Finance Recruiting Step 5: Networking

By Michael Jimney, Risk Solutions Analyst at BlackRock

 

Without a doubt, networking is the most important part of the recruiting process. You can have the most in-depth technical understanding of the markets or an M&A transaction, but without building connections your knowledge can all be for naught. Networking ensures you are more than just a name on a page. During internship recruiting, Human Resource recruiters receive hundreds of resumes for any open position. This book of resumes is typically passed on to employees in each division, and they are expected to give their opinions on which candidates to interview. To the over-caffeinated Analyst, with no time to read every single resume, this stack amounts to a long list of names. Thus, the best case is when an Analyst sees your name and thinks “I know this kid, they could be good here,” and quickly recommends you to be interviewed.

One opportunity for networking is at corporate events. For sophomores and juniors, these events are a way to cast a wide net or to get to know a variety of professionals. Companies targeting Baruch students will typically hold corporate presentations on campus. These events usually consist of a presentation that includes information about the firm, the positions for which they are recruiting, how to apply, and will also offer students a chance to network (introduce yourself and ask questions) with various professionals. One rule of thumb is ALWAYS to bring a pen and notebook. Take notes about each professional and any other relevant information DURING the presentation. It will allow you to plan who to network with and what to talk about (for more details about asking good questions, see post 2 HERE). During the presentation, it is a good idea to write down how to pronounce any names which are new to you. Making a good first impression can be a bit rocky when you mispronounce someone’s name; by contrast, it shows a great level of interest if you properly pronounce a difficult name on the first try.

Another opportunity to build connections is when someone offers to refer you to a contact in the business. For example, your friend says “I know an alum working in risk, you should reach out to him.” Typically, the next step would be to email this contact and ask about setting up a time to meet in person. The two benefits of this kind of networking are 1) a warm introduction, and 2) the person works directly in a role you are interested in. A “warm” introduction, such as this, is different from a cold one because the relationship has been brokered by a 3rd party who knows both you and the professional. NOTE: your mutual friend is putting their reputation on the line by making the referral, which adds to your credibility and first impression. The connection will likely think “If our mutual friend thinks they are good, I can at least give him or her a chance.” On the flip side, it is possible that people could hesitate to refer you to their contacts if they are concerned you will embarrass them. By sending an under-prepared student to an industry insider, it can make the mutual friend look bad. So if you have just started showing an interest in Credit Risk, do not be surprised if your friend is not quick to connect you to their contacts. Once you take the time to learn about the industry, they will likely be more willing to make referrals.

The second benefit is that you know the new connection works in your field of interest. At networking events, it can be difficult to anticipate who will be there or which groups will be represented. With a referral, you can ask your mutual friend or check LinkedIn for background information about your networking target. This will allow you to prepare industry specific knowledge and questions to ask during the conversation. One warning – not all potential contacts will be interested in meeting. At networking events, people are there for the specific purpose of meeting intern prospects. While a referral can connect you to a professional, that person may be too busy or not interested in a meeting. If they do not respond initially, balance being persistent with respecting their time. Perhaps reach out by phone and follow-up via email, no more than twice.

The final method of networking requires some bravery: the cold contact. With a cold email or cold call, you have no connection with this person. This can be necessary if you cannot find an alumni or friend with a connection to your target industry, or if you want to rapidly expand your network. The key to cold contacting is volume. Sending an email to five or ten people may not get a reply, but sending emails to 50 or 100 might. Remember, the person you are emailing or calling has no obligation to respond. In fact, you run the risk of creating a negative impression if your attempts to connect are unprofessional or annoying. To counter that, look for ways to build credibility. If you send a generic email saying you want a job in equity research, you may not get many responses. Instead, if you write an equity research report and attach it to your email, you demonstrate your seriousness about the career and peak their interest, and are likely to get a better response. It is also important to take time to craft a thoughtful email or call script which tells them who you are, why you are reaching out, and why they should consider you in the most succinct way possible. You will want to have it proofread by many people, each time asking “Would you read this if it was in your inbox?” and/or “is this annoying?”

