How to Network Your Way Into Investment Banking in 5 Simple Steps
Here it is – the step-by-process you’ve been waiting for:
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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:
- 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.
- When times are bad, you need networking to find work and to set yourself apart from the thousands of other unemployed financiers.
- 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:
- Developing relationships with informational interviews, speaking with alumni, going to information sessions, and going on weekend trips.
- 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.
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Hi Brian,
How would the process outline above if I’m looking for a lateral move in the coming year? Would it seem too aggressive if I cold called other banks even though I am already working at one?
What’s your take on going through recruiters? Thanks!
Hmm I would probably not do as much cold-calling for a lateral move unless you have no other way to contact them and they are very small.
Definitely go through recruiters – just think of them as another source and add them to your “list.” When you speak with them, you also need to have a solid story prepared because they will often “test” you and then give you the appropriate opportunities.
But basically if you’re looking to make a lateral move, your best bet is referrals from friends at other banks, or going through alumni and doing some of the steps above if that does not work or you don’t know that many people elsewhere.
Hi Brian, when you say recruiters are you referring to headhunters? Also, what kind of questions will they test you on – technical or motivations for moving? Thanks in advance!
Yes, headhunters. What they look for: http://www.mergersandinquisitions.com/investment-banking-private-equity-recruiter-interview/
When I am calling smaller banks do I try to talk to bankers or HR?
Bankers are better if you can reach them. If not, go to HR first and then try to have them put you in touch with actual bankers by looking up their names and mentioning them to HR.
hey Brian,
I am at this stage that i got the contacts and had the info interview and some went well. but I missed the deadline for one of the program that I just spoke with the contact a month ago. What should I do in this situation? They still have internship available and might have other entry-level postions(i am a college senior) how do I follow-up with this senior position person and what should I do? thx
Just say you wanted to find about the available positions they have and pretend like you didn’t even know about the deadline… then when they mention it, say that you understand but still wanted to see anyway and see if they could make an exception for you. Any type of excuse you make in this situation will not look good so I wouldn’t even try to make one up – just call back, ask anyway and pretend you didn’t know about the deadline.
just a follow up on my previous questions regarding financial sponsors group and lev fin group…
how do the experience at the two groups differ? is the fin sponsors group a more well rounded IB experience, and better for PE exit opps?
They’re quite similar and I don’t know that one is “better” than the other. I guess you could argue that fin sponsors is more well-rounded because you work on more than just debt deals – but that is still a heavy focus because you’re working with PE firms all the time.
One difference is that fin sponsors is more sensitive to market conditions… a lot of groups were laid off completely when the credit crunch started because no PE firms were doing deals.
Hi, Brian,
Maybe you already answered this a long time ago in a post far, far away, but what is the different b/w lev fin and financial sponsors? What does lev fin do that financial sponsors won’t (and vice versa)?
he kind of answered it in the previous post under the comments section, but maybe he has more to add here :P
Whoopsie!
Yeah…just saw it.
Thanks for the explanation, again, Brian, for those of us who are a little slower.
;-)
Lev Fin focuses 100% on debt deals and the mechanics of executing them. Whereas financial sponsors is more broad and does more than just debt, although the focus is on working with PE firms. You learn more about different types of deals but less about the technical details of debt.
Hey Brian,
Why is it bad when cold calling for unpaid internships to ask directly for a job?
It’s not, you just have to use careful wording. Still don’t say, “Do you have any jobs / internships?” but instead say, “I wanted to get some information from you on how I could best secure an Investment Banking Analyst position at [Firm Name]“
Hi Brian,
What’s the best way for an English major such as myself who has only taken 2 intro economics classes to learn the basics of finance and accounting?
-thanks
Either have a friend teach you, look at tutorials online, or look into training programs… could also go to IB-specific books. It all depends on how much time/money you have and whether you would rather invest money or spend time learning.
Hey Brian,
How useful are recruiting agencies that advertise for first year analyst positions?
You have to be careful because a lot of them are scams… only go with trusted sources that have worked for other people before. Anyone that “guarantees” a position is usually lying (with some exceptions – but there’s always some kind of interview process involved).
Hi Brian,
I requested an informational interview and I was invited to the office, should I wear full suit and tie?
Thanks
If it were a normal informational interview outside the office, you wouldn’t necessarily need to – but there’s no such thing as over-dressing when you visit their office, so I would wear a suit and tie just to be on the safe side.
can you please take down the comment, since my full name appears.
