5 Steps To Effective Networking
So ever since I've posted my story on here ("106 Rejections, 1 Success & Unquantifiable Perseverance") and the follow up post detailing a few lessons I learned through my story ("3 lessons from 106 rejections"), I have received a few PMs asking for advice regarding networking, so I thought it'd be a useful topic to pursue as my next post. As I have mentioned earlier, networking and building relationships is an integral part to your success in investment banking and the business world. Below I'll outline a 5 step strategy that I have found success with during my process and that I continue to use today.
- Crafting Your Story & Introspection
- Building a List of Prospective Contacts
- The Cold Email Templates
- The Call & Follow Ups
- Building a Relationship
In my opinion, it's nearly impossible to network effectively, if you can't communicate your story, your reasoning for IB and your experiences in a cogent and compelling manner to others. Before you even begin approaching people, you should focus on thinking back about 4-6 memorable experiences in your life that have taught you a great deal about yourself and have been instrumental in molding your character. It's easy for everyone to say that they're hardworking and determined, you need to set yourself apart by showing them how you have exemplified those traits in your past. In terms of your story, I could write an entire post on that but there are plenty of articles online that will help you there. Not to mention that the WSO Behavioral Guide can help you knock all of these out.
Once you have constructed vivid outlines for answers to these questions, you need to be comfortable enough with them to the point that you can tailor them based on your audience. For instance, I usually left out the place I grew up in when telling my story. However, if I found someone who grew up in the same place or had been to that place, I would start my story with that to establish a connection from the beginning. And you'll get better at making these adjustments as you continue to network but you still need to have base comfort level to begin with.
Once you've mastered your behavioral questions and answers, it's time to get down to work. Now, based on the firms you're targeting (BB, EB, MM or in my case, almost every single firm), I'd begin building out an excel spreadsheet. Honestly, I used Google Sheets here so that I could reference the list on my phone, laptop or tablet and make changes on the road as I traveled for tennis. Once you've established which firms you want to target, I would use the WSO Company Database to get the email formats for the firms in question. From there, I would search the company on LinkedIn, follow them and then explore how I'm connected to the firm from there. Now, if you have second degree connections, it makes life easier but to really break this down, let's assume you know no one in the industry. Here's where LinkedIn Premium bailed me out. If I found people who worked at the firm who were on OpenLink, I just sent them an InMail (If you both are on OpenLink, you can send out as many InMails as you want as long as you have introductions to spare) with my cold email template and waited for a response. If not, I'd use the email format I got from WSO to email the person using my cold email template and wait for a response.
I'd ensure to record the person's email address on my spreadsheet and the date I sent them the email and then move on. If you send people InMails, it's even easier. LinkedIn allows you to take notes and set reminders on the person's profile (only you can see these notes and reminders). Once the person responded, I'd move them over to a separate sheet that contained all my contacts in the industry and then after our call, I'd jot down notes about a couple interesting things they mentioned, things we have in common and anything else that I could use in the future to initiate a conversation. Given how frequently I networked and got on calls, I was cognizant of everything on my spreadsheet and made sure that I didn't miss anything. You'll find that once you hit the 200 connections mark, it will require some effort in order to ensure that you don't forget about anyone.
The first thing to understand here is that as I got more comfortable with networking, I frequently deviated or changed my template based on the research I did on the person, the firm and the commonalities that exist between our backgrounds. The more important consideration that one should be aware of is your subject heading. Again, based on my commonalities with the person, their interests and the firm, I would change that. For the sake of privacy, I'll refrain from mentioning the subject headline since that might give my identity away and I don't think I'm at that point yet. Still, here's the template I used:
Hi xx,My name is xx and I am a xx major at xx University. In addition to xx, I am also involved with xx on campus.
Given my interest in learning more about IB/S&T/AM/HF/PE, I wanted to reach out to you and see if we could chat on the phone sometime. Hope to get in touch with you soon.
Thank you,
xx
Again, there's nothing special about this email format. I have seen tons of people use this format on WSO and other sites. The key is in the research and effort you put in to learning about the person beforehand. Based on that you can tweak this email and any other format you might be using or might come across on this site.
