What rank to reach out to in a bank?
Hi everyone,
I'm class of 2028, from a non-target, recruiting for SA 27. I'm super confused about how to get an effective referral (ie. a referral that's gonna get me a first round). Yes, I know that if I can get that from someone senior, a first round is mostly guaranteed, but for certain banks, I can't really get any MD-level referral. For those banks, I have a lot of calls with junior bankers, but the majority of the people who take my calls are people who are super new to the desk, let's say like 3 months in the job, and they are telling me they have no pull in recruitment. Is this gonna help me at all in terms of getting a first round? Or should I stop reaching out to analysts who are too new unless I just want to get some info about the bank? Thanks!
If you want referrals that will for sure get you an interview, only senior MDs (ex., group heads or noted rainmakers) for BBs. Everyone else cannot guarantee you interviews, including more junior MDs. The path for non-targets is to really know the job inside out, show you are prepared for it in every call, and have a few people internally that will push for you.
For banks where I can only get in touch with young analysts, what are some ways do you think they can help me in terms of referrals and is there something I should do about it ?
Ask them if there is anyone else you can talk to at the bank; they will likely refer you to someone more senior, if even just an associate, who has been around a bit longer and can actually help you (They know you're job seeking). Analysts are a great resource for information on the bank and you should be taking notes on your conversations so you have content to discuss/speak to during your interviews.
What rainmaker is taking coffee chats lol
People on this site overvalue referrals waaaaay too much. An assoc or even a VP is not going to fast-track you straight to AC. As long as you show good technical ability in interviews, have solid motivational and competency answers, the result will take care of itself. Reaching out to people at any level to learn more about the firm is fine and something you can quietly bring up in interviews, but defo don't straight up ask for referrals. I promise you it won't do much
Yeah but I just want to maximize the chance of at least getting my resume looked at. Do you know if very new analysts can help with this?
Highest ROI for me was reaching out directly to MDs. If they are busy, they will usually cc an analyst or two for you to talk to that will then feel obligated to do so. MDs love talking about themselves, so let them do that most of the call. Smile.
If an MD forwarded my resume / told me that he flagged my resume to HR, does it mean a referral?
It isn't that straight forward. This just sounds like they've just made sure your resume made it into the pile and will actually be considered. Don't discount this as that's still helpful. However, it doesn't sound like they are personally vouching for you. In 10+ years I've seen very few instances where someone sticks their neck out for a kid they spoken to a couple times.
I cold emailed over 100 bankers for ultimately one internship offer. FWIW - I got the most traction with senior bankers. They usually passed me to somebody else, but at least I got a response, and the person I was passed to always responded. Hope that helps.
Gotcha. Is it 100 bankers per bank or in total?
Definitely not 100 bankers per bank haha. If you reach out to too many per bank you will become a running joke. Heard about this guy who overdid networking and reached out to basically every banker at a BB and everyone started talking about him and making jokes about how desperate he is.
I'm seeing a few misleading comments on this thread. For context I'm based in the UK, at a large bank (not a boutique 4-person shop), and a senior banker.
For entry evel roles, it doesn't matter what level you get a referral from. A referral is a referral. There are regulations and policies in place for good reason which prevent senior (or any) bankers from giving (or being seen to give) any candidate an edge by allowing them to circumvent stages of the recruitment process.
A referral will mean that your application is manually reviewed (as opposed to being screened out based on failing to meet certain thresholds) and judged on its overall merit. However, you absolutely need to pass the recruitment online testing - no way to circumvent that. My own firm even disallows me from following up on referrals.
My own view is to target ANs. (1) likely more sympathetic and willing to help. (2) if you later name drop them in an interview it sounds so much more relevant and credible.
I'm applying for US banks, but is it common for people doing college in the US to apply for internships in the UK?
From time to time, but overwhelmingly I'd say our classes are European (continental) or British
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