If there is one skill that separates candidates who break into investment banking from those who do not, it is networking. Technical knowledge and a strong resume are necessary, but they are rarely sufficient on their own, especially if you are not coming from a core target school with a well-established recruiting pipeline.
Networking is how you get your resume noticed, learn about opportunities before they are posted, get referrals for interviews, and ultimately build the relationships that can carry your career forward for decades. In this comprehensive guide, we will cover everything you need to know about networking for investment banking, from finding the right people to reach out to, to building genuine relationships that lead to interviews and offers.
Why Networking Matters So Much in Investment Banking
Investment banking recruiting is not purely meritocratic. The best-prepared candidate does not always get the offer: sometimes the candidate with the strongest internal advocate does. Here is why networking plays such an outsized role:
- Resume screens are brutal. Banks receive thousands of applications for a handful of spots. Without someone on the inside flagging your resume, it can easily get lost in the pile, especially if you are from a non-target school.
- Referrals carry real weight. When a banker recommends a candidate to HR or a hiring manager, that recommendation matters. It does not guarantee you an interview, but it dramatically increases your chances of getting one.
- Information asymmetry is real. The best networkers learn about recruiting timelines, group-specific preferences, and interview formats before other candidates. This information advantage compounds over time.
- Banking is a relationship business. If you cannot build relationships to get the job, banks may question whether you can build relationships with clients once you have the job.
Who to Network With
Not all networking contacts are equally valuable. You want to be strategic about who you reach out to and how you prioritize your time.
Analysts and Associates (1-3 Years Out)
Junior bankers (first through third-year analysts and associates) are often the most accessible and the most helpful for recruiting purposes. They went through the recruiting process recently and can give you specific, practical advice about what to expect. They are also more likely to respond to cold outreach because they remember what it was like to be in your shoes.
These are the people who can tell you what their group’s interview process looks like, what technical questions come up most often, and what the day-to-day work is really like.
Vice Presidents and Directors
Mid-level bankers are harder to reach but can be more influential in the hiring process. VPs often have a say in who gets interviewed and who gets offers, especially for lateral hires. If you can build a genuine relationship with a VP in a group you are targeting, that can be extremely valuable.
Alumni
Alumni from your school are the single best networking resource you have. People are naturally more willing to help someone from their alma mater, and the shared connection gives you a natural conversation starter. Check your school’s alumni database, LinkedIn, and any alumni networking events to identify bankers who went to your school.
People You Already Know
Do not overlook your existing network. Friends, family, classmates, former colleagues, professors: anyone who might have a connection to someone in banking. Warm introductions (where someone introduces you to a banker) are significantly more effective than cold outreach.
How to Find Networking Contacts
Finding the right people to network with takes some research, but the tools are readily available:
- LinkedIn. This is the most powerful tool for finding bankers to network with. Search for people at your target banks, filter by school, and look for analysts and associates in specific groups. LinkedIn also shows mutual connections that could provide warm introductions.
- Your school’s alumni database. Most universities maintain alumni directories that you can search by employer, industry, or graduation year. This is an underutilized resource.
- Campus recruiting events. If your school hosts banking recruiting events, information sessions, or career panels, attend every one. These are natural opportunities to meet bankers and start conversations.
- Industry conferences and events. Finance-related conferences, speaker events, and professional association meetings can all be networking opportunities.
How to Reach Out: The Cold Email
Cold emails are the bread and butter of investment banking networking. Most of your outreach will be to people you have never met, and you need to make a strong impression in a short email. For a detailed guide on structuring your networking outreach, check out our networking guide.
Here are the key principles for effective cold emails:
Keep It Short
Bankers are busy. Your email should be three to five sentences maximum. Introduce yourself, explain why you are reaching out, and ask for a specific, time-limited meeting, typically a 15 to 20 minute phone call.
Lead with the Connection
If you share an alumni connection, lead with that. “I’m a junior at [University] and saw on LinkedIn that you graduated from the same program in 2020” is a much stronger opener than “I’m interested in investment banking and would like to learn more about your experience.”
Be Specific About What You Want
Do not ask vague questions like “Can I pick your brain?” Instead, say something like “I would love to hear about your experience in the healthcare group at [Bank] and any advice you might have for someone recruiting for similar roles.” Specificity shows you have done your homework.
Make It Easy to Say Yes
Suggest a 15 to 20 minute phone call at their convenience. Offer to work around their schedule completely. The lower the barrier, the more likely they are to agree.
How to Conduct an Informational Interview
When someone agrees to a networking call, you need to make the most of it. Here is how to structure a productive informational interview:
Before the Call
- Research the person’s background on LinkedIn: their school, career path, and current role.
- Research their bank and group: recent deals, rankings, and any news.
- Prepare five to seven thoughtful questions that show genuine interest and curiosity.
