Rising Sophomore Networking
Hey WSO, I'm a rising sophomore in college planning on pursuing a career in investment banking. I have a 4.0 GPA at a semi-target and would like to consider myself to be a qualified candidate for an analyst position at a bank. My one concern, however, is my rather piss-poor network; I haven't put any effort into building my brand, however I've compiled contacts of alumni connections from my school that work at banks such as JP Morgan and Goldman Sachs. Given that the application process for my year is starting in the spring of 2024, how do I get started with networking? Do I simply build a rapport with these individuals first? How much time should I spend building my network?
Thank you.
Yes. Network with alumni first, start with analysts. Once you are more confident, reach out to VPs and MDs. Do not be intimidated, some of the best conversations and results I’ve gotten have been thru great phone calls with senior bankers. Always find something in common for a talking point, and make sure you are up to date on the markets/news. Do not ask for a referral unless the conversation is going very smoothly. Follow up with everyone once you apply to their bank.
Does your school have a banking club? I come from a non-target with a small pipeline to IB through a banking club. While the club is smaller, the alumni are super responsive and will go to bat for candidates from the program. If your school has anything resembling a banking club, get involved in it and don't underestimate the power of a non-target / semi-target network. Interestingly enough, I had an easier time getting alumni on the phone than some of my friends at targets because the target alumni get so many people reaching out and aren't necessarily as responsive.
Also, you can find people at similar schools or with similar profiles (hometown, went to a school in the state of your college, sport, fraternity / sorority, etc.) and reach out to them so it isn't as cold of an email. Leverage these connections as well because you can't rely on just your alumni and truly cold emails are a crapshoot.
In terms of timing, the recruiting timeline is ridiculously early. That being said, I wouldn't reach out any earlier than January 2024. If you reach out too early, people will forget about you. Make sure to follow up on your connections (ex: let them know of an offer, express interest if you know apps opened, important updates, etc), but not too often. How frequent you will update them should correspond to the strength of the connection, but no more than updating them quarterly. Definitely follow up after applying.
If you're diversity, leverage any diversity networks (ex: SEO, Out for Undergrad, MLT, HeadStart Fellowship, etc). The diversity programs sometimes result in an interview and are an accelerated process relative to traditional recruiting.
I agree with the other commenter who suggested speaking with VPs and MDs. You will have seniors somewhere along the line in your interview process, so be comfortable speaking with them. You should tailor questions towards the seniority of the person you are speaking with to make the conversation more meaningful.
Personally, I never explicitly asked for referrals and being on the other side of the table, I know if someone is reaching out to me they want a referral. If the conversation is going well, I will extend a referral. You will get different opinions on whether to ask for referrals, but it is awkward if the call is going poorly and someone asks for one.
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