Imagine this: You're a student, juggling coursework, looking for internships, trying to maintain a social life, being a campus leader, and getting that work out in, all to make sure you achieve that dream job post-graduation. At the same time, you’re trying to utilize your time the best way possible and not blow your opportunity by not networking the right way. So, the question is, how do you make the best use of your limited time to network with the right people at the right events in the right way? What strategies should you implement for networking in finance? 

Let’s dive into the essentials and key strategies for networking in finance.  

How does Networking in Finance Work? 

We all know that networking is your lifeline, especially for those of you trying to get into more competitive fields like investment banking. To put things in perspective, Goldman Sachs got 315,126 applications for their 2024 internship programs and only 0.9% made the cut. Every year, it only gets more competitive. 

While mastering your technicals will get you to the door, it’s networking that will turn the tides in your favor. So, if you’ve got one shot to make an impression, how can you make sure it’s to your benefit?  

Strategies for Networking in Finance  

Source: RecruitU  

1. Focus on relationship building, not just securing an interview. We all agree that our main goal for networking is to secure an interview, but wouldn’t you rather build a sustainable relationship that will benefit you in the long term?  Consider this: Would you rather take a series of awkward calls and meetings that are purely transactional and reduce your chances of getting hired or would you prefer to consistently stay in touch with the people you've connected with, say through a simple check-in email or a catch-up call, and maintain these connections? Don’t we all want to feel like people care about us? The person on the other side feels the same way.  Having a genuine conversation where you express interest in their experiences and always follow up, is just a better approach to networking. It’ll help you stand out as a candidate and optimize your chances of success.  Keep in mind that networking is a long-term investment. Don’t get discouraged if you don’t see immediate results from your efforts. Keep building relationships, and the benefits will come over time. Patience is key during this process. 
   
   

2. Engage in networking calls with alumni and junior analysts. As a freshman, you are still in the process of figuring out if you want to pursue a career in finance and this is a great time to start considering your options. Based on this, you should begin networking with alumni and junior analysts. To gain a good understanding of the different roles and firms, expand your search to include several junior professionals across various firms. This will help you understand the daily life of an intern or analyst working at banks.  

   Why is this important? The idea is to get to know their background, understand how they ended up at their current firm, and why they chose their role. It’s a great way to gauge if that’s where you’re headed and speed up your decision-making process.  
    
   A few tips before you start engaging in networking calls - keep it to 15-20 minutes, don’t drag it any longer. Typically, these analysts use their break time to chat with you and might not appreciate you taking up all that extra time. If you live in a major city like New York or Boston, try to have in-person meetings. Otherwise, online meetings are nearly as good! 

   
   

3. Ask genuine questions that reflect your goals.  We all want to impress the people we are networking with, and your first instinct is probably to whip up some fancy technical question that’ll blow their minds. But stop and think for a second, how will that benefit either of you? It’s just not very conversational and may make you look inauthentic, almost like you don’t care about their response or time.  
    
   Instead, prepare a few well-researched questions about their background, the firm, or their role to show your interest. When preparing these questions, keep your preferences for choosing a firm or role in mind. For example, if you want to get a better sense of the company culture, ask questions that align with your personal preferences. This could include topics like mentorship, work-life balance, or other aspects that matter most to you. Not only will this deepen your understanding of the company and role, but it will also prepare you for future interviews. You will also end up having a meaningful conversation that will help you develop a connection with the person on the other side.  

   
   

4.  Reach out to people on all levels and from multiple firms While it is amazing to network with a senior-level professional, it comes with certain limitations. Your approach to networking will have to be different and tailored to their availability to accommodate their expectations.  Don’t underestimate your connections with junior analysts. They were in your position just a few years ago and will have a lot more current recruiting advice and timely insights into the industry.  Surprisingly, junior professionals have a significant influence over hiring decisions, as senior professionals often rely on them for this input. They’ll also be more inclined to hire you if they’ve spent more time with you throughout the recruiting process, especially since they may be the ones supervising you directly if you are hired. Therefore, it’s generally a good idea to span out and network with people at multiple levels and multiple firms. This way you have a higher chance of success due to the numerous opportunities and improve your visibility across the industry.  

   
   

5. Be ready to lead the conversation. When networking with senior professionals, you might come across contacts who want you to set the tone for your relationship with them and give you the chance to drive the conversation. Look out for this and be ready to take charge when the opportunity presents itself. It’s a great way to stand out and make a good impression. Be prepared to introduce yourself, set the agenda, and guide the flow of the conversation. It’s a valuable skill to hold when networking.  
    
