Is it impossible to land IB jobs without networking?
I'm currently a sophomore at a borderline semi-target/non-target school. I have good grades (3.9+) and lots of finance-extracurriculars (investment club analyst, VC internship after freshmen summer, CFO of a student-run startup from my school) but the one thing I lack is networking/connections. It is mostly due to the fact that I wasn't deadset on IB until recently so didn't realize how much I have to network. Additionally, I'm also a first-generation student so my family has 0 connections in the industry.
I was curious to know whether it's impossible to get into IB without networking. Obviously, I'm starting to network now and I sat down on a call with 2 analysts so far, but the relationship hasn't gone far enough to the point where they would push my resume or anything. One of the analysts I spoke to actually told me that nowadays referrals are starting to be valued less and less as systems such as HireVue and online tests makes it a lot more of an equal playing-ground for students without connections. I wanted to know what your opinion/experience was with this?
no
Networking really helps you differentiate yourself from other students as it shows your interest in the firm and it gives you some relevant info you can talk about during your interviews. I know many people (including myself) who would even say they talked to so and so in my answer to why Bank A.
At the same time, if you have a really good resume, you will get interviews at some banks for sure just based on the resume. If you interview well and have good answers, you can definitely also get an offer. I've seen many cases where people network extensively at some places and don't get any interviews but end up getting offers from places they just dropped their resumes in. I've also seen the opposite. Ideally, you should continue trying to network and focus on a few firms that you really want to be at so you can increase your chances of getting at least a first round interview. Also, who knows, what if you talk to a few people at a certain bank or group and realize you wouldn't fit in well? Then, you just saved yourself the hassle of even applying or even going through the first round interview or even potentially getting the offer and having to turn them down.
Ultimately, networking will only help you (unless you're just terrible on the phone and really don't connect with people, in which case you wouldn't even get the first round interview or advance past it).
Jesus dude just network
Just read the rest of your post, sorry for this comment OP. Let me add, you have a good point. Networking still plays a role. For example banks that rely on hirevue do a resume screen to even get to the hirevue (I.e. GS, JP). Networking is valuable because it can get you through to the first round. Beyond that, I’m not really sure. Of course it varies bank to bank. Other banks still rely immensely on referrals (MS, CS)
Well if you haven't got a IB internship yet, you're probably going to have to luck out. I'm pretty sure even regional boutiques are mostly done hiring for this summer (At least the States I've seen).
I mean you could still shoot for a career in AM and then lateral over after two years and network with people. Or start out in VC since you have experience in it.
Basically, yes.
I got 2 offers without networking
Well I got 10 without networking.
Just saying it is possible. There is always some level of luck involved, but you do not need to have connections to get offers. It always helps to network, but it isn't the end of the world.
Username checks out again.
Through my experience I would say that if they have a video interview (Hirevue) then networking is not required. If you're just applying without them ever seeing how you talk and act then it's nearly impossible.
What is impossible is getting into IB while making excuses. Seriously though, I am from a nontarget in the Midwest and found incredible success just emailing other non targets in NYC banks. Landed interviews and offers at numerous banks.
A bit late to the party, but did you have any prior "warm leads", i.e. existing family connections?
The only thing that can cover up lack of networking is linkedin.
Which is networking.
networking doesn't really hold any sway at jpm. point in case: me. however it definitely helps once you're in an interview to be able to call on your convos with x person or y person to answer the "why banking" and "why this firm or this group" questions.
I would assume not. I'm in the process at 6 places rn and only networked at one; however, my school is a target/semi for 4 out of those 6, and I do not think I am moving forward in the 2 that we're a non target for. Of those two, I think 1 was because I didn't do well in the interview and the other was probably because I didn't network.
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