Informational Interview

What is an Informational Interview?

Informational interviews are the conversations between prospective applicants for employment at a firm (whether they be students looking for internships or graduates looking for employment opportunities) and individuals currently working there. 

Starting out the recruitment process for any competitive role in finance, you will be presented with the most important yet daunting task that acts as the gateway to interviews and, ultimately, an offer: gaining insider perspectives on the firm via informational interviews. 

These conversations, often with people you don’t know or have limited relations with, can lead to nervousness and a feeling of unpreparedness. 

However, this article will cover the best tips and tricks one has at their disposal to employ when engaging in these informational interviews, maximizing your chance at connecting with a finance professional and receiving a referral. 

How can you arrange an informational interview?

Before one can succeed in an informational interview, one must secure the preliminary step of scheduling an informational interview. The easiest way to find out members of your professional or social circles who work in the finance role you desire is through LinkedIn.

After finding your desired financial company on LinkedIn, use the 'People' tab and apply filters such as educational institutions, professional organizations, or groups you belong to (e.g., alumni network, clubs).

After doing so, reach out via LinkedIn or other professional channels to request their email or use company directories if accessible. Send them a brief introductory email asking for times on their schedule that would work for a quick chat. A template made by WSO that can be used is…

Dear Mr/Mrs. X,

Hi, my name is [Name], and I am a student at [College Name] majoring in [Major Name]. I found your contact information through the alumni database. I am highly interested in the investment banking industry, specifically the mergers and acquisitions field.

I understand you are busy and may not have the time, but I would really appreciate it if you could be open to a brief informational interview over the phone or in person next week.

I am eager to learn more about your undergraduate experiences at [University Name] University and about your role at [Bank Name] bank. Are there any days in the upcoming weeks that would work best for you to connect?

Best regards,

[Name]

After sending the individual an email, schedule a time to call them (either confirm that you will call them at their phone number or include your phone number in your email signature so that they can reach you).

Before the informational interview

After scheduling the call, it is important to do some research on both the individual you will be calling and the firm that they work for. Some key information that you must know before going into the call includes:

1. What firm and location do they work at?
2. What role are they in (Analyst, Associate, VP, Managing Director, etc.)?
3. What are the traditional responsibilities of individuals in their role?
4. Does their group focus on a particular industry (Technology, Industrials, Consumer / Retail) or a particular product (Equity Capital Markets, Mergers & Acquisitions, Audit, etc.)?
5. What university did they go to, and what were the involvements that pushed them into a career in finance?
6. Are there any ways their firm differs from the majority of their competitors?

Knowing this information helps you seem informed about the role you are seeking information about, allowing you to make an immediate impression as well as be prepared. 

Preparing Questions to Ask

In addition to this information, you should also have a list of important, thought-provoking questions to ask the person you are calling in order to have a knowledgeable discussion about the firm and role you are curious about, allowing you to figure out if you are further interested in pursuing it as a career.  

Most of your questions should be those that help you learn more about the firm and the individual’s duties while also showing that you have done your homework and are prepared to enter the professional world. Some common questions to prepare beforehand could be:

1. Could you speak to your decision on why you wanted to start your career in [the role/industry they are currently in]?
2. Why did you initially decide to join [firm], and what has kept you working there instead of going to another firm or different industry altogether?
3. Is there anything unique to [the firm they currently work at] that you benefit from or enjoy on a day-to-day basis?
4. How has your experience matched your expectations in terms of learning opportunities and responsibility?
5. What is the level of interactivity between different groups or offices at your firm?
6. Do you find yourself having the same role and responsibility for the deals you complete, or does it differ from each and every deal you work on?

Preparing a TMAY

In addition to having questions prepared, it is also important to prepare a short tell me about yourself. 

Many individuals want to get a feeling of who you are prior to talking to you, so they will ask you for a TMAY at the beginning of your call, the answer to which should be brief, concise, and cover all major points of your resume. An example of TMAY can be:

“My name is Rachel Harding, and I'm a freshman finance major at Penn State University. I am originally from Allentown, PA. I originally became interested in finance in high school when my father taught me about his own personal investing. 

