Networking ?
I’m currently a 2nd year undergrad at a non target looking to start applying to IBDSA positions for 2023 in London. I’ve read a lot about how people networked and got their first round, second round etc.
My question is what is networking ? How do you do it ? Surely adding someone on LinkedIn isn’t enough. Any tips regarding networking to help your application go through would be greatly appreciated.
Yea so networking into a first-round doesn't really happen in London for BBs/EBs aside from a handful of cases; this is more so the route for US applicants. Not sure how boutiques/smaller name shops work though.
If you are from a diverse background, low income or even just a woman, you can apply to social mobility organisations such as SEO London/upReach/10000 Black Interns etc. where they provide you with literally countless hours of networking sessions/insight events with a wide range of organisation across multiple industries.
From what I see on LinkedIn, the vast majority of spring week offers go towards applicants from these organisations. Like it's probably 80-90%. Most of these spring interns go on to receive summer internship offers for next summer, making summer internships much more competitive for people not in these organisations, without access to these events. Even if you've not secured a spring week using their services, you can always utilise their resources for finding summer internships in a similar manner. Check your eligibility and join as many of them as you can ASAP.
If you're the typical middle-class white male, things get tougher. Try to contact alumni at different companies you wish to join that graduated from your university or attend events hosted by these companies at your university. Use either of the two or both as a gateway to "knowing" stuff about the firm and utilise what you heard about the firm in your application/cover letter. This is most likely to help with boutique banks, where the application process is not as linear and much more adaptive.
Keep in mind that cold networking (LinkedIn messages, emails, phone calls) is not valued as highly in the UK in comparison to the US (where it's more like of a requirement)
TLDR; If you're diversity, join a social mobility organisation. Otherwise, attend firm events and/or use your uni's careers services and contact alumni for insights.
Would it be if any benefit to apply to both spring and summer internships next year ? Or would that go against me ?
A bit offtopic as I would be looking to apply for IBD SA 2023 too, do you know if some banks in the UK are opening their cycle now just like in the US?
Usually GS opens first on July 1st and the rest follow their lead. Most open up late August/early September, be on the lookout for exact dates
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