   “Get comfortable leading networking calls and conversations. Many senior finance professionals will keep their responses brief in the beginning. If you get the impression that they'll let you spearhead [the call], be ready for that. I guarantee the call will go 10x better if you can clearly introduce yourself, share your background, and reason for the call right in the beginning.” – Zack Marchese, incoming Growth Equity Analyst, Summit Partners  

   
   

6. Organize and maintain your network As basic as this sounds, organization is the most crucial aspect of networking. If you want to effectively network, start by organizing your network on an Excel sheet or use a networking tool like RecruitU, that’ll do it for you. This will help you keep track of who you've spoken to, when to follow up, and what was discussed. Having a log of all these details will keep you miles ahead in the networking process. It also ensures that you don’t accidentally double contact someone or lose track of important connections.  

   
   

7. Be clear and concise in your emails Emails are an important aspect of networking and following proper email etiquette comes with the territory. Your emails should be clear, concise, and to the point. Avoid unnecessary fluff, and make sure your emails are free of spelling and grammatical errors. You’ll be surprised at how often something as basic as this is overlooked. Most of all, personalize your communication by referencing specific details about the person’s background or experiences.  When you’re reaching out to schedule a call or meeting, always make sure that you’re suggesting a range of times during the day and evening that these analysts can pick from. Remember that these analysts are very busy and very often have blocks of time during the day when they're waiting for feedback or direction from senior colleagues. Try to catch them at the start or end of the working day as they are often checking their email during this time.   Remember to include your resume for every initial email to a new contact. Make sure that your resume is in PDF format and properly named (example: LastName_FirstName_Resume). Attention to detail is critical in finance, and a poorly formatted or error-ridden resume or email can hurt your chances.  
    
   Most of all, don’t underestimate the number of emails you should send when you receive no response before giving up. We recommend 3 times (with 5 business days between each attempt) – analysts and associates in banking want to see your determination and hustle!  

   
   

8. Prepare thoroughly before your calls.  This is yet another basic but very important tip to keep in mind. Research your contact before taking that call with them. Research the person’s background, the firm they work for, and the role they are in.  Prepare at least five personal questions that are relevant to the individual you’re speaking with. This shows that you've done your homework, and you take networking seriously.  

   
   

9. Follow up after your meetings. Now, if you have been wondering how to maintain a relationship with your contacts, this is your answer. It plays a big role in nurturing your network.  After a networking call, always follow up with a thank-you email. Try to mention something specific from your conversation that shows that you were engaged and appreciative of their time.  It’s always a good idea to reach out in between subsequent meetings with updates on your progress with no expectation of a response – this is part of relationship maintenance. Show your contacts what you're doing with their advice.  
   
   

10. Start networking early and on a regular basis. It’s always a good idea to start networking very early in your university experience. This gives you a head start and can help you secure an offer alongside opening up a path to many other opportunities. And most of all, starting early allows you to take the time to really build that genuine connection with your contacts.   

    
    

11. Stay humble and be as flexible as possible. Regardless of what school you go to or what you have your heart set on, try to be as humble as possible and be open to various opportunities and roles. You never know what might come knocking your way. Being open early in your career also shows that you want to learn.   

    
    

12. Put extra effort into behavioral questions. You’re probably already aware that behavioral interviews carry as much weight as technical ones. This part of the interview sets the tone for whether you will get that offer or not. Therefore, it makes networking so much more important because it is through this process that you’re gathering insights and knowledge to answer questions like, why [our firm]? or Why [this role?] or Why [this group]? Therefore, in your networking efforts, place extra emphasis on understanding the company culture, the experiences of current employees, and specific industry knowledge that can help you craft unique and authentic answers in interviews. It can be just the reason why you score that offer.   

    
    

13. Don’t contact multiple people within the same group.  Usually, in an office setting, analysts often sit close to each other and share resumes within their team. Reaching out to multiple contacts in the same group can reduce your chances of a successful interaction. It's best to wait at least two days before contacting another person in the same group. 

    
    

14. Don’t stop networking after one offer.  You’ve received an offer and now, you have a job lined up for when you graduate. We recommend that you continue networking even after receiving an offer. Until you’ve signed the contract, keep exploring other opportunities and maintaining your network. This ensures you have options and don’t depend on this one offer.  

Networking with RecruitU 

Now that you’re better equipped to network successfully in the finance industry, it’s time to take control of your calendar and networking events. With RecruitU, you have the power to manage your schedule and connections, so it’s essential to use it to your best advantage. 

RecruitU simplifies the process by providing robust profiles for thousands of analysts and associates, including their work emails. The tool also allows you to track your progress, make notes, and search for contacts by position. Since analysts and associates often prefer not to be contacted through LinkedIn or personal email, RecruitU gives you a more direct and professional way to reach out. 

By effectively managing your time and networking efforts with RecruitU, you can maximize your opportunities and ensure you’re making the most of every connection. 

Ready to take your networking to the next level?   Join us for free today!