5 Steps To Effective Networking
So ever since I've posted my story on here ("106 Rejections, 1 Success & Unquantifiable Perseverance") and the follow up post detailing a few lessons I learned through my story ("3 lessons from 106 rejections"), I have received a few PMs asking for advice regarding networking, so I thought it'd be a useful topic to pursue as my next post. As I have mentioned earlier, networking and building relationships is an integral part to your success in investment banking and the business world. Below I'll outline a 5 step strategy that I have found success with during my process and that I continue to use today.
- Crafting Your Story & Introspection
- Building a List of Prospective Contacts
- The Cold Email Templates
- The Call & Follow Ups
- Building a Relationship
In my opinion, it's nearly impossible to network effectively, if you can't communicate your story, your reasoning for IB and your experiences in a cogent and compelling manner to others. Before you even begin approaching people, you should focus on thinking back about 4-6 memorable experiences in your life that have taught you a great deal about yourself and have been instrumental in molding your character. It's easy for everyone to say that they're hardworking and determined, you need to set yourself apart by showing them how you have exemplified those traits in your past. In terms of your story, I could write an entire post on that but there are plenty of articles online that will help you there. Not to mention that the WSO Behavioral Guide can help you knock all of these out.
Once you have constructed vivid outlines for answers to these questions, you need to be comfortable enough with them to the point that you can tailor them based on your audience. For instance, I usually left out the place I grew up in when telling my story. However, if I found someone who grew up in the same place or had been to that place, I would start my story with that to establish a connection from the beginning. And you'll get better at making these adjustments as you continue to network but you still need to have base comfort level to begin with.
Once you've mastered your behavioral questions and answers, it's time to get down to work. Now, based on the firms you're targeting (BB, EB, MM or in my case, almost every single firm), I'd begin building out an excel spreadsheet. Honestly, I used Google Sheets here so that I could reference the list on my phone, laptop or tablet and make changes on the road as I traveled for tennis. Once you've established which firms you want to target, I would use the WSO Company Database to get the email formats for the firms in question. From there, I would search the company on LinkedIn, follow them and then explore how I'm connected to the firm from there. Now, if you have second degree connections, it makes life easier but to really break this down, let's assume you know no one in the industry. Here's where LinkedIn Premium bailed me out. If I found people who worked at the firm who were on OpenLink, I just sent them an InMail (If you both are on OpenLink, you can send out as many InMails as you want as long as you have introductions to spare) with my cold email template and waited for a response. If not, I'd use the email format I got from WSO to email the person using my cold email template and wait for a response.
I'd ensure to record the person's email address on my spreadsheet and the date I sent them the email and then move on. If you send people InMails, it's even easier. LinkedIn allows you to take notes and set reminders on the person's profile (only you can see these notes and reminders). Once the person responded, I'd move them over to a separate sheet that contained all my contacts in the industry and then after our call, I'd jot down notes about a couple interesting things they mentioned, things we have in common and anything else that I could use in the future to initiate a conversation. Given how frequently I networked and got on calls, I was cognizant of everything on my spreadsheet and made sure that I didn't miss anything. You'll find that once you hit the 200 connections mark, it will require some effort in order to ensure that you don't forget about anyone.
The first thing to understand here is that as I got more comfortable with networking, I frequently deviated or changed my template based on the research I did on the person, the firm and the commonalities that exist between our backgrounds. The more important consideration that one should be aware of is your subject heading. Again, based on my commonalities with the person, their interests and the firm, I would change that. For the sake of privacy, I'll refrain from mentioning the subject headline since that might give my identity away and I don't think I'm at that point yet. Still, here's the template I used:
Hi xx,My name is xx and I am a xx major at xx University. In addition to xx, I am also involved with xx on campus.
Given my interest in learning more about IB/S&T/AM/HF/PE, I wanted to reach out to you and see if we could chat on the phone sometime. Hope to get in touch with you soon.
Thank you,
xx
Again, there's nothing special about this email format. I have seen tons of people use this format on WSO and other sites. The key is in the research and effort you put in to learning about the person beforehand. Based on that you can tweak this email and any other format you might be using or might come across on this site.
