How do you network for non-IB/PE roles once you start FT
Associate here looking for corp dev or LO roles for the sector I have been covering. I am quite keen to be a strategic or financial investor but sick of the IB/PE intensity of work.
Just curious what is the right approach to network? Do you just find the name on LinkedIn, guess the email and ask for a chat? While I have covered the sector, my exposure has been quite limited as I was rarely involved in the discussion with clients and we only focus on 3-4 names while we have like 15-20 names in the sector so I don't have the direct contact of most guys in the industry.
And a lot of times digging out the person is a bit tough - one of the company I am looking at has head of strategy and corporate development, co-head of M&A, head of strategic investment and partnerships, etc. It is difficult to identify who is hiring (even if I see a "corporate development and strategic investment" job ad online).
Also, for corp dev and LO, feels like people have a way longer tenure in general and most of the time they are not hiring. Should I just try connecting everyone regardless they are hiring or not and keep staying in touch (follow their company, shoot them some news about their company every few months to stay on the radar)? Targeting places with job ads posted seem more effective but most hiring was done before advertising so it is also a long shot. Also, I have read posts with corp dev comps vary wildly across companies, how should I strategize and get a sense of their comp so I can deprioritize those that may not be able to afford a headcount despite offering a 40% discount to total comp.
It feels like this is way more of a long game than campus recruitment where you just cast a wide net for a few months and you can harvest afterwards.
Thanks a lot guys!
Based on the most helpful WSO content, networking for non-IB/PE roles, such as corporate development or long-only roles, can be a bit tricky but not impossible. Here are a few tips:
LinkedIn is indeed a good place to start. You can search for people in the roles or companies you're interested in and reach out to them. A polite message expressing your interest in their work and asking for a chat can go a long way.
If you're having trouble figuring out who to contact in a company because of multiple roles (like head of strategy, co-head of M&A, etc.), try reaching out to multiple people. You never know who might respond or who might be in a position to help you.
Even if a company isn't currently hiring, it's still worth reaching out and making connections. You can stay on their radar by occasionally sending them relevant news about their company or industry.
If you see a job ad, definitely reach out to that company. Even if the role gets filled, they might keep you in mind for future opportunities.
As for compensation, it can indeed vary widely in corporate development roles. It might be a bit awkward to ask about this directly, but you could try asking about the general compensation structure (like what percentage is base salary vs. bonus) to get an idea.
Remember, networking is often a long game. It might take time to build these relationships and see results, but it can be well worth it in the end. Good luck!
Sources: Staying a third year as a PE associate vs. doing something nontraditional, Q&A: Corp Dev > Strategic Finance > VC, CorpDev to PE prospects - creating a long-term map / success stories, Associate Leaving Private Equity for Non-PE Roles | MBA Worth It?
For corp dev, almost all of these jobs get posted online. I think you're going to be wasting a ton of time trying to network and keep up with all these people with no jobs being posted - most CD teams are small and they might go years without hiring. It's not really true that hiring is done before the jobs get posted, in corporate people are not pre-networking like you might do in IB.
Not sure where you're located but in NY it's a requirement to post a base salary range as well, so even if you're in another location you can get an idea. Corp dev comp does not vary that wildly though - and depending on what you're making in PE, a 30-40% discount is very in range of what to expect, so might need to get yourself comfortable or eliminate corp dev.
LO has very few seats and little turnover, so those opportunities are far and few between and mostly run through HHs, with the occasional opportunity on a company website. If you're willing to move to a random city (think Baltimore, Kansas City, etc) you can try to network into some names there.
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