Can you network your way into an institutional shop if they’re not actually hiring?
Can you actually network your way to a position at say BX if they’re not actually looking for anyone? I’m at a similar PERE 100 shop and networking does you zero good if we don’t have an open position, unless you’re the child of someone very senior or the child of a prominent figure at an investor.
In an acquisitions role and expecting to get canned any day now with how things are going and want to figure out what the best use of my time is to land on my feet.
Based on the most helpful WSO content, networking can indeed open doors, even when there might not be an open position advertised. Here's how:
Ask for an intro: Start by reaching out to people in the organization you're interested in. This could be through LinkedIn, email, or mutual connections. The goal is to get a conversation started.
Win the person over: During your conversation, ask insightful questions and sell yourself. Show them that you're knowledgeable and passionate about the industry and their company.
Ask about opportunities: At the end of the conversation, inquire about any open positions or if they know of any banks hiring. Even if there are no current openings, they might keep you in mind for future opportunities or know someone else who is hiring.
Remember, networking is not just about landing a job immediately. It's about building relationships that can benefit you in the long run. So, even if there's no immediate opening, the connections you make could prove invaluable down the line.
Also, consider broadening your horizons. Candidates with former IB experience are often looked on very positively in other industries. You might find exciting opportunities outside of your current industry.
Lastly, remember the words of John Wooden: "Success is never final, failure is never fatal, it's the courage to continue that counts." So, don't lose hope and keep pushing forward.
Sources: Laid off, Depressed and Giving up..., Is this a crazy idea to help land a job?, Networking is over-rated/not-need for finding corporate jobs. My experience!, Graduating without a job offer
Anything is possible. All situational specific. Just had a friend get hired bc the CEO was catching up with him and eventually said-when do you want to come work for us. So he took a role. They weren’t hiring. Again-situationally specific.
Why do you think you're going to get canned? If you're at a big shop, surely now is almost the best time to be buying while everything reprices?
Yeah that's the part about this that stuck out to me too
B/c that’s not how institutional firms operate. They buy when there’s confidence in the marketplace.
Bingo. Also not understanding the others’ question. If there were tons of acquisitions going on, the job market would be booming.
Underwriting has gotten more conservative because of sentiment and sellers aren’t willing to exit at where offers are right now unless they’re gravely distressed. People also aren’t thrilled by negative leverage, even if it’s hopefully temporary.
Institutions also have value add and opportunistic vehicles
It’s more that they can’t fund raise if there isn’t confidence in the market place.
Anything is possible, but if you’re relatively junior, it’s probably not likely that some big institution is just throwing you a job that doesn’t exist. There’s no exponential value add to the firm to just add another associate or analyst when there’s no room for one. If you were some god tier fundraiser, originator, or asset manager - that would be a different story
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