Im a junior at a target and have established a solid contact list at IBs (luckily most of my contacts are at banks still alive). with internship recruiting just around the corner, i feel like this would be the time to step up my networking (i.e. make new contacts, keep in touch with old ones).
however, ive decided to hold off on it for now because of the state of the markets. after all, i doubt a VP/associate/analyst at a BB really cares to talk to a junior in college right now when he's worried about keeping his own job.
is it a good idea to hold off until a few weeks before internship recruitment, or should i continue my networking efforts in full force? i know how crucial networking is to landing an IB gig especially in these times, so i feel like im treading a fine line here. please let me know what your thoughts are.
thanks in advance
Continue on. Do yourself a favor: be very, very understanding, without being sympathetic. Don't send them e-mails laced with news they already know and apologies they've already heard: tell them you're still driven to get into banking even in this environment, and that whenever they have just a moment to spare, it would mean alot to you. That you want to do everything you can to land an internship.
Of course, it goes without being said that you should be looking up alumni at boutiques and MM firms too, right now. BBs may not be a good idea.
thinking that it would be better to call this week after the bailout passed. However, after today's ridiculousness, I'm not sure what to do. I'm probably going to reach out to people tomorrow and note that I realize there is a lot of uncertainty in the market, but I really want this, blah blah blah. Who knows though, I probably wouldn't be interested in talking to students right now if I were them.
Exactly my sentiments Bowser. In fact, I pretty much stopped once Lehman happened, waiting for some stability.
How about for Asia Pacific? I've it hasn't been affected as much, but of course, I guess it's bad everywhere?
absolutely under no circumstance should you be contacting anyone on wall street if you are trying to get a job. (at least since Lehman failed)
I am a second year at GS/MS. I have networked my way into my current job and will be starting at a top PE megafund after my current stint, again thanks almost entirely to contacting fellow alumni. my greatest asset has always been my networking skills.
you all need to understand that the street is hurting. these times are very, very bad. people's entire lives are crumbling before their eyes. if not theirs then all of their friends and most likely their own in the near future. the sentiment here is terrible. everyone came in expecting vast riches and we worked as hard as we could for what has turned out to be absolutely nothing. people have wasted the best years of their life working 120 mindless hours/week for absolutely nothing. just think about that for a few minutes.
now, most important to understand: everyone has become BITTER and are now more than ever are concerned with looking out for themselves.
contacting someone at a firm about career questions/prospects, of all things, is absolutely absurd (seriously, just think about the situation) and WILL get you 'blacklisted'. I have seen it happen already.
ok now you are thinking well shit then what do I do now? well what you do now is focus on making new contacts with people at top boutiques (this is KEY). the contacts you have at any BB bank are currently useless. unfortunate but true. You should NOT be forwarding your resume to your contacts (unless they are closely related family) during recruiting season. people will just get pissed and write you off as a tool. however, you can, and should, name drop the people you have spoken to if you get screened for a campus interview.
so in sum: people are not going to go to bat for some random kid they have spoken with a handful of times. people WILL get pissed that some random kid would ask for help as their own lives are falling apart. distressed times call for a different course of action when getting a job. contact boutiques and name drop in interviews. under no circumstance should you even forward your resume unless close family.
hope that helps
great site BTW, wish I had this info when I was in your shoes.
good luck.
I almost lol'ed @ alphaholic's response.... shows how dangerous it can be taking advice from a prospective who has no idea what he's talking about....
btw chimpy, last I heard, Asia-Pac is also laying off people... even at the stronger firms.
What about VP's/directors in general? Are their jobs at stake as well or is it mostly for the junior people like the analysts who are getting laid off? I have a few connections to senior management at BB's..
From what I know, last round of cuts was pretty even across the board (15% director, 30%VP, 15% Associate, 15% senior analyst, 30% analyst - I know doesn't add up to 100%, but it's rough)... another round of cuts is pending.
b2, where are your sources coming from, or are those your own estimates?
From 2 firms of which I know the exact number of layoffs and breakdown - so, no, not an estimate, but it's a rounded number to help preserve anonymity. The figures are pretty accurate, but, again, based only on 2 data points (both, however, are relatively strong firms).
I'm suprised so many VP's/directors are getting cut though...
So when will networking/connections be a viable option again, if ever? :[
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