So how EXACTLY do I network?

Right now, I am a first, soon to be second, year analyst at a very middle of the road MM. I want to move on to either a better bank, but everything I've read says that this is contingent on networking. Problem is - I can't network. It just doesn't work. Alumni don't respond, recruiters don't respond, I have no classmates at other banks, and LinkedIn messages, of course, go absolutely nowhere. Here's what I say in my messages:

"[Their Name],

I hope this message finds you well, and please forgive it's out-of-the-blue nature. As an analyst on my second year at [My Bank], I figured that, as someone who has worked at a few shops and wound up at as amazing a place as [Their Bank], you'd be able to shed some light on the process of navigating lateral moves. Let me know if you can take a call at some point in the next few weeks, and I'll be more than happy to make it work on my end - looking forward to it.

Sincerely, [My Name]"

I use similar phrasing for emails to alumni. I have been emailing or messaging two people every night for the last 3 months, and have gotten no (as in, quite literally zero) responses. What am I doing wrong? I feel like I'm losing my mind.

READ ALSO READ ALSO READ ALSO READ ALSO READ ALSO READ ALSO READ ALSO READ ALSO
-I cannot meet people in person: I am about an hour outside a major city, so coffee/lunch is impractical

-I cannot try to use past deals: I have never, in my time here, been made aware of the existence of opposite side bankers, much less ever worked with them. Same goes for counsel, consultants, PE guys, or anyone else.

-I cannot use recruiters: They do not respond to my emails. This includes Michael Page, Selby Jennings, Glocap, Vettery, Pinpoint, and others.

-I cannot use long term relationships: I have none, and given that I am already a first year who started IB later in their career, I cannot afford to wait even longer. I need to leave now. I am going absolutely insane. I feel like I am suffocating.

 

Be more direct, networking is often done in informal situations. Do you consider yourself an outgoing person with a lot of charisma? That is what you will need. And if you don't - then no need to worry. You've identified where you're lacking and can start working on starting informal conversations, during and after work. Preferably with people above your current position. You are probably young, and therefore have very little to lose. Try different tactics when conversing with people - if they find you obnoxious, you will most likely know immediately.

 

I'm in sales and the response rate to our cold emails is 5-10% on a GOOD day. Usually, it's 2-4% or something along those lines.

If I were you get 10 people or so and send something along the lines of:

"Hi XXX,

I was interested in learning more about lateral moves and was wondering if I could ask you a few quick questions via LinkedIn regarding the lateral process in XY field.

Please let me know. If not that is completely ok.

Thank you and have a good day.

XXXX"

You might get 1-2 responses, but that's all you need.

To be completely honest your email sounds a little needy and doesn't give a clear Call to action. Without the CTA the person doesn't know how to help you even if they want to. How would they set up a call?

Too much work, next.

The above might catch someone in a good mood on a lunch break.

 
Best Response

I don't know if WSO sells a networking guide, but the one from BIWS is pretty good. Your email, with all due respect, is terrible. If I was still in IB and got this email, I would delete it because it sounds incredibly wordy and downright awkward. Try something like this:

"Hi Banker Bob,

My name is SCPShell, and I'm a sophomore at Harvard. I found your profile on LinkedIn and was wondering if you you'd have a few minutes this or next week to hop on the phone to give me some more insight into Goldman Sachs and the investment banking industry as a whole. Should only take 15 minutes. Thanks!

Best,

SCPShell"

Obviously replace the school, bank, etc. with the relevant information for the banker who you're emailing.

 

If you goal = establish meaningful relationship > advance your career > do what you like. Stop sucking up to people to pull a fast one: I cold-email/network > talk > job referral > next step. Instead think of something more creative ways.

For example: - I joined a MMA club because I really want to train MMA and get fit. I ended up meeting a lot of buy-side contacts and also potential corporate clients. And having something that you can relate to > allow natural progression in relationship.

  • I joined a non-profit/social/charity organization in my area. I took leadership roles to push for initiatives that can benefit our community. I end up meeting all the important clients/investors because the organization is funded by business leaders in the area. I never have to "force" them to do business with me. The business just comes in by itself.

  • Of course, for both of these organizations, I have been with them for close to 4 years. It takes longer to build quality relationship but the payoff is much greater (compared to trying to pull a fast one).

Hope this help.

 

Hi, how would you network if there isn't a big finance presence in your area? For example, I work at a boutique IB in Newport Beach and although I have a good relationship with people in my jiu-jitsu classes, most of them are lawyers, wealth managers, or IT guys. I really want to move to a bigger tech bank and my network is just not helpful towards that goal. Do you have any tips?

 

To your lawyer friends - do you have friends who have in corporate law that can help me to get an appointment with people from IB and PE? For IB, all the deals will somehow have to work with corporate law firms (i.e. Allen & Overy, Allen Gledhill, Baker & Mckenzie). To your wealth manager friends - do you or does your clients know anyone who invest in alternative investment space (i.e. PE).

The point is someone somewhere will always know (3rd degree connection effect), that you would like to meet. The important thing is to get to know someone so well that they would call up their warm contacts to make sure that a good meeting take place > rather than provide introduction via email (cc-ed you on it).

 

On the wealth management side, "networking" is always this big sales track people want to take (so they can avoid cold calling or doing seminars). Advisors that take that route (go to BNI meetings, join the chamber, and do other "forced" networking) always end up cold calling or failing out.