When it comes to forming new connections, first impression is key. Preparation and doing your homework can help you maximize your first impression so take the time to do your industry research (See Post 1 HERE), develop your soft skills (See Post 2 HERE and Post 3 HERE), and learn about relevant technical skills (See Post 4 HERE). It is not uncommon to meet professionals who have worked in the industry longer than you have been in school, so do not try to BS them. Before meeting with someone, I usually take a mental inventory. The point is to understand which topics I am prepared to talk about and which ones I should avoid. For example, before going into an event I may feel that I am up-to-date with the news and ready to talk about the equity market, but I do not have a good understanding of the foreign exchange markets. This does not mean I will avoid the currency traders during the event. Instead, I try to make sure that when the topic of cross country currency hedging come up, I will not get pulled into a deep discussion of the idea. I will be transparent about the fact I do not know about the subject because I have not learned about it, not because I do not understand it. The worst thing you can do is keep nodding your head and saying yes I agree. The trader will assume you are absorbing what he is saying and will expect you to add to the conversation, or will see you are just yessing him. In either case, you are wasting their time and yours.

The final step to networking is the thank you note. Often overlooked, this simple follow-up is not to be underestimated. After meeting with someone, send a thank you email within 24 hours (make sure you put thought into the timing of your email, sending it on a Friday afternoon is a bad idea). This email should consist of you thanking them for their time, showing excitement or interest in the material, and reference a unique topic you discussed. This is especially important for meeting someone after a networking event. Speaking about a unique topic will help the professional, who probably met dozens of eager students in a very short time, remember who you were. With even the simplest of notes, you are telling the professional that you are interested in the topics discussed and would be receptive to future communication. Students who do not send thank you notes risk being quickly forgotten.

Now that we have discussed the major tools necessary to land an interview, next I will talk about actually preparing for an interview.

 

Career Fairs and Other Upcoming Events: September 2014

Fall is here, which means it is career fair and recruiting season! September will bring two major fairs: the CPA Fair on Friday, September 5, and Career Day on Friday, September 19. Whether you are a freshman, sophomore, junior, or senior, be sure to check out as many of these upcoming events and workshops as possible to maximize your current job search or get a head start on your career development. RSVP and additional information available on Starr Search:

1) Senior Start-Up

Thursday, August 28, 2014 12:30-2:30

NVC 14-220

Senior Start-Up is a program designed to help SENIORS get a jumpstart on their careers. We provide you with information about the On-Campus Recruiting (OCR) program and strategies on an effective job search. The event will also feature a keynote speaker from BlackRock.

*Attendance at this event qualifies you for both Internship and Full-time OCR. Check Starr Search for additional OCR workshops*

2) Writing Winning Resumes

Tuesday, September 2, 2014 2:30-4:00

NVC 2-190

Attend this workshop and learn how to develop and design a professional, marketable resume that will be well received. Format and content will be covered.

*Check Starr Search for additional Writing Winning Resumes Workshops throughout September*

3) CPA Fair

Friday, September 5, 2014 12:00-4:00

Baruch Main Gym

Open to all undergraduate and graduate students in accounting. BUSINESS ATTIRE IS REQUIRED.

4) Mastering the Job Interview – Basic

Wednesday, September 10, 2014 12:30-2:00

NVC 2-190

How do you prepare a personal pitch? How do you respond to challenging interview questions? What questions should you ask and avoid asking? How do you close the interview? Attend this workshop and learn the steps to follow before, during and after the interview to increase your chances of landing the job you want.

5) Networking 101

Thursday, September 11, 2014 2:30-4:00

NVC 2-190

Networking is one of the most powerful yet often under-utilized strategies in a job search. Learn the tools to develop and nurture a network of professional contacts so that you can find your next job like a pro and uncover the hidden job market. Discover the secrets of effective networking in this workshop, including how to develop and maintain a networking relationship, and utilizing social media for your networking needs. Students will have the opportunity to practice their networking skills.

