Land an IB Internship Without Connections

The Challenge of Breaking In Without Connections

Investment banking recruiting is structured, fast, and relationship-driven. Target school pipelines and alumni networks provide significant advantages, but they are not prerequisites for success. If you lack existing connections, approach recruiting the way a junior banker approaches deal work: source systematically, prepare rigorously, and follow through professionally.

Many successful bankers built their access from scratch through smart outreach and credible technical preparation. The path requires more effort than leveraging family connections or alumni networks, but it remains achievable for candidates willing to work for it.

This guide provides a step-by-step approach to landing an investment banking internship without existing connections, covering everything from initial outreach to interview preparation.

Developing the Right Mindset

Before diving into tactics, establishing the right mental framework improves your effectiveness and sustainability throughout the recruiting process.

Persistence Matters More Than Pedigree

You will send more outreach messages, apply to more firms, and hear more rejections than candidates with established networks. This is the price of building connections from scratch rather than inheriting them. Accept this reality and commit to the additional effort required.

Every successful banker started somewhere. Many built their paths through determination rather than connections. Your background does not determine your ceiling if you are willing to outwork the obstacles in your way.

Connections Can Be Built

Networking is a skill you can develop, not a fixed asset you either have or lack. The connections you build through deliberate outreach become your network over time. These self-built relationships often prove more valuable than inherited ones because they reflect genuine rapport rather than obligation.

Approach networking as learning and relationship-building, not transaction execution. People respond to authentic curiosity and genuine interest, not transparent attempts to extract value.

Every Interaction Is a Screen

Treat LinkedIn messages, emails, and coffee chats like micro-interviews because that is exactly what they are. Bankers assess candidates informally throughout the networking process, and impressions formed during early interactions influence later decisions.

Professionalism in every communication signals that you understand how to conduct yourself in a client-facing environment. Carelessness or entitlement in networking suggests the same qualities would appear in your work.

Building Your Target List

Without pre-existing contacts, create a structured outreach list that maximizes your chances of response.

Primary Sources for Contacts

LinkedIn searches provide the most accessible starting point for identifying potential contacts. Use filters to find professionals at specific banks, in particular groups, from your school, or in your geographic region. Most bankers maintain active profiles that you can use to identify connection points.

Alumni databases from your university often contain valuable contacts not visible on LinkedIn. Even non-target schools typically have some finance alumni who have agreed to speak with students. These connections start warmer because of your shared institutional background.

Event listings for bank information sessions, finance society panels, and virtual recruiting events create opportunities for initial introductions. Meeting someone briefly in person makes subsequent outreach feel less cold. Take notes on who you meet and follow up within a few days while the interaction remains fresh.

Student clubs and organizations in finance often maintain contact lists developed over years of networking. If your school has an investment banking club or finance society, leverage these established connections rather than starting from scratch.

Strategic Prioritization

Focus your initial outreach on analysts and associates rather than senior bankers. Junior employees are closer to the day-to-day work and campus hiring processes. They also have recent experience with recruiting and can offer practical preparation advice.

Target contacts where you have the strongest connection points: same school, same hometown, shared extracurricular interests, or mutual contacts. These commonalities give you natural conversation starters and increase response rates significantly.

Create a tracking spreadsheet with contact name, firm, title and group, geography, contact method, date reached out, and follow-up status. Organization prevents embarrassing duplicate messages and helps you manage relationships at scale.

Practical Outreach Cadence

Send concise initial outreach, then a polite reminder one to two weeks later if you receive no response. After a second follow-up without response, move on rather than risking annoyance. Rotate across firms and avoid saturating any single team with multiple simultaneous requests.

Mastering LinkedIn Outreach

Without existing contacts, cold outreach becomes your primary tool for building relationships. LinkedIn provides the easiest channel to start.

Essential Elements of Effective Messages

Always include a connection note when sending requests. Requests without messages appear lazy and receive significantly lower acceptance rates. The platform limits connection request notes to 300 characters, so craft your message carefully.

Establish a connection point in your opening that explains why you chose this specific person. Mention your shared school, geographic background, similar career interests, or mutual connection. This context differentiates your message from generic mass outreach.

State your purpose clearly without asking for too much. You seek to learn about their experience in the industry. Do not ask for jobs, referrals, or favors in initial outreach. Simply express interest in connecting and, if appropriate, request a brief call.

Maintain professional yet approachable tone that sounds like it comes from a thoughtful person they would enjoy speaking with. Avoid sounding like a robot executing a networking playbook.

