How Networking Got Me My Dream IB Job

Was part of my other thread, but think it's important to share with everyone interested.

Apologies in advance, this is a long one, but I think it is essential to those currently recruiting or even those who've already made it.

To start off, I must stress the importance of networking whether you are in US, UK, Continental Europe or anywhere else in the world and recruiting for IB (definitely) or any high-finance role (most probably).

1. Applications:

My journey started in July 2023, just before I started my MSc degree in London, at a non-target. I could have gone to Imperial or LBS, but due to being an international student, the fees were pretty steep, so I though "who cares, it's gonna be more or less the same education and chances to break into IB wherever I go" - big mistake. Like it or not, prestige matters. It matters to banks, recruiters, and most importantly, to the alumni networks.

July through late November, I was filling out application after application, recording video after video and doing those stupid assessments that no one really cares about. Nothing. I was just getting rejection on rejection on rejection. I kept an application tracker to show statuses of all of my submitted apps and was just over 160 in total - these included graduate programmes, SAs and OCs.

2. The Networking Epiphany:

Then, on a Friday night, after lectures it hit me - I was at a complete disadvantage. An international student (requiring sponsorship), at a non-target (very thin to non-existent) alumni network, too old for spring weeks and 50% of the summer intern position; I had to stand out somehow.

Now this is very individual, for most it is dropping a million LinkedIn messages hoping for the best, for others, it's hanging out at high-end pubs or clubs, for me, these were cold emails and hand-writing letters. So, I got to work.

Here, let me also stress how important it is to know what group/coverage/product team you are most interested in. You have to know the ins and outs of each team, what deals they worked on, what were the transaction multiples, who was the MD/SMD in charge and everything related. For me it was FIG, so I was gathering more and more info on Partners, MDs, whole divisions (if needed) and all deals that were public, and of course my most desired destinations.

Once I had this information, I got to writing. For me, hand-written letters were a cool gesture (whatever someone else may think, if, these are my thoughts, so boohoo), but I couldn't just waltz into JPM on CW and ask for so and so MD. These letters were for boutiques and family offices, mostly small shops and PE houses on Mayfair.

I sent the EB and BB directors, (S)MDs and/or partners cold emails asking for coffee chats - mind you, I never even mentioned referrals/opportunities, just asked for honest advice to people who I actually admired and thought were once in my shoes.

I had SO many replies. Seriously, I was overwhelmed. Even though most of them said that unfortunately, due to such and such, they weren't recruiting internationals, or the recruitment period was over, or (this was the most frequent) they were on live deals and just no time, it was so cool to receive at least SOME feedback instead of a robot or ATS auto-rejecting my applications.

After about 55-60 emails and approx. 10 letters (hand-delivered), I managed to meet with someone from 2 BBs, 2 EBs, got an AC with an LMM and an interview with an MM, and I was STOKED.

For more advice, do not slack. I still kept reaching out to people, politely and appropriately praising their work and asking for advice, until one day, when I already knew, I had NOTHING to lose, I threw a hail-mary to who I consider the Michael Jordan (or Alan Shearer, for my UK friends) of FIG (this was at my dream company too). To my surprise, MJ replied! While he said he could not help, he put me through to HR. Long story short, they had finished all recruiting that year but told me that they were impressed with the effort I put in (again stressing here: network!).

Now, there were some other developments in the story which are irrelevant to the above so I'll skip those.

3. My First Offer, The Downfall, and Further Importance of Networking: 

Now, even though I couldn't break into MJ's bank, I still reaped my previous networking successes, so to skip ahead, got an offer from an MM bank in the city, for their OC generalist position.

Those guys were absolute bastards and rescinded my offer one month (it was still only verbal) before the start date "due to the current economic climate" (Aug 2024). I was DEVASTATED. But, coming off of my streak of emails and communications, I got in touch with an SMD that interviewed me, the EMEA head of HR, and even emailed the CEO to blast their UK recruitment. Mind you this is the CEO of a c.$40-50Bn MCap bank and even they replied to me! (again, I stress here: shoot your shot).

While it was a low blow and I got depressed as hell, I could not stop recruiting, after all I had been through, I just couldn't. I had to leverage the network I had built and the connections I had made. One thing I was hopeful about, was that I had the potential interest from MJ's bank - these were the first people I got back in touch with, among others.

MJ's bank had just opened their Analyst programme applications for next year; so with every step (application submission, video interview, test...) I emailed HR telling them I had done so and so. This guy was such a great sport - always being nice and acknowledging emails from me - I was put through to the final assessment after a 1:1 interview.

To get to the end, I've signed the contract, gone through the background checks, got my visa and will be starting very soon. Funny thing is, it's not even in MJ's group! I got an offer for an OC, instead of a grad role (the people at the AC were absolute beasts with multiple internships, Oxbridge masters etc, one was even an OC at the SAME FIRM). I'm still ecstatic and can't wait to start. These guys didn't even have any openings for OCs at that time but I was explicitly invited to interview, because one of the SMDs was impressed and specifically asked for me to be considered as an applicant!

4. Final Thoughts:

I'm not trying to praise myself at all. What I want to say through this insanely long story-time/info-post is that THE most important part of recruitment is networking. Yes, absolutely, a fair bit of luck is needed, you should know the 400 IB questions, the best practices of modelling/excel, have good grades, BUT, I would have gotten nowhere, without networking.

So please, no matter where you are, network.