Can I pick an Analyst's Brain for a Second?
Hi,
As I begin my "networking"/investment banking recruitment journey, I am genuinely curious on what analysts want to hear from aspiring investment bankers regarding cold emails and then potential calls.
I've read plenty of sites and forms, but this is me just picking your brain and seeking an honest opinion (pretend the student isn't alumni):
What makes you smile/want to respond/not roll your eyes? What makes you hit delete/ignore?
I see templates online, but I just yawn; I feel like if I sent an email like that it's so rigid and cookie-cutter like and surface level. Analysts are literally 3 years older than me...When I network I really just want to know the person at the end of the day - yes of course the job is important but I genuinely like hearing about their experience as a whole - investment banking is a lifestyle. I want to send a personal yet relatable and semi-professional type of email (if that makes sense to you?)...Maybe that's too casual; I don't know. Is it weird to attach a resume/LinkedIn profile just kind of to make things easier/quicker?
And as for the call...what questions/conversations do you crave and make you want to go up to bat for the student? I think a majority of kids interested in IB are hella smart, so that's a given...but what do you really want to know/care to hear? I do my homework relating to the person + industry but I feel like while they may enjoy their job that's not me getting to know them as a person... I know the phone call should flow naturally, but for someone who hasn't networked a lot, it can be a little intimidating.
And call me silly, but what can these phone calls really do for you? Do you want to talk to as many people? Do they get you the interview? Do you ever talk to HR?
Sorry if this is confusing. I'm just a naive novice working on my networking skills at the moment.
Thank you.
Keep the emails and calls short.
Didn't read the post but thought you were in dire need of this advice.
be normal and know what you’re talking about. thats all im looking for.
if you're reading this as a sophomore don't do banking -- run far away
Looking back, if I stuck with the finance route, I would recruit for analyst positions at MM PE firms with a proper program in place. These firms with regimented programs are breeding hitmen. The experience is like being in a hyperbolic time chamber compared to the analyst experience at a BB.
I've worked with a number of PE firms where the AN > AS is running the show and telling my MD how things are going to operate. Inversely those who come over from banking are usually supervised by a VP. One of my MDs despite being ex head of ______ @ a top BB was chewed out and remained silent, from a little shit who graduated from college 3 years ago. This associate is the same age as me but felt 10x more experienced.
If I attended a better university with a decent CS program, I would swap in a heartbeat. This is beating a dead horse as there are plenty of threads on this in the forum. If I didn't get into MM PE, I would probably join the military as an officer.
Tech IBD ANL 2 here, I like seeing short, concise emails with a resume attached and your availability. Flexibility is helpful too given our schedules can change frequently. During the call it's always refreshing to talk to someone that can actually hold a conversation. Often these calls end up sounding like the student is reading off a script, which can be off putting. Personally I try to go to bat for candidates that seem sharp, personable, and ask questions that show you did your research.
For the firm I work at, having calls with ANL's / ASO's is helpful insofar as it gets you on our radar, specifically when it comes to tagging resumes for first rounds. Few examples of students I went to bat for below:
- Non target, high gpa, VC internship, had a call with me and followed up a month later to catch up, connected with a few others in my group, followed up with me again to discuss their other calls / how to learn more about the industry (outlined what they were already doing and asked for some other suggestions); got him into our process
- Target, average gpa, prior banking internships, startup experience, had a call with me where all we talked about was investing / the warriors, asked for a connection to an ASO, call with the ASO went well; got her into our process
Stalk linkedin in private mode, try to find something in common.
Also I really love when students go for real questions, why did you choose X firm, did you target any other firms, whats the most important thing you have learned, what could I do to prepare in advance to succeed in your firm...
At the end of the day you will find some A&A very rigid with the allocated time and structure of the interview, whilst others will be more flexible. Its difficult to fit with everyone as it will happen during your work at IB.
Keep the emails short, it is the calls that matter more.
The best advice I can give is be a real person. Ask them questions outside of the banking industry to- "any kids?", "a girlfriend?" Then ask them how they got involved into the banking industry and why. I also always ask, "if you were not in your current industry what would you do?"
If you have a mutual connection, that is even better. I have also discovered that the folks that grew up with nothing are more likely to help out then the folks who got their job based on connections. Take a guy who went to Fordham or CCNY vs Yale or Stanford. The former understands the struggle to break in way more than the latter.
Definitely don't ask a random banker if they have a girlfriend lol
Don't forget the analysts also had to send these awkward emails 2-3 years ago. They've been in your shoes and this is how the recruiting process works.
Obviously there are some superstars with multiple PE internships or some killer extracurricular, but the basic kid who gets pushed is
- personable on the phone, doesn't bother me if you're a little awkward given how early recruiting is now
- not a hardo, would get along with others in group
- responsive to emails (huge pet peeve is college kids responding 2-3 days later. there's no reason you can't respond within 24 hours)
- competitive enough resume to get a first round (generally 3.5+ unless you have something special on your resume)
- has done basic research on IB/what the analyst role entails/can half ass an answer on why they want to do it
I don't respond to emails that don't have a resume attached but LinkedIn profile is too far.
Overall it's not that high a bar, you don't need to knock it out of the park truly connecting with each person. Just learn more about the industry/job in a casual way, you'll become more comfortable as you go. I'd also look up some questions other than "walk me through a day in the life".
I'll divide this into three sections: (i) initial outreach, (ii) during call, and (iii) after call.
Initial outreach:
During call:
After call:
'I'm a chill guy'
*proceeds to write out 15 ways how a college sophomore's tiny mistake could ruin his or her chances at a bank through you*
finance lol
Even though you're not friends, I'd treat it like you're building a friendship. Send them a short note if you see on LinkedIn that they closed a deal, got promoted, started a new job, had a birthday, etc. If they mentioned an upcoming trip, reach out a few weeks after to see how it went. If it's been several months since you talked, email them to ask how they're doing. It only needs to be a few sentences, and it shows you care enough to keep in touch and helps them remember you.
On your end, you can update them on your recruiting process (upcoming interviews, offers received) and let them know how things are going once you've started your internship or job.