Actual Networking Numbers
Hey everyone - so obviously the go-to advice for networking is that the more you can do, the better. And I'm not going against that advice because it's so clearly true, but I was just wondering what some of your actual numbers of successes were when you were initially gunning for an SA or FT role.
For example, I have a list of about 7 places I think I'll be applying to for SA roles in summer 2017. I found 3 associate-level or slightly higher people at each bank, usually 1-2 of them alumni of my school, and at every single bank I got at least one response, all of which led to phone calls where I now feel comfortable that they'd throw me a good word in the fall.
So all in, I have about 13-15 solid contacts total at the banks I'll be applying to in the fall. I hear people saying they're sending out 100s of emails (in some cases 1000s, but fuck those people) and I just wonder if they're by FAR the exception, or if most of you have a deck of like 75-100+ people that you've connected with. Keep in mind, I'm just asking for the point that I am at, obviously if you're in PE/VC/Associate level or have been in the industry 3+ years you'd have way more than I'm asking.
I'm in approximately the same boat as you, but I go to a very non-target school with few alum in roles that I am looking at. 99% of my contacts went to different schools, so maybe if you go to a target you could have a few more contacts?
Last summer I reached out to roughly 330 people (this is based on an Excel spreadsheet I have) who were either at banks I was targeting or were now in private equity, and were previously at banks. Roughly 135 responded by the third email, and I ended up having a decent conversation with.
I'm probably still in contact with - as in circling back to or emailing those people - about 75 of them, and most of them are very helpful.
For summer recruitment: focus on people from either your target's recruitment team, or the non-target recruitment team (which is usually a thing at most firms now). Try to make as many quality connections as possible.
How did you get such a high hit rate? I've reached out to over 500 people over the past year (with follow ups) and have had very little success. I'd say overall my network is about 50-60 people (not strong connections, but people on the banking side that I've talked to over the phone/in-person at least once).
Are you coming from a target/semi-target?
What did your email look like?
I reached out to ~95 and had calls/meetings with ~60. Ended up getting ~20 interviews. 2 superdays. 1 job. Cast the net wide is my advice.
started today. we shall see :/
Had a database of around seventy and informational calls or in person chats with around 45
I have been reaching out to alumni this summer for 2017 SA recruiting, but I'm finding that my response rate is very very low (something like 5%). I've been targeting mostly the elite boutiques but I've reached out to alumni at some BB's as well. I was wondering how people here get such high response rates? I don't think there's anything wrong with the email I'm sending. I'm also not attaching my resume in any of the intial outreach emails because I don't want to come off as just using them for referrals and not as a connection for a network. Anyways, if anyone can share advice on high they achieved higher response rates, I would appreciate it.
I always attach my resume in my initial e-mail. This is mostly because I'm coming from a non-target, and while I'm not impressive by any means, I think if they take a look at my resume, they see that I have my head on straight and know what I'm doing. They'll see a good GPA, decent work experience, and won't think I'm just some clueless kid. I feel like it gives them more of an incentive to respond. I could be wrong here, and this varies from person to person.
What level are you reaching out to? I've had best response rate with associates. Plus for alumni it depends on the school - most tend to be great networks but some don't really give a shit that you went to the same school.
Targeting more associate level people also allows you to keep it a little more casual and stay further away from ass-kissing in the email, two things that I think helped me get probably like a 20-25% response rate.
Yea I've been targeting analsyts and VPs more, but I'll start targeting associates now. Do you attach your resume in your initial emails? My resume is pretty good for a rising junior since I have boutique IB experience, but I feel that not attaching it makes it more casual.
Keep it shorter and more genuine.
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