Networking with "Diva" Analysts - Looking for Help
Really tired of the silent scrutiny involved in lateraling as a 1st year in coverage and the subsequent death crawl to try and land in a group. I'm a lateral first year moving firms soon. After the offer, HR said you basically get placed like an intern so go network with groups. I've never even heard of this before. I had thought the group I interviewed with would be the one taking me. However, HR said their headcount forecast changed.
So I took the email list and went hunting. This is where the friction begins. I sent 15 emails to other coverage analysts in 3-4 different groups, 13 of whom have read my emails and just didn’t respond. It’s a BB so yes I am factoring in certain groups are closed off but for the ones that’s aren’t I’m genuinely stunned. I’m moving from BB to BB with my summer analyst position being at a BB as well. I'm not cold emailing you asking to network like I'm a sophomore reaching out from your student investment fund. I'm starting in a month and I'm coming in with the same credentials as you. Deal flow is nonexistent so don't tell me you're getting crushed it's practically Christmas for fucks sake.
Now, you might think ok. It's the holiday. Maybe people are just off. Shops are slowing down. I get that. 100%. That's the attitude I took as to why people aren't answering last week/this week. But it doesn’t stop at the emails. Had a 2 on 1 call scheduled today with 2 analysts and both just don’t show. Nothing on email. They literally just don't show. I know it’s the end of the year and we’re right against Christmas (today was the last day I had calls set up) but the no call no show is flat out disrespectful. There's no recoil to them, but seriously?
In summary: Making way with any coverage team has been beyond slow/little traction. Can someone give me advice on how to crack groups and start getting serious discussions going? I know it's such a bad time given market conditions and deal flow but I already crossed the bridge. Right now I'm not sending emails until the new year. So far I’ve managed to get on the phone with a few analysts but nothing additional. Thinking of going up the food chain to staffers/other VPs who are more senior and skipping the analysts altogether. If anyone has strategic advice who is currently in coverage to networking into your group, I would appreciate it. Also, if anyone who is at a BB whose bank name starts with a B is in coverage might be able to help, it would mean the absolute world. Thank you and happy holidays.
Did they tell you to reach out to analysts specifically? I would reach out to associates or even VPs. They will have more influence over the decision and will be more invested in their group's hiring decisions. They will probably talk to you and then forward your name to other people to network with, who will be more responsive (either because someone they know is requesting or their boss is basically telling them to).
Not a knock on analysts but first years barely feel like they belong at this point and second years have half a foot out of the door and want to chill over the holidays. They have other priorities and I wouldn't expect them to be responsive. Caring about stuff like this isn't really part of their job, it's a favor. It is part of the job for ASO+
Didn't tell me to hit analysts but thought that would be a decent first step. Realizing that was a large mistake and as you suggested will hit VP/Assocs.
Back in banking I lateralled from a MM to a BB - my 2 cents are that I'd take it a step further. Email MDs, email the heads of the coverage groups. I almost always got responses from them - everyone is too afraid to email them so they don't get them often. Get right to the point - explain who you are and ask for a quick call to learn more about their group - have good questions about the group, their career, why did they choose xyz bank, what got them interested in [chemicals/insurance/biotech]. If you have a good conversation and it seems like they like you, ask if there's anyone they recommend you speak with on the team. Finally at the end of the call - since you're basically already hired unless i misread your post, just networking for a group - ask for the job. By that I mean, say something like "Well xyz MD thanks so much for your time, it's been great hearing about your career path and the exciting learning opportunities in xyz industry. I think I'd be a strong asset to the team and would love to join, so please let me know if there's anything else I can do to demonstrate my interest." Something like that. You're almost there, keep at it.
Also I wouldn't feel the need to wait until post-NYE to email them. Today and anytime next week post-xmas is fine, just make it clear that you're happy to chat after the holidays or whenever works best for them. If they don't respond, not a biggie, hit them with a gentle follow-up first week of Jan. Don't be afraid to follow-up, shows initiative.
This is extremely helpful. Thank you!!
Networking with groups after having gotten an offer is the most stressful thing ever. Literally going through all the trials and tribulations to get an offer, then having to grovel before all the groups.
Know what's even worse? For me, I did an internship this summer - didn't convert because they required "very technically strong candidates" (I'm told by industry professionals that this is a BS expectation to have of interns for this particular group). Luckily HR offered another internship in my final year in adjacent division. I was on good terms with everyone in the group that I interned with, and many of them did their internship in the division I'm now going to. Reached out to the people with whom I had the strongest bond with for advice. Nothing! Like, imagine being ghosted by the people with whom you worked with for 10 weeks.
I was in a similar position when networking into groups for my summer analyst role. I had to network with different groups and see which one I was a "cultural fit" for. Some groups didn't even respond to me, others I would get on the phone with them and they were doing work in the background (could hear the keyboard), or were just unenthusiastic. There were a few people that took it seriously but the majority don't actually care. Here's a hint, "cultural fit" = alumni.
They're leaving in two years so there's no "owner mindset" or long-term view. Talk to the associates/VP/ED/MD, that's what I did.
what are you supposed to do when there's only a few alumni then - or only alumni in a group you don't like
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