Removed your name
Hi Brian,
Great site! I am wondering if I have any chance of getting into investment banking, with some networking. I am an international student graduating on December at a non-target with 3.8 GPA. I have one internship as Quantitative(doing product strategy and assets management) for a buy-side company. I couldn’t get into any IB internship this summer but went for a corporate accounting internship.
1. Is it possible to get into IB upon graduation? I know a banker at Citi but not too close.
You could, but being international will make it very difficult to work in the US – spend a few months networking and see what happens and if nothing works out, consider options outside the US.
Thanks for your advice…I would really like to work in US, and I could possibly get a corporate accounting job after graduation. Do you think this might help me in transitioning into IB. Btw I am also planning on doing my MBA in an ivy.
Yes it may help but more so if you are in TAS at the accounting firm
Hi Brian!
I recently immigrated to the US and looking to get into an IB. I have one year work experience at IBD and hold MBA from European University. Since I know nobody how can I get into IB in NYC.
Thank you!
You have to start cold-calling / cold-emailing bankers if you don’t know anyone (see the networking category under Recruiting at the top)
Brian,
Great site and I appreciate you taking the time to answer questions.
I liked everything you put in the video and firmly beleive in most practices you described. The only exception I have to your process is the cold calling of bankers.
I’ve never tried to circumvent HR in an effort to get a position; is cold calling the current professionals commonplace on wallstreet? I’m currently 2 years out of school working for a capital group out of Seattle and we have a couple of positions open. I think it might annoy me that someone 100% cold called me while I’m working. I would be open to it with even the slightest heads up or warning though.
Can you expand more on that suggestion?
Thanks Again,
-T
Cold-calling is common – if you look under Networking in the Recruiting category at the top you’ll see several articles with specific tactics. Sometimes it annoys people, but the upside – getting interviews – far outweighs that.
I was sitting at home one day during my holidays, and decided to give these steps a go. I am currently in my 2nd year, and over here you can only get into a programme once you are in your 3rd or 4th year.
So i ended up e-mailing almost every bank and every e-mail address i could find. I think it actually worked because a few days later i got a call from HR and they told me to apply next year and il almost surely get in because this guy and that guy told them about me.
I was pretty shocked.
thanks for all this
Congrats
Is the art of networking not that popular in Europe? I recently networked with this lady at a firm, who just moved to the NY office for a couple of years. Extremely nice person. When I briefly touched on the recruiting process like how to best position myself and stuff, she admitted that she isn’t familiar with the recruiting process here in the U.S at all (just know HR is in charge and the firm goes to target school). I think she was just being honest, not trying to be unhelpful or anything. So, how should I approach the resume-forwarding route in this situation? Thanks in advance.
Networking does not work as well outside the US because recruiting processes are more formalized, but if you can find the right people it still gets results. In that case I wouldn’t press the person too much because she doesn’t seem helpful, maybe just follow-up a few times to check after sending your resume.
I have a close friend who went to a different university, whose roommate’s dad
is a partner at firm. My friend said he would talk to his roommate about if he would be able to forward resume to his dad. My friend recently got back to me and provided me with the persons contact information. I am hesitant to contact this person based on just being given an email address. Should I seek further clarification from my friend on what transpired between the two, or is it okay to try to reach out through this third party type of relationship. Great site by the way. It gets me through the tough times during class.
Yes I would ask your friend about what exactly was said and then take it from there
I think a similar question on networking in the West vs Asia Pacific was brought up already, but I wanted to ask specifically, does being able to make your ‘ask’ without a long-standing relationship still work in Asia? Specifically, for the investment banking industry in Japan/Singapore/China/Hong Kong? I feel that people in these areas traditionally consider “connections” to be old family friends/family members etc… or is that changing, especially with the multinational BB banks?
Thanks.
It depends on the person… traditional Asian people won’t be as receptive, but anyone who’s Westernized will be more approachable. And at large banks they deal with foreigners so much that most of the time they don’t think it’s odd. Japan is actually way different from the others you listed there and is its own world – I don’t even attempt to cover networking there.
Hey Brian,
I was trying to find an article on networking for the buyside. I’ve read ample articles on networking for investment banking, but now that I’m starting my analyst position at a BB, I wanted to know what would be the best questions to ask/how would I effectively network for PE. I’ve tried several approaches- failed in most, successful in a few!
