Super Straightforward. How many emails have you guys sent out to network in total, how many calls and responses did you have, how many people end up pulling for you?
The reason I am asking is to see what it takes to make it in the industry. I am willing to do anything but it would be helpful to see just the sheer amount of work it takes to be successful
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Google copywriting and read up on the basics of b2b emailing then craft an email pitch. You're obviously not doing b2b sales but the same principles apply.
Your question has way way way too many factors to produce reliable data. A shitty pitch will never get you anywhere and you'd be sending a lot more emails because of it.
I have a pitch and a story that has worked pretty well, and I completely agree with your response.
Either way I'm just looking to hear some stories to keep myself and other people motivated while our friends have already gotten offers lol
Probably sent about 150 emails, not including follow-ups. Probably got 40-50 responses. Of which two pulled for me, and a couple others sounded very willing to later down the line.
Damn, that's an unreal response rate. I'm guessing most were alumni but good shit
of the 150, how many were alums? of the 40-50 response, how many were alums?
would be good to know the alum response rate vs. non-alum response rate
All were alums. I go to a semi-target, small and liberal arts (i.e. loyal alumni).
300+ emails, 30-50 responses/phone calls, 4-5 actually pushing me through
Sent ~80 emails, around 40-50 responses, ~15-20 willing to push me through. Most were school alum at WC semi-target willing to help.
Clearly the quality of these interactions matter. Good work
How many VPs and MDs have people talked to thus far? Feeling like no one responds
Emailed 20 MD's/VP's/Vice Chair's (total) - two vice chair's replied and one has become a solid contact - three VP's replied, two helped push me through - one MD replied, not super helpful
=
1000 emails 120 responses some flaked 80 calls connected with 30 of them ask them all out to coffee 20 ghosted me grabbed coffee with 10 a couple couldn't pull for me because different division or because bank doesn't sponsor intls so in the end 4 offered to push resume up 0 interviews so far.
Unlucky my guy. You're gonna win one day, those numbers show mad hustle.
Wow, the stats here are brutal. I wrote a dedicated blog post that details 6 reflections from sending out 93 cold emails while I was recruiting for VC. Keep in mind I did this while working in BB ER and VC's tends to be better at networking:
You can see the full post here: https://wp.me/p9BDUt-W
Actually an interesting read. Good post
Good read, thanks for the contribution. Do you have any examples of the emails you sent? Did the format vary?
Out of the people I have added on LinkedIn, once they accept my invitation I would say 50% respond to messages, of which 80% would be phone calls/coffee chats. We will see if people will go bat for me (UK recruiting)
I got extremely lucky I guess. I did 0 networking for the IB firm that hired me as a SA, but I definitely do not expect that to be the case everywhere.
1 offer after talking to 1,030 people (in 2008) full time ER associate level offer (Post-MBA) at a boutique investment bank covering TMT sector non-target 3.0 GPA international student no previous IBD experience
I just wanted to say I love reading your posts and unique perspective. True grit. Signed non-target 3.1 GPA "international student" who went the other direction overseas.
Thanks. I made the same decision to move back to Asia in 2013 to work for a family office.
Thats amazing. I'm hoping to build a network similar to yours. Hope the family office in Asia has been a great fit
For Banking: ~100 emails ~20 calls 3 superdays 1 offer
For PE ~200 emails ~20 calls 1 superday 1 offer ($1.5B+ fund)
333
Thanks man. That seems like a grind, so good shit
Brutal stats in this thread. I didn't track the exact numbers, but here's my best estimate for post-MBA recruiting:
~100 emails ~60-75 in-person chats ~15-20 pushed further either through introductions to the people who did the hiring, or introductions to heads of groups, or sending in a referral for an open position. I'm excluding people who made introductions to other Associates. -2 offers
The conversion rate from email to coffee chat was probably 90%+ for alumni. I can barely remember any who didn't agree to grab a coffee. Even though both offers that I got were sourced through non-alumnis, I still consider myself lucky to have such a supportive alumni network.
For FT IBD recruiting as a junior: - ~160 contacts (closer to 250 emails including follow-up emails to no replies) - ~30 responses leading to calls / coffee chats - 2 FT offers
Semi-target 3.4 GPA
For FT IB recruiting: - 100-150 emails, all to alumni of my alma mater - around 30-40 responses leading to phone calls - around 15 of the phone calls were actually beneficial, with roughly 5 of them being very helpful - resulting in, along with my own independent prep, 5 superdays - and 1 FT offer
Emailed 50-60 ppl, maybe 40 responded, 15 really pulled for me
Networking Success Story (Originally Posted: 01/23/2014)
I have taken a lot away from WSO over the past few years, so now that I have a story with a good takeaway I thought I would share it with all of the aspiring bankers here and maybe it will help someone.
I am a senior heading to a top BB full time next year. I'm also a founder of a group on campus that tries to help people find their way into banking, so there are a few hundred underclassmen who have my contact info and know where I'm going next year. Plenty of juniors reached out to me for connections within my firm, but one guy asked if I'd let him pick my brain over lunch, which I agreed to. Turned out to be extremely smart, great resume, guy I liked hanging out with. So I put him in touch directly with bankers and not just our HR campus recruiter. When our recruiting team of MDs asked the group of us going FT next year if there was anyone that should get an interview, I went to bat for him, and he got an interview. They asked us again after first rounds who we liked out of the list, and again I went to bat for him. He got an offer and is coming to my bank as an SA.
My point is not to say that I got him an offer, but because he went the extra mile to actually network with me, I was certainly able to help him along the way even if it was nothing more than saying that he would be a great fit culturally. So advice for sophomores and juniors; reach out to the guys going to banks for FT, they very well may be able to push your resume or name up the chain, especially if you show that you are someone who is socially capable and intelligent.
Nice write up. Inspiring. Thanks!
agreed 2 many ppl think that only networking w/ vps and above is a surefire way of getting in - analysts and incoming hires do have tremendous pull :)
I wouldn't say "tremendous pull"
Tremendous or not, they do have say. I can vouch for the OPs comment as that is essentially how I got my summer internship. The little guys are who you work with starting your career in banking, if they like you they will whisper in the busy senior bankers ear to guide them in your direction. Still be strategic in how you network. I would not entirely ignore sr. bankers and focus on jrs., but sometimes a little more effort on jrs. can go a long way.
maybe not but its much easier to get to know an analyst and form a connection with someone your age than some MD who's late for his kid's recital and could give 2 fucks about your scheduled phone call.
Share your networking success story (Originally Posted: 10/19/2011)
Hi guys,
Non-taget and I've been trying to break into IBD for a while now without much luck. I've been reaching out to alumni and meeting with anyone and everyone that will speak with me over coffee, lunch, dinner, etc. I'm thinking that I am not being direct enough about letting them know that I want THEM to help me get in the door at their bank, and not just talk about their career.
I was hoping some of you that successfully landed a job via networking could share your success story for a little much needed inspiration for guys like me.
Are you looking for FT or SA?
FT. Been in Financial Services for 2 years as a financial analyst.
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