Successful Networking: Making the Most of the ...€¦ · Successful Networking: Making the Most of...
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Successful Networking: Making the Most of the Informational Meeting
Wharton MBA Career Management Alumni Career Services
Michelle Antonio, Founder of Michelle Antonio Career Coaching, LLC Cara Costello, Senior Associate Director, Alumni Services
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MICHELLE ANTONIO CAREER COACHING, LLC!
THE WHARTON MBA ALUMNI CAREER MANAGMENT 2
• Spent 4 years as Wharton MBA Career Management Director after 3 years as MBA Career Advisor covering Consulting and Public Interest
• Former MBA Recruiting Director for Deloitte Consulting and Consultant at Bain & Company
• Chicago Booth MBA, 1997; Wharton BS, 1991 (Marketing concentration)
• Current and past clients include: o Wharton Executive MBA program o Wharton MBA Career Management o Harvard Business School o Columbia Business School
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AGENDA!
• Why Conduct Informational Meetings? • Benefits • Keys Steps in the Process
• The Tactics • Approaching Contacts • Preparing for Informational Meetings • Conducting the Meeting • Following Up
• Wharton MBA Alumni Career Management Resources
• Closing Thoughts
THE WHARTON MBA ALUMNI CAREER MANAGMENT 3
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WHY CONDUCT INFORMATIONAL MEETINGS?
• Fact: Approximately 70% of jobs are found from networking*
• For you, the candidate, informational meetings are not formal job interviews, but they do enable you to: • Gather “insider” perspective on industry trends, companies and positions • Gauge your fit within a specific industry/role within a company • Obtain referrals to relevant contacts • Access potential job leads • Demonstrate your skill set and interests • Establish a relationship that may eventually lead to a job opportunity
• What’s in it for the other party? • Increase their professional network and access to potential opportunities • Gauge your fit for future potential opportunities in the firm • Sense of giving back, feeling helpful * U.S. Bureau of Labor Statistics
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WHY DO INFORMATIONAL MEETINGS MATTER?
THE WHARTON MBA ALUMNI CAREER MANAGMENT
Job applicants are most likely to get an interview when they possess:
A Compelling Resume
• Focuses on relevant skills for the desired job, not skills needed for past jobs
• Proves candidate is achievement-
oriented
An Effective Cover Letter
• Customized to reflect: - Knowledge of job
description - Enthusiasm for
position - Investment in research
and networking
An Internal Advocate
• Gives positive endorsement and enhances
credibility
Informational meetings strengthen your ability to achieve all of the above goals
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NETWORKING: A REINFORCING PROCESS
THE WHARTON MBA ALUMNI CAREER MANAGMENT
Research and preparation
Informational meeting
Referrals to other contacts
Access to job leads
and potential
advocates within
target firms
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INFORMATIONAL MEETINGS: KEY STEPS
THE WHARTON MBA ALUMNI CAREER MANAGMENT
Approach Contacts (Slides 8-9)
Illustration 2
Illustration 3
Illustration 3
Prepare for Informational Meetings (Slide 10)
Conduct the Meeting (Slide 11)
Follow Up (Slide 12)
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THE TACTICS: APPROACH CONTACTS
• Step 1: Identify contacts and prioritize who to reach out to first • Think about your network broadly
§ Consider your personal, as well as your professional network § Often the client, customer or vendor of your target company can help you learn
about the firm and make referrals to individuals within the firm • Consider the contact’s closeness to you and your target company, industry
and function • Balance power/expertise of contact with risk level – start with less senior
contacts unless there is a warm introduction in place • Step 2: Set your strategy and goals for the conversation
• Set agenda based on primary (and most appropriate) objectives § Gather industry/company knowledge § Establish informational channel for future job opportunities § Gain perspective on career path § Discuss publicized job posting
• Determine method of initial contact – email or phone § Recommend email unless there has been a warm introduction
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THE TACTICS: APPROACH CONTACTS
• Step 3: Send a short and concise email/voicemail message • Use a courteous and appreciative tone • Introduce yourself and how you became aware of contact • Be specific about what you want and what you are hoping to discuss • Offer a few possible meeting time/date options • Indicate when you will follow-up
• Step 4: Be courteous but diligent • Do not get discouraged if you do not get an immediate response
§ If you have not heard back, wait 5-10 business days and try again § If you get the person’s voicemail, be specific regarding when you will call them
back § If you speak with the person’s assistant, clearly explain your intention to them
• It is acceptable to reach out 2-3 times before presuming that the contact is non-responsive
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THE TACTICS: PREPARE FOR THE MEETING
• Prepare with the same level of seriousness with which you would prepare for an actual interview
• Conduct market and company research to understand publicly available information and generate ideas for potential questions
• Research your contact (start with basic “Google” search) • Craft and practice your pitch • Prepare specific and tailored questions to ask during the meeting
• Effective preparation enables you to: • Leverage the time allotted for the informational meeting • Demonstrate your knowledge of/passion for the industry and company • Increase the likelihood that the contact will share referrals and develop a
long-term relationship with you
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THE TACTICS: CONDUCT THE MEETING
• Drive the agenda
• Focus on your goals. Gather advice, contacts, and information
• Listen to the contact; be genuinely interested
− Look for ways to leverage your skills and network to potentially solve a specific problem/challenge he/she is facing or might face in the future
• Respect time limits and wrap up with next steps
PART I: Opening • Establish a common bond • State the objective of the meeting • Give your 30 second pitch
PART II: Discussion • Ask prepared and tailored questions (see Appendix) • Listen and gather advice/insights
PART III: Closing • Ask for referrals/recommendations (see Appendix) • Ask the contact if you can contact him/her in the future • Be appreciative and thank the contact
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THE TACTICS: FOLLOW UP !