Thanks a lot, I love the website and the new look.
Sid
It’s not much different – you just have to be more direct, also focus more on headhunters… if you click on Exit Opportunities at the top there are several headhunter-related articles and stories.
If I only spoke on the phone to somebody once (non-alumni, pretty higher-up and at the end of the call he didn’t mention anything about sending resume at the end of the summer), can I still ask him about the resume forwarding when time comes?
Sure, though it’s more effective if you’ve gotten to know him better.
If we are searching for an internship next summer, and we are emailing bankers directly, is it okay to get straight to the point and tell them you are searching for an internship and attach your resume? Or is it best to try to schedule an informational interview or phone interview and then cut to the chase later?
Thanks a bunch for your help.
Oh which leads me to another question, is it okay to simply email bankers if you’ve gotten their contact info from CapIQ?
Yes
Better to develop a relationship if you are starting at least 3-6 months in advance
Hey Brian, say after your conversation with a banker you follow up with a thank you email, appreciating that the person took out time to talk to u, and then asking for other referrals, but the email contains a minute grammatical error. Do ppl normally judge u for that?
No
Brian – I started with the 5 steps you have listed above, but have had little to no luck getting responses from alumni via email. I am enrolled in a PT MBA program and many BB banks recruit here, but I cannot use the system to drop my resume for an internship. Thus, it is even more critical that I establish some relationships through networking. I started emailing Alumni bankers about a week ago (15 emails – 1 response).
Any thoughts or advice would be appreciated??
1/15 is actually not that bad; I would expect more like 2-3 out of 15 to respond though. You might just want to be more aggressive and call when you don’t hear back / follow up more aggressively in a shorter time frame. Also try to find alumni with more of a connection to you and point that out. You’re never going to get 10 people out of 15 to respond, but 4-5 is a good goal to shoot for.
Hi there. I recently called an MD at one BB to ask him how I can get an interview at the firm and he told me his bank already completed hiring for next year with SAs (and the other time at a different BB, I was told to apply online LOL). I was dumb-founded for a minute. I’m pretty sure this isn’t true because some of my friends at target schools told me that bank will have on-campus interviews. Looks like he just doesn’t want to help out. If I ran into those situations again, what do you think I should say in the phone call? Many thanks.
Just say, “Really? Because my friends are set to interview with your firm on-campus next week” and object directly like that. If that doesn’t work or the person continues to be unhelpful, move on.
Thanks for the site Brian – it is a treasure mine of information.
1) If I am already working at a BB as an analyst would you recommend using cold-emailing to expand my network?
2) I have some contacts that I met during informational sessions when I was in school and I would hate to just let myself fall off their radar just because I am now employed. Do you recommend I touch base every now and then? If so, is it better to use my company email or my personal email?
Thanks in advance.
1) You could, but co-worker / alumni networking and headhunters are far more useful.
2) Sure you should stay in touch every few months, I would use your personal email because it’s more permanent than company email + banks monitor what goes through to company email.
Hi,
I just found out there is a JP MORGAN building next to where I intern. I desperately want to make use of this opportunity ! But what can I do? Should I go directly into the building and to the IB division to talk to some of the ppl there.. ?
Thank you for your help! and thank to the awesome post
Sabrina
You could do that if you want but personally I would not since it’s a bit too forward to go in-person and start asking for people, plus you don’t even know if that building actually has any investment bankers. Maybe just go and casually ask if there’s an IBD group there first.
Brian,
Great site! So I got selected for a IB interview next week and I am not good at conducting interviews. what do u suggest me do to get well prepared for the interview in the limited amount of time? Also, I have some contacts of the IB, shall I call/speak to them and ask for advice before the interview?
thx!
See the interview guide offered on this site, practice interviews with other friends, talk to your IB contacts beforehand and ask them for tips.
thx! i have a couple of questions to follow up.
1.i had an infor. interview with a VP in IB and they are recruiting people this year. I did not perform well although i did a lot of research on him, which impressed him a lot. I did get selected for the interview. do u think i should follow up and ask why?
2. i did ops internship in a top BB, what will be a good reason to tell why move ops to IB?
3. Also, i had no idea about deals(im acc major and just found myself interested in IB after my internship). so what research i can do about the company/industry to make myself stand out during the interview with another BB?