Networking is a lifelong process, whether it's sales, climbing the corporate ladder, politics, whatever. You can't go on a "networking mission" and expect results. It's about refining your character, getting yourself out there, being genuine around people, etc. Make building a network a part of your life. The connections will come, the doors will open.

 

Well, to address a few of the points made, I can't really meet up with them very easily. I live/work near a major city(SanFran), but it's about an hour away from work, so meeting up for lunch is rather difficult for me.

As for needy, I suppose I am. Although this is my first banking job, it's my second job out of school - so I feel a LOT of pressure to pick up the pace if I don't want to stay in banking forever. It's not that I lack creative ways either; I try to volunteer when I can, and have signed up for the alumni club out here, but those avenues take time. I realize that "taking time" is essentially the core of a good relationship to begin with and indeed not a detriment at all, but at the same time, I feel like I don't have the luxury of time whatsoever.

That said, I appreciate the advice, especially the parts pertaining to exact wording examples, which is something I know I struggle with.

 

Your email comes off as the only thing you want is a job. Rewrite it as though you're reaching out purely to learn about what they do, their career path, etc. You sound selfish, and honestly I wouldn't respond to that either.

There are two types of mentors:

  1. Those who do it to hear themselves talk about their own accomplishments
  2. Those who do it truly to help out

In both cases you need to sell yourself as wanting to be there 'for them' in a way; you're a humble knowledge-seeker. If you establish a connection, you can then pivot it back towards yourself and ask about jobs and what they can do FOR YOU.

Turn the angle around a bit and I guarantee you'll have more success.

 

Something I've always struggled with has been to make it seem like I want to talk about more than a job. I have always assumed that any networking at all is always seen as someone just wanting a job, and have been told also that trying too hard to glaze over that fact is insulting in that it implies the recipient could be fooled by mere wordsmithing. Similarly, I have always worried that I will forever be unable to provide anyone with something "for them" - I am always approaching from a position of being at a worse place, and almost always in a junior position. Lack of foresight, I'm sure, but I just don't see any situation, ever, when I could possibly have anything to offer anyone.

What's more, I usually know the kind of things they'd be willing to share beforehand - where they worked, how the places hire, what the process is, what the team focus is, because I've spent a lot of time researching them and the firm before I reach out at all. I might not know some the more idiosyncratic reasons for moving or staying, perhaps, but those are also the kind of things where it feels like prying to ask. The reason I don't phrase it as if I'm searching for insight on things I already know (the process, where they were, the benefits of the firm, etc) is because I don't want to make it seem like I hadn't done my homework.

 

Maybe it is because of the junior banker or "breaking in" mentality that many on this website have but I think the term "networking" is thrown around really loosely here. Cold calling or emailing is very rarely going to yield any meaningful addition to your "network". You are an analyst at an investment bank. Presumably you work on M&A deals. On every deal you work, there is a client, multiple prospective buyers, sellside lawyers/accountants, buyside lawyers/accountants, etc. These are people you will be working in the trenches with for months at a time. This is the low hanging fruit of your network. Remember that associate for the buyer on that deal you did six months ago? Give him a call to see how he's doing and how the deal is working out. The associate at the counsel for your client three months ago? Email him to see how dealflow looks and suggest getting coffee. Stop thinking about it as a transaction where an email yields a meeting which yields a job and start thinking about building real connections with people.

 

This sounds good, but the fact is that my bank just doesn't make those kind of connections. I have worked on 5 deals while I've been here, and have known of the existence(been aware of, not met) of a grand total of 3 people, at all, who aren't our direct clients we are selling. I have NEVER met anyone from a buyside bank, I have NEVER met any counsel of any kind; those 3 are people on the buyside of a single buyside deal I did and were corp dev there (and I've only met them via email, never in person).

I cannot go into a city for coffee. I cannot get lunch with anyone.

I cannot try to reach out to people I've not only never met, but am uncertain if they exist at all. I mean, presumably the corp dev teams exist, but I don't know if opposing banks do on all of these deals.

You don't understand just how bad of a bank I am at. My bank is not even remotely close to that connected, and they actively seem to discourage analysts from meeting anyone. Cold emails are all I have. Believe me, I have tried every avenue.

 

Tell them that you got a job and that you're very grateful for their input so far. You are now their peer, so keep the network intact in case shit hits the fan. You can't have too many friends.

Get busy living
 

When you apply and the committee of people reviewing resumes comes to your name, and the HR rep asks, "Does anybody know this guy?" and right before that somebody at the table said they did know that guy, the person that has the connection is more likely to get an interview. I have seen this first hand. Also, the more people in your network, and the more people you have sitting at that table, and the more people willing to stick their neck out for you because they like you says a lot about how committed YOU are to going to that firm. If they know you are also talking to other banks, and have been talking to lots of people at other banks, and you make it seem like its competitive, they are more likely to want you so that you don't get picked off by the other bank.

Your network matters - it is not a hard concept.

 

Your letter sounds incredibly desperate. Kind of like a fish in a desert.

Just ask to go to lunch. Nobody likes the whole, "OH HEY I KNOW THIS LETTER IS COMING OUT OF NOWHERE BUT...," kind of stuff. Do it on the weekends.

Finding another job, especially a better job, while working is like a second job. You have to be ready at almost anytime.

Good luck!

I'm not a real banker though...
 

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