More on Networking

I was asked by a student earlier this week whether it was too early to start networking. There is no straightforward answer to this question. It is never too early to begin reaching out to people and developing a network, however, you should at least have some ability to carry on an intelligent conversation before you do. The bar is set low during these meetings as people will not expect you to know about complex finance theory (yet). Still, you should have at least a basic understanding of what that person does (understand their role at their firm), and have a clear idea of what you will focus on during recruiting season. This doesn't mean that you have to specifically know which jobs you will apply for, just that you are interested in finance and in hearing what that industry professional has to say. In short, if you have to ask questions like "What do investment bankers do?", "How much do you make?", or "What are your hours like?", you probably shouldn't be there. This is information you can google, and asking it will not only embarrass you, but will also make the rest of us look bad.

When you do decide that you are comfortable enough to meet with people for coffee or drinks, start considering who exactly to meet with. If you have a clear idea of which job you will focus on, contact people who will recruit for those roles. If you are undecided, consider casting a wider net. Great resources for finding individuals include the online alumni directory (rworld), asking second year students, the CCC, and RFA events. Remember, always ask "who else can I meet with?" as a final question when meeting someone. As well, the best way to attack a role is from all angles -- associates to directors -- so make sure that you target the entire spectrum.

I want to make this post specifically about how to compose an email to ask a person for a meeting. I generally believe in two rules: be specific, and be genuine. The first rule means that you should put something really specific in your email to show evidence that you are serious about meeting and that you have done your research. For example "We had a chance to meet at the RFA Speaker Series event last week and spoke briefly about how high-yield is becoming a big part of the corporate bond issuance business". If you haven't met them, perhaps mention something like "I would like to find out how Firm Z's expanding presence in Latin America affects the xyz department for which you work".

The second rule, be genuine, means that you should keep your communication concise and honest. Do not try to impress the recipient with your credentials or knowledge of the market.  Introduce yourself, say something specific and politely request a meeting. Here is an example of an email:

"Dear Ms. X,
I am a first-year student at Rotman interested in becoming involved in Sales and Trading. We had a chance to speak last week at the RFA speaker series event where we discussed the dynamics of corporate bond yields. I would value the opportunity to continue our discussion over coffee, and perhaps to learn more about Firm Y. I understand that you are busy and am able to work around your schedule over the next few weeks.
Thank you, Me."

Finally, when sending these emails, be cognizant of the time. Do not email a trader at 9:30am or 4:00pm when the markets are abuzz. You wont get an answer.