4. I am pursuing a B.S. in three years and work p/t and study f/t. shall i mention it when i introduce myself?
sorry, i missed a word for the 1st question. i did not get selected for the interview after the infor. interview. shall i follow up and ask why?
1. You could but don’t phrase it like that, just ask if he has any tips for recruiting going forward.
2. You want more responsibility, ability to work with clients, knowledge of finance…
3. Look it up in the WSJ Deal Blog and see what’s there.
4. Working part-time is not that unusual – you could mention it but it’s not as important as having solid internships unless it’s working part-time at a bank.
Thanks a lot! I also got selected for interviews w/ Asset Management. I understand that this site mainly focus on IB but do you know any resource, such as blog, forum or website, available for students to break into asset management?
I did p/t in BO of a top BB. is it worth mentioning in the introduction?
For asset management the “fit” questions are similar but for technical questions they won’t ask about accounting/valuation/modeling as much… it’s more about testing your knowledge of the market and stock picks. I would mention the p/t position if it ties in with the rest of your story.
Hi,
Here is my situation: A big firm has posted jobs on my shool website. A quick google search showed that a partner of the firm has pretty much the same background as I do ( a niche sector). The company I am working for has completed a lot of projects in this sector. Meeting face to face is not an option. So should I email him and introduce myself? The job posting deadline is in 10 days.
Should I say:
Hello Mr X,
I saw that you are working in sector Y. My background is also in the same sector. The company I have worked on has completed and this other in your geographical region.
So now should I say:
Option 1) I saw a job posting from your company at my school’s website. I am interested in pursuing this position at your firm (as I have experience in the sector and it seems your firm works a lot in it). How best should I position myself for an interview?
Option 2) Ask him some general questions about the sector. If he replies back thank him and THEN ask him about the interview in a followup email?
My gut feeling is going with option 1 as he is a partner and he doesn’t want to “discuss how things are going” in this sector with a nobody. But option 1 is kinda too direct and am afraid it will piss him off. What should I do? Can you please give me any ideas?
Thank you so much!
Oh and I saw his quote in some online magazine where he was discussing something about the sector. Should I mention that in the first para?
As in: I saw your comments in magazine x about this project. It was my company which had completed it.
Sure
I would say option 1 is best, just mention that you have relevant experience.
Aaah he actually replied and cc’ed another pretty high up guy on the email! I guess now atleast I can be assured that my application won’t directly go the garbage bin given my grades.
He also told me to submit my app and that he looks forward to my feedback? Now I have no idea what the means. I mean I did submit my app online. Should I just say to him that I submitted my app and I look forward to hear from them or something along those lines?
Yes I would just say thanks and you look forward to hearing back.
This is a post for your much needed advice.
Currently I’m an intern until January at a tiny boutique investment bank. I want to work at a different investment bank because I know the training, exit opportunities, atmosphere, and pay will be much much better. Seriously, this bank is a dump and I know I will learn a lot less staying here but they are looking for a new analyst and I might be a candidate.
I graduated in May of 2010 at the top of my class from a state university. Do you think if I leave this bank I will be able to find a job at another investment bank in Q1 2011? Honestly ANY other bank will be better than the one I’m at right now. But this internship is the only i-banking experience on my resume.
I’m running out of time to decide, help me!
You might be able to move to a better-known MM or boutique bank since having any kind of experience will help you. But you will have to be quite aggressive since other people have full-time (not internship) experience.
S’up Brian, I’m looking at doing an MSc in Finance or Management and have been trying to find this out.
How recognised is Cass Business School (London) over in the states? It has a solid rep in the UK with IBanks but what about over there? Same goes for ESADE (Spain).
Cheers
I don’t think they are well-known among US banks but I am mostly familiar with Asia and the US and know nothing about Europe so I’m not the best source here
Thanks a lot for the awesome article. Just a quick question on networking.
I’ve had success in hearing back from alums who are willing to speak about their experience at a bank. We will usually set up an appointment to talk at a future date, but when I call on our scheduled appointment time they are often busy.
So I send a follow up email to re-schedule the phone convo, and often times they do not respond to that email. What should I do next?
Should I email them again within 3-4 days to try to re-schedule a time? Or should I just give them a call?
I don’t want to annoy them either by repeatedly emailing them to set up a phone call. What are your thoughts?