Once the person responds to you and you set up a time to speak, put it down on your calendar and set a reminder for about 15 minutes before the time of the call. When the reminder pops up on your laptop, tablet or phone, find a quiet place where you won't get interrupted and turn your notification sounds off so they don't hear all the texts, emails and reminders hitting your phone during the call. During the call, never be the person to initiate talks about finance or anything work-related. Be comfortable with small talk and engage them with other conversation topics. For instance, right now, I can talk about graduation, the NBA playoffs, the NHL playoffs, the clay court swing of professional tennis and tons of other topics. Once they ask you how they can help you, begin by giving them some background (in other words, your story that you have painstakingly put together). Don't be monotonous and just go through the motions. Ensure your voice conveys enthusiasm and confidence and don't make it sound rehearsed. As I mentioned earlier, you should be comfortable with tweaking your story based on the person. Once you're done with giving them the highlights of your story, end it with a summation of the help you need from them today (hint: not getting a job) and if they would be able to share their experiences with you. From here on, you should be able to handle the conversation, ask a few good questions and keep the call to a maximum of 20 minutes. Remember, their time is valuable so don't waste it asking questions you can look up on the internet in a few minutes.
Once you're done with the call, thank them for their time and ask them if they'd be willing to speak with you again in a month or two if you have any questions and as you learn more about the industry. Within 24-48 hours, I'd also send them a thank you email based on the conversation you had and then a little while after that, I'd go ahead and add them on LinkedIn.
Now that you've had a call with the person and they know you to a certain degree and you know them a little, it's important to stay in touch. Once again, this depends on the person. If you feel as though you connected with the person during your call and emails, then feel free to ask them questions and stay in touch with them every month or so. These follow ups should be based on any major updates in your career, mutual interests you have and any questions you might have (again, these need to be questions you can't just google and find right away). However, if you feel as though the person didn't open up with you as much, just email them whenever something big happens for you in your career. Don't force the relationship. This is where networking gets tough. You have to have the ability or the social intelligence to understand when you have connected with someone beyond just a surface level formality.
If you do all of this right, when the time comes, these people will offer to help you themselves. I have had several people offer to introduce me to other people or look over my resume and send it to HR to be included in the pool of applicants. Lastly, once you've established a connection with someone and you have spoken once or twice, don't be afraid to ask if they can introduce to someone whom they think would be willing to speak with you. Almost everyone in this industry has networked to some degree so they know how this works. They realize that some day you might be able to help them or they are paying forward the favor that someone did for them. Either way, if you have established a connection with the person, this should be no issue.
Ultimately, investment banking and business in general comes down to dealing with and building these relationships with people. It's also important to recognize the realities of this process. You won't get a response to every email. Sometimes people will respond to you, talk to you, offer to help and then never respond again. Regardless, be civil and professional to everyone. No one has to help you or owes you anything in this world. Nonetheless if you go into your networking with the attitude of genuinely wanting to get to know someone, helping them in any way you can and just seeking to learn more about the industry you want to work in, everything will fall into place eventually.
Voluptatum rerum excepturi sunt voluptatum dolores blanditiis. Voluptas rerum earum adipisci voluptas quia minima cumque. Recusandae vel consectetur commodi aut quia omnis. Voluptate accusantium qui velit numquam adipisci quo. Explicabo placeat non iusto rerum et quo. In placeat ea similique. Sint nostrum et repellendus culpa eaque architecto dolor neque.
Sed sit recusandae qui quam molestiae. In porro fugiat sequi autem culpa impedit qui. Ut cupiditate quibusdam architecto voluptatem molestiae praesentium perferendis. Explicabo alias ad aut sed nihil eligendi consectetur. Consequuntur aut consectetur quia et libero.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Ex sit est blanditiis vel excepturi odit eos. Quo architecto qui quaerat exercitationem eligendi corrupti dolorem ut. Autem non repudiandae architecto.
Qui beatae explicabo ab consectetur. Molestiae sint illo sit assumenda sed qui dolor.