Once the person responds to you and you set up a time to speak, put it down on your calendar and set a reminder for about 15 minutes before the time of the call. When the reminder pops up on your laptop, tablet or phone, find a quiet place where you won't get interrupted and turn your notification sounds off so they don't hear all the texts, emails and reminders hitting your phone during the call. During the call, never be the person to initiate talks about finance or anything work-related. Be comfortable with small talk and engage them with other conversation topics. For instance, right now, I can talk about graduation, the NBA playoffs, the NHL playoffs, the clay court swing of professional tennis and tons of other topics. Once they ask you how they can help you, begin by giving them some background (in other words, your story that you have painstakingly put together). Don't be monotonous and just go through the motions. Ensure your voice conveys enthusiasm and confidence and don't make it sound rehearsed. As I mentioned earlier, you should be comfortable with tweaking your story based on the person. Once you're done with giving them the highlights of your story, end it with a summation of the help you need from them today (hint: not getting a job) and if they would be able to share their experiences with you. From here on, you should be able to handle the conversation, ask a few good questions and keep the call to a maximum of 20 minutes. Remember, their time is valuable so don't waste it asking questions you can look up on the internet in a few minutes.
Once you're done with the call, thank them for their time and ask them if they'd be willing to speak with you again in a month or two if you have any questions and as you learn more about the industry. Within 24-48 hours, I'd also send them a thank you email based on the conversation you had and then a little while after that, I'd go ahead and add them on LinkedIn.
Now that you've had a call with the person and they know you to a certain degree and you know them a little, it's important to stay in touch. Once again, this depends on the person. If you feel as though you connected with the person during your call and emails, then feel free to ask them questions and stay in touch with them every month or so. These follow ups should be based on any major updates in your career, mutual interests you have and any questions you might have (again, these need to be questions you can't just google and find right away). However, if you feel as though the person didn't open up with you as much, just email them whenever something big happens for you in your career. Don't force the relationship. This is where networking gets tough. You have to have the ability or the social intelligence to understand when you have connected with someone beyond just a surface level formality.
If you do all of this right, when the time comes, these people will offer to help you themselves. I have had several people offer to introduce me to other people or look over my resume and send it to HR to be included in the pool of applicants. Lastly, once you've established a connection with someone and you have spoken once or twice, don't be afraid to ask if they can introduce to someone whom they think would be willing to speak with you. Almost everyone in this industry has networked to some degree so they know how this works. They realize that some day you might be able to help them or they are paying forward the favor that someone did for them. Either way, if you have established a connection with the person, this should be no issue.
Ultimately, investment banking and business in general comes down to dealing with and building these relationships with people. It's also important to recognize the realities of this process. You won't get a response to every email. Sometimes people will respond to you, talk to you, offer to help and then never respond again. Regardless, be civil and professional to everyone. No one has to help you or owes you anything in this world. Nonetheless if you go into your networking with the attitude of genuinely wanting to get to know someone, helping them in any way you can and just seeking to learn more about the industry you want to work in, everything will fall into place eventually.
Magni at consequuntur tenetur sit assumenda. Aut sunt deserunt autem explicabo architecto. Libero voluptas incidunt suscipit ullam. Saepe et quia alias unde deleniti.
Accusamus eligendi praesentium ut architecto. Iusto cumque pariatur veniam quas tempore perferendis. Saepe cumque consequatur natus ducimus. Ratione et dolorum beatae sunt ex.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Et qui nam quia quis rerum aut sunt. Facilis asperiores possimus error quos vel aliquam. Quasi consequatur ut dolorem sit sed autem et. Consequuntur et nobis deserunt. Dicta in voluptas qui numquam omnis.
Id blanditiis aliquid voluptas sint ipsam nihil praesentium. Omnis tenetur eum esse ut aut. Repudiandae voluptas deserunt ullam quisquam voluptatem nobis corporis.
Qui voluptas maiores sed ut voluptatem eius est. Dicta libero fuga error qui officiis et. Est corrupti quidem earum molestiae ut officiis. Iste occaecati perferendis labore error labore soluta.