Thanks in advance.
Just give them a quick call because you can never tell when people are going to be busy. Try late morning or early afternoon, or go for other times if those are not working well
Dear Brian,
I just submitted an intern application for a mid-size office of a large bank. I know a VP (strategic planning) and she’s willing to help. How would you interact with her? Tell her I’ve submitted the application? Or ask for help later if didn’t get selected for interview? Or else?
THANKS!
Contact her, say you submitted the application, and then ask what else you can do to improve your chances at this point.
Hey Brian,
I got a quick question, if I am meeting with a banker from Lev Fin, but I want to get into M&A, should I tell the banker that?
Thanks!
Say you’re most interested in LevFin but might also consider related groups like M&A
Great article. I know it’s a little late in the recruiting season, but I’m still looking to find an ibanking internship for the summer, mainly at middle market banks since I’m a sophomore. I found two alumni through my school’s database for one such bank. One is an MD and another is an associate. The associate is in charge of campus recruiting at my school, although it was only for full time this year. Should I contact (email or cold call?) the associate or the MD, or both? I’m worried that if I contact both, the associate might say the recruiting season has ended, which would hurt my chances in asking the MD for an internship.
Thanks in advance Brian, your advice is appreciated!
I would contact the MD first, and if he’s not responsive then move to the Associate.
Not sure if it matters, but as far as contact info goes, I only have their emails. The only phone I have is the general office phone number.
Hi, Brian !
Inspired by your advice, I started networking more actively!
As a result, I’ve been exchanging e-mails with this korean alumni from my school cuz im korean as well and he now works in asset mgmt in Korea
it was mainly me asking questions like
‘when did you finish your military services?’
‘does GPA matter alot for banks in Korea as well?’
‘how does the recruiting process differ from the U.S.?’
and him just answering questions..
he seems eager to help me out but i cant find a way to bond with him or build relationships… he just answers the questions hahahaha
should i stop exchanging e-mails?? if i do, how do i do that..?
or … should i just directly ask him for a position??
(we’ve exchanged like 3 e-mails back and forth)
could you please tell me what to do about it?
im not too bad at forming relationships in real
but its quite different with e-mails….
Um set up a call and talk to him for 10 minutes or so, then at the end ask about recruiting at his firm.
Hi Brian!
I am applying for a position at JP Morgan Australia, and had successfully obtained the HR or maybe recruitment department in Australia. I’ve asked several questions regarding how likely for them to recruit non-finance background, she did reply but not enough details.
What else should I ask in order for me to leverage more from this contact? Does asking “how should I best position myself in applying for this job” sounds silly given that I’ve asked something about non-finance degree before? Please kindly assist me with this because I’m hoping that I could probably increase my chances in getting hired. (I haven’t submit my application yet though)
Thank’s Brian!
If you’re already applying anyway sure you can ask that directly… but the better idea is to set up a call with her and say you wanted to speak for 5 minutes to ask a few questions, see what their recruiting process is like and then ask at the end about the call.
Hi Brian,
Great website and as an Analyst working in i-banking, I can say that what you say here is often true in real life.
I graduated from a good European School as a Chemical Engineer and did my Master’s at a target school. I’m currently working as an Analyst at a boutique firm(non-elite, little-known boutique unfortunately). My GPA is 3.5, Finance GPA is 4.0 and I passed CFA Level I but not taking Level II for now(too much work as you said).
My problem is I’m an international and I’m currently working with my OPT visa (1 year visa you obtain upon graduation no sponsorship necessary). My OPT expires in July and I need a company to sponsor me ASAP. Alumni network is awesome, I talked to many people, they referred me, but coming out of a unknown firm, I’m really having a hard time getting interviews(maybe it’s because I’m an international as well).
You talked about every possible topic about banking here and I’d be glad if you can also provide some topic about internationals, such as myself. What would you recommend me to do? Which type of positions do internationals have more chance? I mostly talked to BB banks since I heard that it was easier for them to sponsor since they’ve got more sources but the problem is it’s tougher to get in; so, would you recommend another strategy?
In terms of training, I didn’t get a special training at my firm but I attended all of the specific workshops by Training the Street while I was at business school, and I got a perfect score from the final term project, Financial Analysis and Valuation of a Public Company.
