Finding Associate X

Having entered the working world in corporate finance with the plan to try to move IBD, I've spent a lot of time talking to and doing some initial networking. I graduated from a target school and was in a fraternity where a lot of close friends went to work at BB's and elite boutiques.

I've found these connections have been infinitely more valuable in learning about the process because they are 100% (really more like 120%) honest with you about what happens behind the scenes compared to random people you network with (and need to be professional with). Thus I thought I'd share some insight.

At almost every bank it seems there is an Associate X (or sometimes VP too) who is THE guy to know. Your chances of finding him off the bat with a linkedin search are slim. A critical thing i've learned is that it is a great idea to start with analysts. Directors and MD's have a lot on their plate and often times barely know (or don't even know) who the analysts are in the group unless they've been on deals together. They are further removed from the recruitment process then you'd think until the later stages.

I would say most every target school has a head recruiter (associate X) and he is in charge of the process for that school and for pushing laterals through. He/She often leads the selection process and generally wields the most influence in deciding who gets through to the next round. I would say the best way to find this person is to talk to analysts/associates because they are the ones who can get your resume directly to the guy who is in charge. It's risky relying on just a few random people because they may not be at the selection meeting or they may not be as pushy as you'd like.

I'll give an example of the way one of these selection meetings went at a BB:
-Associate X gathers all the analysts, most associates, and a few VPs who are alumni at the target school. 100+ people have applied for 10 spots. 3 spots have already been claimed by referred candidates (1 had business connections, 2 were passed through by very senior MD's and were likely family friends).
-The list was wound down by GPA and 3.5 and below were almost instantly cut without regards to experience unless 1) exceptional experience (name brand internships) 2) person was backed by someone in the room
-Almost all (and I literally mean 90%+, even 4.0's+) were tossed without much regard if no one in the room knew them
-After about 20 remained the cuts got even more intense/ridiculous. A guy who put Lebron James in his interests was cut because someone disliked the heat. A girl with a perfect 4.0 GPA was cut because her font was weirdly centered at the top. Someone with some obscure literature interest was put through because two people were intrigued by the author.
-Associate X generally has a lot of power to push his guys through since the performance of this group is heavily on him. In this case he basically single handedly pushed 2-3 of his guys through out of the 7 spots because he vouched for them.

I realize this post is getting long. But that is some incite into how interviews are actually granted. I don't know if this happens at every bank but I've heard from at least 3 different bankers at separate BB's that it's similar. The point is you have to know people and you have to know the right people. Having people who will talk candidly with you about the process is incredibly valuable and will be the ones who are more likely to stick their neck out for you.