Sample Connection Message

"Hi Sarah, I'm a junior at Michigan studying finance and noticed you're also a Wolverine working in Goldman's TMT group. I'm interested in learning more about investment banking and would appreciate the chance to connect. If you have time, I'd love to hear about your experience in the industry."

This message works because it establishes shared background, expresses genuine interest, and makes a reasonable request without asking for too much.

Using Email as Backup

If you cannot find someone on LinkedIn or they do not respond after a reasonable period, email provides an alternative channel. Use similar messaging adapted to email format with a clear subject line like "Michigan Student Interested in Investment Banking."

Finding email addresses requires research. Many banks use predictable formats like firstname.lastname@bank.com. Alumni directories sometimes include email addresses. LinkedIn profiles occasionally list contact information.

For comprehensive guidance on building banker relationships, see our detailed networking guide for investment banking.

Practice articulating your background: Download our iOS app to rehearse your story and common networking questions before calls.

Conducting Effective Informational Calls

When your outreach succeeds, you receive invitations for conversations. These calls represent your opportunity to make a positive, memorable impression that advances your candidacy.

Preparation Before the Call

Research the banker's background thoroughly before every conversation. Review their LinkedIn profile, any articles or posts they have written, and deals their group has completed. Know their career trajectory and tenure at their current firm. This preparation shows respect and enables better questions.

Prepare thoughtful questions that you could not answer through basic research. Asking questions available on the firm's website wastes their time and signals laziness. Ask about their personal experience, group culture, and perspectives on the industry.

Develop a concise self-introduction that explains your background, interest in banking, and relevant experiences in 30 to 45 seconds. Practice until this introduction feels natural rather than rehearsed. This preparation helps you deliver a polished walk me through your resume response when asked.

During the Conversation

Keep the conversation professional but natural rather than reading from a script. Listen actively and respond to what they share rather than mechanically moving through your question list. Show genuine curiosity about their experiences.

Ask about their path to banking and what they enjoy about the work. People generally like discussing their own experiences, and these questions yield useful insights about different career trajectories. Follow up on interesting points rather than rushing to your next question.

Inquire about group culture and deal flow to understand what differentiates this opportunity from others. What types of transactions does the group typically work on? How do they describe the team dynamic? What sets their bank apart from competitors?

Express interest without asking for jobs directly. Show enthusiasm for banking and for their firm, but do not put them in an awkward position by requesting referrals in initial conversations. Let the relationship develop before making explicit asks.

Respect the time you requested carefully. If you asked for 15 minutes, wrap up around that mark unless they extend the conversation. Going significantly over signals poor time management and disrespect for their schedule.

After Every Call

Send a thank-you message within 24 hours through LinkedIn or email depending on your primary communication channel. Keep the note brief but personalized.

Reference specific takeaways from your conversation that demonstrate you were engaged and paying attention. Mentioning something particular they shared distinguishes your follow-up from generic templates.

Express interest in staying in touch to open the door for ongoing relationship building. Indicate that you valued the conversation and hope to connect again in the future.

Applying Strategically Across Firm Types

Without a network pushing your resume forward, cast a wide net while remaining strategic about where you invest time.

Diversify Your Target List

Bulge bracket banks offer prestigious brands and extensive training but face the most competitive recruiting. Include these firms but do not limit yourself to them.

Elite boutiques provide deal exposure and responsibility that sometimes exceeds larger banks. These firms have smaller classes but also receive fewer applications.

Middle-market banks offer meaningful transaction experience with less competitive recruiting. Many successful bankers started at middle-market firms before moving to larger platforms.

Regional boutiques hire on rolling bases and often have less structured recruiting processes. These opportunities may be easier to access for candidates without established networks.

Timing Considerations

Apply early to larger programs that can open a year or more in advance of start dates. Bulge bracket recruiting timelines have compressed significantly, and late applications face significant disadvantage.

Leverage smaller shops that hire on rolling bases throughout the year. These opportunities remain available when large bank windows have closed.

Use job boards including LinkedIn Jobs, Indeed, and niche finance boards that surface smaller opportunities not publicized through campus channels.

Your first internship does not need to be at a top-tier firm. Real deal exposure at a boutique builds skills and credibility that enable later moves to larger platforms.

Building Relevant Experience

If you lack finance internship experience, create credible background through alternative channels.

Campus Activities

Student investment clubs provide analysis experience and demonstrate finance interest. Join existing clubs or start one if your school lacks options. Producing stock pitches and investment write-ups builds analytical skills while creating tangible work products.

