Tips for networking over the phone (vs in-person)

I know it has been 9 years, but do you have any advice for someone going through the same process at the moment?

I recently went through a very similar process (cold email -> phone interview) and was successful in landing an internship with a boutique for the summer.

You probably have some finance experience I'm assuming, since the associate is willing to talk to you in the first place. I would talk about this in detail and explain what you did and the impact it had. Then say what you learned and how it will be transferrable to the boutique if you were to intern there. Make sure to balance the fact that you're eager to learn but you also have some existing experience/knowledge with valuations/banking. Being "willing to learn" probably won't be enough- you need to demonstrate some experience in actually doing stuff.

What are you doing this summer? If it's related to finance/banking, make sure to bring it up too. It will add credibility to you (provided it's a finance related internship).

^Thanks for the advice. It isn't finalized but I'll likely be at a small hedge fund or private equity shop overseas in London (I will definitely have an internship, just not sure which I will pursue) and studying abroad at LSE. Although the modeling is somewhat different, hopefully this gives me an advantage. I'll be sure to bring it up.

Congrats on the offer by the way.

That is perfect. A PE/HF internship is great to set you up for the boutique during the fall. Don't worry. Since it's early, the associate probably just wants to get to know you. Once you bring up the fact that you're doing a HF/PE summer internship, he'll remember you and you'll fair very well for this boutique (if not others). In fact, provided that you get some good experience at the HF/PE shop, you won't fair too badly with BB recruiting (if your GPA is decent and you're at a known school)

Thanks!;

Thanks - a lot of times I feel way behind the kids who seem to have investment banking internships lined up every year since freshman year, but I think the best thing for me to do is focus on highlighting any real modeling and valuation experience I have, even if its not at a big name firm as you said. GPA, extracurriculars, networking have been good thus far and I'm at a semi-target (about 20 kids go to the all BB combined each year), so hopefully if I keep it up I'll be in a competitive spot for junior summer analyst internships.

Ask him about his about his path to banking, bankers like to talk about themselves.

Wear a headset if you have one. I find it helpful to have access to my hands so that I can use my laptop, take notes, hold a resume, etc.

do as much research as possible on him so you can ask good questions and just try to be relaxed and don't sound uptight or nervous or anything. keep convo centered on him and have a list of questions ready.

good luck!

good reminders...thanks for sharing.

I think people often take the lazy route and just have a list of questions they run down without really giving a shit or listening. Unfortunately for them, they don't realize it is painfully obvious, even over the phone.

if you have a phone interview, write down the major points you want to hit on a piece of paper (*cough* as well as anything else you may want to write down for technical questions *cough*).  it will help you calm down, as you wont worry about forgetting a key word or phrase.  the fact that your interviewer does not see you can play to your advantage. 

Obvious things that are commonly not done:  1) be somewhere quiet and away from distractions, 2) be by your phone when you're supposed to be and answer, 3) have a calculator handy just in case

Also, as stupid as this might sound, I always found dressing as if you were doing the interview in person was helpful.  Much like interviewing in person, you'd be surprised how effectuve smiling throught the phone interview is in conveying your enthusiasm and excitement for the opportunity.

i did all these. and the interviewer called up and shot me dead with probability questions. that's all he asked.

i did all these. and the interviewer called up and shot me dead with probability questions. that's all he asked.

have a few technical webpages opened up on your computer. but make sure to read them/understand them before the interview because if u're frantically searching for info during the interview, that's not gonna work.

i always found it helpful to smile when you're speaking into the phone. i think it makes you sound more friendlier? haha

it never hurts to write out a bullets to typical interview questions and have them out in front of you. don't write out an essay but have a few key points that you know you want to hit on

I JUST had a phone interview about an hour ago. It went well, but I prepared for it. Do have some key points you want to hit on (and keep it to bullet points, perhaps highlighting key words for easy scanning). Also plan ahead by mapping out answers to obvious questions they will ask you. Make sure you have some very relevant questions to end your interview on that will have them thinking you know what you're talking about, and that you're especially interested in their firm/job/etc. The first and last impression are the most important.

Practice your answers out loud the night before and right before the interview (or more often, if you need it). Work off the notes you will be using so you know cold where the answers lay on your page so they're easy to find.

Basically, just do you research, practice ahead, and be very confident in your answers. Confidence is the key criteria they are going to look for, both in phone interviews and in person.

Good luck!

+1 on confidence.

Being an applicant on the west coast for positions on the other side of the continent, I've had MANY phone interviews.  (haha).  It's really intuititive.  Study as much as possible about the position requirements and the firm.  Write down some little notes about what you'd like to touch on, write down typical interview questions/answers/hypotheticals/etc...but be careful not to sound like you're reading an answer.  Sound as natural as possible.  Also, as stupid as it is, smile and nod your head while you're on the phone.  I think it gives a more positive sounding vibe.

And keep some water near you - just in case you're getting grilled and your throat cramps up. :)  Good luck!!

I never go into a phone interview without my notes and my resume in front of me.

Here are some key things that are overlooked, but very important.

1) Stand up when you talk. You'll get a stronger voice and better posture and you'll feel more confident.

2) Turn off call waiting. I once had my gf call during the middle of a phone interview, and I couldn't hear my interviewer talking. I had to make up some excuse about AT&T being shitty. Just do it.

3) Have your resume taped in your room to the wall so that it will always be there in case someone calls unexpectedly.

4) Keep your talking points and selling points in hand. The elevator pitch.

5) Make sure you're going to get good reception wherever you go to do it.

agreed with the above, also, speak slower than you normally would.

thanks, good tips guys.  surprising comments though, since i previously heard that phone interviews were almost always fit, since it is the recruiter that is conducting it.  apparently not?  i've only had one prior phone interview with a MM and it was all fit.

I've spoken with 9 people over the phone for interviews so far (combination of NY and HK)... let me count...

1 MD

1 Director

3 VPs

2 Associates

1 3rd-yr Analyst

1 Analyst

... 0 "recruiters" (by this, I assume you mean HR people, as everyone who participates in recruiting is a "recruiter")

have a list of your strengths and weaknesses on paper, know your resume very well. smile, smile, smile, and then smile. and dont forget to say thank you at the end of the call. Dont interrupt the person interviewing you.........thats about all i can remember now.

b - Since your interviewers were all in the industry, were they mostly technical? I've had one so far and it was with HR, so entirely fit.

Make sure you're in a quiet place and have internet access in case something comes up where it might be helpful.  Know your story and answers to the common "why banking" questions everyone will ask you.

The big difference with phone interviews is that it's harder to establish rapport with the interviewer since you are not face to face.  So you have to be a bit more animated in your tone and how you respond to questions to get across the same points.  Also, speak more slowly than you normally would.

Typically expectations are not super-high from phone interviews - they are mainly just a screen for us to see who is serious/actually knows something or has studied some finance.  I generally make sure the person knows how to respond to basic valuation questions and has a good, well-thought-out reason for wanting to do banking.  Also something unique that makes me remember him/her.

I see some great points, but one thing that hasn't been mentioned was a big help for me: use a handsfree setup if possible, i.e. a bluetooth headset or a good speaker phone.

This will put your body more in the mindset of a regular interview setting, and it has great benefits.  It allows you to use hand gestures while talking (I know it seems weird, but it DOES help!) and you can shuffle around papers/look up internet sites far more easily.

Finally, conduct it over a landline (house phone) if at all possible.  Cell phones can suck big time, and if you get cut off it's a big hassle for everyone involved!

a chat is a chat

Probably just an informational interview....you'll just tell them a little bit about yourself. And they make ask you some technicals or something going on in the news....