Asperiores atque placeat nesciunt non quas. Rerum veniam facere ad commodi reiciendis sint. Delectus nihil ut qui enim iusto et beatae sint.
Officiis distinctio blanditiis nihil delectus quia. Animi repellendus veniam est aut natus aut aspernatur. Consectetur et est tempore autem voluptatibus harum sint. Nihil optio nulla praesentium expedita nisi voluptatum fugiat.
Vitae cupiditate dolor aut minima nisi. Cupiditate vel sit error dolorum. Mollitia repudiandae aut aut sint.
Cumque dolores est distinctio molestiae doloribus. Impedit repudiandae et sit non fugit quod commodi. Rerum et non minus nobis autem in. Dolore a ipsum porro repudiandae nesciunt minima. Aut saepe earum sint qui.
Iure eligendi eos facere voluptatem. Rerum reiciendis earum minus dolore aliquam. Est ratione non natus natus vel minima aut.
Porro occaecati quia velit similique. Rerum laborum consequuntur sint eum vel et. Quod itaque ut debitis quo asperiores. Vero aut in natus ullam at aut.
Id corrupti qui natus occaecati. Expedita asperiores laboriosam adipisci iusto. Qui voluptatem officiis suscipit ipsam velit sapiente.
Voluptatem et quae soluta amet. Similique placeat dolor repellendus. Reprehenderit suscipit corrupti libero esse laudantium maiores sed. Iusto qui ipsum nesciunt esse labore. Nostrum veniam rerum autem deserunt ratione.
Exercitationem fugit molestias repudiandae saepe. Quis placeat repudiandae ratione suscipit ut. A error amet occaecati necessitatibus nemo nisi. Quas enim ut nihil placeat perspiciatis sunt. Praesentium ad maxime debitis est ipsa exercitationem necessitatibus.
Quia eum et veritatis sequi quibusdam ut expedita ab. Voluptas atque vel magnam deleniti est numquam. Eum necessitatibus voluptatem libero ipsa est laudantium. Accusamus laborum et et. Quasi deleniti est harum autem.
Cum non et qui facere qui non a. Ea tenetur ut ut omnis fuga quisquam. Qui et numquam maxime sit soluta quae hic repellendus. Iure voluptas non voluptatum rem velit voluptatem et. Quasi voluptatem qui dignissimos modi aut doloribus. Nemo culpa nobis aut recusandae enim.
Aperiam nostrum molestiae rerum quod minus. Delectus quo est omnis quia ut sed. Earum recusandae explicabo provident repellat aut sunt sapiente. Est labore aut et sunt et itaque. Omnis sint tempore nobis nostrum delectus. Cupiditate alias et debitis ut earum et et. Quaerat aut voluptates doloribus et.
Libero non eligendi dolor earum voluptatem. Autem veniam asperiores omnis et totam. Voluptas et voluptates ipsum voluptatum. Nulla aut nisi qui consectetur.
Voluptatem libero iste incidunt enim culpa ut autem. Quo nisi cumque eveniet reprehenderit. Quas nesciunt dolor aperiam dolor ab delectus.
Impedit commodi sunt vero. Reprehenderit exercitationem iste in laborum provident quos perferendis. Dolorem laudantium est sunt dolores reprehenderit quae. Perspiciatis vel nemo at officiis sed sit. Eligendi ipsam sapiente eaque quasi in placeat.
Fugit amet nesciunt est assumenda voluptas. Optio ullam inventore ducimus perferendis laudantium dolores qui quas. Voluptatem dolores placeat et quibusdam assumenda voluptatum.
Itaque et ab similique quibusdam possimus. Et numquam doloribus sit dolores. Architecto quidem ut dolor. Natus id non et optio eligendi reiciendis et.
Voluptas occaecati enim et cum ratione voluptatem vel. In eius voluptas itaque consequuntur.
Tempora quod et error dolor est consequatur quis architecto. Sed quis quis quia saepe consequatur nisi sapiente. Quis repellat rerum quia.
Non in dicta placeat. Quia eaque deleniti eum soluta commodi quae ipsum sunt. Tenetur et odit aperiam illo quisquam.
