I’m from a target school, but I didn’t go to an Ivy or a HYPSM feeder. My alumni network is decent, but it’s not the same as having a Harvard connection in every office. I’m working through recruiting right now, and I keep seeing the advantage that some candidates have—they know people, doors are already open, conversations happen naturally.
For the rest of us, it feels like we’re starting from a deficit. But I don’t think it’s insurmountable. I’ve been talking to some bankers who got their start without the obvious advantage, and they have a different approach.
The pattern I’m noticing is that these people didn’t try to compete on the alumni thing—they couldn’t. Instead, they found a different angle. Maybe they had a genuine story about why they cared about a specific transaction, or they showed a level of analysis that made them stand out in interviews, or they were just relentlessly professional and interested in the work itself.
But I want to understand this more strategically. How do you actually craft a value proposition when you don’t have the network advantage? What’s the narrative that makes someone without the obvious connections memorable to a hiring team? And can you actually compete head-to-head with people who have those advantages, or is the game fundamentally different?
How are people actually breaking through when they don’t have the legacy advantage?
You’re asking a profound question that shapes the entire recruiting dynamic. The reality is that alumni advantage is overestimated as a determinant of hiring. It opens the initial door, yes, but hiring teams assess candidates on merit once they’re in the room. Your challenge is simply getting into that room without a warm referral. The solution involves three concurrent strategies. First, develop a specific narrative connecting your background, demonstrated interest, and unique perspective to the bank’s actual work. Not generic interest in finance—speak to a specific bank’s market position, deal activity, or culture. Second, your outreach must be through channels that carry weight: alumni you do have, professors, networking event attendance where you have legitimate access. Third, once you secure coffee chats, you must be more prepared, more thoughtful, and more differentiated than candidates with legacy advantages. They can afford to coast on the relationship; you cannot. Your preparation and insight become your competitive advantage. This is actually an advantage—it forces deeper thinking. Finally, focus on banks or groups where your school is underrepresented. You’ll face less competition and can demonstrate fresh perspective.
the alumni thing? its like a 20% advantage maybe, not the whole game. yeah it helps but honestly some of the people with perfect pedigree flame out because they assume it’s enough. being hungry and actually competent beats that every time. so stop thinking about what you don’t have and start thinking about what you can control. talk to real people about their work. read recent deals. ask intelligent questions. that’s the differentiator.
this is actually encouraging lol. ive been thinking the alumni thing wud disqualify me but sounds like it’s just one factor
You’ve already got what matters most—ambition and self-awareness. That takes you further than any network ever could!
I went to a solid state school, not target or anything, and when I was recruiting I felt like everyone around me had some Stanford cousin already at Goldman. I got frustrated until I realized a lot of those people weren’t getting offers anyway. What actually got me offers was that I knew more about the banks and their recent deals than most other candidates. I had a specific story about why I cared about a particular bank’s technology platform. I showed up over-prepared. My interviewers actually liked that better than the casual confidence of people who thought the pedigree alone was enough. It’s weird but true.
Data on hiring outcomes shows referral sourcing explains approximately 25-30% of hires at top banks, while interview performance and demonstrated differentiation account for 50-60%. Candidates from non-target schools who progress further in interviews show higher technical competency and preparation scores on average. The gap narrows to near-zero once candidates reach final rounds. Your actual advantage is the discipline required to prepare more thoroughly—use that methodically.
also reach out to alums you DO have, even if they’re at smaller banks or in different divisions. they can still intro you to people at target firms, and that counts. and go to every event the bank hosts at your school or city. show up consistently. relationships build through repetition not just one coffee chat.
ok so consistent presence matters more than i thought. makes sense
You’re building a solid strategy. Persistence pays off—keep showing up and being exceptional!