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?
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