5 Pointers to Maximize Your Network
It's no secret that having an extensive network on Wall Street allows many to enter the industry and/or opens new doors for those already in it, however, a lot of individuals fail to maximize their network by not sticking to the basics.
The list below are some pointers that I've compiled through experience, and will hopefully enable you to grow your network and break into the industry or lateral from a back office to a front office position.
Persistence is Everything
Networking is a numbers game, the more calls you make the more likely you are to obtain an information session.
Organization is Key
In order to maximize your network it's vital to be organized. Make an excel document that includes your contacts name, company, seniority level, and any other important information about them. Also, keep track of your correspondence (not only when you called/emailed/met with them, but also what was said). It's very easy to get your contacts mixed up once your network gets large, and this will also help you when you need to track down a specific individual that can help you make the switch from IB to PE.
Get Creative
If you're an undergraduate student, don't just only attend your schools career fairs but also attend those that are close by.
Be Prepared
Not only should you know your story, but you should keep current on recent news in order to have the ability to carry out an educated conversation.
Network with Everyone
It doesn't mean an individual who does not work in your industry of interest can't help you. It's very likely that everyone knows someone personally who works in your industry of interest, or can put you in touch with someone else who may.
Do any of you have any pointers to add and/or opinions on the above?
Good list, although the "get creative" section ironically lacks creativity. Crashing other schools' events is not a new tactic by any means. I think the guy who gave out free coffee and copies of his resume around Wall St. would be a good example (not sure if this happened, I just read about it a few months ago).
Probably gave out a lot of damn coffee!
Gotta be in it to win it.
agree. got my job because of intense networking.
I thought this would be more about maintaining your network once you have a job. I find that I fall out of touch with former colleagues/classmates very easily
Does this actually work in the UK? I find most people (even if you know them as a friend) suggest you apply online for a recruiter to screen your application (for banking specifically vs other industries). Generally I find USA people are more open to referring/networking in general should you come across well. Does anyone else find this to be true?
Definitely. In Europe, networking is quite different. I might be wrong, but it's more about being referenced while still having to apply through the "standard" process, i.e. online applications mainly.
I was so happy when one contact forwarded my email to her former employeer. Then, I realized I still had to do the entire application process. Not sure about the added weight to my application tho.
I have been referred (i.e. put a name down on someone who asked me to put their name down at the bank) on the online application and still been passed over. What do you recommend to combat this?
Sorry to hear that. Actually, I am facing kinda the same issue. I am wondering if such referring brings any weight at all: at the end, with hundreds of online applications, it is unlikely that HR screeners will take that into much account. After, you might consider the status of the guy who referred you?
Anyway, I guess the key is that being referred allows you to skip the first steps and get you an interview, right. So, maybe you should ask your referrer to directly forward your CV to HR?
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