Is networking really that important?
I decided to send in my apps for banks anyway without doing any networking.
Out of the 40ish firms I applied to, I only got first rounds at 2. Is this pretty normal? If I had done calls beforehand, would I have done better?
For BBs and EBs? Definitely. They have LOTS of applications from applicants with profiles similar to yours so you need to network to stand out.
For MMs and boutiques networking still helps but having a top-tier academic profile with relevant internships is often enough to push you through the door. You need to crush the technicals and convince the your interviewers that you genuinely want to be at the firm though.
makes sense, thx
In the words of a Sr. Associate at a ̶M̶i̶d̶d̶l̶e̶ ̶m̶a̶r̶k̶e̶t̶ ̶, premier global boutique, “all serious applicants for an IB role, go to good schools, have 3.75+, and have stellar internship experiences. What helps you stand out is knowing people who can push your application to the top.”
And honestly, with you being at an ivy and having an easy access to alumni’s, you basically let go of your biggest resource that could get you into banking.
fair enough, ig if consulting doesnt work out i might have some regrets lol
Networking is indeed crucial in the finance and consulting industries, as evidenced by the experiences shared on Wall Street Oasis. Your academic achievements and internship experience are impressive, but the finance industry, especially investment banking and consulting, places a significant emphasis on networking. This is because networking allows you to establish connections, demonstrate your interest, and gain advocates within firms who can push your resume forward or vouch for you during the selection process.
Based on the WSO content, candidates who engage in networking activities, such as informational interviews or networking calls, tend to have a higher success rate in securing interviews. This is because networking:
Your experience of only getting first rounds at 2 out of 40ish firms, despite your strong academic and internship background, underscores the importance of networking in the application process. While it's not guaranteed, it's highly likely that engaging in networking activities could have improved your success rate by making you a more known and favored candidate among the firms you applied to.
In the future, consider leveraging networking as a tool to complement your already strong profile. This could involve reaching out to alumni, attending industry events, or even cold emailing professionals in your target firms to request informational interviews. Remember, the goal of networking isn't just to get your resume noticed but also to build relationships that can provide support, advice, and opportunities throughout your career.
Sources: Want to get me on the phone? Here's how - a networking overview., Want to get me on the phone? Here's how - a networking overview., The Best Networking, Cold Calling and Cold Emailing Posts on WSO, Bad Networking Calls - Analysts' Faults?, Second/third/fourth Networking Calls
Even kids at top targets have to network for the top positions lmao
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