5 Networking Tips that Will Help You Get a Job in Banking

1. Make A Plan

You wouldn’t go to an interview without preparing and doing research. The same holds true for networking. Before you reach out to any potential contacts or attend any career-focused events, you should develop a plan of attack.  Who are you trying to connect with? Why? An alumni contact in Sales & Trading or Equity Research typically does not want to talk about M&A. Have you set any goals? Do you know exactly what you want to get out of each conversation?

Goals can range from securing an on-campus interview to specific information about the industry or the firm. What mechanism/tools do you have in place to keep track of your interactions? Before you start reaching out to folks, I recommend that you create a cheat sheet in excel with columns for name, title, company, dates of contact, source of contact, notes and action items/follow-up. 

2. Develop a Target List of Firms

What firms are you interested in working for and why. Everyone knows the bulge bracket and elite boutiques but have you also included middle market, specialty boutiques, regional players and globals banks on your target list.  Cast your net wide. This is NOT the time to be picky or elitist. Sometimes things work out and sometimes they don’t; you need to be prepared for either scenario.

The more arrows you have in your quiver, the more likely you will be able to hit the bullseye and secure a job. At the end of the day it is better to have more options than less. I would recommend creating a list of no less than 25 firms. I would then rank the firms A, B, C, D – Reach, Likely, Target, Safety. Bulge Bracket firms and Elite Boutiques should be a reach for everyone. If you don’t have a mix of firms go back to the drawing board. 

3. Research, Research, Research

Make sure the firms on your target list offer the programs that you are looking for. Not all firms offer summer internships (analyst, associate), fall/spring internships. Some firms only hire experienced laterals. Some firms target middle-market companies, specific sectors, products and geographies. Do your research.

4. Develop a Target List of Contacts at those Firms 

Now that you have developed a target list of firms, it’s time to locate the best contact(s) at the firm who can help you achieve your goal.  Assuming that you are going through the on-campus recruiting process, the best place to start is with recent grads who received offers at the firms you want to work at. They should be able to identify the school team captains that you need to network with to get on interview lists. Don’t discount the power of Linkedin.  Using the Boolean search feature can greatly help in targeting the right contacts who will be the most responsive to your asks. 

5. Develop a List of Questions and Responses.

Networking is a two-way street. Not only should you prepare a short list of questions that showcases your research and interest in a specific role, you should also be prepared to answer some basic questions about yourself. Often times, experienced professionals will turn the tables on you and start asking questions to see how knowledgeable you are about the industry and the firm. Although you can showcase your research in the targeted firm-specific questions that you ask, you should be prepared to answer their questions as well. After thanking people for their time, your last question should always be “Is there anyone else that you think I should connect with as well?” or “What else do you recommend that I do to secure ‘Goal A’?”

Top Tip:

Recruiters typically focus on lateral hires with at least one year of experience. They are compensated on a success fee or retained basis based on the open roles that they fill. Unfortunately, most recruiters don’t have time to conduct informational interviews. 

How Can We Help?

We understand the financial recruiting landscape and have extensive experience working with hiring managers at Bulge bracket banks, Elite Boutiques and Private Equity firms. We can help you pinpoint what went wrong and help you course correct so that it doesn’t happen again.