From Networking Call to Interview

Written by our team of seasoned IB / PE professionals

The main goal of these conversations, even though it's usually best to explicitly omit this from networking calls, is to turn the connection into an actual interview later down the line (or in the near term depending on the timing). This is the part that a lot of candidates struggle with. If you're having a solid networking conversation, you might obstruct your momentum by directly asking for an internship or full-time job.

Instead, as you wrap up the conversation, mention that you enjoyed the chat and would love to stay in touch. If applicable, you can also mention that you're enticed by what you learned about the counterpart's firm and team. Assuming the chat went well and you're interested in the firm, you can ask "What's the best way to be in the loop regarding recruitment?" You can also frame it along the lines of "How can I best prepare myself to be considered for recruitment?"

Instead of simply asking for your résumé to be passed along, or directly for an internship, you want to open the door for the counterpart to offer themselves to help you get your foot in the door for recruiting. If well received, they will usually give a rough timeline of when the firm recruits. Take note of the timing mentioned. As it approaches, it will make sense for you to send another email around then including something along the lines of "I remember you mentioned recruitment usually happens around this time of year. Is that still the plan for this cycle?"

If they reply with details on what the process might look like, you're in! This is how you turn networking calls into formal interviews. In fact, it might make sense to wrap up networking conversations a few minutes early, so you can pattern out these details without keeping them over the allocated time.

Of course, sometimes the counterpart will appear less receptive to helping you get into the actual process. This is totally normal, and if that's the case, just reiterate that you enjoyed the chat and continue networking with other bankers from that group, if there's still interest from your side. All you really need is one full-time banker to help you get in the interview process. In fact, if you chat with someone at a firm who you strongly feel will help you into the interview process, it's probably sensible to stop networking with that firm and focus on other firms where you don't have anyone who might be able to send your résumé to the subset of the group in charge of recruitment.

Here's a quick summary of an effective networking workflow:

Think about who you want to reach out to
Conduct effective outreach
Have a productive conversation
If the chat goes well, wrap things up by learning more about the recruitment process timing and opening the door for the counterpart to help you stay in the loop without asking explicitly
If successful, send another email before recruitment begins
Enter the formal recruitment process

Networking Is a Numbers Game

To reiterate, the beginning of your networking journey might feel awkward and uncomfortable. Even as you get better at it, not every conversation will be a good one, and this is totally fine. You never know when you might catch someone having a bad day who wants to take it out on a naive prospective candidate, or mention something that they happen to have a strong bias against. These things happen, and that's okay.

If you're wondering how many networking calls you need to do, there isn't a magic number. It really just depends on the strength of your résumé, how effective your chats are, and also how lucky you get.

Top firms may have a 3% acceptance rate
25% of networking calls may lead to an actual interview
Thus, 120 networking calls will lead to 30 actual interviews
At a 3% acceptance rate, 30 interviews will yield an offer

While 120 networking calls is definitely on the higher end, based on this simplified framework, it would guarantee an offer. Also, luck can very well play a big role in things. While unlikely, some candidates might recruit and get an offer from a single networking connection. It's helpful to keep in mind that it's very possible to not do enough networking conversations, but it's almost impossible to do too many. A lot of candidates might do 70 or 80 networking conversations just to get a single offer when, in retrospect, doing 20 or so might've been a more efficient way to achieve the same outcome.

The more networking conversations you do, the better. Even if a coffee chat doesn't lead to an immediate opportunity, it might be the impetus for a longer relationship. For example, if you have effective conversations and put in some effort to stay in touch with your connections, most of the people you meet will go on to the buy side or move up the totem pole of their investment bank, gaining more power and leverage. You never know when a relationship might pay dividends down the line. Even in private equity and venture capital, a lot of proprietary deal flow comes from the personal network of the partners, and a lot of those personal connections might've originated when they were recruiting for IB.

Maintaining Your Network Long-Term

One final consideration: as you start making positive network connections, put in some effort to stay in touch with them. You never know where professional relationships might lead, or where people will end up later in life. Even beyond the context of recruiting, consider following up through a longer-term cadence such as 6, 12, or even 18 months. In these quick messages, you can provide them with an update on where your IB interests have led you, including any relevant offers or achievements. Perhaps thank them for being a great resource for you, if they were insightful or helpful. If they started a new role, congratulate them on the move. Use common sense to keep the connection hot in an efficient, appropriate manner.

A lot of candidates might see that someone they networked with previously now works at a top firm or in a really cool new role. It's a lot easier to use your network for your benefit if you maintain authentic connectivity, as opposed to reaching out to a connection asking for something if you haven't had any interaction in 4 or 5 years.

Key Takeaways

Never directly ask for an internship or job during networking calls; instead, ask about staying in the loop regarding recruitment
Frame your interest indirectly with questions like "What's the best way to be in the loop regarding recruitment?" or "How can I best prepare myself to be considered?"
Take note of recruitment timelines mentioned and follow up appropriately as those dates approach
Only one banker needs to champion you to get into the interview process at a firm
Networking is a numbers game—while some get offers from 20 calls, others may need 80+; more is always better than fewer
Not every conversation will go well, and that's completely normal
Maintain long-term relationships with your network through periodic updates every 6-18 months
Your network compounds over time as people move to buy-side roles or advance within banks, creating unexpected opportunities years later
View networking as both a recruitment tool and a career-long relationship-building exercise