6) Resume Rush

Tuesday, September 16, 2014 12:30-4:30

NVC 2-190

What is Resume Rush? It’s a day set aside to have your resume revised & polished on a first- come, first- served basis. Bring a paper copy of your resume to take advantage of this opportunity to have your resume reviewed before Career Day.

7) Career Fair Success Strategies

Wednesday, September 17, 2014 5:00-6:30

NVC 2-190

Are you planning to participate in our upcoming career fair on September 19th? Attend the Career Fair Success Strategies workshops and get the competitive edge! Learn tips on how to stand out from the crowd at the fair from seasoned student leaders.

8) How To Impress A Recruiter

Thursday, September 18, 201412:30-2:30

Location TBD

Learn tips on how to impress a recruiter, whether you’re attending a career fair, corporate presentation or going for an interview. Guest Speaker from Target.

9) Career Day

Friday, September 19, 2014 12:00-4:00

Baruch Main Gym

Open to all undergraduate students, all majors. BUSINESS ATTIRE IS REQUIRED.

 

Job Search Boot Camp Starts This Week!

 

About to graduate and want to best prepare yourself for the job hunt? Recently graduated and having trouble getting a job in your desired field?

Job Search Boot Camp is here to help current semester seniors and alumni who are less than 3 years post grad. This 6-week training group will give you the skills necessary to improve your job search success rate, and every week will cover unique material and skill sets!

Did you know that individuals who attend job search groups find positions 4X faster than those who don’t?

This summer will include two rounds of the program in a 4-week, 90-minute session format to take place on Wednesdays from 11:00-12:30 in Room 2-190.

 

Summer Session II will occur on July 9, 16, 23, and 30.

Sign up on Starrsearch today!

Full Boot Camp Flyer Summer 2014(1)

Upcoming Workshops: Week of July 7

Please make sure to RSVP on STARR Search to guarantee a seat!

 

1) Get Noticed! Say It With Confidence Part 1

Tuesday, July 8, 2014 1:00 pm – 2:00pm

2-190 NVC

In “Get Noticed! Say It With Confidence” students will learn the following in a behavioral context:

• To be less afraid of speaking up by focusing on “how” you speak.

• Develop more competence handling difficult interpersonal situations in different contexts.

– Apply the methods learned in school, social life, and in job interviews!

• Ways to develop more confidence.

 

2) Job Search Strategies

Tuesday, July 8, 2014 3:00 pm – 4:30pm

2-190 NVC

Not sure where to start? This workshop can help point you in the right direction. Learn about hot new resources to utilize in your job search, data on the current job market, networking and the integral skills necessary in an ever-changing marketplace. Walk away with your job search plan in hand!

 

3) Internship Seminar

Wednesday, July 9, 2014 1:00 pm – 2:30pm

2-190 NVC

This seminar will educate students on everything they need to know about internships including benefits, steps involved and best sources to obtain internship opportunities. As a result of attending this seminar, students will become eligible to apply to internships through the SCDC On-Campus Recruiting Program, otherwise known as Internship OCR. Additional topics covered in this workshop include writing an internship-tailored resume/cover letter, interviewing skills, making the most of an internship once obtained and STARR Search’s online recruiting system. This seminar does NOT replace the OCR workshop for full-time opportunities and is for current students interested in OCR INTERNSHIPS ONLY.

 

3) Building Your Brand: The Personal Pitch

Wednesday, July 9, 2014 3:00 pm – 4:30pm

2-190 NVC

Learn and practice how to give a short verbal “advertisement” for yourself to help with networking and job interviewing. This personal pitch can be used to introduce yourself to an employer at a Job or Internship Fair, to introduce yourself at a networking event or networking telephone call, to answer the typical interview question “Tell me about yourself,” and in many other circumstances.

 

3) Mastering the Job Interview-Basic

Thursday, July 10, 2014 12:00 pm – 1:30pm

2-190 NVC

How do you prepare a personal pitch? How do you respond to challenging interview questions? What questions should you ask and avoid asking? How do you close the interview? Attend this workshop and learn the steps to follow before, during and after the interview to increase your chances of landing the job you want.