as the title says, What's the biggest example you have seen of someone using family connections to break in?
I know someone who got a BB IB internship because his dad knew the head of a large hedge-fund, who in turn knew a senior member at a BB.
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Alum whose dad was a very senior banker at a BB. Interned every summer of college at the bank and even a spring week I think and is now rising fast there. When I asked why he chose the bank he was at he told me "It just sort of happened" and gave me the most BS answer ever. Despite that he seemed really sharp in our chat and I bet he would've gotten where he was either way but it was still just ridiculous to see.
story seems pretty specific.. I'd be careful spilling such details
Had an interview at a BB and one of the other candidates interviewing there said he got this interview since his mom's firm had a working relationship with said BB.
"Pretty much blew any chance I had"
Probably not, but I bet your attitude did once you accepted defeat. Literally 50%+ of kids have some connection and a mom in treasury isn't that big of a deal.
Stanford football player at a BB regional who told us that an MD liked Stanford football and was like "I want this guy" and another senior person also vouched for him. He got a special program created for him as a football player to intern his sophomore summer while attending football practices. He got the full time offer not having interned there his junior year. He told us that he studied the technicals for 15 hours before his FT IB interview and got two of eighteen right but was able to get by on his "propensity to learn"
Yikes maybe be more confidential next time cuz I found this guy’s linkedin in 10 seconds
Heard about a similar story. Not this person though. MD liked the person so created a specific internship for them with less time.
know exactly same story of princeton football player at a BB in NYC
Known people who've gotten jobs because the CEO was a family friend. Good person to know
As someone above pointed out- truth is 50+% (probably higher) of analyst seats are filled with some sort of "connection". The line blurs when you had to work for that connection which most people do, so what is truly a connection vs. fruits of great networking isn't always clear
We hire children of clients all the time. More times than not, they suck.
Family friend was the founder/CEO of a publicly traded company. His kid, non-target hardo, had the balls to tell me that he how hard he was working and that he beat down people's doors to ask for a shot, offered to work for free, and refused to take no for an answer. My dad told me otherwise. Turns out he completely missed the boat on recruiting because he got in deep with some girl and almost flunked out of school. His dad got him a specially-created unpaid summer analyst stint at his firm's biggest banking relationship (a BB) to get him out of the house for the summer. After that, he failed a bunch more classes and wasn't going to graduate on time so his dad got him a second unpaid SA gig at a different bank that his firm worked with. Aka "hard work".
Friend got an internship at a BB because his ex girlfriend's dad was the CFO of a Fortune 500 company at the time. He didn't even give an interview or anything. The BB literally just asked him what division he wanted to be in.....
Not breaking into banking but breaking into PE. Buddy from my analyst class was the son of an LP at a UMM fund. When recruiting kicked off he just shot an email to the managing partner of the fund, strolled into their offices and shot the shit for an hour before walking out with an offer. The dude was actually a good analyst and did well at the PE fund so it wasn’t like he was dead weight but it was a pretty egregious process.
Michael Dell's retarded son works at Blackstone out of undergrad.
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