by Brian DeChesare | 170 Comments

How to Network Your Way Into Investment Banking in 5 Simple Steps

Here it is – the step-by-process you’ve been waiting for:

There’s too much material in this video (email readers, please click through to view) to transcribe here, so here are the highlights – and my evil scheme to incentivize you to watch rather than just skimming through the text:

Why?

You need to learn this step-by-step networking process for 3 reasons:

  1. Networking is actually simpler than most people would have you believe. It’s more about learning the fundamentals and practicing a lot rather than getting your Ph.D. in quantum physics.
  2. When times are bad, you need networking to find work and to set yourself apart from the thousands of other unemployed financiers.
  3. But even when times are good, you still need networking to set yourself apart from the thousands of people who suddenly “got interested” in finance.

What?

For our purposes, “networking” refers to 2 strategies:

  1. Developing relationships with informational interviews, speaking with alumni, going to information sessions, and going on weekend trips.
  2. Asking for jobs directly via cold-calling.

You might think that these are completely different processes, but there’s a surprising amount of overlap – and the steps in this video apply to both strategies, with a few differences that we’ll point out.

How?

Here’s where you have to watch the video to see the magical 5-step formula that will lead to your success networking.

Key points:

  • Why your “story” must be different from the “story” you tell when interviewing – and how to make sure yours gets results.
  • Why you need a “list” from day 1, where to find the names, how to prioritize them, and whether to go for junior or senior bankers.
  • The 3 most important points in informational interviews – and why a lot of “conventional” advice is completely wrong.
  • Why you need to “train” bankers to expect requests from you – and how to do this from day 1.
  • How to make your cold-calls successful, including 2 ninja strategies for getting through to the right people and speaking with them live.
  • How and when to follow-up effectively – and how you can “make your ask” without embarrassing yourself or coming across as too aggressive.

So watch the video right now to learn all this and more.

What Next?

Simple: practice.

Once you’ve watched this video and learned all the steps within, figure out how to apply them to your own situation.

How will you tell your “story” differently? Where will you find names, and who will you contact first? What are you going to request from bankers to “train” them to expect future requests from you?

Don’t wait, and don’t aim for perfection – go for “good enough” and adapt along the way so that you start winning interviews and landing offers.

Networking


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Comments

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170 Responses to “How to Network Your Way Into Investment Banking in 5 Simple Steps”
  1. Eric:

    Is networking with people at bulge banks but not in IBD worth it?

    Reply
    • M&I - Nicole:

      Networking is always worthwhile because those peeps might know people in IB. However, networking w bankers in IBD may be more effective & time-efficient

      Reply
  2. NM:

    When asking for informational interviews, would it be best to contact someone at the Analyst/Associate or VP/MD level?

    Reply
    • M&I - Nicole:

      VP level + to get a job
      Analyst / associate level to scoop info

      Reply
  3. AJD:

    Do you think I would have any shot at medium-sized MM banks (not on the level of Jefferies, Baird, Harris Williams, and other companies that likely have online career pages, but below that) by cold-calling HR and asking if I could speak to someone about internship opportunities? Or does cold-calling the main line really only work for small boutiques?

    Reply
    • M&I - Nicole:

      I don’t think HR will forward key contacts at the firm to you. I would suggest you to find out the contacts of the key people you want to work for and contact them directly instead

      Reply
  4. Jack:

    Do I only network via meetings held by universities?

    Or are there other ways for me to do so?

    Reply
    • Jack:

      (Aside from cold calling.)

      Reply
    • M&I - Nicole:

      Go to places, events where bankers congregate.

      Reply
      • Jack:

        Could you please provide examples?

        All I know are networking events in university (as I’ll be attending a non-target I won’t have access to all these events as some universities hold some events for strictly to their own students).

        Though I do plan to go to a target for a masters, I’d be more comfortable doing all I can along the way. Inclusive to cold-calling and working hard to get into a target.

        Reply
        • M&I - Nicole:

          Hang out where bankers congregate (i.e. clubs, bars, restaurants, gyms) chill and be friends with them!

          Reply
          • Jack:

            Oh I see. Thanks. :D

            Now time to find where they do hang….

  5. JK:

    I’m presently working full time in a BB firm (not in IBD, but it’s a front office role)… I’m a little weary of “aggresively networking” for a lateral move into IBD, because it could backfire if someone from my firm finds out about my efforts to move? Don’t want to jeopardize my current position and job.

    This is the only factor that stops me from really ramping up any networking attempts; I have a clear plan and bunch of names to contact otherwise. You think I should go ahead and take a chance anyway? FYI, I’m based in an Asian financial hub.

