Importance of networking and tips

Question

Hey! I've just started to seriously prepare for an MBB application by solving cases and getting ready for interviews. However I haven't really done any networking yet and I keep hearing about its importance. That's why I wanted to ask some questions about networking (there are a lot, so feel free to answer as many as you can):

How important is networking really?

What is its real goal? Is it just getting referrals or is there anything else?

How important are referrals? Are they helpful just to get past the resume screening or can they also be helpful further in the recruiting process?

How exactly is networking normally conducted? Cold-emails? Cold approach through LinkedIn? Cold approach in person in events?

Are referrals (or connections) from consultants from a different office than the one you're applying for useful?

Any networking tips you could share?

Answer 1

Hi Pablo, it's good that you're thinking about networking! To answer your questions:

Importance & goal of networking

This is two-fold:

1) Think about the number of applications that any of these firms receive. If they have met you and can put a face to your application, it might mean that they spend just that extra bit of time reviewing your documents and think of you more as a human rather a bunch of keywords

2) From your perspective, as you write your cover letters or prepare your answers to questions such as why the firm or why the office, generic information from the website will not cut it. Networking can help you get a real sense of what the firm and job entails as well as help you determine a cultural fit

Many people you speak with as part of your networking will not be in a position to offer you a referral, but that does not make the networking itself worthless.

Role of referrals

Again, given the high volume of very suitable candidates that apply for these jobs, getting a referral means someone at that firm is vouching for your abilities and fit with the firm. This can help you get a bit more focus on your application, another glance if you will primarily at the screening stage. After this, your interview performance is what will carry you forward

How to network

It is usually a combination of attending firm events (group and 1:1), speaking with people you already know at these firms, and reaching out to other people on LinkedIn if their background appeals to you or you don't know many people at the firm

Referrals from other offices

Any referral is valuable. Particularly from the same office, but even if someone within the wider firm is willing to vouch for you, that is a positive signal. It is important, however, that it is not a superficial referral - they must be able to speak to some conversation between you or something where you worked together that gives them that impression

General networking tips

Keep a track of your networking efforts. Ensure your conversations and messages are personalised. And be genuinely interested in whichever environment you participate in (group or 1:1)

Since you have just started prepping, you might find this Essential Consulting Recruiting Starter Kit very helpful too.

Good luck and happy to chat further!