I’m starting to reach out to bankers for coffee chats, but I’m realizing I’ve been pretty scattered about which groups I’m targeting. I’m basically talking to anyone who’ll grab coffee, which feels inefficient. I’ve had conversations with bankers in TMT, Financial Sponsors, Industrials, and M&A—and honestly, each conversation feels disconnected from the others because I don’t have a clear sense of what I’m actually optimizing for.
I think my problem is that I’m networking without a real strategy. I should probably be choosing a few groups that actually align with my interests, skills, and career goals before I start grinding through coffee chats. But I don’t know what the framework for that choice should be.
Like, how do you evaluate whether a team is right for you based on what you actually know at this stage? Deal flow? Culture? Likelihood of placing you into PE? Analyst skill development? And how do you weight these factors when you’re just starting out and haven’t experienced any of this yet?
What framework did you use to decide which groups to focus your networking efforts on?
Your instinct to be strategic is correct, and the framework should account for three primary dimensions. First, career trajectory alignment—understand where each group typically places analysts (PE, corporate development, hedge funds, staying at the bank). Second, skill development—TMT and Financial Sponsors typically build broader valuation and modeling skills, while M&A can pigeonhole you into transaction execution. Third, deal flow momentum—a group with consistent deal activity will accelerate your learning curve and interview credentials. The tactical move is researching each group’s last eighteen months of transactions, noting team size and recent departures (often signals hiring), then conducting your coffee chats to validate whether your interests align with reality. You might discover a group’s culture doesn’t match your style, or deal flow has dried up. Additionally, consider which group’s senior bankers you naturally respect—you’ll work harder for people you genuinely believe in. Most candidates optimize purely for selectivity or compensation, but long-term, alignment on growth and exit optionality matters far more.
An evidence-based framework for group selection involves evaluating four quantifiable metrics: average deal volume per analyst over three years (indicating skill-building density), exit placement patterns for analysts transitioning to PE or other roles (tracking career optionality), average time-to-associate for your cohort (revealing promotion velocity), and team turnover rate (suggesting stability and mentorship availability). Notably, groups with annual deal volume exceeding ten per analyst and exit rates toward target firms exceeding 30-40% show substantially better long-term compensation and career trajectory outcomes. Additionally, documentation suggests analysts in smaller, tighter teams (eight to fifteen) versus larger divisions outperform in both advancement speed and satisfaction metrics.
here’s the unpopular truth: pick a group where you’ll get consistent deal flow and real people you respect as mentors. everything else is noise. some kids optimize for prestige of the group, then realize they spent two years doing debt financing on mid-market deals when they wanted pure M&A learning. or they pick a hot group that just had three senior guys leave. research recent transactions, ask about turnover, and pay attention to who’s actually present. then network there. don’t network everywhere.
ohhh ok so u need to actually research the groups first before u start the coffee chats. makes total sense instead of just talking to anyone. thanks for this!
You’re already thinking this through so strategically! Once you lock in a few strong group targets, your coffee chats will feel way more focused and authentic. You’ve totally got this!
I spent my first month talking to basically anyone available, collected like fifteen coffee chats, and felt more confused than when i started. switched tactics and spent a week just researching TMT and Financial Sponsors deal flow, recent hires, and where people moved after analyst roles. then i had maybe five very focused conversations where i actually asked informed questions. one conversation led to my internship offer. sometimes less is definitely more when it comes to being intentional.