Do most semi to non target alums break into IB from just connections?
if you have 0 family connections how likely is it that you’d get an offer in IB? Are most IB recruits from family connections or is it just a small amount?
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Think about it logically. The only places where you don't need connections are the ones where banks recruit on campus. I am at a non-target but there are a couple of BBs that recruit at my university for a regional office IBD and I didn't have to network at all to land an interview here.
You will have to rely on connections at companies which don't recruit at one's university. But they don't have to be family connections. They can be connections made through networking. For example, all you need is one person to introduce you to others in their team to be able to land an interview at a firm that doesn't recruit on campus. at a BB in NY, I will get an interview because I have built a very solid relationship with an analyst who's introduced me to others in his team. Having said that, family connections are definitely more helpful. My family friend is a VP at a BB and I already landed an interview there, without even talking to multiple people.
there is a 0.01% chance (figuratively) that you land an interview by just submitting an application online. So, cold email people if you have to, but definitely try getting a couple of solid conversations going at a bank so people can put in a strong referral. For example, an associate from a target school bonded really well with me because we had two major things in common. Funnily, we hardly touched IB in our call but I think aim for making a real connection. That definitely goes further.
Great stuff from the above poster. Only thing I’d add is it gets increasingly more difficult to land interviews without having connections at a given firm as your career progresses over time. The reality is that business and, in particular, the financial services industry, runs on relationships. If you have strong resume experience, that’s great but without having any contacts at the firm, a lot of times, your you may end being passed over for someone else with marginally shittier experience but is well networked. If this seems like a dumb practice, that’s fair, I thought so too when I was first breaking in; consider, however, the importance of “fit” on a team/in a group and how difficult it is to effectively judge that even over several rounds of interviews. Similarly, if I’m a hiring manager and I have two candidates, one having better demonstrable experience* while the other is a “known quantity” to people at the firm - I take the known quantity 12 times out of 10.**
That said, the time to network is all the fucking time. Be proactive. Be genuinely interested in building a relationship with these people. When you need a job (or even a few months before you need a job) it’s too late and you fucked yourself. Think of it like building a small army of people who have your back; you need to be constantly recruiting new soldiers, better soldiers, soldiers with different expertise.
Hope this helps add some color. -DDD
Yupe, network. Start throwing emails around like it's nothing. I cold emailed a global head of a group as GS and got a response, granted it was after multiple follow ups, but you get the point. You have nothing to lose, they didn't know you existed before and if they ignore you...well they still don't know you exist, on to the next.
how’d that GS work out? I did something similar lol
Ended up taking a different offer after superdays.
Hey Stephen A!
Yeah heavy networking has definitely helped but ironically most of my luck of landing my past 3 FO internships were through online applications at firms where I didn’t even network with anyone. It’s a lot of networking and prepping to get yourself in a good spot, but luck plays a role if you breakdown the probability/stats of it.
Nontarget headed to MM IB, here's my resume xp.
REPE internship - founder is best friend's dad Investment consulting internship - cold apply MM IB internship - cold apply
congrats man
Thanks. In hindsight, I got really lucky, definitely should have networked more. With enough networking, it's more than possible to break in. But my path is the exception, not the norm. Plenty of nontargets with stronger resumes and GPAs than me don't break in because they don't network.
Non-target here with an EB SA 2021 offer. I have 0 family connections but networking was crucial in getting interviews anywhere. Only successfully recruited with alumni and it luckily resulted in an offer from an EB.
TL;DR -- family connections are not needed but networking is crucial. Weirdly enough the only place I have gotten an interview without networking and cold applying instead was a MBB.
Can you share your networking game plan and any additional tips for a non target looking to break in?
Yeah ofc. For me alumni were the only success I had and then they would connect me with others at their firms. I would use LinkedIn or their emails to reach out to them initially. However, if possible, become friends or get to know someone at your university's career services that will help you get connected with those in IB. This connection may also help you if an alumni reaches out to your university looking to meet students interested in IB. Also, when networking always ask at the end of your calls if there's anyone at the firm you can talk to next to expand your network within that firm.
Besides networking, you need a high GPA and it will help you greatly if you have leadership positions in some clubs (being a member helps but leadership will greatly improve your chances). And then if you can find an internship or job related to finance, you'll have a strong enough resume to get interviews if your networking connections pass your resume on to HR.
I’ll be honest. I’m a noncore student In Midwest and got like 10 interviews and offer @ top boutique this process and none through networking. Had a solid resume.
That being said I networked like a dog for other firms(happened to have process late in the summer) and agree networking 99% is the way to get a job from noncore.
Even at the targets I think it's safe to say a good chunk of SA and incoming FT analysts know someone, or at least know someone who can introduce you to that firm's recruiting. If we're talking direct family connections thats obviously a smaller amount, but the point is networking is probably the most important part of the recruiting process.
Yep, it's not always direct family at the bank, but there's more times than many think where there is a connection via a friend of a friend, distant friend of the family, family of another student, fraternity alum, same hometown, same sport, etc.
Exactly. Already hit it off with my MD just because we like the same sports team. Stuff like that comes in to play far more often than people realize
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