Something about it really sparked my interest and led me to want to pursue finance in college, which eventually led me to Penn State University as I was attracted to the honors program as well as the business school with its strong finance program known for the Nittany Lion Fund and Wall Street programs. 

When I got to Penn State, I got involved right away in the investment society and eventually interviewed for and was accepted into the Nittany Lion Fund, which is Penn State's student-run investment fund managing over $x million fund.

Through that experience, I connected with alumni who facilitated my visit to the trading floor of Morgan Stanley. After that experience, I knew that I wanted to pursue a career in sales in trading due to the dynamic and exciting nature of the trading floor and my interest in the markets.”

During the informational interview

With most calls occurring between loosely related individuals (common university, club, interest, etc.) with little prior contact, it is important to be as personable as possible in the early stages of the call to break the ice. The most common tips to achieve this are: 

Beginning of the Call

At the beginning of the call, when the person you are calling asks, “How is it going?”, never reply with 1-word answers that don’t allow them to learn about you. 

Remember that as important as starting off the call on a high note, it is equally, if not more important, to appear as personable as possible and give the person you are calling the opportunity to learn more about you outside of your LinkedIn profile. 

Maybe give them a glimpse into how your day is going by talking about relatable events like the Olympics or activities that could spark further discussion about who you are outside the classroom, i.e., cooking/baking. 

Mutual Experiences / Interests

Try to strengthen the connections you share by focusing on mutual experiences or interests. There are many possible connections that you can discuss with your interviewer that would allow you to break the ice and relate to them on a more personal level. 

For example, if you went to the same university, ask about professors or interests to see if there's common ground to discuss.

Doing so makes you more memorable in their heads and helps you stand out from the dozens of your peers who are sure to contact them requesting an informational interview. 

Instead of being remembered as “the freshman who went to my school,” you can come off as “the freshmen who had [common Professor X] in [common club X]

Conversation Mannerisms

Treat the conversation just as you would a social one. Outside of the personable aspects of the informational interview, it is important to remember that the individual you are calling is a person just as you are. 

Just as you would notice if someone were following a script in a conversation with you, they recognize that you are following scripted questions to provoke conversion almost immediately. 

Rather than having a rigid plan to move from one question to the next, it is important to let the conversation flow naturally.

Doing so allows you to form a more natural connection with the individual, helping you stand out from most of your peers who follow a defined list of pre-written questions, thinking that displaying preparedness helps with connection.

Professional Behavior 

Many students seek to demonstrate their interest or preparedness for the role when it comes time for an informational interview and will seek to dominate the discussion or show off their knowledge of the financial field and relevant trends and concepts. 

It is important to remember that doing this does not impress the person you are speaking with but rather makes you come off as a show-off and not personable.

In Finance, where people skills are just as important as technical capabilities, it is important to remember to be as likable as possible while also exemplifying your capability for the role. 

After the informational interview

A few (2-3) days after the call, it is important to send a brief thank you note to the person you spoke with, communicating your best wishes and thanks for their time. 

Most individuals have extremely busy schedules, so it should be a common courtesy to thank them for taking the time out of their busy day to teach you a bit about the field of finance and whatever role you are interested in. 

This helps you stay fresh in the person’s mind, increasing the chances they'll remember you as you communicate with them further. An example of such an email can be:

Hi [X],

Thank you for taking the time earlier to talk with me.  I really enjoyed learning about your experience at Goldman Sachs so far. It was especially interesting to hear about your daily experience and roles. 

Your advice on navigating the recruitment process at Goldman Sachs was very helpful, and I look forward to staying connected during this exciting process. 

Best, 

[X]

Conclusion

While online research can be beneficial for finding out information about a firm’s practices, policies, and characteristics, the best way to learn more about a firm is by conducting an informational interview with someone who works there.

In addition to helping you learn about the firm, these informational interviews help you get on the firm’s radar when they begin looking for prospective interns/workers. In order to schedule and execute these calls, it is important to plan ahead and remember the important tools you have at your disposal to help you prepare. 

In addition to learning about a firm and its employees via LinkedIn or online research, you must ensure that you are forming high-value questions and responses for your contact to develop a positive relationship while also helping you display your interest and intent.

Doing this while keeping core etiquette and practices in mind will help you have effective informational interviews, increasing your chances of building strong connections.

Free Resources

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