During the Call
- Start by thanking them for their time and giving a brief (30-second) introduction of yourself.
- Ask open-ended questions about their experience: how they got into banking, what their group works on, what they enjoy about the job.
- Listen more than you talk. The goal is to learn and build rapport, not to pitch yourself.
- Toward the end, ask if there is anyone else they would recommend you speak with. This is how you expand your network organically.
- Respect the time limit. If you said 15 minutes, wrap up at 15 minutes unless they want to keep talking.
After the Call
- Send a thank-you email within 24 hours. Keep it brief and genuine.
- If they recommended other contacts, follow up on those introductions promptly.
- Add notes about the conversation to a tracking spreadsheet so you can reference specific details in future interactions.
Building Genuine Relationships (Not Just Collecting Contacts)
The biggest mistake candidates make with networking is treating it as a transactional exercise: have one call, ask for a referral, and move on. The most successful networkers build genuine, long-term relationships. Here is how:
- Follow up periodically. After your initial call, send a brief update every four to six weeks. Share a relevant article, mention a deal their bank was involved in, or update them on your recruiting progress. This keeps you on their radar without being annoying.
- Be genuinely curious. Ask questions because you actually want to learn, not just because you want to check a networking box. People can tell the difference.
- Add value when you can. Maybe you read an article about their industry or heard about a conference that would interest them. Even small gestures show that you are thinking about the relationship, not just yourself.
- Be honest about your goals. You do not need to pretend you are networking “just to learn.” Everyone knows you want an offer. Being upfront about your goals while also being genuinely interested in the other person’s experience is the right balance.
Networking for Non-Target Students
If you are from a non-target school, networking is not just important: it is essential. Without on-campus recruiting events and established pipelines to banks, networking is often the only way to get your foot in the door.
The principles are the same, but you need to be more proactive and persistent. Cast a wider net, reach out to more people, and be prepared for a lower response rate. Focus on alumni connections (even distant ones), people who came from non-traditional backgrounds themselves, and any warm introductions you can find through your existing network.
The good news is that many successful bankers came from non-target schools, and many of them are willing to help students who remind them of their own journey. Do not be discouraged by initial silence: keep reaching out, keep following up, and keep building relationships.
Common Networking Mistakes
Avoid these common pitfalls that can derail your networking efforts:
- Being too aggressive. Asking for a referral on the first call, or following up every few days, is a quick way to burn a contact. Build the relationship first.
- Not doing your research. If you ask someone what their bank does or what group they are in, you signal that you have not bothered to look them up. Always research before reaching out.
- Sending generic emails. Mass-produced networking emails are obvious and ineffective. Personalize every outreach with something specific about the person or their group.
- Only networking when you need something. If you only reach out when you want a referral, the relationship feels transactional. Network consistently, not just during recruiting season.
- Neglecting to follow up. Many candidates have a great initial call and then never follow up. The follow-up is where relationships are built.
- Being inauthentic. Forced enthusiasm, fake interest, or over-the-top flattery will not work. Be yourself, be professional, and be genuinely curious.
How Networking Leads to Offers
It is worth understanding the mechanics of how networking actually translates into job offers. Here is a typical sequence:
- Initial outreach. You email a banker and set up an informational call.
- Relationship building. Over several interactions, you build rapport and demonstrate your interest and preparation.
- Internal advocacy. When recruiting season arrives, the banker flags your resume to HR or the hiring manager. This is the referral that gets you into the interview process.
- Interview preparation. Your contacts can give you specific insight into what to expect: which interviewers you will meet, what questions they tend to ask, and what the group values. This information can be the difference between a good interview and a great one. Make sure you are also using resources like our technical cheatsheet to prepare.
- Post-interview follow-up. After your Superday, your contacts can provide feedback and even advocate for you during the decision-making process.
This process does not happen overnight. It typically takes months of consistent effort. But the candidates who invest in networking early and build genuine relationships give themselves the best possible chance of landing offers at their target banks.
Final Thoughts
Networking is not a shortcut or a hack: it is a fundamental part of how investment banking recruiting works. The best candidates combine strong technical preparation with genuine relationship-building to create opportunities that would not exist otherwise.
Start early, be consistent, and approach every interaction with genuine curiosity and respect. The relationships you build during recruiting will not only help you land your first offer: they will form the foundation of a professional network that serves you throughout your entire career.
For more detailed guidance on networking strategy and templates, check out our complete networking guide and our free course on breaking into investment banking.
Want Personalized Interview Coaching?
If you are serious about breaking into investment banking, the best thing you can do is work with someone who has been through the recruiting process and knows exactly what top banks are looking for. At Wall Street Mastermind, we have helped over 2,500 students land offers at every bulge bracket and elite boutique bank on Wall Street. Book a free strategy call to learn how we can help you prepare for your interviews and maximize your chances of landing the offer.
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