Networking is still the only way normal candidates can break in

Lately, I’ve noticed some weird takes on networking. Thought I’d give my two cents. If you’ve watched the movie Margin Call, you’ll remember the shrewd take from John Tuld, “there are three ways to make a living in this business: be first, be smarter, or cheat.” Of course this is dramatic and just a movie quote, but it’s generally true for the finance industry. It also applies to breaking into the industry. With so many candidates applying to so few roles, there’s really only a few ways to gain an edge. You can be first, finding a unique way to emerge first and foremost from the resume pile. You can be smarter — target school, 4.0 GPA, and/or finishing second in a Chinese math competition. Or you can “cheat” by leveraging backdoors to break in, like nepotism or marrying the MD’s kid or whatever. If you’re a non-target with a 2 or 3 in your GPA, you are normal. That’s most of this forum’s user base. But you can cross “smarter” right off the list, because you are not smarter than the candidates winning these roles. And I’m assuming you don’t have the ability to cheat. That leaves being first. How do you convince a firm to forego the process of evaluating hundreds of other candidates, because you are top of mind? How do you cut in line? Spoiler alert: you network your way there. Networking for a job is essentially marketing yourself — convincing a firm to ignore smarter, better-on-paper candidates because you appear competent, trustworthy, and easy to work with. Sometimes firms want to hire someone they are comfortable with, rather than screening the masses for the perfect candidate. It’s also a pain in the butt. It’s uncomfortable and hard to connect with helpful people. And lately, I’ve even heard negative sentiments about networking — it’s a waste of time, never pans out, the market is too tough. But if you’re “normal” and still want a coveted finance role, you have no room to complain or pontificate about the system. The industry doesn’t need that many smart young people in suits punching numbers in excel. No one is going out of their way to make sure non-targets get a fair shot. Networking is all you have. In a competitive industry driven by people and relationships, tapping into the illogical, emotional, human element is how you break the system. So either fully commit, or accept that you’re not getting that fancy finance job right now. No procrastinating. No excuses. Your school and grades are what they are. It’s time to talk to that alumni/professor/local banker that might help you. Call 5, 10, or 20 people this week. Cold email 100 contacts from a list that one classmate might be willing to share with you. Explain what you bring to the table, and not the cookie-cutter “I’m really passionate about M&A” nonsense. Because that’s all you can do if you actually want this.