How much connections matter?
Hey everyone just wanted some opinion, how much do you guys think connections matter in getting an interview or job with an IB? like an Analyst position, say a MD or a VP of one division recommends you and you get the interview, you have decent grades, non target school with no direct IB internships do you think people who come with recommendations bypass interview rounds or the interviewer is little easy on them? IB is already a very hard sector to break into and i know they recruit the best of the best..but i just wanted to hear out any stories or experiences that any of you have about people breaking into IB with an average profile and connections.
Connections are extremely helpful for getting your foot in the door, but even if Lloyd Blankfein is your uncle, you aren't going to be able to "bypass" interview rounds.
As far as how far your connections will take you, that depends on the size of the bank, the seniority of the connection, and how willing they are to go to bat for you.
Agree, although if Blankie is your uncle they would surely cut you a little slack on the interview. That means if you are a total dipsack they'll ding you but if you do alright they'll probably at least try to place you in a decent group...
Seen this happen at a few places (the candidates were actually legit though).
If it's at Harris Williams, I hear they go to bat for you.
If your out of school or from a non target the chances of getting anywhere without connections are essentially 0 because even with connections it is extremely difficult to obtain an interview never mind an offer. So network, network, network.
For getting into IB:
Connections > Act of God > Everything Else
I would have no relevant work experience if it wasn't for my connections. Not only are they independently useful, but depending on your relationship with them, they can also recommend people in their own personal network and that is huge.
Sorry, but nobody is going to ding Blankfein's nephew anytime soon, I don't care who it is. Now if it's a kid of some random MD at RBC, yeah, he'd still have to be semi competent after getting his foot in the door, maybe not even though - depends.
No one would ding him, but they would still make him jump through all the hoops - drop resume, first round, superday. He would still have to show up at the superday and prove he knew how to tie a tie and could avoid groping secretaries for at least a few hours. They're not just going to give him a full time offer without seeing his face no matter who he is.
The previous post by Genghis concerning Henry's daughter should probably fix your thoughts on this issue. Nobody's making anybody that big jump through any "hoops." I've even seen the kids of your average everyday MD's get their dicks sucked all the way to the top, simply "met" with the team, never interviewed before getting a job. They're probably even encouraged to grope secretaries.
related work experience
Uncle Lloyd Blankfein
If your uncle is a group head, country head or lloyd you can get in no matter what. Have seen it happen and it will happen again. Is it fair, probably not, can you do something about it, probably not. Would you use such connections if you had them, I think so.
My friend's dad was the former CEO of a second tier BB. His dad has told him that he can get him a job at the BB or others, but he insists on earning a position by his own merit. He doesnt want to be known as the guy that got a free ride which is actually pretty respectable. Fortunately, he is a great candidate regardless of connections.
This story does not represent the commonality however. Connections are indispensable when breaking into WallStreet. I will be the first to admit that if Linkedin had not been invented, I may not have had 90 percent of my interviews - technology has definitely helped non targets.
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This I'd an extreme case obviously, but an Interesting illustration nonetheless:
Usually we have an admin, or sometimes an analyst,babysit each candidate on Superdays to make sure they stay on schedule and find the right offices. When Henry's daughter interviewed at Morgan Stanley, her escort was the MD who covered KKR. What does that yell you?
.....wow.
What year was that? Were you born yet?
Heh nothing like iPad spellcheck to mess up a post.
Thats some interesting feedback, I am sure no matter how well connected anybody is they still have to go through interview rounds. But I guess they are pretty confident that they will land the position.
Just remember that in IBD, you'll be working for someone every day for pretty much 12 to 23 hours a day (leaving out the hour so you can go home and shower). Not only do you have to have the skills, but they have to like working with you. Connections play a huge part into this. But don't worry if you don't have as many connections as you'd like (who does?), just put your best foot forward, and sometimes you can make a connection right there.
Question for the crowd: would you really want everything handed to you like Henry Kravis was your father? Or would you rather make it entirely on your own?
probably somewhere in between. i do like the feeling of building things on my own, but jesus christ can it be frustrating. having a backdoor entry to some interviews would be very, very nice.
Yes I want everything, not even a question. I'm not in it for some greater intellectual stimulation, I just want the goods.
Fair enough. I feel like I would have a much diminished sense of what my true ability is, and what I am capable of, if everything was given to me like some Saudi prince. Making connections through your alumni network is part of your own hustle...when daddy just has to make a phone call that is entirely different. For example, I am glad I met and married my wife when I had no money and no acceptances to business school, because now I know she isn't just a gold-digger or wanna-be trophy wife, though she is hot, ; )
1) Banking is about getting paid, not proving anything.
2) Connections are the most important thing in the world. If your dad is Henry Kravis you don't need a college degree. You are set.
Internships>>>Interviews>>>Jobs
If your hooked up you can intern in high school. Once you are a freshman you will already have a legit resume. You will get the best internships going forward. Internships lead to FT offers. Real simple.
Non target kids struggle the most not because of their school name, but because of their lack of internships.
You could go to University of Phoenix online and get into Goldman if you had KKR, BX, GS, MS on your resume as an intern. People discount interning and over weight school brand way too much.
If your dad is Henry Kravis you don't need to get paid, you're already rich. I was speaking more generally about life and professional accomplishment.
Agree with Ant, banking is about making money not about "accomplishing" anything. There are more important things in life than banking. I have passions and goals I'd like to pursue in my private life. My professional life is simply a means, not an end. I couldn't care less how or why I become successful, I just want the benefits of success.
Connections can be critical. And sometimes you can certainly skip interview rounds... sometimes you can skip the whole fucking thing. You're just hired.
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