How to utilise/leverage on connections through career?
I'm going to be a Summer Analyst in IBD this year in London and I'm lucky to have some solid connections in the Finance industry (IBD, PE, Credit, etc) thanks to my Dad. I've had a few chats with these people over the years and managed to build my own relationships with them, although they are likely a little nicer to me because of my Dad's business connection.
Having these connections has been super helpful during the application process and I'm sure they've given my career a good boost so far. Now that I'm stepping into the finance industry, I'm unsure how to make the most of these connections. I understand that staying in touch and nurturing relationships can be useful for future job opportunities or for exiting IBD. But I'm really interested in finding ways to use these connections to generate more business in my current roles and propel my career. I know I won't be bringing in business as an intern or even as an analyst/associate, but what should I start thinking about now to set myself up for success when I finally reach a senior position and earn enough trust to bring in my own connections? Is there any way to use these connections to encourage the firms I'm interning at to give me a return offer?
Aware I might be thinking about this way too early, but thought it would be helpful to ask.
Suggest stop trying to milk daddy's connections and focus on working hard and learning - that is how you'll get a FT offer.
Thanks, Prospect in IB-M&A. Clearly, I am still planning on working hard and learning - but as with every intern/prospective IB analyst, I am looking to utilise every opportunity/connection/privilege to help my career. I fully understand I am lucky to be in a position where I have these connections, and hence, I want to ensure that I do not waste them. The focus of the post is more on the longer-term utilisation of these connections, as opposed to getting a return offer.
Don't let anyone make you apologise or feel guilty of having connections 0 everyones got to utilise what they've got/ were born with to the best of their ability - money, brains or connections, it doesn't matter. You've got an unconventionally large number of connections for your age/stage though so I doubt anyone on WSO would have any direct experience or be able to tell you what to do in the situation. You may have to figure it out yourself, but I'd imagine leveraging them early can help you get on the right track.
The prospect's salty that this kid managed to get SA and he didn't
Just haven't updated my profile but ok lol
Those connections really won't matter for awhile unless there's someone high up in the group you're coming to intern at. If not then they won't be useful until you start looking for a PE role if you can get into a place he has connections into. Even then the connections are at that point useless until you get into a P&L generating role (VP+) where you can start to leverage for early looks at deals, better financing, etc.
So for now just focus on staying in touch every now and then. Once you get to the point where you can actually leverage them you'll understand how and when to do it. Until then understand they have no incentive to help an intern -> analyst -> associate outside of hiring.
Appreciate the advice - they are super interesting and successful people, so will try to stay in contact and continue building the relationship, but did expect there would be not much gain until much further down the career path.
The most beneficial connections are the ones you don't try to make transactional from day 1. develop an actual connection with these people centered around common interests, mutual relationships, etc. If there is business to be done off of that, then great, win win. But going into it with the mindset of profiting off the relationship is one of the easiest ways to get the stiff arm and so easy to sniff out.
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