Will family connections to Wall Street help me get a job?

alexjbouvier's picture
Rank: Chimp | banana points 11

I know that I won't be able to get into a top target school that the big wall street companies recruit from, but if I have a cousin and uncle that work for Cantor Fitzgerald and a cousin that works at Morgan Stanley would that help my chances of getting a job?

Comments (42)

Jul 24, 2018

Not really. It opens conversation but that's about it.

Jul 24, 2018

The best thing they might be able to do is get you an interview. After that everything depends on you

Jul 24, 2018

why dont you do the obvious thing and go talk to them, tell them you want to work in finance, and ask for help? based on the fact you are in high school they should be able to give advice about schools, etc

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Jul 24, 2018

What level are they at those firms? Are your cousins analysts? Is your uncle an MD / Group Head?

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Jul 24, 2018

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Jul 25, 2018

Don't give this much information on this site, could come back to bite you in the ass in a few years. Just a friendly heads up.

Jul 24, 2018

Leverage these connections as much as you can. Start by asking if they would be willing to share their experience at their firm and in the industry over a call etc. Then from there make sure you show that you have a legitimate interest in banking and are motivated during your conversation with them. End each call asking if there is anyone else that they would be willing to put you in contact with. In my opinion, this would be a great way to open doors and start your networking.

Jul 24, 2018

Family connections are resourceful, you could get industry insights and advice from them. And they could help you get first-round interviews.

Jul 24, 2018

3 of my summer analysts in the batch are family friends with my MD. It definitely helps.

What concert costs 45 cents? 50 Cent feat. Nickelback.

Jul 24, 2018

Helps a lot. They can get you in touch with other people in the firm or the industry or at the very least get you an interview. Work hard in school and you'll be fine.

Jul 24, 2018

What do you guys think of Bentley University?

Jul 24, 2018

never heard of it so you probably shouldn't go there unless you don't have other options

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Jul 30, 2018

Does fairly well recruiting wise... If you have the grades for Bentley look at Babson or BC or BU which have arguably better finance programs.

Jul 30, 2018

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Jul 31, 2018

Use it as much as you can. Even if you get into a less-known firm you'll have a chance to join them later on. Could be a good thing - you may avoid the crazy hours. Make sure you get a good gpa and you're one of the best in your uni though.. Vouching for someone is easy when they have the credentials anyway.

"We cross our bridges when we come to them and burn them behind us, with nothing to show for our progress except a memory of the smell of smoke, and a presumption that once our eyes watered."

Jul 31, 2018

Connections always help. It's tough to tell the extent, but it depends on who you know and to what capacity. If you know an MD extremely well and are looking for a position within their specific group, then they might be able to help you more vs an alumni from your school who is willing to chat for 15min and then pass on your resume.

Bottom line is to network as much as possible.

Jul 31, 2018

Both helpful replies, thanks.

One quick question. Would it help to have more than one connection within the same firm to pass my resume around, even if it is within different groups, i.e, Asset Management and pwm? Or would each connection just increase my chance at each of the individual positions, with no splash over?

Jul 31, 2018

Both helpful replies, thanks.

One quick question. Would it help to have more than one connection within the same firm to pass my resume around, even if it is within different groups, i.e, Asset Management and pwm? Or would each connection just increase my chance at each of the individual positions, with no splash over?

And what if I have two connections to pass around my resume? Would it help if whoever is in HR sees my that two people handed in my resume?

Sorry if my questions seem stupid.

Jul 31, 2018

As above, depends. Usually I think they just get you the interview, but I think if you're borderline after the interview they can help you through the process - for example they get you the interview, and you completely bomb it - you aren't getting through; if you ace it, you're getting through on your own. If people are iffy about you, maybe they pull you through

Jul 31, 2018

yes. but only if his dad knows people. dude, connections rule the world. think about Dubya's 2.2 from Yale and his subsequent entrance to HBS

From the ghetto...

Jul 31, 2018

If he is your good friend, and his dad is a hedge fund manager, and his dad knows people, YOU have an advantage as well. Connections definitely rule the world.

Jul 31, 2018

well matters on if his dad wants to help him out...or make his own way, I know people who have not passed connections to their kids, until they broke into the industry.

Jul 31, 2018

so it would not be rude to ask his dad for some help? how much pull would he have, like just enough to get me a 1st round interview?

Jul 31, 2018

what more do you want, you'll have to prove yourself in the 1st round...you're lucky to get that.

Jul 31, 2018

Best piece of advice for those wanting to get into banking: "It's not about what you know, but who you know."

Jul 31, 2018

I've seen cases where connections made a huge difference for some people.

Jul 31, 2018

When I was interviewing for summer, a few banks flat out told me that some spots had already been given to students because some MD knew the kids dad, etc.

Jul 31, 2018

connections are key..
especially if your dad is ceo of a hedge fund / corporate..

Jul 31, 2018

Just look at it this way, if you have connections it's alot easier. (Then again, isn't that the sole purpose of connections?)

Jul 31, 2018

these days even some MDs are worried about their job security if they're not bringing in deals. and when they're worried about their own jobs, i don't think they will go out of their way to help others get jobs.

it also depends on the attitude of the certain bank toward connection hires. some banks seek "client hires" while others have a very strict hiring process that you can't just skip over.

Jul 31, 2018

Bud, you have to have connection at partner/MD level.

Jul 31, 2018
artmonkey:

Bud, you have to have connection at partner/MD level.

I dont know why you are assuming he/she is not

Jul 31, 2018

There are tons of reasons, but here are few possibilities:
1) At major banks/elite boutiques Directors/MDs are not as powerful as we tend to think, especially when we are talking about hiring full-time.
2) "He has helped me out in the past with internships." <- That could also be a problem. You "milked" him too much and he got tired of helping you out. Maybe you should've use your "connection" for full-time position, not internships.
3) Maybe you are not good enough? Do you think you are a strong candidate?
4) What he said half a year ago means jack shit now.

P.S.: ^ those ^ are only my guesses

Jul 31, 2018

At some of the harder hit banks, knowing an MD or Group head is not a guarantee for an internship/job. Experienced this first hand this past recruiting season (SA).

Jul 31, 2018

The finance industry has been in shambles the past year or so and there have been an absurd amount of layoffs. I know plenty of guys that have been laid off from BBs and can't find anything decent. And yes, even almighty MD's are looking over their shoulder, and they certainly don't want to push too hard on hiring some nobody with weak experience (no offense).

Jul 31, 2018

Agree with all the above. The hiring situation out there is terrible and almost all FT hires seem to be coming from within the SA pool, so if you are looking for FT you may have a tough time. I know the head of IBD at a BB and he could simply get me an interview. I don't know if anyone really has the power to simply hand over a FT offer in this market.

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Jul 31, 2018
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Jul 31, 2018
Jul 31, 2018