This doesn't only apply for IB but anything in the larger banks. I am in the process of networking and building relationships. I have spoke to nearly 30 bankers/traders in the past 2 weeks. Many of them tell me to keep in touch with them particularly once recruiting season starts up again. My question is this... what is the behind the scenes process of how someone within a large firm can help you? I mean do they physically recommend you to HR/forward your resume. Is there an e-mail blast to the firm asking for names that they recommend or have spoken to? I don't know if my question is very clear so I'm trying to explain as best possible.
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I understand your question, and will try to answer. For most bulge bracket banks, each division within the bank will have recruiting committees dedicated to each target school and then one non-target committee. The committee is often, though not always, made up of alumni that came from that school. The committee isn't a formal body, it's basically anybody who wants to be involved in recruiting, and everyone (analysts to MDs) is encouraged to participate.
When recruiting seasons rolls around, HR will send out emails to these volunteers, letting them know about on campus recruiting events and other outreach sessions to attend to meet students. The bankers try to remember the names of students who stood out, but that's hard, which is why it's really important to immediately send a follow-up email to everybody you meet at these events.
Assuming this is for a target school, there will be on campus interviews. The bank will reserve a certain number of interviews during the season, and therefore has to pick a certain number of students to interview. HR will gather everyone on the volunteer committee who's available to meet in a conference room, and the group flips the resume book and picks out the students to interview. This is why it's important to get in touch with your connections. Hopefully one of them will be in the room when they're doing the resume flip, or will email your name to a buddy who can make it to the meeting. Having expressed interest to someone at the firm is basically a prerequisite to an interview in my experience. When a good resume comes up, people will ask, "Hey did anyone heard from this person? Resume looks good." If someone steps up and says yes, I met him, he was at the event, seemed like a good kid, then that's an interview spot, and if no one says anything that resume generally gets passed over.
Good post above, you should also search Marcus's "How a resume becomes an interview" series
Good intel. Highlights the importance of following up. +1 SB.
re-ib-ny or anyone else who knows- How does it work for non-targets? Make sure we talk to someone at the firm we're applying to who can put in a good word for us?
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