The Challenge: Breaking Into Investment Banking Without Connections
Investment banking recruiting is structured, fast, and relationship-driven. Target-school pipelines and alumni help—but they aren’t prerequisites. If you don’t have connections, approach recruiting the way a junior banker approaches deal work: source systematically, prepare rigorously, and follow through professionally. Many candidates build access through smart outreach and credible technicals.
This guide walks through a step-by-step approach to land an investment banking internship without existing connections, from networking tactics to interview prep grounded in real IB practice.
Step 1: Shift Your Mindset
Before tactics, you need the right mindset:
- Persistence matters more than pedigree: You’ll likely send more outreach, apply more broadly, and hear “no” more often.
- Connections can be built: Networking is a skill you can develop from scratch.
- Every interaction is a screen: Treat LinkedIn notes, emails, and coffee chats like micro-interviews.
Step 2: Build Your Target List
Since you don’t have pre-existing contacts, create a structured outreach list.
Sources include:
- LinkedIn: Use filters for firm, division/group, school, or geography.
- Alumni databases: Even non-target schools typically have some finance alumni.
- Event listings: Bank info sessions, finance society panels, virtual recruiting events.
- Regional firms: Don’t only chase bulge brackets; middle-market and boutique banks can be more accessible.
Prioritize analysts and associates (closest to day-to-day work and campus hiring) and any campus recruiting channels that exist.
Create a spreadsheet with:
- Name, firm, title & group, geography, contact method, date reached out, and follow-up status.
Practical cadence: aim for concise first outreach, a polite reminder a week or two later if no reply, then move on—rotate firms and avoid spamming the same team.
Step 3: Master LinkedIn Outreach
Without existing contacts, cold outreach becomes your best friend. LinkedIn is the easiest way to start.
Best Practices
- Always include a connection note.
- Keep it short and polite.
- Mention any commonality (school, geography, interest).
- Ask for a short call, not a job.
- Send during non-peak desk times (outside trading/meeting rushes) for better odds of being seen.
Example:
> Hi [Name], I’m a [year] student at [school] interested in investment banking. I noticed your path into [firm/group] and would love to connect. If you’re open to a 15-minute call, I’d really appreciate learning from your experience.
Email as a Backup
If you can’t find someone on LinkedIn or they don’t respond, email works too. Use the same logic: concise, respectful, and focused on learning. Clear subject lines like “Student interested in [Group/Sector] — quick call?” help.
For a comprehensive approach to building relationships with bankers, including advanced strategies and follow-up techniques, check out our complete investment banking networking guide.
Step 4: Informational Calls That Build Relationships
If someone agrees to a call, that’s your chance to make an impression.
Preparation
- Review their background on LinkedIn.
- Skim public news/press releases for their sector.
- Have 5–6 thoughtful questions ready.
During the Call
- Respect time (15–20 minutes unless they extend).
- Give a tight personal pitch (why IB, what you’ve done to prepare).
- Ask about their path, group exposure, and practical advice.
- Don’t immediately ask for a referral—let it build naturally.
After the Call
- Send a thank-you within 24 hours.
- Reference a specific takeaway.
- Offer to share progress later.
If you repeat this process with many bankers, some will naturally become advocates.
What Coffee Chats Really Evaluate (and How Notes Travel)
Coffee chats often double as informal screens, and impressions can be shared with recruiting. Focus on traits that matter on the desk:
- Brevity and clarity: Answer directly under light time pressure.
- Deal literacy: Discuss a sector or basic valuation concept at a high level.
- Professional curiosity: Smart questions without entitlement.
- Follow-through: Clean thank-you, improving trajectory over time.
Understanding these expectations early helps you prepare for the complete IB interview process, where similar evaluation criteria apply at every stage.
Three realistic scenarios and responses:
1. “Happy to chat today—have 10 minutes.” Confirm promptly, share a 30-second story, ask one specific group-relevant question, and be ready for a light technical (e.g., how the three statements connect or EV vs. equity value at a high level).
2. “Send me your resume; I’ll pass along.” Reply the same day with a 1-page PDF named Firstname_Lastname_IB_Resume.pdf. Add a 2–3 line summary (school, relevant experience, timing) and note your flexibility for interviews.
