Ah yes, networking, that thing we all love and value so much. Some folks say it never ends -- even when you get that BB IBD job, you don't stop networking. Some say it is the single most important facet of an applicant during recruitment, and that it will save you from coming from a non-target, having a bad GPA, or having no finance background (or even all 3 if you're really good).
But most people complain about networking. Why? Because it's, well, kind of difficult. Most people aren't used to calling and e-mailing a bunch of people and asking them for things. It's a pretty uncomfortable situation in general, and I don't know many people who are eager to really ask strangers for favors when it gets right down to it. I know I wasn't comfortable with that when I started on my networking venture at the beginning of this year, but now it has really become second-nature.
In fact, networking and asking for favors has become so routine that I even enjoy it...A LOT.
It's kind of bizarre. Never in a million years did I think I would be comfortable meeting up with a complete stranger, having no real laid-out plan for our conversation, and eventually asking that person for some sort of favor. In fact, I've always compulsively over-planned activities in my life so as to not have lulls, awkward moments, etc. -- but it seems like now, I no longer have to do that.
But it's not only that I'm just comfortable with networking, I get a huge rush when it works out. We all know that many people don't respond to e-mails or phone calls until the 4th or 5th time you've reached out, and it really becomes a game of catching that person at the best possible time. And once you've figured out what that time or place or method of contact is, and you actually do get a hold of the person and they agree to help you out in some tangible manner, it feels really damn good.
The more I network, the more I want to network, because naturally, you improve your skills at something, get better rewards for your work, and those rewards make you want to chase additional rewards, et cetera. The brain certainly likes instant gratification, but delayed gratification -- especially when you're dealing with something as important as your career -- must trigger some powerful neurotransmitters. I don't know anything about neuroscience (is that even the discipline that deals with neurotransmitters?), but the work-to-reward process is certainly something that we as human beings relish.
Or maybe it's because networking is also competitive...after all, if you're in a city like NYC, you've got a bunch of other relatively-qualified people networking in your particular industry and trying to get their name to the top of the list. But you want to be on top of that list, don't you? And any indicator that you're moving up on this proverbial list seems to be a huge boost for any driven and motivated individual.
So when life gets you down because you have to network aggressively to get what you want, remember, if you change your attitude with respect to networking, it can actually become quite fun. If you stop looking at it as "kissing up to someone and I don't really care about their background" and instead view it as "making some friends who can help me out at some point down the road", I think it becomes a really valuable experience. Not to mention the fact that when you get to a new place and don't know anyone, networking can lead to professional contacts which can in turn lead to personal contacts -- and making friends is never a bad skill to have.
Anyone else out there addicted to networking? Hated it at first but grew to really enjoy it? Trust me: those butterflies in your stomach DO eventually go away.
I'm just starting cold calling and warm-calling, and it can be scary. For example, I had a call set up with a BB M&A MD... this guy's been in the industry for decades, and I feel supremely under-qualified. I know the fighting spirit matters, but it's just staggering how much I don't know.
Not sure about the whole "addicted" thing, but yes I agree that it feels good when an alum replies. I would say 95% of alums don't care about current students. But the 5% who do take the time to reply to e-mails/set up calls & meetings/etc truly make my day.
I get the bubble guts too. My boss recently put me in touch with an executive-level senior manager (like third from the top senior) in the IB at my BB. I’m not an IBer (a numbers guy), yet. Apparently this executive held responsibilities with FX, rates and such. I am personally interested in the Equity Research side but was wondering what I should know beforehand or questions I should ask? I’m still in the self-learning mode, building a knowledge base from reading books, WSJ, etc. I’m just concerned about being blacklisted for sounding retarded.
I can totally relate man -- at first I felt slimy asking for "meetings" with people just to use them to find a job. Now I realize that it can benefit them in the end as well -- like making a long term investment in someone who may become a player one day.
I wouldn't say I'm "addicted" but there definitely a thrill that comes along with it, it's kind of like going on a "hunt"
Bit too long so didn't read all but i totally agree!
I love meeting new people in the business, you learn far more from them in those 45mins than you ever will reading some dry paper online. You can then take that forward to the next person you meet. Or if your networking at while still working, take their ideas / views into your daily work and dominate work.
