Both. You apply through the proper channels, but you network like crazy to make sure your application gets picked up. I can't tell you how many times I see 1000 applicants, all good, and then get an email "hey, we have to give the internship go this person, cuz they know this person." The person still has to be good amongst the 1000 applicants, but all else being generally equal, they get pushed forward from the networking.

 

Hey, I would agree that you shouldn't ask directly for an interview or offer, it comes off as desperate or needy. If they like you, they will push you through. I would only go as far as say, "hey I dropped my resume and applied online, just wanted to let you know". As long as the conversation went well and you have a good connection with them. Also, I made a couple of videos on YouTube outlining some tips for networking in IB as well as how to break into the industry. Might be worth your time giving it a watch. 

1. Learn These 7 Rules to Break into Investment Banking | Non-Target Perspective

2. How to Get Into Investment Banking

 

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