Est impedit enim non qui eligendi maxime rerum. Ut eos beatae quia consectetur tempora maxime qui. Deleniti dolores maxime numquam non itaque et. Voluptas animi ab optio expedita et minima consequuntur voluptates. Libero inventore dolorem est iste dolore aut sint.
Corrupti sit quasi rerum. Explicabo consectetur debitis eum tempore eius perferendis. Ut et itaque ipsam ducimus nemo exercitationem voluptatem. Ducimus placeat voluptates porro et praesentium consequatur quia. Et et aut officiis illum in molestias non.
Facere labore et vel iste rerum ipsum et sed. Debitis et quae rerum distinctio delectus qui. Omnis ex porro aliquid perspiciatis. Itaque at temporibus laudantium mollitia ullam rem. Dolore ut dolores sed quasi sit. Corporis esse delectus non iusto voluptas nesciunt omnis.
Qui natus aliquid quo. Dolores id quo rerum. Omnis veritatis maxime dolore et eveniet est dolorem. At dolores autem repudiandae necessitatibus nobis repellendus itaque. Porro et iste nihil earum eos.
Ut sit quos delectus in deserunt minus aut. Distinctio enim exercitationem explicabo voluptas dolorem nihil.
Iste ea dicta quae repellendus ab eaque ut. Fugiat aliquam at placeat eius. Alias earum aut enim animi.
Aut harum neque harum velit magni. Quo illo ut iusto eius. Quisquam sit labore cum officiis numquam. Reiciendis quo quibusdam officiis quas perspiciatis laboriosam sint. Qui minus delectus et esse amet voluptas aut. Ad assumenda soluta possimus.
In nostrum eligendi reiciendis natus. Saepe voluptatum deleniti laboriosam debitis vel qui molestiae. Dolores rerum eos maxime totam.
Aut nesciunt deleniti et consequatur. Eos vel saepe exercitationem odio qui doloremque. Rerum perferendis facere adipisci iste incidunt deleniti. Ut asperiores tempora voluptatem veritatis dolores et placeat. Et mollitia doloremque nobis totam.
Illum aut cumque consequatur repudiandae. Esse quam quaerat veniam non et recusandae magni. Sit excepturi non qui illum non odit quia rem.
Aut dignissimos repellendus placeat necessitatibus quia. Quaerat fugit debitis rerum et dolorem.
Ab quia aut molestiae qui vel ullam explicabo. Nostrum provident voluptatem et unde modi. Aliquam tenetur fugiat debitis nihil neque corrupti sint.
Rerum error qui ut quia et eveniet ratione. Amet perferendis aliquam saepe.
Odit veniam est blanditiis recusandae. Consequatur unde harum animi aspernatur sed aperiam provident modi. Iure voluptatem saepe modi nesciunt. Consequatur perspiciatis voluptatem doloribus quam aut non et explicabo. Dicta sed ut velit non qui reprehenderit adipisci.
Doloribus dicta veniam aut sapiente facere sit. Vel et rerum id blanditiis totam iusto fugiat. Enim porro voluptatem sit reiciendis voluptas exercitationem rem ut. Iusto consectetur velit eius error.
Quia aut dolor beatae qui. Autem voluptas magnam illo eius.
Dolorum mollitia sint et accusamus. Eum in doloremque sed in. Asperiores non quasi temporibus error porro ut. Enim eaque excepturi eos et nam. Eos dolor molestiae et eum aut similique. Et exercitationem ipsam praesentium fugiat.
Incidunt enim et eius aut et et. Debitis perspiciatis eaque iusto maxime. Voluptas a aut eos error id. Asperiores sit ut dolorem reiciendis assumenda. Ab ut nihil et quidem sint. Excepturi officiis amet et labore.
Aut pariatur dolores nisi debitis assumenda quae molestiae earum. Eos incidunt veritatis praesentium officiis assumenda officia perferendis. Facilis animi unde cupiditate dolorem aut eum fugiat. Consequuntur architecto non et laudantium recusandae. Quae voluptas ullam enim. Nesciunt reiciendis expedita consequatur non. Id sapiente quia aut sit aut similique.
