB).
CR in NYC is very middle office (almost FO but def. not BO); however, CCAR is a endless pit of despair. I had a couple friends in Corp Fin placed in that group, and while you're bound to have solid job security for the long term, you'll get the ugly label as a reg guy/gal slapped on your resume.
You should bring up that you eventually move to NYC, but have a good reason why you want to move outside of the job. (e.g. I always wanted to live here, I have family up here, etc). Keep it casual for now, but definitely plant the seeds that you can harvest for an eventual jump when the opportunity presents itself.
I know lateral into IBD is always difficult but they actually said in your interview it's a definite possibility?
And I'm glad you mentioned that because I am actually from the East Coast, only about 3-4 hour bus ride away. All my family friends and many school friends are around there too. You think that would constitute a sufficient reason to want to move there?
They talked about where people moved on to from the group, and internal IB was one of the exits.
For sure. Family is one of the best reasons.
So would you recommend I reach out to them via email or phone beforehand and see if they're free to have coffee or lunch when I get there? Or should I wait until I get to NY to get formally introduced?
I'm asking that because I've already spoken to quite a few of the NY credit risk folks prior to starting my current role (Just through reaching out and building connections while I was still in school). One of the VPs there even referred me to the MD I mentioned before (Though probably only because he's also an alum from my school).
Rolodex of Contacts at a BB (Originally Posted: 02/09/2012)
I'm a credit analyst in the commercial banking division at a BB in Canada (What up to all my Canadians!) and I stumbled across a contact list of people in our capital markets division. I was wondering if anyone has any experience with reaching out to people in different divisions at their BB's and getting anywhere with it...
Advice/Feedback/Experiences would really appreciate it!
Just shoot them a short email covering what you do, what your interest is, and what you want to talk to them about. This may vary by BB, but at my BB most people have been very receptive to either coffee or a phone call.
That's exactly what I did at my big 5 in Canada and it landed me an offer. Just shoot them an email asking to chat or grab a coffee as I found people to be pretty receptive to that.
True that True that!
@juniormistmaker - you might if I hit you up Privately to chat about a few things? no homo
might = mind*
Networking Inside a BB (Originally Posted: 12/29/2009)
If you want to change divisions/groups at a BB, what's the best way to be doing under the radar? Is it taboo to talk to very senior people you might know? Finally, if you get an offer from another group/division internally how do you break it to your superiors?
..depends on your team's attitude.
if they are usually supportive and encourage movement within the firm, then bring it up during your review or a normal workday. maybe they know someone in the division you want to move into.
if they aren't supportive, then do it quietly.
Agree with 1styearBanker.
Also, ER to IBD will be more difficult at junior level but much easier at senior level.
E.R. to IBD is also pretty hard, though not as bad as BO to IBD which is near impossible. BO to S&T is sometimes possible. Overall, hard.
Are you allowed to network while starting out at a BB (Originally Posted: 03/06/2013)
So let's say your goal is becoming an equity Swaps trader,
but after interviews you got a FT offer for Investment Banking M&A at GS, you got this by networking hard with a couple of MDs, and showing that you really want to be an investment banker (since you didn't get accepted to many other places).
How many months into the job are you allowed to network with traders from other banks (JPM, Deutsche, Credit Swiss) to try to land your equity swaps trader position without disrespecting your MDs.
I'm very sorry if this is an obvious answer, but your insight would be appreciated.
Thank you
Immediately?
You can always network, and I'd say it is encouraged. What would be frowned upon is if you let it slip that you are trying to find a new job. Just approach them for now and try to build a relationship, with the idea being later down the line you'll want to make the jump. I bet that the contacts would be much more receptive once they realize you aren't just using them for a job (at least initially).
Thanks! and in your opinion, after how many months can you start asking for the job and trying to actually get the new job?
I mean, you can do it whenever you want. Analysts leave all the time for a multitude of reasons. If it was me, and I was an the M&A group at GS I would at least stay a year for the experience. That being said, since you seem like you want out, I would network until you have some really solid relationships, and then once you have that let it slip -- I assume it will take at least 6 months if not a year to build the type of contacts I am talking about.
Best of luck. I drool at your options (i.e. GS M&A).
Also, just as an aside you should probably read your employment agreement to see if they claw back your signing bonus or something if you leave prior to x months. Just to be safe.
Sounds Great! Thanks alot!
Only one technicality, GS doesn't have a pure M&A group, M&A is worked in-house via industry coverage. So basically your situation would never exist.
Just kidding (the group part is true though)
Internal Networking for Equity Research (Originally Posted: 11/04/2013)
Hi Guys,
I am currently working in a BB investment bank in an operations/middle office role on a consulting basis and, like everyone else, would like to move ahead. I am very interested in Equity Research and was thinking of trying to network internally.
I was wondering if I could get some tips or hear about any experiences from people who have tried to do the same. Obviously this is a difficult task to try and move to a research role coming from operations but it has been done before and is definitely in the realm of possibilities.
Currently I am a CFA II candidate and have been working on a sample research report. Any and all advice is appreciated.
Thanks, Hyrum
Sounds like you're off to a good start. Search previous threads, this has been answered before
Flake successfully made the move to ER from BO/MO.
Find his topic. It's a goldmine.
Also, you should have access to the ER reports at your BB, correct? Start reading them.
