2021 SA and networking right now
Is this a bad time to network? a lot of firms have open applications already but I’ve only talked to a handful of people and I’m not sure if this is a good time to continue asking for phone calls, should I go ahead and apply anyway, and does anyone know if the timelines will be pushed back for sure?
A problem I'm currently running into is that I'm unable to network with any new people at this point due to coronavirus situation. The approach I was doing before was firm by firm, so I've networked with a good number of people at say 3-4 firms (which also happen to be my top choices)... but 0 - 2 mediocre connections everywhere else. (Mainly 0.)
I had expected that investment banking (as opposed to a public markets investing or S&T role), especially work from home, would actually be better for networking during these times. However, my response rate for both cold emails and follow-ups have plummeted. The few responses I do get are just people telling me they are too busy with the coronavirus adjustments right now and to reach out at a later time.
If I were you, I'd just go ahead and submit applications to places with Spring deadlines at this point. If it's a summer or fall timeline, there will be time down the road and maybe you should wait a bit.
Can you network after submitting the apps and hopefully get referrals?
Yes, my understanding is that networking will continue to help you until the point that applications are reviewed and first rounds are determined. Networking is an informal process. Recruiters at several firms such as Moelis, PJT, so forth told me that they don't do rolling interviews; in practical terms, they said this means that they will spend a week or so reviewing all the applications at once after the application "deadline".
One thing to pay attention to is that the "deadline" may be different from what is officially posted on the application, and you must confirm with a recruiter or your peers what is the relevant deadline for you. For example, some application deadlines will say June 1, but the recruiter will directly tell you or your school that the deadline is actually April 1.
I believe the reason they do this is to still have incoming applications in case they don't have all their spots filled by June (say their acceptance rate for superday offers was unexpectedly low).
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