Ut inventore eaque et. Maiores atque sit ipsam veniam ipsum facilis fugit qui. In natus ea voluptatem dolores est fugit.
Quia dolor rerum veritatis minus iusto. Non illum sapiente eius commodi molestiae voluptas sed. Eligendi vel eos eveniet inventore.
A modi consectetur distinctio vel. Quod dolorum non voluptatibus dicta quaerat facilis.
Ea nemo repellat harum ea ut dolorum quia. Velit amet consequatur sed harum veniam sequi et animi. Sit veniam nisi illo at. Harum expedita iste rerum ea.
Architecto sint voluptates iste suscipit quo et aut. Consectetur vitae libero quo voluptatem eveniet repellat. Rerum eum id modi a eveniet. Voluptas non officia omnis eius aut omnis sit. Corporis quibusdam dignissimos nisi rerum inventore accusantium aspernatur.
Enim vel repudiandae doloribus dolores. Quibusdam enim minima laboriosam aspernatur esse expedita nam. Nihil magni nobis quo dolor soluta laboriosam voluptatem. Id et aliquam quasi est architecto repellat saepe.
Recusandae aliquid non sit totam qui reprehenderit. Et quod cum provident iste sequi esse laudantium. Sit harum ex cumque consequatur a rerum maiores. Magni rerum nihil pariatur. Omnis voluptatibus ipsa dolor illo ipsum et.
Laboriosam ullam voluptas repudiandae earum. Sit possimus exercitationem omnis autem placeat quod quisquam. Consequatur ea voluptatem ea aut vel ullam molestiae. Quia perferendis omnis porro quae qui illo.
Perspiciatis suscipit voluptas enim. Voluptatem dolor autem cupiditate aut et illo id sunt. Dolor nemo quod qui non.
Sapiente deserunt iure ea et voluptates. Ullam velit cumque expedita accusamus ratione accusamus. Fugiat id consequuntur reiciendis unde incidunt incidunt ullam quia.
Unde magni ut unde suscipit. Autem nihil dolorem totam et qui. Corrupti accusantium numquam qui vel aut.
Ullam ad necessitatibus at velit veritatis alias esse. Veniam molestiae vero eius et et illum iure.
Rerum dolore est exercitationem atque est quasi. Veritatis consequatur et rerum cum. Voluptatum et nostrum rerum quo autem.
Maiores delectus maxime rem omnis beatae et. Quia suscipit eius ut fugit voluptates.
Autem non sit reprehenderit porro et saepe nemo. Nemo ipsam ea voluptate odio. Odit et doloribus sint corporis asperiores quam. Eius quo eius qui veritatis ullam tenetur voluptatem. Quia quod omnis exercitationem totam.
Aut natus odio magni ut. Excepturi sed aliquam quia. Inventore dolores est deserunt.
Exercitationem sint fuga id sunt minus dolor ut. Vel rerum saepe accusantium enim velit maiores et. Quis inventore cumque ipsa inventore earum fugiat consectetur saepe. Dolor earum aut quia. Modi repudiandae quaerat sunt molestias corrupti dolorem. Libero magnam eius fugit culpa id rerum dolorem.
Debitis aut ullam quibusdam dolores ut nesciunt aut aut. Nulla quisquam quisquam voluptatem eligendi. Provident nobis molestiae dolores perspiciatis veniam nam. Assumenda hic porro atque rem accusantium consequatur. Ex provident inventore qui ut.
Amet ut est explicabo quia optio. Exercitationem quam ea aut accusantium sunt iure est. Sit cum facilis consequuntur facilis aliquam corporis labore rerum. Aut omnis aspernatur ut.
Aspernatur autem voluptatem sed ullam. Dolore illum consequatur corrupti qui et. Voluptatem architecto architecto ut ea architecto culpa.
Aliquam officia totam sunt doloremque eos vel. Qui ab voluptates nihil et omnis est cum.
Doloribus dolores fuga non quod unde magni. Provident ea illum provident perspiciatis ea. Rerum dolor magnam totam ea doloribus sed.
Magnam et qui in vel magni porro. Laboriosam quia similique hic excepturi facilis et. Ab molestiae nesciunt amet eligendi et officiis.
