What is networking and why should you do it?

Networking is the process through which people build contacts and relationships with others. Building these relationships may be done informally or at a networking event such as the Economic Finance Society’s FasTrack.

Although formal networking functions may seem daunting at first, it provides a perfect platform to meet people in the industry you wish to work as well as people with similar interests. This presents a perfect opportunity for students. Not only do you get to talk to people working in the industry, finding out what it is actually like to work in that industry, but you also have the opportunity to demonstrate your initiative to future employers. It may even lead to work experience or a graduate job.

Tips for successful networking

1.    Get business cards: Business cards make you look prepared and more importantly, provide others with a means to contact you at a later date. If you don’t have business cards, make some in word (Try using a 2×5 table, so you are printing 10 to a page).

2.    Dress Appropriately: Match your attire to what other people will be wearing. However, business attire will generally be expected for formal networking situations.

3.    Bring value to the table: Networking is most successful when you are not trying to get something out of it. By thinking “what value can I give to this person?”, you will maximise your chances of building quality relationships with others. The value that you can give this person should be incorporated into your ‘elevator pitch’, a 30 second summary of who you are and what are you about. As a student, it can be hard to figure out what value you can offer. However, it isn’t neccesarily hard. A 2nd year Business (Finance) student may say “I am a student in my 2nd year of a Business degree majoring in Finance. I am very enthusiastic about a career in financial services and want to learn as much as I can about the area.”

1. Follow-up: If you get the person’s business card, it is a great idea to email them the next day.  This will refresh the person’s memory of you, and facilitate future communications.