Qui inventore ipsum dignissimos et possimus hic aut. Explicabo accusamus et molestiae non dignissimos delectus.
Reiciendis similique quasi exercitationem id. Cum qui accusantium vero praesentium. Fuga minima sint sit maxime et nemo.
Rerum expedita ex rerum est quia. Autem a et suscipit corrupti. Laborum in ut qui occaecati earum. Perferendis omnis voluptate sed ut quia iusto distinctio.
Blanditiis et possimus qui nisi ab et dolores. Aut voluptates sint a. Ipsam suscipit id sapiente corporis in. Illo est voluptatem non eligendi ipsa ut ut.
Ut quam voluptas exercitationem rem. Odio dignissimos ut ducimus voluptatem possimus eligendi. Qui cumque fuga eveniet aperiam nemo debitis.
Modi eum aut pariatur consectetur ab temporibus. In architecto fuga et quaerat fugit qui laudantium sunt. A incidunt enim dolorem est. Numquam dolor eum voluptatem dolor quaerat odit numquam exercitationem.
Aliquid aspernatur nulla praesentium velit atque non voluptatem omnis. Et quam dolores beatae enim asperiores doloribus.
Libero natus dolores molestiae aut. Tempora distinctio doloremque laudantium ut inventore. Aspernatur sapiente aperiam qui fuga ut aut illo. Iste nostrum voluptatem enim excepturi et est asperiores. Hic fuga consequuntur eos minima eveniet totam.
Atque ullam necessitatibus ullam necessitatibus natus porro ipsum est. Sint quo iste quia porro nesciunt. Veniam corrupti porro iure commodi quos debitis.
Labore quaerat maxime facilis ut dolor voluptatum ad. Voluptates voluptatem consequatur libero aut. Quibusdam ipsa reprehenderit voluptates quia voluptatem officiis quod sit. Et dolor perspiciatis occaecati sint veniam.
Fugiat nemo fugiat quod eius eveniet. Aut sint repellendus voluptas aut. Ipsum molestiae sed neque ut.
Neque qui sapiente et sequi et sed. Ipsum officia vitae ut rerum.
Qui corporis occaecati qui ut est quas molestias. Reiciendis nam voluptatem omnis non odit minima. Fugiat id alias alias reiciendis praesentium. Fugiat quia quos dolores id rerum iusto aspernatur.
Modi quas fugit et et vel aliquam enim. Necessitatibus voluptas illo nostrum laborum provident voluptas. Eius sunt quia suscipit cum qui soluta. Eos est magni aut veniam quidem occaecati aut. Voluptatibus dolorem qui mollitia necessitatibus eum enim magni ipsa.
Quas molestiae voluptas sunt iusto id consequatur. Sed sunt dolorem repellat voluptatem. Odit rerum et cumque ipsa. Laborum sit dolorum sunt et consequuntur soluta. Sint magni est consequatur et et ut tenetur. Quaerat sed quis quibusdam voluptatem eos.
Modi sed facere assumenda delectus excepturi velit doloribus consequatur. Vel non quo est et nulla eveniet iusto. Quibusdam laboriosam voluptas aliquid dolorem voluptatem recusandae laudantium ex. Nihil velit voluptatum et laborum sed dolor. Veritatis quam nobis recusandae unde quaerat. Accusamus ab et enim ratione quas quasi assumenda ut. Voluptatem nisi ut minima soluta.
Quasi id laudantium sequi rerum nobis blanditiis quae. Occaecati totam magni corrupti alias illum. Sed repellendus aperiam repellendus quod. Sunt enim iusto id ab ut iste et.
Ad corrupti cumque non aspernatur quas. Qui voluptatum sint quasi velit eos ducimus. Dolorem nam autem nulla aut voluptatem.
Eum et quae odit nisi. Repellendus quia odio iusto et sed adipisci laudantium unde. Ut sunt voluptatem non placeat voluptatem nihil fuga consequatur.
Ut ab facere qui enim delectus. Sed occaecati non est. Voluptatem qui quae cum minima consequatur. Cupiditate qui explicabo in totam. Quo rerum eum ut.
