Bank on Banking

After receiving a lot of feedback on my previous sellday article and numerous pre-sellday questions, I decided that it was time to tackle a recurring theme – pre-sellday networking do’s and don’ts. I’ve put together a list of the most common questions and answers surrounding this pitfall-laden topic. Of course, you first have to get through the initial screen and your subsequent interviews, but once you’ve survived the gauntlet, it is time to look to your sellday and do as much as possible to land in your goal group – your group of choice.

Should I try to meet with bankers in each group before the sellday?

This is a question that I get pretty regularly, and let me provide a clear answer: definitely. Meeting with a banker or 2 in your group(s) of interest is a great way to get on their radar ahead of the sellday, when, essentially, everyone will be fighting to make an impression on their top choices. While you will definitely be meeting many new bankers during your sellday and, honestly, might not even see your contact within group A during the sellday (perhaps he/she is not a presenter), you should still try to meet with at least a banker or two in a group you are really interested in. In short, you’ve got 2 big reasons here even if you do not see your contact at the event: 1) it gives you a great opening topic to break into conversation with all of the bankers in the group and 2) shows the bankers or at least provides a great avenue for the group’s representative bankers to look into your fit and check with someone already on their team. Don’t underestimate the power of networking and for having an “in” within a group even if that person is not a sellday decision maker. Finally, if you have some sort of an alumni connection (or interview connection – they interviewed you during one of your previous rounds, for example), that is even more of a reason to jump on the opportunity and will provide for an even stronger contact (alumni has the common bond and the interviewer can definitely talk to your fit and intellectual aptitudes).

Should I try to meet with more than one senior banker or analyst? Which is preferable: senior bankers or analysts/associates?

Before we focus on who is the best person to meet with, focus on actually finding someone to network with. In other words, don’t overlook analysts because you only want to talk to senior bankers or vice versa – if you are pressed for contacts, take what you can get and utilize as best you can to both cultivate that relationship and leverage it into additional contacts. Again, generally speaking, alumni connections and past interviewers are best since you’ve already got the connection established and those contacts can often speak to your skill set, fit, etc best (or better than other contacts such as acquaintances of acquaintances, LinkedIn contacts, etc). Now, if you have access to senior bankers, especially VPs and Ds as they are often a little more accessible and open to junior bankers than MDs who often have more on their plates, you should absolutely seize that opportunity. If, however, you can’t get a hold of any senior bankers, make your way down to the associate and analyst level as they will still be able to help you more than you might think (if you make a good impression) and, at the end of the day, making a good impression on someone in the group is much better than not knowing anyone. Finally, if you have several senior and junior level contacts within the group of your choice: 1) consider yourself VERY lucky and in with the crowd as long as you play it cool and calm, and 2) when reaching out to your contacts, don’t flood everyone’s email – instead, reach out to your closest contact; a junior and a senior banker is acceptable in this case (but not multiple bankers of the same category) since they will provide you with different insight into the group, the work, the atmosphere, etc.

Should I try to meet with as many people as possible or will this annoy them?

As I started to go into in the previous response, do not try to meet with everyone in a group. Assuming you are trying to branch out and meet new people within the group, you should not try to meet and open contact with EVERYONE – frankly, you won’t gain more information and will become a bit of a nuisance since you will be asking each banker the same questions and getting, usually, similar answer most of those stock questions. Meeting with 1 or 2 people in the group (especially if they are in different categories – 1 senior and 1 junior banker) is a great way to make the connection and possibly meet other people – as one of these bankers might invite you to meet a few others knowing that you’ve got a sellday coming and already have an offer – without imposing on the team or becoming a nuisance.

Should I go through HR and ask for contact info or just contacts I’ve built over the last year or so?

Generally speaking (and generally is an understatement here), I would go with contacts – alumni, past interviewers, friends/acquaintances, and acquaintances of friends LONG before I try to go through HR. I would only use HR as a last resort as you will not find the reception, help and contacts in general nearly as pronounced or even available as when you have a connection established already. Go with your contacts – even if in another group, they might know bankers in a group you like and give you a name – the reception will be far more welcoming and engaging.

Should I call, email, call and email to get the bankers’ attention?

The easy response here is to say that you should go with the email. Email is more convenient for the banker and more understanding and courteous of their schedule. That said, let me take this a step further and give a full answer in that it really depends on the relationship that you have with the banker. If you talk on the phone regularly or occasionally to catch up and don’t find yourself exchanging emails with him/her nearly as often, then you should honestly just give him/her a call. If, however, email is your method of conversation, updates, inquiries, etc, then stick with what works. In either case, what you don’t want to do is start calling and emailing frantically (and it doesn’t take many messages to come off as frantic or at least obnoxious) as if it were a fire drill though – pick a method, go with it, and BE PATIENT. If you email and the banker expresses and interest in having a phone call or meeting in person, that’s great, but don’t email, wait an hour, then call, then wait 2 hours and email again, then 3 hours more and call again, etc – yes I’m exaggerating a bit, but stranger things have happened and similar things happen quite routinely – in short don’t be a pain in backside.

Should I ask them to meet for coffee, out to lunch, or go to their office so they can introduce me to other bankers? Also, should I set everything up or sit back?

This is another situation where it depends. If the banker asks you for your availability and what you prefer then be decisive (although still flexible) and make some suggestions. As a general starting position, I also suggest that you let them set it up. If they want to grab coffee, do that, meet in a conference room, do that, introduce you to their team, do that. Make it easy for them and be flexible – essentially putting the ball in their court makes it easy for them to fit it into their schedule (within reason of course). If you are out of town, be sure to give them some notice as to when you are coming in and let them run with the agenda/plan from there. As an additional note, don’t accept the first date and time they suggest even if it doesn’t work at all for you. If you’ve got your appointment with them in NYC at their office at 1:30pm, and already have an appointment that you cannot break or reschedule (such as a class final in a course you need an “A” in to pass and without passing will not graduate – an extreme example, I know) at 2:00pm 40 blocks away, don’t take that meeting time. In other words, give yourself time to meet and don’t be afraid to pass on one time if it REALLY doesn’t work for you so that you are more comfortable and not pressured to rush everything. The impression you leave will be much better if you are comfortable and relaxed – not stressing about a big final.

Should I outright say that their group is my absolute top choice – even if it isn’t?

Banking across the banks is a small world – banking within a bank is an even smaller one. While an incoming analyst or associate is not a HUGE topic of conversation among bankers, you never know what might come up ahead of, during or after the sellday and you don’t want their lasting impression of you to be a phony and a liar. In short, don’t lie, but at the same time, if you are meeting with someone in a particular group you definitely want to show strong interest and make them feel like they are at the top of your list – hell, no one likes to feel 2nd best, let alone 12th. Remember, the sellday will provide you more than enough opportunity to meet bankers in each group, get a feel for the team and the group as a product/industry – therefore, don’t meet just to meet – only meet bankers in a group ahead of the sellday if you have a real interest in the team.

That about covers it for this post – if there are any other sellday networking question questions or comments, feel free to post them below or send me an email HERE. The sellday is huge and your big chance to make the impression necessary to get into your group of choice – you definitely want to do what you can to enhance your chances and appeal.

Stay tuned for posts, a fresh product and an great NEW aspect of the site, specifically my products – I am really excited about the decision and I hope my readers and supporters will be as well.