The Myth of “You Need Connections to Break Into Banking”
One of the most discouraging things I hear from students is: “I don’t have any connections in banking — I don’t think I can break in.” I want to address this head-on: you do not need pre-existing connections to land an investment banking offer. What you need is a system for building those connections from scratch, starting now.
I’ve coached hundreds of students who came from non-target schools, had zero family ties to Wall Street, and had never spoken with a banker before they reached out to me. Many of them are now working at Goldman Sachs, Morgan Stanley, JPMorgan, and top boutiques. The difference wasn’t their network — it was their approach to building one.
This post will give you a concrete, step-by-step framework for how to network for investment banking even if you’re starting with nothing.
Why Networking Matters So Much in IB Recruiting
Investment banking recruiting — particularly at the bulge bracket and elite boutique level — is not purely a meritocracy of grades and test scores. Referrals matter. If a banker you’ve spoken with recommends you to the recruiting team, your application gets flagged. If you’ve done multiple calls with multiple people at a firm, you show up in the system as someone who’s genuinely interested, not just someone who applied online.
Banks also use networking as a screen for cultural fit. The people you speak with during networking are often the same people who will be interviewing you. If you’ve already built a positive relationship, you have a meaningful advantage walking into that interview room.
None of this means a great GPA doesn’t matter — it absolutely does. But networking is what separates equally qualified candidates. You need both.
Step 1: Build Your Target List
Before you reach out to anyone, know exactly who you want to reach out to. Build a target list of:
- Banks — which firms are you targeting? Start with a range from bulge brackets (Goldman, Morgan Stanley, JPMorgan, etc.) to elite boutiques (Evercore, Lazard, Centerview, PJT, Moelis) to middle market firms. Don’t limit yourself to only the top names — having strong relationships at multiple tiers increases your chances significantly.
- Groups — do you have a sector interest (TMT, healthcare, industrials, FIG)? Or are you open to generalist roles? If you have a genuine interest in a specific industry, lean into that — it makes your story more compelling.
- Alumni — search LinkedIn for alumni from your school (or your city, your state, your former employer) who work in IB. Alumni connections are the highest-response-rate cold outreach you can make.
For a full breakdown of how to structure your bank list and networking approach, our investment banking networking guide goes deep on this.
Step 2: Use LinkedIn the Right Way
LinkedIn is your primary tool for finding contacts and sending cold outreach. Here’s how to use it effectively:
Optimize Your Profile First
Before you start reaching out, make sure your LinkedIn profile is strong. Bankers will look you up before responding to your message. Your profile needs a professional headshot, a clean headline (“Finance Student at X University | Investment Banking”), and clear descriptions of your experiences that emphasize relevant skills. See our guide on building a strong IB presence online for more.
Find Contacts Using LinkedIn Search
Use LinkedIn’s search to find bankers at your target firms. Filter by company, school (alumni first), and location. Start with analysts and associates — they’re much more likely to respond than VPs and MDs, and they can often make internal recommendations just as effectively.
Send Connection Requests with a Note
Always include a personalized note with your connection request. Keep it short — three to four sentences maximum. Mention why you’re reaching out (specific interest in their firm or group), note any shared connection (school, background, geography), and ask a specific, easy-to-answer question or request a brief call.
Example: “Hi [Name], I’m a junior at [School] recruiting for IB internships and have been specifically interested in [Bank]’s TMT group. I’d love to learn more about your experience there — would you be open to a 15-minute call? Thanks so much.”
Step 3: Cold Email Bankers Directly
If LinkedIn messages aren’t getting responses, email is often more effective — especially for more senior bankers who are less active on LinkedIn. Find banker email addresses through:
- Your school’s alumni database
- Banks’ public-facing analyst or associate bios (some teams post these on their sites)
- Standard email formats (firstname.lastname@bank.com or firstnamelastname@bank.com — try both)
- Your university career center’s employer contact list
Cold emails should be brief, professional, and specific. Subject line: “[School] Student — Quick Question for [Bank] [Group]” works well. Keep the body to three short paragraphs: who you are, why you’re reaching out to them specifically, and your ask (a 15-minute call).