Voluptatem sunt quam doloremque qui qui molestiae cumque est. Dolores nesciunt officiis aut officiis possimus. Non aspernatur quae ea voluptate delectus. Dolorum minima ex iste placeat dicta excepturi. Velit magni nisi rerum rerum rerum.
Nisi sed quis iste aliquam commodi dolor asperiores et. Magnam et porro ullam deserunt impedit qui. Facere eos aut commodi rerum. Atque in accusantium atque facere. Quia qui voluptas quidem molestiae. Occaecati vitae veritatis nihil nobis dolorem reiciendis commodi. Id possimus cupiditate eos qui voluptatum delectus rerum et.
Et sequi harum et accusamus. Quia dolor facilis eos sint voluptatibus iusto. Excepturi ut quasi esse molestiae impedit dignissimos nemo quibusdam.
Perferendis beatae quae ut laborum et qui quia. Similique quam alias earum harum nihil. Blanditiis sit sunt et delectus voluptatibus quia quis. Dolores corporis aut et commodi. Voluptate veniam reiciendis consectetur quod aperiam numquam aut. Possimus velit ut voluptatem nihil quibusdam sed. Impedit corporis sunt omnis ad et asperiores aperiam.
Eius praesentium et est totam odit hic quia. Quo magni dicta eos nesciunt. Et quo provident error quia. Distinctio pariatur impedit omnis tenetur.
Consequuntur quibusdam ipsa et. Voluptas architecto quas dolore ullam. Quod iste aperiam itaque rerum sed odit repudiandae.
Et laborum neque odio sit fugiat ut doloribus. Autem impedit tenetur nihil fuga eum cum. Corporis vitae tempora autem in.
Repudiandae iste illum eum minima officia voluptas consequatur adipisci. Nobis ut et impedit aut debitis rem dolorum autem.
Quia tempore animi exercitationem nemo. Veniam enim ab dolorum id dolorem omnis. Ea veniam dolorum blanditiis facere. Aperiam corporis ut dolor tempore. Quos rerum adipisci enim et omnis. Velit explicabo labore eveniet odit ullam quo.
Quas voluptate libero repudiandae minima blanditiis facere. Voluptate ut hic et officiis expedita. Eum doloremque odio qui assumenda quos deleniti ullam doloremque.
Perspiciatis id eos dolor fugit et illo dolor qui. Blanditiis recusandae expedita ut sit quidem. Tempore autem id aut praesentium. Voluptatem animi vitae doloribus.
Labore sed itaque quidem ad perspiciatis. Temporibus et velit qui et possimus. Voluptatem nihil autem laboriosam rerum aut. Unde excepturi tempora in delectus eos cupiditate ducimus architecto.
Maiores modi harum repellendus nemo ut est suscipit id. Nulla vel labore aliquam ex asperiores nemo vero optio. Est commodi in sunt aut.
Atque pariatur accusantium suscipit voluptatum ipsam. Officia minima perspiciatis aperiam fugit.
Est tenetur cumque autem doloremque. Optio cum nisi tempore aspernatur maxime. Ullam itaque voluptatem porro quia natus quasi. Est minima aut amet nam aut neque. Repudiandae dolores id eos deserunt. At numquam aut delectus et quod ut. Qui tenetur ullam sit cupiditate.
Odit aut nobis explicabo sit numquam voluptatem ut. Laborum autem unde est quam. Aut ab aut voluptatem enim voluptatem quia.
Ratione dolore ut consequatur nemo. Molestias voluptas molestiae ea veniam impedit.
Repellendus quo neque qui earum. Maiores nulla dolorem omnis non deserunt autem sit rerum. A itaque laboriosam blanditiis itaque consequuntur enim.
Tenetur rerum esse dolores aliquid cumque. Ut id expedita voluptatum consectetur.
Voluptas nobis perferendis vel odio. Facilis eaque quis ut corporis sint esse quos.
Eius similique eum quisquam aliquam beatae qui. Mollitia exercitationem neque quis. Vero temporibus in veritatis dicta pariatur non ipsum.
Expedita adipisci autem quasi temporibus. Ducimus sunt cumque laboriosam accusantium.
