How to network your way into an investment banking job
Did you know that the City of London is only just over one square mile in area? It’s not much and it gives an indication of how small the world of the UK investment banking industry is.
Some might think that networking is just an American thing and that it won’t work in the UK, but they’d be wrong. Finance is a small world where who you know matters. It’s never too early to start networking; here’s what you should be doing to get yourself that graduate job.
1. Travel if you have to
All recruitment events are worth going to, but to avoid wasting your time, it’s important to prioritise. If you have specialised skills, it’s better to go to a recruitment event that is looking for those specific skills even if it means more travel. If your skills aren’t so specialist, don’t limit yourself to networking locally, especially if you don’t live near London.
2. Use any opportunity
If you’re in a place where you have easy access to the people you need to be talking to, such as the London School of Economics, you have a massive advantage.
If you’re at a recruitment fair or an industry professional has just given a lecture at your university, hang back and ask them an intelligent question on what they’ve been talking about. Once you’ve finished talking, ask for their business card – the worst they can say is no.
3. Be brave
Going into a room full of people can be daunting and it’s tempting to retreat into a corner ‘checking your emails’. However, it really is invaluable to talk to as many people as possible and there are ways to make your life easier. Diya Wilson, corporate tax partner at Deloitte, told TARGETjobs:
- Always look for a crowd with an odd number of people. At noisy events, it’s very difficult to hold a three-way conversation so someone will automatically gravitate towards you.
- Stand in front of a circle of people who are talking. Listen to them intently, and as soon as you get a chance, put your hand out and introduce yourself. People will always shake your hand and, if anything, will start asking you questions as opposed to the other way around.
4. Follow up
You’ve hit it off with a potential contact and got their business card. That’ll stand you in good stead if you apply to their business, won’t it? Er, no. It’s not enough just to get their contact details – you have to follow up immediately. Tell them you’ll call or email to ask some questions or set up a meeting and then do it.
5. Keep track of everyone you meet
If you’re networking properly, you should have a fair few people to keep track of. Take extensive notes in any meetings you have with contacts and log them into your computer afterwards.
It’s good to know as much as you can about your connections (without being a stalker!) as it’ll help your relationship with them. Also remember to follow up on old contacts regularly to keep even old associations useful and relevant.
Another thing you can do is set up a Google News Alert for every contact you meet. Not only are you then up to date with what they’re doing, but you can send a congratulatory email if they close a big deal. It takes no time but is appreciated and keeps you on your contacts’ radars.
6. Do your research
If you have a meeting or interview at a business where you don’t know anybody, see if you can find out the names of those you’ll be talking to. Then, try and find them on LinkedIn.
If you’re a ‘second-degree connection’, you should talk to your mutual contact to find out what to expect. A personal connection is a great way to take a short cut and can be really helpful when you want to impress.
At the end of a meeting, it’s often a good idea to ask if there’s anyone else they think you should meet. This could be as simple as being introduced to an intern with a similar background to yours.
7. Approach the people you know
If you see someone you know at a recruitment event or company information session, use it to your advantage, even if you don’t know them that well.
You don’t have to be close to someone to ask them a direct question, just credible. Minimise any chit-chat and ask intelligent questions, not ‘what’s it like to be an investment banker?’
8. Don’t forget the assistants
If you’re rude or dismissive to a contact’s assistant, do you really think your phone calls will get through?
9. Get a life!
Nobody thinks about work 100% of the time, so you could always use your interests outside of finance as a conversation starter. Pay attention when someone mentions their hobbies or if they follow a specific sports team.
The investment banking industry is very demanding so don’t be afraid to talk about non-finance things alongside work topics. There are a lot of people willing to come out of the office for a coffee if they have time to let you take their mind off the job for a little while.
If anyone tells you to stop calling or simply says ‘no’, forget them; there are loads of other people you can ask and it’s not worth getting on anyone’s bad side.
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