Applying to Internships without Network?
Hey all, going through applying to IB and other CorpFi SA roles for a Summer 2023 Internship (gonna be a junior FA2022). Due to external circumstances, I was unable to join any of the clubs / boot camps at my school where I can get really good networking access. I also go to a bottom-target state school (think OSU, PSU, ASU, Maryland) and my career services is unable to help me with networking / setting me up with recruiters. Basically a do it yourself kinda thing. Career fairs are sparse for IB / BB firms as well.
I have 2 summer internships under my belt (boutique asset management and real estate), some good case study finalist positions, high GPA, and apart of other smaller-time finance clubs the school offers. I have a solid resume put together and I think I'm at least a competitive candidate if I hold a candle to some of my peers also getting locked into IB roles.
Should I just bank on my resume getting me far enough, or do I really need to do the networking? I've seen ranges of answers on this forum between NetworKing being an absolute necessity or something you might just want if you're not qualified enough. It's a very daunting and consuming process to me and I wouldn't even know who to go to first - at that if they would even return my emails.
if this has been asked before and there was feedback provided, a link would help so I can check out more of this discussion. I appreciate the feedback and feel free to private message me as well.
Interested in responses
You need to network. Especially if you come from a non target and given that you are late in the process. Only time I’d say networking is not necessary for IB is if you come from a target school, come from a semi target/target and are diversity (maybe), or are in London where it seems (I could be wrong) that networking isn’t as big of a factor there
Would you say this is universal for all firms or just the big ones? Diversifying applications to much smaller boutique roles in the NY and Chicago area, which I know are more competitive spaces than nowhere. Or is IB as a whole just an insane trickle-down environment where every spot no matter the size of the firm is gonna get scooped by target-school students?
I mean you can land gigs without networking, sure. But whether it’s Goldman or a 10 person boutique, networking will only benefit you and if it comes to deciding who to give an interview to and it’s between you and a kid they’ve met and liked, who do you think they’re going to pick?
Looks like you're trying to find someone to tell you it's okay not to network. What have you got to lose if you try it? What have you got to gain if you try it? That's right, just do it and stop trying to complicate your life or find excuses.
You'll regret not networking much more than you'll ever regret networking.
I agree, need a push like that. Just a daunting process is all, especially as a more introverted person.
Turn it into a process. Get systematic about it. Have goals (do 3 networking calls per week, send 10 linkedin invites per day, etc.) Think of networking like a school assignment that requires one or two hours per day 4 times a week (or whatever formula works). Build a list of companies. Search linkedin to see what alumni work for those companies. Look for roles similar to where you would start OR higher in the food chain. Even if nobody is in a relevant area, connect with them and have them connect you with the right people (regardless of school affiliation). That's what networking is all about. You don't have to be super social, you just have to be active. You'll get way more comfortable with the conversations once you start having them. Keep a spreadsheet of activity. Make good notes. Include follow up actions AND act! You could easily go from 0 to MANY contacts in a few months.
Without networking, you're really just rolling the dice which would require massive blanketing of the industry (like 100s of resumes). That's a lot of work too and generally far less productive.
I feel you, I was the same. After 10 or so you'll get much more comfortable, especially if you do them in a short amount of time.
Echoing everything that was said above.
I feel as if GPA, networking, clubs, and even prior relevant experience is standardized.
My shop finished SA 2023 recruiting a few months ago and I don’t remember one candidate that didn’t have everything that was mentioned. In this environment you need every advantage you can get.
Come from a school you mentioned as bottom tier… just accepted an offer at a bank I didn’t network at for next summer. Networking is hit or miss. I know some kids who wouldn’t have an offer if they didn’t talk to that one person, for me it didn’t matter. Always network though, especially from a non-target.
Mind if I PM you? Stressful process, would appreciate feedback from someone similar to my position.
feel free
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