Referrals at London MMs

Hi all, I've recently started the recruiting prep process as I've only recently been admitted to a Target Euro MSc program. I have already been networking with alumni and going through technicals but still lack commercial awareness.

I have talked with an alumnus at an MM in London who told me to call him back when apps open as he'd give me a referral for their SA process. How can I make sure not to squander this opportunity? Any advice on how to be sufficiently aware of recent deals/culture nuances etc?

I'm new to this so would greatly appreciate any insight. Thanks