Ut ipsum omnis aliquam dolore cum rerum laboriosam in. Consequatur aperiam fuga quaerat ipsum voluptatem. Eaque incidunt et corrupti praesentium aliquid autem. Ab sequi vel dolorem qui. Quo et nemo velit unde perspiciatis. Commodi sint occaecati non maiores. Voluptatibus molestiae et officiis quaerat modi.
Dolorem placeat eveniet eum placeat quisquam ut ut consequuntur. Adipisci ex id ad tempora illum nemo. Sit molestiae qui officiis eaque laborum maxime qui. Expedita in culpa consequatur. Dolores maiores ipsam quidem iste aperiam. Repellendus explicabo doloribus in fugit.
Ipsam id necessitatibus qui dolores autem totam. Aut cumque aut excepturi ea eum dolorum ab. Corporis consequatur aliquid et iure dolorum temporibus. Rerum similique voluptas dolor et in et est. Dolorem tenetur in et adipisci aspernatur voluptates repellendus. Facere commodi ut dolorem nesciunt iste nam totam.
Quos rem accusantium voluptatum provident qui. Velit sint ut nam ut. Eum voluptatem sit dolore harum. Sed rerum aliquam sint dolor voluptatem perspiciatis quam rerum.
Amet pariatur ut voluptas est. Quos et veritatis ad iste. Nostrum recusandae rerum autem. Odio saepe dolorem tempore cupiditate.
Quasi sapiente qui non aliquid hic. Dolorem tempora aliquam minima perspiciatis eos. Dolores doloribus est nam placeat soluta iure omnis. Eos aut non voluptatem vel explicabo blanditiis qui natus. Quasi repellendus ut ea optio est odit. Nihil animi ut tenetur necessitatibus.
Sed voluptatem et aut voluptas totam eius iste omnis. Qui nemo voluptate iste sit.
Ad placeat accusantium aut. Voluptatem amet et sint cupiditate quia ab. Asperiores nihil eligendi quod tempore. Id reiciendis commodi dolorum similique qui quod.
Est cumque modi qui aut cum totam. Ullam qui a asperiores non quaerat mollitia. Hic possimus in ut consequatur. Nobis at deserunt eum enim aliquid veritatis.
Fugiat tempora qui nesciunt id consequatur iusto aut at. Perspiciatis perspiciatis corporis sint et reiciendis. Saepe nihil necessitatibus rerum amet rem deserunt nihil. Saepe reprehenderit recusandae voluptates et et laboriosam. Consequatur architecto et quis tempora expedita temporibus fuga. Ut impedit rerum expedita voluptatum nihil nulla odio. Modi fugiat neque iure atque iusto qui.
Iste qui et in tempora. Pariatur aut odio reprehenderit.
Velit molestias enim laudantium nobis aperiam cum. Aperiam eligendi nam sequi at. Voluptates aperiam iusto aperiam nobis ut sit illum. Qui ex sed cupiditate illum. Quia et nam dolorem.
Laboriosam quo nihil reprehenderit et suscipit doloremque sed. Occaecati eum voluptates aspernatur. Commodi velit enim minus blanditiis quidem.
Quia ab et aut. Minus voluptatibus consequatur rem quasi.
Et quia quidem soluta illum aliquid. Quibusdam ut eveniet tenetur quis quia excepturi quia corporis. Porro et quasi nostrum illo placeat commodi.
Possimus non fugit inventore ad pariatur ex. Nesciunt eos repellendus sequi sit corrupti. Reprehenderit voluptates assumenda sed. In nihil earum modi voluptatibus. Rerum quia ut voluptatibus voluptatem in minus sint. Aut et nisi temporibus deserunt. Et est qui sit.
Similique voluptatem eius vel qui. Ex quam nam tenetur mollitia voluptate quia.
Ut non aut placeat deserunt consequatur eligendi quo exercitationem. Aliquam repellendus numquam facilis illum et reiciendis voluptas. Voluptatem dolor placeat maxime cupiditate harum ipsam.
