Is networking investment banking important? The answer is YES! In this day and age, sending a resume to an investment bank via the internet is essentially useless because these banks receive hundreds of resume submissions every day.
Even though online applications and CV submissions are necessary, some institutions don’t even look through this database when hiring for investment banking positions.
Major investment banks receive thousands of internet job applications (resumes) for investment banking positions each year.
“At the lowest level of the investment banking hierarchy are the analysts. To find this young talent, the I-banks send their manicured young bankers out to the Whartons, Harvards and Princetons of the world to roll out the red carpet for the top undergraduates.”― John Rolfe, Monkey Business: Swinging Through the Wall Street Jungle
Therefore, with extreme competition in the investment banking sector, networking with bankers and having them push your CV are crucial if you want to secure a job.
What is Investment Banking Networking?
The activity of locating, getting in touch with, and communicating with investment banking professionals in order to establish connections, learn more, and ultimately secure interviews and job offers through those connections.
Keep in mind that the purpose of networking is to get to know other investment bankers on a more personal level, not only to receive an offer.
How to Get in Investment Banking Bank Networking?
In the small world of finance, your network is crucial. This guide will cover how to network for investment banking. It’s never too early to begin networking, so follow these tips to land that graduate job.
Attend Virtual Events from around the World, or Travel if necessary
All recruitment events are worthwhile attending but setting priorities can help you avoid wasting time. Even if it requires extra travel, it is preferable to attend a recruitment event that is specifically looking for those specialised abilities if you have them. Expand your networking beyond the local area.
Another excellent strategy to broaden your geographic reach is to participate in online networking functions and trade shows. You are free to attend as many events as you have time for as you can attend them all from the comfort of your home.
Seize Every Chance You Get
You have a significant advantage if you are enrolled in the School of Economics where you have easy access to the professionals or experts you need to be speaking to.
Hang back and ask the speaker a thoughtful question on what they just said, whether you’re at a job fair or an industry expert just finished speaking at your university.
Ask for their business card once you’ve finished speaking; the worst they can say is ‘no’.
It can be intimidating to enter a room full of people, and it can be tempting to withdraw into a corner. However, speaking with as many people as you can is extremely beneficial, and there are techniques to make your life simpler. Some pointers are:
Always keep an eye out for groups of people in an odd number. It’s really challenging to maintain a three-way conversation, so someone will inevitably approach you.
Place yourself in front of a group of conversing people. When it is appropriate to shake hands, extend your hand and introduce yourself as soon as you get the opportunity. Frequently, it’s you who asks the inquiries instead than the other way around.
If there is a chance, participate in one-on-one talks with recruiters during virtual events. When meeting someone digitally, it’s best to switch on your camera so that you may have a more “face-to-face” interaction and so that they will likely remember you better.
When participating in webinars, type comments or questions for the panelists to respond to.
You and a possible business partner get along well, and you exchange business cards. That will benefit you if you apply for their position, won’t it? Not really.
Obtaining their contact information is not sufficient; you must follow up right away. Tell them you’ll ask some questions or schedule a meeting, then follow through on that promise.
Keep Record of Every Person You Meet
If you’re networking well, you ought to have a good number of contacts to keep track of. When you meet with contacts, take thorough notes, and then enter them into your computer. In order to improve your relationship with your contacts, it’s wise to learn as much as you can about them in an appropriate way.
Additionally, keep in mind to follow up with former acquaintances frequently to maintain all connections current and beneficial.
You may also create a Google News Alert for each new contact you make. You can send an email of congratulations if they close a significant deal in addition to being informed about what they’re doing. It takes no effort at all, is appreciated, and keeps you in the minds of your connections.
Try to learn the names of the people you’ll be speaking to if you have a meeting or interview at a company where you don’t know anyone. Afterward, try to locate them on LinkedIn.
If you have a “second-degree relationship,” you should get the lowdown from your common contact. When you want to impress, a personal connection is a terrific approach to get things done faster.
Asking if there is anyone else you should meet after a meeting is frequently a smart idea. This could be as simple as meeting an intern with a background comparable to your own.
Speak to People You Know
Even if you don’t know them all that well, take advantage of the opportunity if you run into someone you know at a company information session or recruitment event.
To ask someone a direct question, you don’t need to be close to them; all you need is credibility. Avoid small talk and instead, offer thoughtful inquiries, such as “What’s it like to be an investment banker? “
Don’t Overlook the Helpers
Do you truly believe your phone calls will be answered if you are rude or dismissive to a contact’s assistant? Don’t ignore the helpers. They are the one who get you connected with your mission.
Follow the Key Networking Strategies
The three main networking strategies include:
- Conducting Informational Interviews
- Cold Emailing
- Cold Calling
Don’t forget that bankers live in their email inboxes. Therefore, you should be stay connected through emails.
Only undergrads and recent graduates without work experience or other means of self-promotion find cold calling to be beneficial.
Bank Listing & Networking
Find a list of banks in your region, and then look up the names and contact details of the bankers on the list. To do this, you can utilize Capital IQ, LinkedIn, Google, Google Maps, or, ideally, one of those services.
What do you say when networking in investment banking? Prepare your elevator pitch and decide what you will say. State your college, major, experience, and ask how to position yourself for an internship at this company in as few words as possible (1-2 phrases).
Place the call and be ready to address their concerns (we don’t hire, we don’t accept interns, we don’t have money, etc.).
After that, if you get a bad answer, follow up once a week. When they cease providing you with specific reasons and begin to simply say “No” or “Please don’t call us again,” move on. Meanwhile, maintain contact and follow-up with the other companies on your list.
Get a Life!
You could always leverage your interests outside of finance as a conversation starter because nobody thinks about work 100% of the time. If someone cites a hobby or indicates that they support a certain sports team, pay close attention.
Do not be scared to discuss issues other than finance when discussing work-related matters because the investment banking sector is quite demanding. If they have the time to allow you take their minds off work for a short while, a lot of people are willing to leave the office for a cup of coffee.
There are lots of other people you can ask; it is not worth getting on anyone’s bad side if they urge you to stop calling or just say “no.”
Questions To Ask During Investment Bankers Networking
These pertinent queries can be directed at investment bankers when you’re networking.
Questions about perspective and experience
- Could you explain to me in detail what your daily tasks entail?
- What has surprised you the most since you started working for the company?
- In terms of responsibilities, learning opportunities, and pace, has your experience met your expectations?
- Could you tell me about a worthwhile project or deal you’ve had the opportunity to work on?
- Concerns about the company’s business model
- What distinguishes your company from its rivals in your eyes?
- What is the company’s organizational structure?
Inquiries regarding the hiring procedure
- What is the current method or process for hiring at your company?
- What kind of training do you suggest for someone who wants to work in your field?
- How would you suggest that I go about pursuing an interview with your company?
- Do you have any general tips for managing the hiring process given what you know about me and my circumstances?
- I appreciate you taking the time to speak with me because I’ve been looking forward to it for a while. Do you mind if I send you any follow-ups if any come up?
There are 115,365 people working Investment Banking on the US. With the right strategy you can be one of them and move up quickly through the ranks.