Networking for FT IB before PE SA program?
Will be interning at PE firm as SA this summer. Given the macro environment and seemingly low PE analyst return rates, wanted to prep for FT IB. I understand that networking before IB SA is generally frowned upon, but would it be more acceptable from my standpoint if calls are positioned as "learning more about the industry"? Additionally, would cold-emailing to firms where I lack connections come across as in bad taste?
Curious to hear thoughts and thanks in advance
Wait until a few weeks in. It's pretty clear you are looking for a job. Fine to cold email though, that's kind of the point of networking
Navigating the transition from a Private Equity (PE) Summer Analyst (SA) position to Full-Time (FT) Investment Banking (IB) roles requires a strategic approach to networking. Given the competitive nature of both industries and the unique position you're in, here are some insights based on the WSO dataset:
Positioning Your Approach: Framing your networking efforts as a desire to learn more about the investment banking industry is a wise move. This approach is less about seeking immediate job opportunities and more about understanding the nuances of IB, which can be seen as proactive and genuinely interested in the field. It's a subtle yet effective way to open conversations without directly stating your intent to switch from PE to IB.
Timing and Tactfulness: While networking before starting your SA stint is generally discouraged within the same industry, your situation is slightly different as you're looking to switch from PE to IB. It's crucial to start networking early, considering the IB FT recruiting timeline. However, ensure that your outreach is respectful and acknowledges the busy schedules of professionals in the industry. Expressing genuine interest in their experiences and seeking advice rather than directly asking for job opportunities can set a positive tone.
Cold Emailing Strategy: Cold emailing can be effective if done correctly. Personalize your emails to show that you've done your research on the firm and the individual. Highlight any relevant experiences or skills from your PE internship that could be valuable in IB. While you may lack direct connections, a well-crafted email that shows your enthusiasm and willingness to learn can make a strong impression. It's not in bad taste if you're respectful and professional in your approach.
Leveraging University and Alumni Networks: Don't overlook the power of your university's alumni network. Alumni often are more willing to offer advice and assistance to current students or recent graduates. Utilize LinkedIn and your university's alumni database to identify potential contacts in IB.
Preparing for Conversations: Before reaching out or engaging in networking conversations, prepare by researching the IB industry, understanding the key differences between PE and IB roles, and being able to articulate why you're interested in making the switch. This preparation will not only help you ask insightful questions but also demonstrate your seriousness about transitioning to IB.
Remember, networking is about building genuine relationships. Be patient, persistent, and open to learning from everyone you interact with. Good luck with your networking efforts and your upcoming PE SA program!
Sources: Is it naughty to begin networking for FT before you even start your SA stint???, When to start networking for FT ‘25, Q&A - Starting Post-MBA Megafund PE, https://www.wallstreetoasis.com/forum/investment-banking/networking-for-a-return-offer?customgpt=1, Incoming SA: When to start networking for FT positions
Why would networking before SA be frowned upon?
Kinda signals extreme disloyalty and prestige whoring not a compelling reason. Same reason shitting on old job is looked down upon.
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