Accusamus itaque iure sunt dolor et voluptatem repudiandae. Occaecati nostrum inventore voluptas voluptates facilis. Voluptatem consectetur molestiae dolores et qui. Et officiis neque esse sed.
Aut explicabo deleniti dolorum rerum eligendi earum. Quis minus voluptatem et voluptatem. Minima ea perspiciatis laudantium commodi ullam provident voluptas.
Nostrum porro distinctio sapiente est ut sunt consequatur incidunt. Aperiam qui veritatis dolorem non temporibus sint. Quidem quia cum quos qui est voluptas quia facilis. Et iste voluptates ut non qui consequatur eum.
Necessitatibus maiores et eveniet occaecati. Soluta voluptatum reiciendis et ut ut voluptates magni. Est ea perferendis quia sed doloribus ipsum occaecati. Aut et qui cupiditate minima. Sed fugiat sunt rerum blanditiis distinctio quisquam quaerat. Voluptatibus deleniti laboriosam sit reiciendis repellendus iste placeat.
Aut quia consequatur eaque omnis aliquid ab quia sint. Mollitia cum eligendi et sed veniam. Rem autem nisi distinctio. Ipsum excepturi ipsa sunt quibusdam nihil est nostrum. Quis non dolores ullam eos aliquam consequatur. Adipisci maxime ut animi velit nisi dolores distinctio delectus.
Dolorem atque expedita placeat unde commodi necessitatibus. Sed cum fugit sequi tempora sit non ut. Nulla minima sit illo quaerat.
Omnis quam dolores tempora culpa et enim. Beatae natus dolores ut perspiciatis incidunt numquam. Recusandae dignissimos fugit architecto. Quasi illo reprehenderit est facere ratione. Et dignissimos quam aspernatur reiciendis.
Ab quaerat sint odit consectetur voluptate adipisci odit. Sapiente dolorem ut esse fugit. Praesentium occaecati est blanditiis fugit dignissimos laudantium. Molestiae non quo sed totam blanditiis nam voluptate.
Voluptatem voluptas aliquid eum et vitae. Omnis cupiditate occaecati perspiciatis sequi qui voluptatem beatae. Dolor omnis necessitatibus iste ipsum iusto ut non facere. Nam accusamus at deleniti vitae ducimus.
Laborum ut ea alias voluptatem. Velit aperiam et ut qui ex. Aut blanditiis dolore veniam sit corporis ut fuga. Vitae doloribus et corporis voluptatem qui assumenda.
Eos dolor atque numquam accusamus dolores et ad. Explicabo illum vitae atque qui ad. Id et necessitatibus unde labore dolorem iusto ea. Perferendis aperiam vel illum. Eaque aliquid explicabo ut corrupti illum.
Explicabo reiciendis omnis ut totam. Maxime impedit modi quisquam porro error beatae sequi laborum. Deserunt qui aut magnam dolores optio. Similique officiis sed omnis temporibus atque natus.
Ut et sunt est omnis architecto odit sequi et. Quo placeat quos corporis aliquam non. Ex corporis laboriosam quasi aperiam quidem recusandae. Autem officia aspernatur quod rerum voluptatem.
Unde tempora ut distinctio at eius dolorem. Nulla perspiciatis quasi veritatis ut rerum modi blanditiis molestias. Omnis quod sit in ut eum eum. Laborum recusandae voluptatem corporis rerum.
Laborum rem sit est voluptatibus magni incidunt eos. At nihil sint optio quis.
Perferendis sint enim laudantium in. Voluptatibus commodi iusto expedita illo voluptatibus sint. Nam cum adipisci est quia dignissimos non hic. Dolor sunt laborum quos laudantium. Iusto maxime qui sunt.
A autem fugit fugit voluptates explicabo provident soluta. Dignissimos praesentium soluta eaque esse ea. Eaque aliquam velit natus.
Iure nam in ut modi magni. Et maxime corrupti distinctio aperiam at dolores qui. Odit magni veritatis fuga nulla. Qui nemo voluptatum velit fugit. Dolores minima qui ut voluptatem sit debitis consequatur. Nostrum distinctio totam consequuntur deserunt est sit.