Sometimes people think that networking is just an American thing and that it doesn’t work anywhere else. Well that assumption is wrong! Here is an interview with a UK reader who had low A-levels, went to a non-target university, had a non-finance degree, and who now works in M&A and Asset Management, thanks in part to the power of networking.
Give us a bit of info about your background
There were a lot of health problems in my family when I was growing up so my academics suffered, especially in secondary school. My A-Levels were A-B-C. I couldn’t get into a top school with that kind of performance so I went to a non-target uni in London and studied politics. I earned a 2:1, not spectacular but definitely improved. The important part was that I completed a dissertation on an emerging market, which made me interested in the region and gave me something finance-related I could speak about in my “story”.
Did you have any banking or finance internships while at university?
No – it was a non-target school so I was completely off the banks’ radar. I did do some internships in politics, for non-profits, and in media. Actually the media internships were invaluable as I gained access to CEOs, MDs, and other important people through their databases. I had figured out that I wanted to work in finance but at a non-target school with average grades, I knew I would have to pound the pavement to do so.
So how did you leverage those connections and how did you network?
Through the internships I gained a mentor, who was not in finance, but was very well connected in the UK and that made it much easier to get in. I also went to every finance-related event in London that I could, meeting people and getting introductions and referrals. I even cold called some firms! Actually, some of those calls ended with me going in for a chat. I learned that I could network anywhere, even at my part-time retail job.
Did you have a strategy in terms of who to contact?
Not really. I met lots of VPs and MDs and they still made time for me. I even had a few lunches with CEOs of some very well-known firms.
Then you decided to go to the Master’s program at LSE instead of pursuing a job right after undergraduate studies, how did that help you?
Well, my networking efforts were rewarded by being at LSE as I had much easier access to CEOs, MDs and Partners. If I met someone who came to school to give a talk, I’d make sure to get their card or contact details and immediately set up a meeting; I was averaging 4-5 meetings a week with banks, PE firms, even media companies.
You know, I was really surprised at how bad LSE students were at networking! No one had a clue about how to approach someone and introduce themselves and start talking or even request a follow-up meeting. Really, don’t overestimate the competition. Most people that go into banking have never had to work that hard to get places, they’ve gone to a public school so they get a good book-based education, but know little about how things work in the real world. Not every contact ended up yielding something for me, but after exams I had over a dozen interviews lined up and I had amassed over 1,000 contacts in just two years of networking.
Any final tips?
Here are my main things to follow if you want networking to pay off for you:
Keep track of the people you meet
I took so many notes in each meeting and logged them into my computer afterwards. I know a lot about all of my connections, it helps my relationships with them and means that even old connections are still useful and stay relevant.
Another helpful thing I did was to set up a Google News Alert for every contact I met. That way I could not only keep up-to-date on what they were doing, but I could send a congratulatory email if they closed a big deal. It’s something that takes no time at all, keeps you on peoples’ radars, and is very much appreciated.
Consider the assistants
If you’re nice to the assistants, you have a much better chance at getting a meeting scheduled or a phone call through. If you’re rude to the assistants, don’t be surprised when none of your emails or phone calls gets through to the person you’re trying to contact.
Get a life!
It seems weird, but people really appreciate when you have interests outside of finance and some employers put this high on their list of things when looking for new recruits. Pay attention when someone mentions their hobbies or what team they follow. I always mentioned my work and passion for non-profits when talking to bankers and it started up several conversations.
Ask for referrals
Don’t be afraid to ask at the end of a meeting if there is anyone else they think you should meet; this is a great way to meet even more people and gain more contacts.
Do some detective work to find people you already know
I would always go very thoroughly through the website for the company I was about to meet/interview with and see if there was anyone listed that I knew or tried to find out if anyone I knew had interned/interviewed with the company before. If you do find a personal connection, this is a great way to take a bit of a shortcut and it can be really helpful. I also would look up contacts on sites like investigate.co.uk – they have tons of useful contact information.
Basically, just think of networking as socialising. It’s a demanding industry so don’t be afraid to talk about some non-finance stuff along with work topics. Lots of people are willing to step out of the office and have a coffee or drink with you if you can shoot the breeze about football as well as ask questions about the markets. Think about finding a mentor and avoid getting on peoples’ bad side. If they tell you to stop calling or they just say no, forget them. They obviously are not willing to help and you can find loads of people who are, instead of being stubborn and wasting your time with that one contact. Networking does work in the UK, just be persistent, personable, and get out there and meet people.