Case competitions in finance and consulting allow you to practice analytical thinking under pressure while building your resume. Winning or placing well demonstrates capability that employers value.

Independent Projects

Publish investment write-ups on LinkedIn or personal platforms to demonstrate analytical capability. Detailed stock pitches with clear investment theses show you can perform the fundamental analysis that banking requires.

Build financial models for public companies to practice technical skills. These models can demonstrate proficiency during interviews when you discuss your preparation process.

Alternative Work Experience

Virtual internships from firms like Forage offer free online programs that provide introductory exposure to banking work. While not equivalent to real internships, completion shows initiative.

Corporate finance roles in any industry build relevant analytical experience. Understanding budgeting, forecasting, and financial analysis translates to banking even when the context differs.

Accounting or research positions develop attention to detail and analytical rigor that banking requires. Any role involving financial data analysis builds transferable skills.

Get comprehensive interview preparation: Download our complete interview guide with 400+ questions covering technical and behavioral topics.

Preparing for Technical Interviews

Even strong networking cannot compensate for technical weakness. Start preparation months in advance to build genuine competence.

Core Technical Topics

Master the fundamentals that appear in every interview: accounting principles, DCF valuation, enterprise value versus equity value, and the three financial statement links. These topics test whether you have invested serious effort in preparation.

Understand merger mechanics including synergy analysis, accretion and dilution concepts, and deal structure considerations. M&A questions appear frequently even in first-round interviews.

Practice explaining concepts clearly and concisely. Technical knowledge matters, but the ability to communicate that knowledge under pressure matters equally.

Behavioral Preparation

Polish your story until you can deliver it naturally in multiple formats. Practice for the critical tell me about yourself question that opens most interviews.

Prepare answers for common behavioral questions about teamwork, challenges, failures, and why banking specifically. Have multiple examples ready that demonstrate relevant qualities.

Practical Preparation Tips

Keep a one-page cheat sheet of key frameworks to review before networking calls and interviews. Being ready for unexpected technical questions during informal conversations demonstrates preparation.

Record yourself practicing answers to identify filler words, pacing issues, and unclear explanations. What feels smooth internally often sounds rough when reviewed externally.

Maintaining Relationships Over Time

Turn initial contacts into advocates through sustained engagement over months.

Regular Follow-Up

Check in every two to three months with brief progress updates. Share relevant news about coursework, projects, or professional development. These touchpoints maintain visibility without overwhelming contacts.

Engage with their content on LinkedIn through thoughtful likes and comments. This passive engagement keeps you visible between direct outreach.

Demonstrating Progress

Each touchpoint should reflect advancement in your preparation. Share new projects, improved technical skills, or relevant experiences that show momentum. Stagnation reduces contact willingness to advocate.

Ask for advice on specific topics rather than general guidance. Targeted questions generate more useful responses and demonstrate thoughtfulness.

Converting Relationships to Advocacy

When recruiting season approaches, signal your interest more directly. After building genuine relationship over time, a message noting your application plans and expressing appreciation for their guidance is appropriate.

Contacts who have formed positive impressions typically help candidates they believe in. Advocates within firms significantly improve your chances of receiving interviews and offers.

Avoiding Common Mistakes

Steer clear of these errors that undermine networking effectiveness.

Transactional Behavior

Leading with requests for referrals or jobs in early interactions damages relationships before they form. Build connection first and let support develop organically over time.

Generic Messages

Mass-blasting identical outreach signals that you are not genuinely interested in specific contacts. Personalization requires effort but produces dramatically better results.

Underprepared Calls

Wasting someone's time with questions you could have answered through basic research closes doors permanently. Thorough preparation demonstrates respect and seriousness.

Neglecting Smaller Firms

Focusing exclusively on bulge brackets ignores accessible opportunities at smaller banks. Many excellent careers began at boutiques that provided real experience.

Sloppy Materials

Poor resume formatting, unclear file naming, and inconsistent communications suggest you would produce sloppy work product. Attention to detail in networking signals attention to detail in analysis.

Key Takeaways

Conclusion

Landing an investment banking internship without connections requires more effort than leveraging established networks, but it remains entirely achievable. By treating networking as a skill to develop, organizing systematic outreach, preparing thoroughly for every interaction, and demonstrating steady progress over time, you can build the relationships that generate interviews.

Remember that connections are built, not given. Every successful banker started somewhere, and many created their own paths through persistence and preparation. The skills you develop through this process serve you throughout your career, not just during recruiting.

Once you secure interviews, maximize your preparation with our guide on handling the are you applying to other firms question and other common behavioral topics.