    Reply
    • M&I - Nicole:

      True. Network discretely but diligently. You should always be networking and “sniffing” for information. Doesn’t hurt to get to know those names of yours and ask them out for a drink or sth. Get to know them through your contacts/events/places they hang out at

      Reply
  6. confusedguy:

    Hey!

    I went on linkedin, did a people search (per investment bank) etc and am trying to email people to network with. Im facing the following problems.

    1) They accept my LinkedIn invitation but do not reply to my initial email or the follow up email.

    2) The accept my LinkedIn invitation but after an initial reply (saying to contact them on date x) they ignore me.

    3) A lot of the members are in groups e.g. Goldman Sachs group, which you cannot join unless you are at GS etc.

    4) A lot of the members only accept InMails – even if you get a subscription its going to be difficult to send many emails because LinkedIn limits you.

    How else do I network? all on-campus sessions are over…

    Reply
    • M&I - Nicole:

      Find out which group you are most interested in working for. Find out people who has the hiring power in those groups. Instead of using LinkedIn, find out their email addresses and email them instead

      Reply
  7. CHW:

    Hi,

    I’m looking to contact an alumni from my school (not completely target, but top 20 undergrad B-school). He works at an industry specific consulting/advisory firm that has an IB department. There’s an opening for an entry-level position in their consulting/advisory branch in Hong Kong, and the alumni is in the financial services IB (M&A of financial firms) arm in New York. He’s an MD so I’m wondering if it’s too high up of a position for me to be contacting him? He graduated almost 30 years before I did and is the 3rd executive listed on the department website.

    I’m wondering if it would be awkward for me to email him and say I went to the same school, want to apply for that position in HK (despite being in a different department), and would like some information as to how to best position myself. Would this be unorthodox? Really want to play it right as I think I have a good chance at this position.

    Thanks!

    Reply
    • M&I - Nicole:

      No, email him. However, remember the following tips when you email him:

      Be brief and succinct.
      Try to ask for a coffee/call with him so you can meet him in person.
      If possible, remind him of what you might be able to do for him, not merely what he can do for you.

      Reply
  8. Bob:

    Hi,

    If I am trying to network with alumni, what should I say in the e-mail. What kinds of questions should I ask that is a balance of seeming interested, not dumb questions that could be found out through own research and not too detailed as to seem weird. Are questions about personal experiences in the job ok, or am I just supposed to say hi I’m interested in banking what is the best way to position myself kind of thing.

    Reply
    • M&I - Brian:

      Just ask them if you could speak with them quickly to learn more about how the recruiting process at their firm works and to ask about their own background. In initial emails, keep it VERY short.

      Reply
  9. eric:

    I am currently approaching my sophomore year of undergrad and I attend Creighton University. Im from the midwest so it is not well known on East coast although its finance program was ranked 19th in the nation as of 2012 and recently dropped from 15th. I have a few connections on wall street which is how I plan to make the transition from the west and I currently have a 3.8 GPA which I do plan on going up. What are my chances with landing a job as an analyst upon graduation?

    Reply
    • M&I - Nicole:

      Hard to say based on the limited info you provided. Network and try to land interviews using the connections you have. Know your pitch & story first though

      Reply
  10. Tai:

    I am currently a senior majoring in finance from a non target school. I was unable to get a summer internship because I am “International Student” status and most of companies that recruit international do not recruit from my school. Currently, I am trying to network with alumni, conferences. I wanted to ask I tried getting contact of alumni or employers through linkedin but most of their info (email/numbers) are not online and I am unable to connect with them as a result of “out of network” situation. I wanted to ask what is the best way to get in contact or their contact info of investment bankers.

    Thanks

    Reply
    • M&I - Nicole:

      You’ll have to figure out their email and phone numbers. If you have their names and your pitch ready, I’d cold call the bank’s main switchboard and ask to be transferred to that person. Re email, you can try to figure it out from the bank’s email format…..

      Reply
  11. John:

    Is it possible to overnetwork in one office? Ive talked to 4 analysts and 1 associate at a single BB regional office and since i use the same template for my intro emails I was wondering if it will look bad if they find out ive been talking to several of them. And I was actually planning on reaching out to a couple more…

    Reply
    • M&I - Nicole:

      No, I don’t think it is possible to overnetwork in one office. You can use the same email template though I’d change it around a bit…

      Reply
    • M&I - Brian:

      Just to weigh in here: you do actually have to be careful about this.

      Mix up the templates, contact them at different times, etc…. you do NOT want to be seen emailing 5 people with the same template on the same day. It can definitely cause issues.

      Spread it out, use different templates, and keep your own story consistent.

