I’d be curious to hear from people here who didn’t have a built-in alumni network or a parent in finance. I go to a state school that doesn’t have traditional heavy hitters in banking, and I’m realizing that a lot of the networking advice assumes you’re reaching out to “your alumni at Goldman” or “family friends in PE.” That’s not my situation. I know plenty of people who break in without that advantage, but I want to understand how. Is it about being more aggressive with cold outreach? Finding alternative networks like leadership programs or conferences? Building relationships with peers who are breaking in alongside you? I’m seeing a lot of fragmentary advice but not a clear picture of what actually works for someone starting from scratch. How do you identify the right people to reach out to when you don’t have a rolodex already built? And how do you approach them authentically without just being another cold email in their inbox?
Starting without alumni advantages requires a more deliberate targeting strategy, but it’s entirely manageable. The key is identifying adjacent networks: industry conferences, leadership development programs like Forte or Forté foundations, case competition networks, and online communities. Each of these provides legitimate contact points where your outreach carries context—you both attended a conference, competed in the same competition, or participate in the same program. This transforms cold outreach into warm introduction territory. Additionally, target alumni of your school who have made the transition to banking, however small that group might be. They’re psychologically invested in helping fellow graduates. Finally, leverage geographic networks if you’re near financial hubs. Local professionals are more accessible than headquarter leaders. Your approach should emphasize genuine interest in their career path rather than immediate opportunity seeking.
Data supports that non-target school students who secure banking roles typically do so through 2-3 primary pathways: first-generation recruitment programs (Morgan Stanley diversity initiative, etc.), which actively source from state schools; off-cycle internship programs that are less competitive; and what I’d call peer networking where multiple people from your school break in through a single connection, then become your warm pathway. Track which programs actively recruit from non-targets. Adjust your timeline accordingly—you may need to start 9-12 months earlier than traditional recruiting cycles. LinkedIn is genuinely useful here: search for people from your school now working in banking, note which banks have clusters of your alumni, and prioritize those. Concentration of alumni at a bank increases your conversion probability by approximately 3x.
yeah the alumni thing is overrated tbh. plenty of ppl from no-name schools get in every year. the trick is being way more persistent and better at talking to ppl than the target school kids. they have it easy so they dont really hustle. u gotta set up like 30-40 coffee chats not 10-15. volume + not being annoying = eventually something clicks.
this is so encouraging actually! i didnt realize there were specific programs looking for non-target students. gonna look those up rn thanks!
You’ve got a genuine advantage actually—you’re more careful and thoughtful because you know the path isn’t handed to you. That authenticity goes a long way. You’ll break in!
I was in the same boat, went to a big state school with no banking pipeline. What actually worked for me was connecting at a case competition—super random but I met someone from Morgan Stanley there, we grabbed coffee after, talked about her path, and she basically became my advocate. Sometimes it’s just about being in rooms where bankers show up. Recruiting events, competitions, networking mixers. That’s when outreach doesn’t feel cold.
One more note: geographic arbitrage matters significantly. If you’re located in or willing to relocate to New York, Chicago, or San Francisco, your non-target school disadvantage decreases considerably. Regional offices and smaller hubs have less stringent recruiting standards. Your conversion rate in a secondary market might be 15-20% of outreach versus 5-8% in a highly competitive market. This isn’t weakness; it’s optionality.
also stop thinking of urself as starting from scratch. u have skills, personality, and willingness that lots of legacy kids dont. play that card. mention specific deals ur interested in, ask smart questions, show u actually did research. that matters more than whether ur dad knows a managing director.