• Send a thank you email within 24 hours of a conversation − Hand written notes often add a personal and memorable touch
• Touch base every 4-8 weeks. Reasons to reach out include: - Spoke with somebody the original contact referred to you
- Received an update via LinkedIn, Facebook, etc
- Found an article they may be interested in or they are quoted in a publication
- Heard news about them via your network - Have desire to introduce them to someone in your network
- Have news of a new job/update on your job search progress on which you seek their perspective
- New contact details to share
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Potential Contacts – Wharton Resources • Wharton Alumni Directory (WhartonConnect) • Wharton LinkedIn Group • Wharton Regional Alumni Clubs • Wharton Reunions and Global Events • Blue Steps (Executive Search Contacts)
Potential Contacts – External Resources • Undergraduate alumni network • Former teachers/professors • Previous employers • Past and present Vendors,
Clients and Customers • Friends and family
NETWORKING RESOURCES
Networking Fundamentals • Guide to Managing Your Career:
Chapter 4 (Networking) • Perfecting Your Pitch Worksheet • InterviewStream • Wharton Career Coach
Industry Research • Wet Feet, Factiva, TREFIS,
Bloomberg, Marketwatch
Target Companies • Wharton Job Board Archive • Industry Trade Magazines and
Factiva • CareerPath “company list” • CareerSearch© • Hoovers Online
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CLOSING THOUGHTS: KEYS TO SUCCESS
Be Strategic • Set specific, realistic goals; know your desired outcome • Focus on building relationships, not asking for a job • Remember the Golden Rule of Networking: “Build it before you need it”
Be Prepared • Make a good first impression; be professional • Conduct the appropriate level of research prior to your meeting;
demonstrate your respect for the other party’s time • Treat every interpersonal interaction as a potential networking opportunity
Get Organized • Organize your contacts and record the specifics of your conversations for
future reference • Stay on top of the follow up process
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QUESTIONS?
15
Michelle Antonio!Career Coach & Consultant
(215) 779-3041
Cara Costello
Sr. Assoc. Director, Alumni Services
(215) 898-3318
www.mbacareers.wharton.upenn.edu/alumni
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APPENDIX
Sample Informational Meeting Questions
• Industry Questions
• Company Questions
• Position Questions
• Personal Perspective Questions
• Advice & Referral Questions
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APPENDIX: SAMPLE QUESTIONS
Industry Questions • What significant developments on the horizon
could affect future opportunities? • The industry has changed dramatically in the
past five years. How have the changes affected this company?
• Based on my research, I understand that the industry has changed a lot in the past X years. What have you seen from your company?
• Who are the most important people in the industry today?
• I am searching for a position in XYZ industry, can you recommend some steps to take?
• I read about XYZ event in this industry, how has that affected your business?
• Can you talk about the most typical job progression in this industry?
• Does this industry typically offer training to new hires? If so, what does it entail?
• What is the best way to secure a position in this field?
• What kinds of challenges do you face in this industry? What keeps your CEO up at night?
Company Questions • I read that your firm’s goals are X, Y and Z. How
do you see the implementation of those goals on a daily basis?
• Given X, what approach does your company take in the marketplace?
• What is unique about the way your company operates?
• How does the reporting structure work? • What are the accepted channels of communication
and how do they work? • How are employees recognized, judged and
rewarded? • What does the company consider important for
someone to fit into the corporate culture? • What are the key qualifications this company seek
in a new hire? • What is the background of most senior-level
executives? • What do you see as the strategic goals for the
company? For your department? • When people leave this organization, what types of
positions do they pursue?
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SAMPLE QUESTIONS TO ASK (cont’d)
Advice & Referral Questions • Are there books/trade journals you would
recommend that I read to best prepare for a career in this industry?
• Who else can you recommend that I speak to about my interest in X?
• What else do you think I need to know at this point?
• Do you have any comments or feedback on my resume?
• Do you have any advice for me as I go through the job search process?
• Are there any professional associations or conferences that are especially relevant for this industry?
• If you were in my position, embarking on a career in this industry, what companies would you suggest I target?
Position Questions • Could you describe a typical workday? • What is the range of your responsibilities? • What are the crucial skills that are required in
this position on a day-to-day basis? • What project (s) are you working on? • What skills are required for your position? • What qualifications are sought after in a new
hire? • What personality traits do you consider critical
to success in this job?
Personal Perspective Questions • What is your background? How did you position
yourself for this field? How did you enter the industry/position?
• What attracted you to this company/role? • What parts of your job are most difficult/
enjoyable? • How do you collaborate and interact with other
divisions and functions? • Is there anything that has surprised you about
this field, either positive or negative?
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