Non-target/diversity > MM SA > BB FT > MF PE

Hey for sure! Went through this exact process last summer (i.e. offer was generalist/didn’t recruit into a specific group). This is a bit long winded but below are some important tips that allowed me to excel in the process:

Start Early

I started networking ~3 months before our start date/when placements ended up being due. Everyone kept telling me I was super early, and a lot of people delayed the calls a bit because they were still wrapping up SA placements. But I think getting my name around early really helped me, because later on when analysts were getting spammed for networking calls they were much more likely to reply to me because I had already had several calls with the group. One of the analysts in my group told me the other day that she thought this actually helped me out a lot. Also, this allowed me to network with more groups and more analysts, at a more casual pace. I probably spoke with ~50 analysts over the summer, focusing heavily on ~5 groups. It kinda sucked having to do calls while traveling/enjoying the summer, but it was worth it to land a good group.

Leverage your network

To get introduced to the groups, use whatever personal connections you have. I used the one alumni connection I had and a personal connection to get introduced to the groups I was interested in. The analysts will be much more likely to respond than to a cold email (now that I am on the other side I can say that with confidence).

Be personable

Being personable is super important. Essentially everyone is going to be smart/qualified, but the best way to leave an impression is to be personable. You can do this by being confident/well spoken (but not cocky), try to get to know the analyst personally (sometimes people will skip the “small talk” and the call feels kinda forced), be a good listener (ask specific follow up questions, make personal connections to things), etc. Having spoken with a ton of incoming interns recently, things that make me rate someone low: talked too much about themselves, the call was robotic/felt like they were reading off a script, they didn’t ask follow up questions/seem genuinely interested in the convo. People want someone they can enjoy hanging out with.

Take notes

This is super important and a general networking tip, but take notes on all your calls and keep a tracker in Excel about who you have spoken to and when. I would usually study up on my prior calls, then drop references in future calls - “I spoke with X Y and Z and have really enjoyed my conversations, X told me about this specific thing that interested me…” - which really makes you stand out. There are a ton of kids going through this process and you are easily forgettable. What makes conversations most memorable for me is when people drop specific references and can demonstrate a real interest in the group with specific examples (not hard to do).

Send targeted thank you’s

Per my point above on using specific examples - I also dislike/it is super noticeable if people are using copy/paste thank you notes for all their calls. You should mention a specific thing about your call - “I really enjoyed hearing about X deal, or Y aspect of the culture, which has further developed my interest in the group…” - this is a great way to stand out and make people remember you. Also you should obviously be asking at the end of every call for them to connect you with anyone else in the group who they think would be good to talk to.

Have a clear reason for “why X group”

This one is super important and super obvious. Have a clear and concise reason for “why X group.” Some people use a personal connection (i.e. dad was in tech, they used to be pre-med, etc.) but you can also develop an answer without one. Being able to clearly communicate in 1-2 sentences (and having a longer explanation if asked) will do wonders for you. The things I focused on were culture and deal flow/experience, and I used answers that I got in different conversations to form my “why this group” answer. For example, when I talked about culture I would mention the people I spoke with and different examples they gave me about what stood out about the culture. For the experience, I would usually talk about how broad an industry was/the types of deals you get to work on and how I found that super interesting. Again, it’s not hard and I think the most common mistakes are not being able to articulate this clearly/consisely, and not using personal examples (people will notice if you give some general BS answer).

Ask good questions/structure the calls

This one is also obvious but not enough people know how to do it. Start out with some small talk, then offer to do a QUICK (should be under a minute, people get bored if longer) run through of your background, ask for theirs, and then ask questions. You can start with basic questions if it is your first call with the group, but as you speak with more people you should ask more specific questions about their experience. Asking good follow up questions is also important (e.g. if someone tell you they lateraled from a different group/bank, ask them why and what stands out about the group they joined!). Some more in-depth questions I asked were about industry dynamics (e.g. impact of regulation on deals), opportunities to work cross border, do you work with other coverage teams on deals, etc. Get past the “tell me about a deal” or “tell me about the culture” questions that EVERYONE asks (those are okay to start a convo but should not be the entire convo, especially if this is your 5th call with the group).