Coffee Chats (PLS HELP)
Hello WSO,
I just finished my first year of university at a target Canadian University. I am curious what are some of the best questions you have gotten at a coffee chat? How should I end a coffee chat? How do I ask for a business card? How do I know if the person I am coffee chatting is going to help me in the recruiting process? What do MD’s do in the recruiting process to help students get the job? What is the best way to show your interest in there bank/fund/etc when coffee chatting? After the coffee chat I should send them a thank you note, but should I inform them of all the steps when I am recruiting with there firm Ex. " Hello X, I have just secured an interview with X..... Hello X I just talked to X at an OCR " ?
Any tips on how to have an effective coffee chat are greatly appreciated.
Rising sophomore as well. End the coffee chat by saying thanking them. They will tell you if they're willing to help (only if they like you), some MDs aren't affiliated in recruiting but their opinions matter a lot if they refer you. Best way to show interest is by doing the research, asking good questions, and also mentioning how you spoke with others previously. Definitely send them a thank you note and let them know later on when you apply, get the interview, and offer
This is a lot. First, I understand where you're coming from. You just completed your first year/rising sophomore (most pretensious bs ever...) and you're feelling the pressures of the real world creeping in. Good news! You're doing the right thing by starting to think about networking. I'll do my best to break down your questions and answer them as honestly as possible.
Your Advantage
In your position, no one is expecting much from you. Even though I cringe when reading your wall of neurotic questions - I can remember how I was in your shoes and it's immediately forgivable. When you talk with employees of a bank/firm/fund that you're trying to network into, no one is expecting to sit across from some polished charisma bomb. This should relieve some of the pressure you feel.
Etiquitte
If it's coffee or lunch, they will (99x out of 100) pay. It's ok, they make a ton more than you at this point. Make sure to say thank you though.
Even though it'll be a pain in your ass as well, be as flexible as possible when working around their schedule.
When the meeting comes to an end, thank them for their time. My favorite phrase for this type of situation is "I appreciate that you are generous with your time." If you'd like their business card, just ask if they have one. Ask if it's ok to stay in touch/follow up.
The Big Idea
The idea behind coffee chats and informational interviews is not try and score the job offer at the table. The best advice I have here is to temper your expectations. The associate/vp/md/whoever you got a meeting with may or may not be able to directly help you. They could be the hiring managers best friend or be leaving the company in a week and not give a shit. Just try and relax and get to know more about them... dare I say it... try to be friends with them. In my experience, I don't go out of my way to respond back to people who are obviously meeting with me so I can help them 1up their career, but I'll bend over backwards for people who I like.
To show interest in their bank/fund/firm - ask questions about it. Ask about deal flow, an article you saw about them recently, training oppurtinities, etc.
After
Someone is going to shit on this idea, but whenever I meet a prospect or sit down with an internal exec, I'll follow up with a handwritten thank you note. For these, just keep it simple. Say thanks and bring up something from the conversation - 3 or 4 sentences. A handwritten note leaves a greater impact than an email.
If you have an interview or whatever, I found that a good way to tell them about it without come off as bragging or bluntly asking to put in a good word is to ask for their advice.
Ex: "Hey John - I just got word that I have an interview at XYZ firm next week for a summer analyst position. I've read up about how the FASB Topic 842 change is impacting balance sheets but could use your expertise understanding it a bit more. Do you have time this week for a quick phone call? Thanks, Bob"
You get the idea - short and simple.
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