Networking: How many emails did you guys send out to land an interview if non-target?

Current prospective midwestern SA who's sent out nearly 1100 emails out with a very small yield on referrals (Just 2). Was wondering how people increase their response rates to cold emails and how people conducted a call to get an non-alumni to refer you for a first-round. Seems like you would have to come across as a really spectacular candidate to get someone to refer you over someone from their perspective alma matter.

Comments (32)

  • Intern in Other
May 24, 2020 - 1:46pm

People will not respond to an email If it looks like they've been mass messaged (which I assume you're doing if you've sent out 1100). Personalize it. Let them know how you found their contact info and why you are interested in them/their bank/their field.

Also, even if they aren't an alumnus, there should still be some basis for a connection: same hometown, same home state, similar college clubs, same college frat, prior work experience similarities, etc. No one will talk to a complete rando

You'll never have a fantastic response rate for non-alumni. But, it should certainly be over 5%.

May 24, 2020 - 2:19pm

Appreciate it. I've always been told shorter is better so I've been keeping it about 3 sentences max which doesn't leave much room to personalize. Would you reccommend using longer emails to customize person by person.

And when getting on the information calls I've had trouble getting people to refer. They always seemed to enjoy the conversation and said they would help moving forward but how would I get someone to refer me over a student from their school from just asking them questions?

Jun 9, 2020 - 10:15am

That's why it's important to prioritize your networking on people that you have something in common with. If you find out something that you both have in common and have a good conversation about it, they will be much more likely to refer you than if you just ask the same finance questions that they hear every time.

Also, while the majority of your emails at first should be cold emails, your response rate over time should improve drastically because of referrals. One of your goals from every call should be a referral to another Analyst/Associate/etc.

As far as how many emails I sent out, I'm not exactly sure. I am also from a non-target and i ended up speaking with over 100 people in the 4-5 months that I was seriously networking before landing my offer.

Array
  • 2
  • Analyst 2 in IB-M&A
May 24, 2020 - 2:26pm

By midwest, do you mean Wisconsin or South Dakota State? If more like the former, you are definitely doing something wrong. If more like the latter, you are probably still doing something wrong but could also just have the worst luck in the world.

Most Helpful
  • Intern in IB - Gen
May 24, 2020 - 2:30pm

~2200 emails -> ~400 calls -> ~15 interview -> offer @ LAZ/Moelis NY

Non target midwest

May 24, 2020 - 4:02pm

Did you email every office of every bank or what? How did you pull this off and have the time to write so many???

Will update my computer soon and leave Incognito so I will disappear forever. How did I achieve Neanderthal by trolling? Some people are after me so need to close account for safety.
  • Intern in IB - Gen
May 24, 2020 - 4:47pm

Emailed PE and IB and ER and did for basically all offices. My school is extreme non core so I knew I had to do this much

May 25, 2020 - 9:02pm

Non-target here with BB internship this summer. Networking rn before FT recruiting begins. For the past 1-2 months I've been sending out 10-20 cold emails per week and letting them know I found them on LinkedIn + would like a brief phone chat etc. So far got a 10-15% overall response at BBs/EBs surprisingly (probably cause of WFH) and it's going well.

Just make sure the email's concise and attach your resume if it includes at least 1 internship and it's potentially worth their time + interesting enough to look at.

  • Intern in IB-M&A
May 26, 2020 - 6:48am

How is your networking going for FT recruiting now? I'm in a similar boat at a BB but want to lateral, but I was planning to wait to network until the pandemic cools down and my SA starts. Have you found people are generally receptive now?

May 26, 2020 - 12:58pm

Can't give too much insight on lateraling within the same bank as I've only been networking for the same groups within other banks. Key factor for me was indicating 1) I wanted advice tailored to the specific work experiences they had and 2) what they'd look for in a candidate when selecting out of their intern class. I think it's vague enough where I won't get in trouble if they circle back to anyone in my bank because I didn't indicate anything about full time recruiting, just seeking advice. I also mention I'll circle back during or towards the end of the internship to continue the "selling myself" process of it so that they'll bring me in their team if a spot is open. I've had some pretty good feedback/responses, like I said probably cause they're WFH and tend to be younger (more time on their hands, no children stressing them out etc).

If you want to lateral into another group at your bank, I'd wait until during the internship so that you don't indicate you're not fully committed to being a star intern this summer because you're already searching for the next big thing. That way you can then later on pitch to them in the middle of the summer internship that the lateral group might be a better fit etc because you've at least had some experience of your current group at that point. For now, get your potential cold email/LinkedIn networking contact list ready and send em out later.

Jun 9, 2020 - 11:00am

Laboriosam sed modi eius a earum iusto aliquam. Modi nulla quasi nostrum et sint. Voluptatem rerum natus rerum similique. Rem eligendi est molestiae ea itaque.

Start Discussion

Total Avg Compensation

January 2022 Investment Banking

  • Director/MD (5) $604
  • Vice President (20) $379
  • Associates (143) $238
  • 2nd Year Analyst (84) $153
  • 3rd+ Year Analyst (15) $150
  • 1st Year Analyst (295) $142
  • Intern/Summer Associate (63) $143
  • Intern/Summer Analyst (225) $90