Thanks,
Samuel
That’s a tough one – actually interviewed someone before about international students but there wasn’t much insightful material I could use since the information was contradictory. I would say still go for large banks because it’s much easier to get sponsorship there and that overrides the added competition; if that doesn’t work out think about returning to your home country to work in banking there.
Hi Brian,
I have just found your blog on Google and I am already in love with your website. It is definitely the most informative blogs on investment banking.
I am currently working as a financial consultant at a Big Four firm. However, I am planning to network my way into investment banking. I received this job straight after college and I have been employed for nearly two years. My GPA was 3.8, I majored in finance at a non-target university.
My question is, what are my chances in getting into I-banking? Do you think working for 2-3 more years and then going to a Top 10 graduate school would improve my chances?
Thanks
Michael
At this point your best bet is to network your way into the TAS group at your firm and then move over to banking from there; 2-3 years more experience might actually hurt you. http://www.mergersandinquisitions.com/breaking-into-investment-banking-accountant/
Hi Brian,
I used your way to network and one of the bankers has referred me to the hr. The hr asked me to choose a position through their website and apply for it. However, I found two positions I am interested in. Should I tell the hr I want to apply for both of them? Also how should I keep networking with my contact after the referal?
Just call your contact back and say you found the positions and are interested in learning more and finding out what’s involved. Use that as an excuse to keep networking – say both look potentially interesting and you want to find out which is a better fit.
Hi Brian,
Thanks for reply. I just emailed the Recruiter that I am interested in one position and he would arrange an interview for me.
For my contact, the situation is more complicated. He is in MD level in a top bank and actually he never replied my emails. I got a chance to talk with him in person in an event and I emailed him to mention my interests in his firm. He referred me to the recruiter directly w/o further talking. I am wondering how could I keep networking with him under this circumstance.
You could try to contact him again and say you want to learn more about the firm directly from him rather than recruiter, but if he is unresponsive I would just move on
Hi Brian,
I emailed my contact as you mentioned. He got back to me and would like to talk with me through the job selection question. However, the HR I contacted before seemed only willing to arrange one interview for me. I expressed my interests in both of the jobs but she suggested that I will interview with one first and for the other job, it depends on whether my resume is shortlisted. How could I deal with current situtation?
Really appreciate your advice
Not much you can do there, just go with the one interview for now
Brian,
Just wanted to say that this is some great information, not only for how to break into investment banking, but networking in general. Keep up the good work.
Hey,
Let me just say it: I’m incredibly fascinated by this site and I keep reading the articles while I have a shit ton of work to do.
Currently, I’m a top 1% of class High School Junior. I know investment banking is far off, 4 years after I graduate from a top school.
But in order to just gain the financial knowledge/current events knowledge for IB interviews, showing off, impressing people, is reading the Mckinsey Quarterly worth it for IB? Or is there a journal specifically dedicated to IB?
For IB I would just read the WSJ / WSJ Deal Blog and FT. There isn’t much else relevant.
I have been a passive reader…it is very helpful for grads trying to break into the industry. I have been following the discussions on the site and implemented them into practice. However, I would like to have a clarification. I have networked with alumni and other people, and later on either
a. I ask, if they could pass my CV to HR
b. Alumni propose they will forward my CV to HR
c. I use their names as referrals (after permission) for graduate programs
In all the above scenarios, I get a rejection letter. After analyzing I have boiled it down to two possibilities
a. My CV sucks: could be, but when i ask for feedback from my alumni they are immensely impressed and I do get calls for internships also. So my CV is more or less IB oriented
b. the Alumni I have networked with are generally at manager level. Do they have substantial influence to get me till the interview stage
I don’t understand what I am doing wrong. I would like your views/suggestions to improve my strategy.
Thanks
Hard to say without seeing what you’re saying or what your CV actually looks like but my guess is that it’s either some CV problem they’re not telling you about, or you are not being aggressive enough asking them for help…. see: http://www.mergersandinquisitions.com/investment-banking-engineer-no-finance-background/
Is there anypoint in networking with HRs of Investment banks? Do they have the same influence as bankers?
Generally no because they have far less influence than bankers, but it’s better than nothing.
I am interested in M&A and most of the Alumni of my college are not in M&A. They work in Sales, Structured Products etc. Should I approach them as well?
Thanks
Worth a shot yes
Hello
I realy need help in chosing the best option.