As is often cited, it's very similar to dating and correlates strongly to general confidence. the two will play off of each other. you get better at one, it's likely that you're going to get better at the other.
it's also very satisfying when people truly go out on a limb to find you a job, again boosts confidence. basically it's a virtuous circle (assuming you move on from the less than impressive calls / meetings).
one thing i would say for those that are networking purely to get a job. start with you least favorite contact / firm. Practice makes perfect, looking back on my first calls / meetings i still feel a flush of embarrassment.
Agreed. It's great to establish a solid connec and have that person begin to legitimately care about your progression. Majority of the contacts I've had success with ended up being really good mentors, something you definitely need. I started out by going to random networking events and just flat out talking to people - figuring out what works for me and just running with that when cold calling/e-mailing.
Welcome to the club OP. Now you get it. I understand what you are saying because I went through the exact process. I can't stress enough on this point:
I can't agree more. I met up (after cold-call) with a MD at boutique who gave me a list of contacts to reach out to and tons of information on the industry. At the end of his email he requested " If you know any companies in the $100 mm to $500 mm range looking for exit advice, please feel free to put them in contact with me." This is back when I was a sophmore haha
Definitely, I was actually surprised by the response rate i got from alumni Id day about 30%!
Yeah nothing beats that awkward moment when you run out of questions in a phone call with alumni and begin to ramble like an idiot
Despise them, probably would have work by now otherwise. That being said, I do find there is a kind of "high" after an i.i., or any other networking attempt, goes well. I could also see how you would get used to it, as I am most comfortable having a new one right after completing one. It's only after a day or two passes that I fall back into the rut of srsly not wanting to do another. Also..
"nothing beats that awkward moment when you run out of questions in a phone call with alumni and begin to ramble like an idiot" this, lol. Although it normally goes more like this for me, (long silence) "Well, that just about covers everything, thanks for your time", lol.
I love it...always refer to it as flirting w/ a different objective
Talking to people is actually my strong suit. I've made it my perogative over the years to be more outgoing, so making talk isn't hard. It's the 1/10 replies i get that are draining as hell.
Networking has driven me to the brink of public accounting. I can get hired by the Big 4 as a warm body, get spammed by recruiters with industry opportunities, and live an upper middle class life without ever having to make a cold call or use LinkedIn.
lol, bingo
Lol. I'm interning at an accounting firm right now and it's brutal as hell. Especially during the summer with little tax activity. Luckily I've found a way out and have a BB (finance) internship lined up in the winter. I can thank networking for that.
Are the forms of networking intended to get a job opportunity or can it be used to obtain internships for undergraduates?
Sure it might not be comfortable at first, but its a necessity. I started becoming more outgoing around the people I already see on a regular basis, and started asking myself what might I be able to do for them someday. Developing a genuine interest in their personal goals and looking for ways to help has allowed me to feel more comfortable cold calling/ cold emailing people I don't know. Even when I land the job I want, I'll continue what I'm doing because it makes you social life more enjoyable and it certainly helps to have a strong network no matter what stage of your career you are in.
You have a great attitude. You will go far in life.
Great post OP! I was addicted to networking during undergrad. It became a hobby, reaching out to bankers/consultants, emailing, calling, chats, coffee, etc. Every little effort felt like a small victory. I can definitely relate to the previous poster who mentioned the "networking high." With every internship I scored, I started preparing and looking for the next one.
It gets even better once you start working. No fear/pressure of needing to score an offer by a specific deadline. Now you have specific experiences you can bring to the table, and the discussions are much interesting, instead of one-sided speeches. You have no real expiration as to when you're transferring, so it feels relaxed, and you don't get hung up on poor leads or unreturned emails. The most difficult thing is finding the time during the workday!
Networking has improved all facets of my career thus far. Because of networking, I'm more confident, social, a better presenter, a better public speaker, motivated, etc. I look forward to the day when I'm senior enough to return the favor.
Networking is fun. I'm in China and they have loads of networking events every week for expats. They usually consist of a variety of different people from different industries, unlike HK where everyone works in finance. It's usually a good mix of well-educated locals and foreigners, and I agree that you can learn a lot about an industry in 45 minutes talking to someone than reading about it online.
It's also a great way to hone your story for interviews. I've gotten so used to networking by now that as a 22 year old straight out of college I have no problem sitting down and chatting with MDs and whatnot. Some are dicks and will try to grill you hardcore but if you hold your ground you can easily impress them with your maturity and knowledge.
Just started networking the past few months. It definitely feels good getting chummy with an alum.
The cold calling with complete strangers definitely makes me feel like I need a new pair of knee pads though.
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