when to end a networking relationship that is not yielding any value to you?
So as well all know in banking,business,finance,and life. Relationships are formed to create some type of value for both parties; in the personal spectrum this relationships are supposed to create bonding and emotional value for us (ex. family members, friends, significant other).
In the professional spectrum relationships are expected to create some type of tangible value (ex. employment, monetary incentives, career advancement, and business opportunities). As well all know networking is a key skill to have in order to gain an opportunity in banking, finance, etc.
Sadly most of us are not taught the importance of soft skills in school, and we focus mostly in the theory and science throughout our college career rather than in the importance of human communication when it comes to getting a job in finance or in any other field. We learn this lesson once we graduate college and we try to look for a job without a real network of people.
Luckily websites like WSO and M&I offers you some guidance and starts opening your eyes. So once you learn acquire this new knowledge you go into linkedin and start looking for every alumni from your non target alma mater who are the unicorns of that alma mater and make it into IBD, BIG 4 firms and top corporate jobs with the hope that they will understand your struggle, give you some guidance, and also be kind enough to drop your resume to their HR department, and/ or tell their managers why you are good candidate that should be given a chance to interview with their firm. But they don't.
(I apologize for all the non relevant information to the post but I felt it was necessary to vent a little).
So here is my dilemma:
Last year when I graduated;, I approached via LinkedIn one of the alumni's of my school that works at a top MM IBD bank think (RBC,Evercore,Lazard, Moelis). First I asked him if he could chat with me so I could learn about his background so he agreed. Then two months later we had another conversation in which I asked him more about his firm, responsibilities, etc.
During the summer time I asked him for coffee which he also agreed to do, and we met face to face talk about some recent activity in in the market such M&A's, IPOs, etc. We also talked about his group (Aerospace and Defense), and did a small mock interview in which I did ok ( he got me in two brainteasers). Before I left I told him I was gonna send him a case study and some of my sample models,pitchbook and memo to showcase my "IBD skills".
He agreed to review it and give me some feed back. I sent him the sample work at the end of last year, during this time I got promoted to a credit analyst for the corporate lending division of my bank from a personal banker (my bank is big on internal promotions but they don't have IBD). We met again for coffee in February of this yer and we talked about the case study and my new position as well he said the models, memo, pitchbook "had good content and was very qualitative" although it looked to equity reseachish type of report and the focus was different from his industry coverage (the case study was on the healthcare and medicine he works on Aerospace and defense). So we talked about it and he said although my skills are transferable is hard to break into IBD without IBD experience.
Lastly we talked about future plans and I mention going to Columbia since is a top feeder school for BB banks and MM banks and he said that sound it like a good plan for me. So although I did gain some insight from him about IBD, I feel like I ultimately wasted my time trying to connect with him, because after all of that he seems unwilling to lend me a hand to get an interview with his bank. Should I pull the plug on this professional relationship that is not really providing me a lot of value?
I know people are gonna say that I'm crazy for doing that,but I'm 25 soon to be 26, and breaking to IBD as an analyst seems like is not gonna. So going back to business school seems the most plausible solution for me. Also at my current role the next step up is as commercial lending officer/relationship officer and quite frankly I don't want to do that, you're basically a loans salesman, and I don't like that. I'm more of a number cruncher and analytical person. So any suggestions on what I should do?
Thanks in advance.
I don't think you entirely understand the overall purpose of networking, which is...wait for it...to build a network that you can leverage over the course of your career. Shit's a marathon not a sprint, kid. The financial world is small and incestual, if you stay in it long enough you will always know someone who knows someone. Don't burn any bridges just stop reaching out.
I get the gist of what you're saying but I just feel like I'm behind the marathon in this case.
this is a really immature post by OP. or maybe the kid is just a self-centered fuck face
how am I being immature I'm asking for a solution to a concern or tell me as someone in PE would you still try to do business with a client who doesn't really like the investment strategy that you are pitching?
Like junkbond said, but also, did you ever make the ask? I don't see it in your story. The only way to close is by directly asking. If you said you were going to bschool so you could get into IB it would seem to me that you'd given up on being an analyst and figured that you'd do IB post MBA.
he actually said that he has helped people get into his firm. I feel it would be a bit to blunt for me to tell him to drop my resume to his MD or should I ?
Don't tell him to do anything, just directly ask him if he thinks you could get in at this stage in your career and if he can pass your resume along to whomever it needs to go to get you in the hiring queue and, if he does it, for that person's contact info so you can follow up with them. I'm sure he has a clue why you've been talking to him but he doesn't definitely know that you want him to help you get a job there and he's obviously not the guy who's going to offer it up without you asking. And while he may be a pretty important person in your life because he's a person who can help you attain a goal, you're probably the 999th most important person in his life (no offense personally) and has a lot going on at work and in life.
There's no harm in asking. Worst case is he tells you he doesn't think you could make it in because you have too much experience for an analyst role and to try it post MBA and keep in touch. Or he doesn't like you...
And is your goal to be a career banker or are you using this as a step towards something? Because if you want to be a career banker and you don't like sales and would rather sit around crunching numbers, career IB is not for you. You'd probably be better off trying to get into a credit/debt fund of some sort now.
This is one of two main problems I've encountered with kids trying to network into IB. When speaking to someone on the inside its either "I've done X, Y, Z so can you give me a job now?"(coming across entitled, like you've earned the job but you're bitter you haven't been gifted the position yet) Or "I've done X, Y, Z and what do you think my chances are?"(waiting for the IB analyst/associate to jump up and say " Great let me get you a job right now!" - that won't happen). If your approach is simply, "Give it X months and move on", then you're taking the second approach and hoping someone helps you, without you directly asking for their help. Not to mention the fact that networking shouldn't be a cut and dry, get something out of it or sever the relationship. That's why networks are not supposed to be small. Maintain the relationship, keep on people's radar, but don't expect every attempt to be a sure thing. That said, I agree with DingDong. Tactfully ask your contact if he thinks you can cut it in IB and if so, if there is anyone at the firm he may be able to put you in touch with.
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