So how EXACTLY do I network?
Right now, I am a first, soon to be second, year analyst at a very middle of the road MM. I want to move on to either a better bank, but everything I've read says that this is contingent on networking. Problem is - I can't network. It just doesn't work. Alumni don't respond, recruiters don't respond, I have no classmates at other banks, and LinkedIn messages, of course, go absolutely nowhere. Here's what I say in my messages:
"[Their Name],
I hope this message finds you well, and please forgive it's out-of-the-blue nature. As an analyst on my second year at [My Bank], I figured that, as someone who has worked at a few shops and wound up at as amazing a place as [Their Bank], you'd be able to shed some light on the process of navigating lateral moves. Let me know if you can take a call at some point in the next few weeks, and I'll be more than happy to make it work on my end - looking forward to it.
Sincerely, [My Name]"
I use similar phrasing for emails to alumni. I have been emailing or messaging two people every night for the last 3 months, and have gotten no (as in, quite literally zero) responses. What am I doing wrong? I feel like I'm losing my mind.
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-I cannot meet people in person: I am about an hour outside a major city, so coffee/lunch is impractical
-I cannot try to use past deals: I have never, in my time here, been made aware of the existence of opposite side bankers, much less ever worked with them. Same goes for counsel, consultants, PE guys, or anyone else.
-I cannot use recruiters: They do not respond to my emails. This includes Michael Page, Selby Jennings, Glocap, Vettery, Pinpoint, and others.
-I cannot use long term relationships: I have none, and given that I am already a first year who started IB later in their career, I cannot afford to wait even longer. I need to leave now. I am going absolutely insane. I feel like I am suffocating.
Too wordy. Try something more direct and ask to take them to lunch. Post something more specific about the type of person you're trying to network with and why and I can try and give you an example.
Buy yourself a copy of the book "Never Eat Alone" by Keith Ferrazzi.
Agree 100% on Never Eat Alone.
I've been meaning to read that book for months now, but can never remember the name. +SB for helping me, haha.
Be more direct, networking is often done in informal situations. Do you consider yourself an outgoing person with a lot of charisma? That is what you will need. And if you don't - then no need to worry. You've identified where you're lacking and can start working on starting informal conversations, during and after work. Preferably with people above your current position. You are probably young, and therefore have very little to lose. Try different tactics when conversing with people - if they find you obnoxious, you will most likely know immediately.
I'm in sales and the response rate to our cold emails is 5-10% on a GOOD day. Usually, it's 2-4% or something along those lines.
If I were you get 10 people or so and send something along the lines of:
"Hi XXX,
I was interested in learning more about lateral moves and was wondering if I could ask you a few quick questions via LinkedIn regarding the lateral process in XY field.
Please let me know. If not that is completely ok.
Thank you and have a good day.
XXXX"
You might get 1-2 responses, but that's all you need.
To be completely honest your email sounds a little needy and doesn't give a clear Call to action. Without the CTA the person doesn't know how to help you even if they want to. How would they set up a call?
Too much work, next.
The above might catch someone in a good mood on a lunch break.
What city do you work in? If it's NYC, there is should be industry events you can go to. Another thing you could do is to become friends with your peers and some of upper management at work. Some of those folks will inevitably leave for greener pastures, then... voila, you have your in.
I don't know if WSO sells a networking guide, but the one from BIWS is pretty good. Your email, with all due respect, is terrible. If I was still in IB and got this email, I would delete it because it sounds incredibly wordy and downright awkward. Try something like this:
"Hi Banker Bob,
My name is SCPShell, and I'm a sophomore at Harvard. I found your profile on LinkedIn and was wondering if you you'd have a few minutes this or next week to hop on the phone to give me some more insight into Goldman Sachs and the investment banking industry as a whole. Should only take 15 minutes. Thanks!
Best,
SCPShell"
Obviously replace the school, bank, etc. with the relevant information for the banker who you're emailing.
No offense taken. The example is immensely helpful.
Try plugging in your ethernet cable
Lmao, got a laugh here
If you goal = establish meaningful relationship > advance your career > do what you like. Stop sucking up to people to pull a fast one: I cold-email/network > talk > job referral > next step. Instead think of something more creative ways.
For example: - I joined a MMA club because I really want to train MMA and get fit. I ended up meeting a lot of buy-side contacts and also potential corporate clients. And having something that you can relate to > allow natural progression in relationship.
I joined a non-profit/social/charity organization in my area. I took leadership roles to push for initiatives that can benefit our community. I end up meeting all the important clients/investors because the organization is funded by business leaders in the area. I never have to "force" them to do business with me. The business just comes in by itself.
Of course, for both of these organizations, I have been with them for close to 4 years. It takes longer to build quality relationship but the payoff is much greater (compared to trying to pull a fast one).
Hope this help.