Thanks, I shall look through previous threads. Of course any new experiences regarding this subject is also always welcome
Networking with Company Directory (Originally Posted: 06/24/2009)
I'm interning at a BB this summer in pwm, but trying to get into IB next summer. What does everyone think about using the company directory to get the names/email adresses of some MD's or Vp's in the BB's IBD and then email them to try and set up an interview. Thanks
only under the guise of contacting an alum, or a very specific industry or sub-industry group that you actually know a lot about. Otherwise, its an inappropriate use of the directory.
I agree with the above poster, and would also say that you should target analysts and associates first - even under the alum category. Shoot an email expressing an interest in the industry/field coupled with an industry in banking as a transition next year, and just ask for their insight, if they interned before, what they like (in time, of course, don't fire a laundry list of questions right off the bat).
I would also speak with colleagues (as you go through the internship and get to know them), and see if they know anyone in banking that they could put a quick word in to, to describe the position, etc of the field. Don't insult their field (PWM), but just express an interest in both fields, and are curious to learn more about banking.
IBanker www.BankonBanking.com Articles, News, Advice and More Break Into Investment Banking
Well, to save time, most companies have a department-wide address that will e-mail all department employees. I would first focus my efforts on finding that address (something like [email protected] or [email protected]).
Then just put that in the BCC line and fire off your resume -- someone's bound to bite!
x
I've heard horror stories like that back in the day, but my understanding is that you need certain permissions to company-wide spam. Probably global head, etc.
ask your boss to hook you up if at all possible. cold-emailing could work. unfortunately, pwm doesn't have a lot of clout. if you can manage to strike up a face-to-face conversation with a banker, you'll have a much better shot.
Networking with senior bankers in other divisions for a job in IBD? (Originally Posted: 11/04/2014)
Hey guys,
I have two contacts in BBs that I was hoping to reach out to get an entry level lateral job into an IBD role. One is a VP in a front office division and the other is a head of a back office division. Neither of them are in IBD. Before I formally reach out to them, I was wondering about two things:
Thanks a lot in advance!!
I can't speak for other banks, but at my BB the divisions were fairly separate. Unless your contacts are buddies with any bankers, they can't really help you for banking.
If I were you, I would probably just reach out to them to learn about their divisions and use them to hedge your bets in case you can't land a banking gig.
Agreed. When I was reaching out, a couple of contacts I had were pretty clear that they only had pull in their divisions. These were 2 MD's saying this. Only time I've ever had it a contact reach out to another division was if they knew someone well in that division where they felt comfortable, but it definitely didn't have the same kind of influence that they had in their own division.
If you are lateraling it's actually helpful to speak with HR as well, esp. if you are well-liked and a top performer in your current group. It sounds, though, as if you aren't in the BB yet - something to consider over the longer run perhaps.
Internal networking within the first month in the firm (Originally Posted: 07/03/2013)
How is internal networking early in the career viewed as? I just joined my firm and already started scheduling informational coffee meetings with people in different divisions. This of course includes performing exceptionally in my role...
If my current boss notices this, how can this impact me?
Is this fairly common?
bump
Pretty quick bump. It sounds really "urgent"
Anyway, I don't see why this should be a problem. You are just meeting with co-workers. Keep meeting them!
Nothing wrong with meeting people in different areas of your firm but do not over do it. Focus on your current role first, make sure you have a good review and high praise from your boss
Using internal e-mail to network with current bankers? (Originally Posted: 06/09/2017)
....................................................................................................
Bump - also, if I were you I would somewhat network with those on your floor or in your division because maybe one of them worked in IB when they were younger. Then again, the question of how and when you should tell your current division that you would like to move to a different division is a tricky one and something I couldn't speak on. Hopefully someone responds though.
I talked to a senior manager about this and he suggested I should wait until the last 2-4 weeks because apparently a couple of directors here have connections in departments across the firm. Most of the guys up here are really old and extremely smart with backgrounds in Financial Engineering
Networking is not done on company time or dime. Using company email might come off as unprofessional but that's just me.
Lets say all e-mails were sent off the clock or during a lunch break, how would that come off? I've been using Linkedin and have had a pretty low success rate so far.
Seems fine.
I'd say that it doesn't hurt you at all, and as you're currently doing your sophomore summer internship at the firm, your options in landing an IBD role for your SA gig are much easier. You shouldn't go off on a mass email spree to everyone in the IBD M&A team, but definitely send out a couple of emails (short, sweet, polite, candid) asking if the person has any time where they can speak to you about what you're interested in. Obviously introduce yourself and all that stuff. Target right -- check LinkedIn (some post about being a mentor) and target your emails to those who you'd wager are more likely to respond. They'll instantly see that you're an intern at their firm and it's much easier. Careful though, last thing you want is for every analyst and associate to receive the same exact email from you.
I have a few thoughts regarding what bank you're talking about based on your rather weird description of it.. IMO a bank can fall concretely into one of the categories, I wouldn't call any bank other than the BB's a BB. Also, quick sidenote, I recommend utilizing LinkedIn as you have already and continuing 20x harder with cold contacting alumni from your school. In your position, it's arguably one of the best common secrets. Also, please wait until you're at least a couple of weeks in -- start/end dates for interns are common knowledge, and you risk looking really strange if it's day 3 and you're already trying to speak with a VP in a completely different group.
Thank you for the great advice! I've read posts that called this firm a BB, and I've read posts that have called this firm an MM. I'd honestly categorize it as a middle market, but that doesn't change my opinion whatsoever (I've worked at a boutique shop with deals of
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