IB networking in London
Hey WSO folks. Can you share any tips about networking in London for IB? For e.g. what’s your experience been like, is it just LinkedIn that really works, do you reach out to VPs/MDs or Analyst and Associates, What’s your response rates been like, etc?
1. You don't need to network
2. There should be no difference to the US
Prefacing this with the fact that I am in the UK with US colleagues.
1. You don't need to network. Pushing CVs for summer interns is just not really that big a thing in the UK, at least at most BBs. Yes, there are some people who've networked but I have only ever seen questionable or limited results on this front with one exception at an EB (which is now part of a Japanese bank).
2. Regardless of the region or industry, the more senior someone is, the more sway they have.
What the person below said is how I see it too.
Apart from randomly stumbling into people at parties, I think the best way is just a Linkedin message asking for a quick phone call / coffee. For big banks in the UK it's not that useful though as they have structured processes that go through HR first, but it adds a lot of weight to your motivation during interviews if you mention someone
Attend banks events
Tbh from my experience networking is a prerequisite for top candidates but not to get their CV pushed but for the CLs and answer to why the firm question sounds far better when you name drop people you have spoken to (automatically on the back foot if you can't do this)
You are wrong. Networking is not a 'prerequisite' and most of the time no one even reads cover letters. There aren't even many firms that require one as mandatory.
I mean 90% of firms either require a CL or have the written application questions which is essentially the same as a CL. And when HR read those/listen to your HV answers, do you think they'll pass through the kid who has went through the effort to speak to and mention 2 people at the firm he's spoken to or the kid who lists off generic points about the "culture".
Yes it's not required in the US sense where you need to actually build relationships to get your CV pushed, but doing the above will boost your chances.
Buddy you're just not correct. In the UK networking matters zilch. HR does not care if you've spoken to whoever wherever because most of the time they won't even know who they are. And even if you put someone in your little answer box, they don't go and verify it so it doesn't matter. Almost ever have I ever spoken to a kid who's ever been pushed through because they've spoken to people on the team over someone who hasn't. Do you know how I know this? Because I help with SA recruitment on my desk. We do not see any one of these candidates before HR forwards them to us for interview. The process is random. It's a combination of who has the best experience, target schools, etc., that's considered when people are pushed forward to interview. Not who has the best cover letter, because no one reads them.
Obviously HR don't go and verify it, but when they're sifting through hundreds of applications, the ones which look a lot better are ones where people have taken the time to research/network with the firm - I have heard multiple HR recruiters say this. At the end of the day it reaches a point where there is very little to differentiate people based on CV alone. Why do you think they ask the "why the firm" question in HVs/written Qs?
You can answer "why the firm" using whatever the firm is doing in the news at the moment and their website. As I said, the vast majority of candidates who come through to the interview stage, I've never, and nor have any of my colleagues, seen before.
But okay, you can go try and namedrop Bob, John, and Ryan from GS FIG or whatever and see how far you get in the process compared to the Bocconi student with 3 internships already under his/her belt who hasn't spoken to anyone. I'll give you a hint, they're going to go with the Bocconi student because they already have experience, you do not.
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