Hi, how would you network if there isn't a big finance presence in your area? For example, I work at a boutique IB in Newport Beach and although I have a good relationship with people in my jiu-jitsu classes, most of them are lawyers, wealth managers, or IT guys. I really want to move to a bigger tech bank and my network is just not helpful towards that goal. Do you have any tips?
To your lawyer friends - do you have friends who have in corporate law that can help me to get an appointment with people from IB and PE? For IB, all the deals will somehow have to work with corporate law firms (i.e. Allen & Overy, Allen Gledhill, Baker & Mckenzie). To your wealth manager friends - do you or does your clients know anyone who invest in alternative investment space (i.e. PE).
The point is someone somewhere will always know (3rd degree connection effect), that you would like to meet. The important thing is to get to know someone so well that they would call up their warm contacts to make sure that a good meeting take place > rather than provide introduction via email (cc-ed you on it).
On the wealth management side, "networking" is always this big sales track people want to take (so they can avoid cold calling or doing seminars). Advisors that take that route (go to BNI meetings, join the chamber, and do other "forced" networking) always end up cold calling or failing out.
Networking is a lifelong process, whether it's sales, climbing the corporate ladder, politics, whatever. You can't go on a "networking mission" and expect results. It's about refining your character, getting yourself out there, being genuine around people, etc. Make building a network a part of your life. The connections will come, the doors will open.
Well, to address a few of the points made, I can't really meet up with them very easily. I live/work near a major city(SanFran), but it's about an hour away from work, so meeting up for lunch is rather difficult for me.
As for needy, I suppose I am. Although this is my first banking job, it's my second job out of school - so I feel a LOT of pressure to pick up the pace if I don't want to stay in banking forever. It's not that I lack creative ways either; I try to volunteer when I can, and have signed up for the alumni club out here, but those avenues take time. I realize that "taking time" is essentially the core of a good relationship to begin with and indeed not a detriment at all, but at the same time, I feel like I don't have the luxury of time whatsoever.
That said, I appreciate the advice, especially the parts pertaining to exact wording examples, which is something I know I struggle with.
Don't forget "Dear" or "Hi"... some people find just Name, to be rude.
Your phrasing is too flowery; be more direct, use less commas and use the active tense.
Name below sincerely, with a break in between
You need to follow up after you send the initial email if you don't get a response. I usually give it a week then send a brief follow up. Generally I just say: "Hello Jim, I just wanted to follow up on my previous email. I was wondering if it was possible to speak next week?
Best regards,"
Your email comes off as the only thing you want is a job. Rewrite it as though you're reaching out purely to learn about what they do, their career path, etc. You sound selfish, and honestly I wouldn't respond to that either.
There are two types of mentors:
In both cases you need to sell yourself as wanting to be there 'for them' in a way; you're a humble knowledge-seeker. If you establish a connection, you can then pivot it back towards yourself and ask about jobs and what they can do FOR YOU.
Turn the angle around a bit and I guarantee you'll have more success.
Hmm. I addressed this below, but any ideas for how to have it sound less selfish?
I can tell you how, but is that really going to help you once you're meeting the mentor in-person? It's like copying homework: you get the grade, but learn nothing. How you change your attitude to be selfless and come across as wanting purely to learn is up to you.
This is fantastic, accurate advice.
Something I've always struggled with has been to make it seem like I want to talk about more than a job. I have always assumed that any networking at all is always seen as someone just wanting a job, and have been told also that trying too hard to glaze over that fact is insulting in that it implies the recipient could be fooled by mere wordsmithing. Similarly, I have always worried that I will forever be unable to provide anyone with something "for them" - I am always approaching from a position of being at a worse place, and almost always in a junior position. Lack of foresight, I'm sure, but I just don't see any situation, ever, when I could possibly have anything to offer anyone.
What's more, I usually know the kind of things they'd be willing to share beforehand - where they worked, how the places hire, what the process is, what the team focus is, because I've spent a lot of time researching them and the firm before I reach out at all. I might not know some the more idiosyncratic reasons for moving or staying, perhaps, but those are also the kind of things where it feels like prying to ask. The reason I don't phrase it as if I'm searching for insight on things I already know (the process, where they were, the benefits of the firm, etc) is because I don't want to make it seem like I hadn't done my homework.
Alumni Don't Like you, how else can you network to get in? (Originally Posted: 09/16/2016)
Anyone ever been in a situation where alumni don't like them and they had to find another way in? If so, how did you do it? I understand that (for my school at least) when applications are submitted, alumni gather in a room and decide who they want to interview. Is there a way to bypass certain alumni?
You could always network with non-alumni. I did this because I went to a non-target with no alumni network. But, if you burned bridges and alumni actively want to keep you out, you're probably SOL.
Aren't you a sophomore? How did you already make alumni dislike you?
