How to Network for Investment Banking Roles As a Non-Target

If you're reading this from a school that doesn’t send kids straight to Wall Street every year, you’ve probably already heard the phrase “non-target” more times than you’d like. It’s frustrating. You’re smart, driven, and probably working twice as hard to break into a world that seems built for someone else.

Good news: networking is your equalizer. It’s how you turn a cold resume into a warm introduction. And no, you don’t need an uncle at Goldman to make it work.

This post is your guide to breaking in through the side door.

1. Forget Spray-and-Pray. Start with 20 Strategic Targets.

If you’re mass-emailing 200 bankers with the same template, stop. That’s not networking, that’s spam. Instead, build a target list of ~20 bankers:

• Ideally from your region, school, or with similar backgrounds (club sports, diversity orgs, etc.)

• Use LinkedIn + your school’s alumni directory

• Focus on Analysts and Associates, and occasionally MDs. Analysts and associates are closer to the process and more likely to respond. However, if you are lucky enough to get an MD on the phone, they have the most pull and can single handedly get you an interview.

Hot tip: Use LinkedIn filters like “Cornell” + “Investment Banking” + “Past companies: PwC” to find less traditional paths.

2. Turn a 15-Minute Call Into a Long-Term Ally

Don’t just ask “what’s the day-to-day like?” (they’ve answered that 100 times). Ask things that actually spark a real conversation:

• “What surprised you most about your internship?”

• “If you had to go back and re-do recruiting, what would you do differently?”

• “How did you stand out in a sea of 4.0 GPAs and finance bros?”

Then, follow up. Send a thank you. Stay in touch every 4–6 weeks. Mention their recent deals or firm news. This is how you build actual relationships.

3. Use the 'Referral Funnel' Strategy

You don’t need 100 people to refer you. You need 3–5 people who like you and are willing to vouch for you internally. Here’s how that usually happens:

1. Network hard with analysts and associates, or an occasional MD

2. Have at least 2 solid convos with each

3. Ask, “Do you know if your team is still looking for summer interns? I’d love to be considered if there’s any way to apply.”

By then, they already like you. If there’s an opening, they’ll probably offer to pass your resume along. That’s your in.

4. Keep Score Like an Athlete, Not a Robot

Track your networking in a spreadsheet:

Name	Firm	Title	Call Date	Follow-up Sent	Referred?
Jane Smith	BAML	Analyst	3/14/25	✔️ Yes	Pending
Mike Johnson	RBC	Associate	3/16/25	✔️ Yes	✔️ Yes

Try to get on FIVE calls a week, and document each one thoroughly.

Final Word: You Only Need One Yes

If you're non-target, the odds feel stacked against you. And yeah, it's harder.

But harder doesn't mean impossible. It just means you need a smarter game plan, and maybe a thicker skin.

Network like you mean it. You only need one person to say yes.