How to Network Into FIG IB: Strategy by Background

Introduction

Networking into FIG follows the same basic mechanics as networking into any investment banking group (cold emails, informational calls, coffee chats, campus events), but the content of every interaction must be fundamentally different. FIG teams are smaller and more specialized than generalist coverage groups, which means the interviewers can immediately distinguish candidates who have done FIG-specific preparation from those running a generic strategy across every group. A cold email that says "I'm interested in your FIG group because I find financial services fascinating" gets deleted. A cold email that references the team's recent advisory role on a regional bank merger and asks about the deal's deposit premium analysis gets a response.

FIG groups at most banks have 15-50 professionals (compared to 50-200+ in generalist M&A or leveraged finance). This smaller team size means every hire matters more, and senior bankers are personally invested in recruiting. FIG professionals are often more responsive to thoughtful outreach because candidates who specifically target FIG are more likely to be genuinely committed. The flip side: generic outreach stands out immediately. A banker in a 25-person FIG group will notice a formulaic cold email, and your name gets flagged.

Most candidates default to bulge bracket FIG groups (Goldman Sachs, JPMorgan, Morgan Stanley) and ignore FIG specialist firms entirely. This is a strategic mistake. KBW (owned by Stifel), Piper Sandler, Hovde Group, and Janney Montgomery Scott are FIG-only firms where every professional works on financial institution transactions. Networking with these firms offers less competition for attention, higher response rates on cold outreach (10-25% at boutiques versus lower at bulge brackets), and deeper FIG conversations.

The optimal strategy: network with two to three bulge bracket FIG groups and two to three specialist firms in parallel.

Wait one week before a polite follow-up. Limit yourself to two follow-ups, and email one person per firm to avoid awkward internal forwarding.

FIG informational calls should cover three areas. First, team and deal flow: ask about sub-sector coverage, recent deal activity, and how work is staffed across banking, insurance, and asset management clients. Second, sector dynamics: ask about trends in their sub-sector, whether bank consolidation, insurance brokerage PE activity, or private credit growth. Reference specific data or deals to anchor the conversation. Third, career trajectory: ask what drew them to FIG and what career paths they have seen, including exits into FIG-focused PE (JC Flowers, Stone Point), bank corporate development, or insurance strategy roles.

Finance or banking background. Lead with sub-sector depth. If you interned at a bank, discuss what you learned about how banks make money from the inside. If you worked in insurance or asset management, explain how that experience shaped your interest in covering those clients as an advisor. Your advantage is credibility; use it by going deeper than competitors on FIG-specific topics.

Non-finance background. Lead with intellectual curiosity. FIG teams value candidates who independently studied bank accounting, built a dividend discount model, or read bank earnings transcripts. Describe the moment that sparked your interest in financial institutions and the steps you took to build FIG knowledge. A non-traditional starting point plus demonstrated initiative is a narrative FIG interviewers respect.

MBA candidates. Leverage your program's alumni network aggressively. Business school alumni in FIG groups are accustomed to taking calls from current students. Prepare for these calls the same way you would prepare for a first-round interview: know the team's deals, understand the firm's positioning, and articulate clearly why FIG specifically.