If alumni don't like you they won't let you in to their firm. I hope for your sake this is a one-off situation, don't make a habit of having people dislike you.. won't end well for you, bud
Did you sleep with said alum's wife? How do you mess up networking that badly?
Maybe it is because of the junior banker or "breaking in" mentality that many on this website have but I think the term "networking" is thrown around really loosely here. Cold calling or emailing is very rarely going to yield any meaningful addition to your "network". You are an analyst at an investment bank. Presumably you work on M&A deals. On every deal you work, there is a client, multiple prospective buyers, sellside lawyers/accountants, buyside lawyers/accountants, etc. These are people you will be working in the trenches with for months at a time. This is the low hanging fruit of your network. Remember that associate for the buyer on that deal you did six months ago? Give him a call to see how he's doing and how the deal is working out. The associate at the counsel for your client three months ago? Email him to see how dealflow looks and suggest getting coffee. Stop thinking about it as a transaction where an email yields a meeting which yields a job and start thinking about building real connections with people.
How do you network with people at different firms? (Originally Posted: 03/27/2012)
During my job hunt, I cold called a lot of people across Wall Street. I was about to build relationships with some and have several phone conversations.
I have accepted an offer from a firm, so I am wondering how I still maintain these relationships with the people I have at other firms. How should I reach out to them? I dont need work from them anymore, so should I just tell them I'll be interning at X doing X?
This sounds good, but the fact is that my bank just doesn't make those kind of connections. I have worked on 5 deals while I've been here, and have known of the existence(been aware of, not met) of a grand total of 3 people, at all, who aren't our direct clients we are selling. I have NEVER met anyone from a buyside bank, I have NEVER met any counsel of any kind; those 3 are people on the buyside of a single buyside deal I did and were corp dev there (and I've only met them via email, never in person).
I cannot go into a city for coffee. I cannot get lunch with anyone.
I cannot try to reach out to people I've not only never met, but am uncertain if they exist at all. I mean, presumably the corp dev teams exist, but I don't know if opposing banks do on all of these deals.
You don't understand just how bad of a bank I am at. My bank is not even remotely close to that connected, and they actively seem to discourage analysts from meeting anyone. Cold emails are all I have. Believe me, I have tried every avenue.
Yes, keep them in the loop, update them on where you are interning. Be very sincere about it though. In the email don't come off as a dick, just update them that you were able to land an internship and thank them for their help in the process.
Tell them that you got a job and that you're very grateful for their input so far. You are now their peer, so keep the network intact in case shit hits the fan. You can't have too many friends.
I would keep in touch with them... Just check in from time to time to see how things are going. The bigger your network the better... usually..
Definitely keep in touch with every contact you can.
As you get more comfortable in your job, you'll start noticing areas where you could possibly help them and where they can help you. The stronger you build these relationships, the more likely it'll be that they recommend you/keep you in the loop for other things such as job openings, etc.
Honest seriously, I would response you if I was your alumni, and I would invite you for breakfast. I am currently trying to expand my social network.
How does networking work? (Originally Posted: 02/16/2017)
Hello, this is a general question, but my ultimate goal is to get an internship at investment bank. I'm a first year, studying in a target school. I read a lot about how to get an internship/full time position at a investment bank and one thing that came out a lot is to "network heavily". While I understand a little bit what networking is, I don't see how it would help for an internship or full-time position. Unless the person you're networking with specifically recommend you , how would knowing a person inside help? Do you ask this person the give your resume to the the recruiter , or do you mention on your cover letter that you know him? And if you do need to ask the person to recommend you, how would that go? " Can you please give my resume to ZZZ for the YYY position"?
In summary, I don't understand how do you go from knowing a person, to making him recommend you/help you for your application.
Thank you very much for your time. It might be a dumb question, but I really don't know how this "business world" work.
When you apply and the committee of people reviewing resumes comes to your name, and the HR rep asks, "Does anybody know this guy?" and right before that somebody at the table said they did know that guy, the person that has the connection is more likely to get an interview. I have seen this first hand. Also, the more people in your network, and the more people you have sitting at that table, and the more people willing to stick their neck out for you because they like you says a lot about how committed YOU are to going to that firm. If they know you are also talking to other banks, and have been talking to lots of people at other banks, and you make it seem like its competitive, they are more likely to want you so that you don't get picked off by the other bank.
Your network matters - it is not a hard concept.
Ok I get it! Thank you very much for your help. What if the person is not on the committee?
Your letter sounds incredibly desperate. Kind of like a fish in a desert.
Just ask to go to lunch. Nobody likes the whole, "OH HEY I KNOW THIS LETTER IS COMING OUT OF NOWHERE BUT...," kind of stuff. Do it on the weekends.
Finding another job, especially a better job, while working is like a second job. You have to be ready at almost anytime.
Good luck!
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