How does networking actually work?

I know this sounds silly but how does networking work for actually landing a role. Say I have a few people I know, some are executives in the company you want to work in but not in IB or you have friends or alumni at the BB

You still have to apply online, etc but what exactly do you tell your friends or alumni? Hey go over to the IB MD and give him my resume? Hey talk me up and have him pick me. Etc.

At smaller firms I can understand because the person you know is likely to know the hiring manager and probably can affect the decision making.

In larger firms knowing alumni could help if they directly work for the MD in IB


My friend is a MD at a BB but not FO role, what do I tell him? Walk over to a guy you don't know and throw my resume over the target kids lol.

I have an acquaintance at another BB directly works for IB but an associate.

I also know you never directly ask for the job or role you ask for an informational interview.

Just curious to how when you know somebody what do they actually do to get your resume into the right hand and convince decision maker to pick you  

 
Most Helpful

Doesn't help to have someone in another department unless they know someone in IB. Maybe they can refer you internally (like on Workday/through the HR system), but that doesn't do much. Your resume needs to go to the HR person or ideally someone in IB, even an associate. If anything an associate in IB is even better than a BO MD as they will know who the recruiters are and who runs the process from the IB side.

The idea of networking is ultimately to get to the person in IBD who is running the process and talk to them. Maybe this is directly, or indirectly in that you have spoken to 5-7 people in a group, or in a school recruiting group, and they all have you in mind come recruiting time and make sure you get a first round.

The MDs at BBs aren't really the hiring managers per se - it's likely to be an associate or VP running the process, along with HR, since it's a lot of work. The MDs can refer people and their recommendations do carry weight, but in my time in IBD I've seen like... 10 total MD referrals... and maybe 3 were from networking where they didn't already know the kid or their family. IMO way better to focus on analyst, associate, VP who all know who runs the process and are more willing to help.

 

Odit laboriosam fugiat maxime. Ullam quasi laudantium harum est incidunt. Laudantium tempore voluptatum occaecati et quasi voluptatem perspiciatis iste.

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (85) $262
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (65) $168
  • 1st Year Analyst (198) $159
  • Intern/Summer Analyst (143) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”