The Challenge: Breaking Into Investment Banking Without Connections
Investment banking is one of the hardest industries to break into. The process is competitive, structured, and often favors students from target schools with alumni networks. But what if you don’t have connections? What if you’re from a non-target school or don’t know anyone in finance?
The good news: many students land internships each year without traditional networks. It takes persistence, strategy, and preparation, but it’s absolutely possible.
This guide walks through a step-by-step approach to land an investment banking internship without existing connections, from networking hacks to technical prep.
Step 1: Shift Your Mindset
Before tactics, you need the right mindset:
- Persistence matters more than pedigree: You’ll need to send more outreach messages, apply to more places, and face more rejections. That’s part of the process.
- Connections can be built: You don’t need existing contacts. Networking is a skill you can develop from scratch.
- Every interaction counts: A single conversation can lead to an interview. Treat each touchpoint seriously.
Step 2: Build Your Target List
Since you don’t have pre-existing contacts, you need to create a structured outreach list.
Sources include:
- LinkedIn: Use filters for firm, division, school, or geography. LinkedIn is your default starting point.
- Alumni databases: Even non-target schools have graduates in finance. Dig deep.
- Event listings: Bank info sessions, finance society panels, and virtual recruiting events.
- Regional firms: Don’t just chase bulge brackets. Middle-market and boutique banks often provide more accessible opportunities.
Create a spreadsheet with:
- Name, firm, title, school, contact method, date reached out, and follow-up status.
This keeps you organized and ensures you follow up properly.
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.
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.
Step 4: Informational Calls That Build Relationships
If someone agrees to a call, that’s your chance to make an impression.
Preparation
- Know their background from LinkedIn.
- Research their firm and recent deals.
- Have 5–6 thoughtful questions ready.
During the Call
- Be respectful of time. Stick to 15–20 minutes unless they extend.
- Share your story briefly (why finance, what steps you’ve taken).
- Ask about their experience, firm culture, and advice for candidates without connections.
- Don’t immediately ask for a referral—let it build naturally.
After the Call
- Send a thank-you note within 24 hours.
- Reference a specific takeaway.
- Express interest in staying in touch.
If you repeat this process with dozens of bankers, some will naturally turn into advocates.
Step 5: Apply Strategically
Without a network, you need to cast a wide net. But apply smartly:
- Diversify firm types: Target bulge brackets, elite boutiques, middle-market firms, and strong regional players.
- Apply early: Large banks open applications 12–18 months in advance.
- Leverage smaller shops: Boutique firms often hire on a rolling basis and are more flexible.
- Use job boards: Sites like Indeed, LinkedIn Jobs, and niche finance boards list smaller bank opportunities.
Remember: your first internship doesn’t have to be at a top-tier firm. A boutique experience can still position you for a return or lateral opportunity.
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: Even corporate finance, accounting, or research jobs build credibility.
Banks want to see initiative and evidence that you’re serious about finance.
Step 7: Prepare for Technicals Early
Even with networking, you won’t get far without strong technical skills. Start preparing months in advance:
- Master accounting, valuation, and financial modeling basics.
- Focus on the 400 Investment Banking Questions Guide, technical guides, or the IB IQ app.
- Practice “walk me through a DCF,” “what happens to EV if equity value changes,” and other common technicals.
- Don’t neglect behavioral questions—your story must be polished.
Step 8: Follow Up and Build a Mini-Network
Landing an internship without connections requires turning strangers into allies.
- Follow up every 2–3 months with updates (internship news, new coursework, or finance articles you found useful).
- Engage on LinkedIn by liking, commenting, or sharing relevant posts.
- Show progress: Each time you reach out, show you’ve advanced (new skills, certifications, projects).
Over time, your “no connections” situation becomes a network you’ve built yourself.
Step 9: Leverage Alternative Paths
If direct IB recruiting feels impossible, consider stepping stones:
- Big 4 transaction services or valuation groups: Great feeder into IB.
- Corporate finance roles: Gain experience before lateraling.
- Search funds or small PE firms: Offer transaction exposure and networking opportunities.
These experiences still make you competitive for full-time IB recruiting later.
Common Mistakes to Avoid
1. Mass-blasting generic messages: Personalization matters.
2. Being too transactional: Don’t open with “Can you refer me?”
3. Neglecting smaller firms: They’re often more accessible.
4. Under-preparing for calls: Wasting someone’s time can close doors permanently.
5. Relying only on applications: Without networking, applications alone rarely work.
Interview Perspective
If asked: “How did you recruit without connections?” A strong answer highlights:
- Persistence and proactivity (e.g., 50+ LinkedIn outreaches, dozens of calls).
- Building experience outside formal internships.
- Technical preparation and resilience.
- How the process taught you to take initiative—an essential trait in banking.
This turns a weakness into a strength.
Key Takeaways
- Breaking into IB without connections is harder but not impossible.
- Use LinkedIn as your main outreach tool; email works as backup.
- Informational calls are your best way to build advocates.
- Apply broadly, including boutiques and middle-market firms.
- Build experience, prepare technicals, and follow up consistently.
- Alternative routes (Big 4, corporate finance, small PE) can still lead to IB.
Conclusion
Landing an investment banking internship without connections requires more effort, but it’s entirely achievable. By treating networking as a skill, leveraging LinkedIn, preparing early, and staying persistent, you can build your own network and create opportunities.
Remember: connections aren’t given—they’re built. Every successful banker started somewhere, and many had to create their own path. If you commit to the process, you can do the same and break into one of the most competitive industries in finance.
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