      Reply
  12. Anis Bashir:

    Hey guys,

    First off – I have to say, brilliant website, has lots of real life information on here. I’m always reading up on the site learning new things.

    I have a question to ask about keeping in touch with MD’s and VP’s i’ve met from IB division’s. I recently had a 1 month internship at the back office of Morgan Stanley and during the time I had cold emailed MD’s and VP’s from the IBD of MS and set up meetings with about 20 of them during the 1 month (another 10 analysts) – the discussions were around what I can do to strengthen myself as a candidate when going onto University next year even if I don’t go into a ‘target’.

    However, I want to keep in touch with them but am lost as to how I should do that, any ideas? suggestions? I’d really appreciate if you guys could let me know!

    Also one of the MD’s called me on my last day telling me to give him a call or email once I do apply for a summer internship at MS and he will help out, I really want to keep in touch with him!

    All the advice will be greatly useful!

    Thank you in advance.

    Reply
  13. Derek:

    Hi,

    I am just about to go into my last year of uni. Last January I had an interview for a wealth management internship at a BB bank. The COO interviewed me and gave me his card at the start of the interview. I did not get the internship but I am interested in applying back there for the graduate position. Do you think I should begin emailing him with a “mini ask”, e.g how does the grad recruitment differ from the intern recruitment? Or should I say something more direct, e.g as I got to the final stages of the intern selection process is it necessary for me to go through the full graduate application process again?

    Thanks.

    Reply
    • Derek:

      I just thought it might be worth adding that it was the COO of the wealth management division…not the whole bank.

      Reply
    • M&I - Nicole:

      Please don’t email him the mini questions because these questions can be answered by HR! Be straight forward and tell him you’re interested in working there and ask him for advice/brief chat/meeting

      Reply
      • Derek:

        Thanks very much for your advice

        Reply
  14. BeijingBrian:

    How do I enter the finanace market after 4 years in China? Finishing a 2-year masters from a top university in Beijing in accounting next year. I’m looking to move back to the US next summer, most likely San Francisco area.

    25 years old and I’m currently working for a small firm that does a little bit of everything from raising money for private equity to media deals. Trying to set myself up for a MBA in a couple years. Many large companies here in Beijing don’t want to deal with the visa issues for foreign students like me. Also, the pay is normally under $20,000/yr.

    Do I start cold calling small boutique firms? Try to just start working at a large bank?

    Reply
    • BeijingBrian:

      Mainly trying to network, but not easy when there is a 15 hour time difference and an ocean. When I say just “work for a large bank” I mean somehow get into corporate and not the call centers. Not sure if it helps I speak fluent Mandarin.

      Reply
  15. Sam:

    I am a senior at a non-target school with majors in Finance and Accounting, but a gpa around the low side (3.4). I have extensive market experience, including being the chief economist for a live equity/ fixed-income fund at our school and managing director of an angel investment fund where I helped raise a for-profit fund. My school does not have many alumni in IB and I am looking to target regional banks, i.e. Minneapolis, Denver, Madison, Dallas/Houston, etc. My true passion is in Trading, however I believe the rest of my resume puts me at better odds with IB. Do you have any insight on regional banks hiring process vs. BB regarding this? Also, are there any exit opportunities with IB that are intricately involved with the markets – IB, Asset Management, etc?

    Reply
    • M&I - Nicole:

      Depends on the bank – different banks have somewhat of a different process though I’d say bigger banks generally have a more structured process. I’d suggest you to speak with HR at various banks and gain more insights.

      Reply
  16. Kunal:

    I have done an summer internship in M&A and worked on an lbo deal and buy-side M&A deal and have worked as an contractor for different financial institution and currently working in hedge fund/private equity middle office back office fund accounting division. I also have an MBA in corporate finance but still I didn’t received invitation to the career/diversity/workshop/coffee-chats/womens events held by the BB. I read an article on this website stating that candidates do get chance despite of their non-finance background so what would be the reason for not being considered for these events?

    Reply
    • M&I - Nicole:

      Perhaps you can reach out to the event organizers and ask to be involved in the events?

      Reply
  17. Jack:

    Hello
    I recently got into a top 5 MBA program, and I know that major banks recruit there.

    I have an advanced degree in Biotechnology and have been working in a reputable Biotech company in R&D for the last 3 years.

    I want to get into Investment banking. I have about 7 months from now to getting started next Fall. What are the things I can do to maximize my chances of landing an internship in IB, since I don’t have a finance background ? Some recommend doing CFA Level I, but others say it is irrelevant for IB.

    Thanks for your time. I appreciate your response.

    Reply
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