Step 4: The Informational Interview
When a banker agrees to a call, treat it seriously. This is not a casual chat — it’s a soft interview. Prepare thoroughly:
- Research the banker’s background, deal history, and any published commentary
- Know the firm’s recent transactions and notable deals
- Prepare five to seven thoughtful questions that show genuine interest and intellectual curiosity
- Practice your own 60-second background pitch so you can introduce yourself confidently
Good questions to ask on networking calls include:
- “What’s been the most interesting deal you’ve worked on and what made it complex?”
- “How does [Bank]’s [Group] differentiate itself from competitors in your sector?”
- “What do you wish you’d known before starting as an analyst?”
- “What does the recruiting process look like this year, and what are you looking for in candidates?”
End every call by asking: “Is there anyone else at the firm you’d recommend I speak with?” This is how your network compounds — one good call can lead to three more introductions.
Step 5: Follow Up and Stay in Touch
Send a thank-you email within 24 hours of every networking call. Keep it short — two paragraphs is plenty. Reference something specific from your conversation to show you were paying attention.
Then stay in touch. Don’t disappear after one call and resurface six months later when applications open. Send occasional check-ins with a relevant article or market development: “Saw [Bank] just advised on the [Company] acquisition — really interesting deal in a space we discussed. Hope things are going well.” This keeps you top of mind without being annoying.
When recruiting season opens, reach back out to every contact you’ve built and let them know you’re applying. Ask if they can flag your application internally or put in a word with recruiting. At this point, you’ve earned the ask.
Networking at On-Campus Events
Banks visit target school campuses for information sessions and recruiting events. These are mandatory to attend if IB is your goal. At these events:
- Arrive early and stay late — the best conversations happen when the crowd thins
- Have a sharp 30-second pitch ready: who you are, your relevant experience, and your specific interest in this firm
- Ask a specific, substantive question during the group Q&A — it gets your name in the room
- Follow up with every banker you spoke with by LinkedIn or email the next morning
Even at non-target schools, campus recruiting visits happen. If your school doesn’t have a formal program with a target bank, reach out to the campus recruiting team to ask if they’d be willing to schedule an on-campus event or virtual session.
Networking From a Non-Target School
If you’re at a non-target school, networking is even more important — and alumni outreach is your most powerful tool. Banks don’t recruit heavily at non-target schools, which means you need to create your own pipeline. A few tactics that work well:
- Leverage any alumni you can find. Even one alum at a firm who went to your school is a warm connection worth pursuing aggressively.
- Target boutiques and regional firms first. It’s easier to land a first IB experience at a smaller firm, and that experience then makes you competitive for lateral moves to bulge brackets or elite boutiques.
- Network your way to referrals. If you can get even one strong referral into a firm’s HR, it changes your odds significantly. Banks will sometimes make exceptions for non-target applicants when an internal banker strongly vouches for them.
We’ve helped many non-target students break in using exactly these strategies. Our testimonials page has stories from students who made it work from schools you wouldn’t expect.
How Many Contacts Do You Need?
There’s no magic number, but here’s a rough framework: by the time recruiting season hits, you want at least three to five genuine connections at each of your top five target firms. That means 15 to 25 meaningful networking calls, minimum. With a strong outreach campaign, you can realistically achieve this in three to four months of consistent effort.
Track your outreach in a spreadsheet: name, firm, date of outreach, date of call, follow-up date. Stay organized or your pipeline will get messy.
The Bottom Line
Networking for investment banking with no existing connections is absolutely possible — but it requires intentionality, consistency, and the willingness to put yourself out there repeatedly. The students who break in without a built-in network are the ones who outwork everyone else in the outreach phase.
Start today. Send three LinkedIn messages to IB alumni this week. Schedule your first networking call. Build the habit early and the pipeline will follow. And if you want a structured program to help you execute this strategy, apply to work with us — we’ve built this exact system into our coaching program.
Want Personalized Investment Banking Coaching?
Wall Street Mastermind has helped thousands of students land offers at Goldman Sachs, Morgan Stanley, JPMorgan, and every top bank. If you want personalized coaching to break into IB, apply here to learn more about how we can help you.