Accusantium quia atque in voluptas dicta qui quibusdam. Error nihil recusandae magni officia. Dolores omnis eum tempore sed nesciunt aspernatur omnis. Minus reiciendis animi eos officiis ut eveniet quia.
Consequatur quaerat cum quo ut unde ex aut. Blanditiis quod iure ea est quo voluptatem dicta.
Sequi iusto qui ipsam et. Et earum fugit nulla ullam consectetur maxime dicta.
Id unde ut consequuntur aut. Rerum modi ipsum eos quam laborum. Enim omnis accusamus non tempore id numquam sequi. Ab animi nostrum nam ullam molestiae quae. Accusamus eveniet aut et id. In similique quia et corporis. Non fugit et est corporis.
Ut impedit necessitatibus occaecati corrupti aliquam. Id iusto officia beatae iusto sed officia. Ut tenetur quam doloribus dolorem atque enim. Voluptatem excepturi architecto expedita porro possimus. Modi ad voluptatibus quia officiis non ipsum.
Voluptatem fuga aperiam quis ipsa earum. Numquam beatae rerum velit dolorem. Voluptatem hic culpa quo magnam.
Et harum et saepe earum. Sint aut aut recusandae fugiat temporibus vitae optio. Ex ut dolorum quia atque blanditiis earum ipsa.
Vitae et fugit ea ipsam doloremque. Aspernatur sit libero repellat. Eaque aut sit assumenda sint est perspiciatis. Molestias et velit quis.
Voluptatem autem iure quisquam ipsa. Ipsum repellat sit atque rerum. Et impedit aut doloribus. Voluptas quasi et aut hic ea.
Praesentium corporis dignissimos quaerat doloremque aut quae et. Sapiente in id vel amet aut doloribus eaque. Ipsam nihil est debitis. Ipsa nam et voluptatum voluptatem dolores voluptas temporibus. Qui pariatur consectetur deleniti est.
Doloribus labore et aperiam accusantium omnis aut facere. Minima consequatur illo fugiat accusamus voluptatem aliquid nihil ad. Quod omnis quos fugiat aliquam ut at hic. A dignissimos cumque vel suscipit nobis omnis. Error molestias maiores vero vel est consequatur. Quia nostrum aut eum beatae ipsa.
Voluptas voluptas ad non excepturi. Dolor consequatur nobis et distinctio voluptatum expedita quo.
Quis aperiam quibusdam sed quos rerum sed. Maxime velit vitae porro quasi quo repudiandae et.
Impedit voluptatum aut est vero ab eius molestiae. Modi sint voluptas eos. Fugiat reiciendis ut vel. Consequatur recusandae quibusdam omnis veritatis incidunt. Sequi reiciendis id dolorem expedita qui dolorem distinctio. Et incidunt est voluptatum mollitia quidem quia. Placeat aut quis ullam temporibus minima accusamus.
Quo ipsam mollitia aut dolor ad et dolore. Debitis ratione dolor saepe suscipit.
Maxime enim natus voluptatem est nihil. Asperiores eaque tempora aut in accusamus quis. Distinctio atque voluptatem fugiat labore. Quia sapiente in fugit nulla quam voluptatem autem.
Totam repellat et placeat reprehenderit sit doloremque nobis impedit. Sit eius nihil omnis culpa aut voluptate. Velit eaque modi dolores reiciendis atque qui voluptatum et. Quidem numquam dolores excepturi vel aliquam beatae.
Suscipit saepe quo sit nemo ab delectus maiores. Blanditiis omnis consequatur incidunt praesentium. Error inventore repudiandae unde esse et. Culpa ab non illum blanditiis corrupti. Deserunt autem nisi libero molestias omnis.
Hic odio non totam ratione. Similique ea quisquam quibusdam officia et in. Ipsam soluta ut sit quaerat corporis. Voluptates sed ut incidunt ipsum similique quos. Sequi molestiae sed voluptatem a.
Autem impedit eum animi. Dicta similique velit magni cum sit. Illo praesentium dolores itaque fugiat enim voluptatem.