Using or using social media?
Rarely a week goes by without a fresh controversy involving Google or Facebook’s use of users’ personal data being raised. Such news demonstrates how social media’s advantages have shifted (at least more overtly) in favor of businesses even though they initially appeared to be designed solely to benefit users. In the labor market, this transformation chronologically corresponds with businesses giving less and less weight to job boards and elevating the importance of networking, both in the traditional and social media sense. For those aspiring analysts, networking in the investment banking industry needs to be just as important as online resume postings right now—or rather, again.
This latter trend has already been discussed, but a recent article by Phyllis Korkki in The New York Times’ Job Market section added yet another element to the social media recruitment paradigm: HR departments of some businesses are using social media networks to conduct searches in specific industries. In other words, rather than searching for a candidate’s online profiles only after the person has submitted an application, recruiters are beginning to search online for people who have not yet submitted an application but whose online profiles suggest they have what it takes to fill a particular position. Although Street of Walls experts have not yet observed this trend in the financial job market specifically, that does not mean it will not happen and that the networking strategies for finance and investment banking will not also benefit from learning the lessons of this new recruitment paradigm. Anyone who is currently looking for work needs to start making themselves searchable right away, even and especially on Wall Street.
In Street of Walls, networking strategies for investment banking are broken down, along with advice for improving your online presence. The alumni network for your undergraduate or graduate program is the ideal place to begin. Nowadays, almost every university has a website and an alumni social network. Use it.
Because it is designed for professionals to use, a LinkedIn is another essential tool for job seekers. Its group functions are a crucial but frequently disregarded resource for candidates for open positions. Any connection that recruiters can make between you and a member of their company, whether it be through alumni or another special interest group, will only benefit you.
It’s also crucial to note that the maxim “all press is not good press” is untrue when it comes to hiring. It’s not good for you as a potential hiree if a friend’s Facebook or blog post about a night of your intoxicated revelry together is easily searchable. Have friends who, if they must refer to you in such posts, will refer to you by a nickname or part of your name, and avoid posting photos of yourself that can be found online. doing a keg stand).
Today, not being online is simply not an option. So, whether you are already a social media pro or are just starting out in the world of virtual networking, keep developing what you have. Your job search will thank you for honing that expertise or accelerating those steps toward a run.