I’m 22 year old student from Latvia, i’m currently finishing my bachelors degree in international economic relations and i want to do investment banking in the future. I read books about investing and trading, i’m also trading forex. I have already had 4 month internship in DnB NORD bank, it’s a Norvegian commercial bank.
So here is the dilemma.
I have just been accepted by International Travel Network (INT) as a sales agent, they provide full training and after that i’ll start working full time.
Yesterday i’ve got an invitation for an interview from Pricewaterhousecoopers for Assistant position. Also another audit company KMPG invited me for an interview for the same position.
These are just invitations and i’ll have to complete tests in english and logics which will not guarantee that i will get an offer.
Which experience will provide the best opportunity to break into IB? should i turn down ITNs offer and go for audit? but if i fail to pass the tests i’ll lose everything (i’m quite confident that i can do good, but still…) Or should i stick to sales for 1-2 years? will it be a benefit for breaking in to IB?
Thank you
Artjom
I would keep interviewing for the PwC/KPMG positions as those will help you more than sales, and if you get them turn down the sales offer
Hi Brian,
I am wondering if I should attach my resume in the initial email to network with alumni?
Thanks.
Yes for cold emailing directly to ask about a job, no for informational interviews
http://www.mergersandinquisitions.com/investment-banking-informational-interviews/
http://www.mergersandinquisitions.com/cold-calling-investment-banking/
Hi Brian:
I am currently interning with an investment bank for the summer and am preparing for Full-Time fall recruitment at a target school. I have a list of bankers, mostly alumni, from a variety of investment banks that I want to network with; however, I want to ask a couple questions: I am going to be emailing them first to set up an informational interview… What specific things/points should I touch upon in this email? Should I tell them how I got their email address in the first place?
Thanks a lot
http://www.mergersandinquisitions.com/investment-banking-informational-interviews/ Ask personal questions and yes say how you found them
Thanks a lot!
Hello Brian,
I recently spoke with couple of alumni and asked for referrals to other people that I could speak to. They couldn’t give me the names on the spot but said they may have several people that I could speak to. However, they’ve yet to email me their contact info, how should I approach them in the email to get the referrals I need?
Thanks for your time.
Just send a quick 2-sentence followup email asking for it
Hi, I have a question on how to contact recruiters for boutiques. Do I ask straight up for an interview or can I do the whole 15 minute info interview?
Can do either one, really depends on how much time you have left before recruiting begins… if it’s late, be more direct
Hi, I applied to I-banks and didnt get any interviews earlier this year for summer internships. However, I will be doing one more year at my school because of family issues. I will therefore be taking 5 years to graduate. Can I still apply next summer for summer internships even though Ill be a super senior?
Yes as long as you clearly indicate you will still be in school.
Hey Brian,
I have an opportunity to get to know someone who is a MD at a BB’s retirement planning services division. How useful do you think would this relationship would be in terms of information/advice and connections if I am trying to get into IB?
Depends on how close you are to that person. If that person is truly willing to help you out, I think you should build a genuine relationship w him/her. Not sure how “useful” he/she is, but it never hurts to meet another person and share with him/her your goals. Don’t focus too much of “getting something” from a contact; it is a turn-off.
Yeah I am not looking for someone who will get me a job or anything like that. I just wanted to know if what he could give me advice and such that would still apply to IB even though he works in a different division
Great. Ask him then!
I have been using linkedin as a means to contact alumni. I am able to figure out their email address. So far I have emailed 50-60 people and have about 6 contacts so far that I have spoken to on the phone and about 10 more who responded but either haven’t followed up with my request for a call or I have only emailed. A few of these people are in middle office. I have gotten a few referrals. Since BMO Capital and JPM recruit at my college, I am attemping to get as many contacts for those banks. How many contacts should I aim for? Should I aim to talk to a few alumni per week? If I had a good phone info interview do I need to follow up with a in person meeting? I am also going to info presentations-citi, JPM, BofA, CS, MS are scheduled at my college. -Baruch college
can’t say the # of contacts you shd aim for – as many as you can handle. Yes always follow up w in person meetings if possible – builds more rapport, and you build a genuine relationship
It sounds like you are doing a good job tracking your networking efforts, so keep that up. Rather than targeting a specific number of contacts, though, I’d set a goal of setting aside just 1 hour per day to do nothing but reach out to people. Include both new people and existing contacts who you haven’t spoken with in a while.