Non-Target to MM, No Banking Internship

Hey guys. I remember that when I was on the job hunt success stories always helped get me pumped up and back on the networking bandwagon.

I was a non-target (zero OCR) with a 3.7 GPA and no IB internship recruiting for FT. I actually didn’t decide I wanted to do IB until February 18th of my junior year—I remember the exact date because two days later, I sent my first cold networking e-mail. My entire recruitment process was built around two things: starting early (for full-time, obviously way behind the curve overall) and consistently making contacts. I wasn’t very creative or original, and I definitely could have been more effective if I was. But here was my general process:

1. Send the cold e-mail. I had four templates: one for alumni, one if they didn’t have a banking internship, one if they came from a non-target, and one if we had nothing in common. The customized templates helped increase response rates.

2. Talk on the phone. I tried to have at least one phone call a day, especially early on. At my peak I was probably on the phone about 3-4 times a day during the week and one or two phone calls each day on the weekend.

3. Follow-up. What will separate you from everyone else is following up. One guy I talked to said that he had 17 cold calls come his way that month, but only one or two would follow up. I was one of the one or two and he turned out to be a very helpful contact at his particular bank.

Other random tips:
Be realistic. I didn’t shoot for BB/EB and I wasn’t going to get them. I held out hope at a couple shops but it wasn’t happening. I wish I kept up with some of the contacts, though, because if I want to lateral it would help to know them.

Let some people go. You don’t connect to everyone, unfortunately. Let them go if it’s not working out.

Start early. Starting immediately is helpful. Why? Because by the time recruitment rolled around I wasn’t actually sending out many cold e-mails. I was simply trying to keep up with following up with the 100+ contacts I had established in the earlier months.

So what we my results? 12 interviews at MM firms, 5 super-days, and I took my first offer. I definitely wasn’t perfect, but I wanted to let people know the cold-calling thing worked for me and I’m nothing special. I’m sure it can work for others too. I didn’t get Goldman TMT or anything, but if you really want to be an investment banker, you can get in with the cold e-mail. Good luck everyone! I know there are a lot of better kids than me out there who can and will break in, and I hope this can help keep them going!