3. “We’re not hiring now, but stay in touch.” Ask for a suggested timeline to check back. Later, send a brief progress update (new project/coursework) plus one targeted question.
Step 5: Apply Strategically
Without a network, cast a wide net—smartly:
- Diversify firm types: Bulge brackets, elite boutiques, middle-market, and regional boutiques.
- Apply early: Larger programs can open around a year or more in advance.
- Leverage smaller shops: Many boutiques hire on a rolling basis.
- Use job boards: LinkedIn Jobs, Indeed, and niche finance boards surface smaller opportunities.
Your first internship doesn’t need to be top-tier; real exposure at a boutique can set up returns or laterals.
Step 6: Build Experience If You Lack It
If you don’t have a finance internship yet, you can still build relevant experience:
- Student investment clubs: Join or start one.
- Independent projects: Publish stock pitches or valuation write-ups on LinkedIn.
- Virtual internships: Many firms offer free online programs (e.g., Forage).
- Part-time roles: Corporate finance, accounting, or research build credibility.
Show initiative and progress.
Complement your practical experience with interview preparation: While you're building your resume through clubs and projects, download our comprehensive guide to ensure your technical knowledge keeps pace—400+ questions covering everything from accounting fundamentals to complex M&A scenarios.
Step 7: Prepare for Technicals Early
Even with networking, you won’t get far without strong technicals. Start months in advance:
- Master accounting, valuation, and three-statement links.
- Practice “walk me through a DCF,” enterprise vs. equity value, accretion/dilution logic, and simple merger math.
- Expect quick technical checks in screeners—and occasionally in coffee chats.
- Don't neglect behaviorals—your story must be polished and consistent, especially for the critical "walk me through your resume" question.
Practical tip: keep a one-page “cheat sheet” of frameworks (3-statement link, valuation methods, common multiples) to review before calls.
Master these frameworks efficiently: Practice with our iOS app featuring 400+ technical questions you can review between classes, during commutes, or before networking calls—ensuring you're always ready for unexpected technical checks.
Step 8: Follow Up and Build a Mini-Network
Turn strangers into allies.
- Follow up every 2–3 months with a brief progress update (coursework, projects, relevant reading).
- Engage on LinkedIn by liking or commenting thoughtfully.
- Show momentum: Each touchpoint should reflect advancement (skills, deliverables).
Over time, your “no connections” becomes a network you built.
Step 9: Leverage Alternative Paths
If direct IB recruiting feels out of reach right now, consider stepping stones:
- Transaction services or valuation groups at large professional-services firms.
- Corporate finance roles with analytical exposure.
- Search funds or smaller buy-side teams where you can touch sourcing and diligence.
These routes still position you for full-time IB recruiting later.
Common Mistakes to Avoid
1. Mass-blasting generic messages: Personalization matters.
2. Being too transactional: Leading with “Can you refer me?” can backfire.
3. Neglecting smaller firms: Accessible roles are often there.
4. Under-preparing for calls: Wasting someone’s time closes doors.
5. Relying only on applications: Networking materially improves outcomes.
6. Sloppy materials: Keep it to a 1-page resume, clear file naming, and consistent formatting.
Interview Perspective
If asked: “How did you recruit without connections?” A strong answer highlights:
- Proactivity (targeted outreaches tracked in a simple pipeline).
- Self-directed learning and project work that built finance credibility.
- Consistent technical preparation.
- What the process taught you—initiative, resilience, and concise communication under time pressure.
This turns a weakness into a strength.
Key Takeaways
- Breaking into IB without connections is harder but achievable.
- Treat outreach like a pipeline; prioritize analysts/associates and campus channels.
- Coffee chats are informal screens—prepare like it’s an interview.
- Apply broadly (including boutiques), build deal literacy, and show momentum.
- Alternative routes (valuation/TS, corporate finance, small buy-side) remain viable on-ramps.
Conclusion
Landing an investment banking internship without connections requires more effort, but it’s entirely achievable. By treating networking as a skill, organizing a pipeline, preparing early, and showing steady progress, you can build your own network and create opportunities.
Remember: connections aren’t given—they’re built. Every successful banker started somewhere—many created their own path. So can you.
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