One of the most critical tools that MBA graduates can utilise to secure suitable employment is networking. Networking for MBA graduates, by definition, involves establishing contacts and cultivating genuine relationships with individuals who can assist them either directly or by introducing them to someone who can.

Deciphering the Types of Networking

Before embarking on the journey of forming a networking circle, it’s essential to introspect and decide what your employment goal is. By identifying this, as an MBA graduate, you can pinpoint the individuals who can help turn your dream into reality. Several popular networking arenas exist, including:

• Sports clubs and groups: Engaging in sports clubs and groups provides a relaxed atmosphere to forge connections with other individuals who share similar interests. Here, an MBA graduate can casually discuss their career aspirations and tap into potential job opportunities.
• Religious organisations like churches, temples, and mosques: Religious organisations are platforms that bring together a diverse community. MBA graduates can utilise such platforms to expand their network by building relationships based on shared values and faith.
• Social gatherings: Attending social gatherings such as parties, weddings, and community events can provide MBA graduates with numerous networking opportunities. They can start conversations about their career goals, listen to others’ experiences, and potentially meet influencers in their field of interest.
• Alumni clubs: Joining alumni clubs is an excellent way for MBA graduates to connect with former classmates and faculty who might be in influential positions or have valuable industry contacts. It also facilitates sharing job openings, career advice, and other professional opportunities.
• Neighbours and relatives: Often overlooked, neighbours and relatives can be a rich source of connections. They might have links to various industries, know of job openings or offer valuable introductions to other professionals.
• Friends and acquaintances: Networking does not always have to be formal; casual interactions with friends and acquaintances can often lead to unexpected opportunities. Keeping these circles informed about one’s professional goals might lead to job leads or helpful introductions.
• Volunteer organisations: Volunteering not only helps the community but also can serve as a powerful networking tool. Working side-by-side with other volunteers from diverse professions offers an opportunity to make meaningful connections that could lead to job opportunities.
• Professional organisations: Joining professional organisations can offer MBA graduates the chance to connect with industry leaders, stay updated with industry trends, and learn about job opportunities. Participating actively in such organisations can increase one’s visibility within the professional community.

Business networking strategies typically fall into two categories; formal and informal:

• Formal Networking: Formal networking involves attending business-specific events, meetings, and gatherings. As other attendees are also likely seeking networking opportunities, these occasions can prove advantageous for exchanging contact information and business cards.

A multitude of formal networking events can also be found online via job forums, career networking platforms, and social media.

• Informal Networking: Informal networking revolves around reaching out to contacts, and seeking their advice and assistance. It provides an excellent foundation for networking and building your network. The beauty of informal networking lies in its versatility, as it can occur anywhere and at any time.

The Do’s of Professional Networking

As a job-seeking MBA graduate, one of your first tasks should be to hone your elevator pitch. A compelling elevator pitch should provide a succinct 30-60 second summary about you, your skills, and why you’re the ideal candidate. Crafting the perfect elevator pitch takes practice, but the time invested is well worth it, particularly given the uncertainty of who you might encounter on your networking journey.

Here’s an example of an elevator pitch for a fresh MBA graduate that can be used for professional networking:

“Good day, I’m Vidya Sharma, a recent MBA graduate from SMS Varanasi with a concentration in Finance. I have developed a keen interest in strategic financial planning and portfolio management during my capstone project where I managed a virtual investment portfolio and outperformed the market by 20%.

My aim is to bring this enthusiasm and innovative approach to a progressive financial firm where I can contribute towards effective financial strategies and growth…”

You should prioritise sending out networking letters. These letters should reach out to contacts, seeking their career advice, job leads, and introductions among other things. Remember, networking letters should not directly ask for jobs and should maintain a friendly, professional, and concise tone. In today’s digital world, a well-written networking letter can prove more impactful than a hundred tweets.

Different types of networking letters MBA graduates can write are:

1. Introduction Letters: This is often the first step in networking. The graduate can write a letter introducing themselves, their qualifications, and their interests. This letter can also express appreciation for the recipient’s work or accomplishments.
2. Request for Information or Advice: In this type of letter, the graduate might ask for specific information related to their field of interest or seek advice on career development. It’s essential to make it clear that you’re asking for advice or information, not a job.
3. Follow-up Letters: After having a conversation or meeting with a contact, it’s good practice to send a follow-up letter. This letter thanks the person for their time, reinforces the points discussed, and outlines any agreed-upon next steps.
4. Thank You Letters: This type of letter is sent after receiving advice, information, or a favour. It’s a good way to show appreciation and reinforce the relationship.
5. Recommendation Request Letters: When seeking a job or further education, you might need a recommendation. A recommendation request letter is written to a professor or previous employer who can vouch for your skills and capabilities.
6. Job Inquiry Letters: While not directly asking for a job, job inquiry letters express interest in any potential job openings in a company or industry of interest. They introduce the candidate, outline their qualifications and experiences, and request any information about possible vacancies.
7. Referral Letters: If someone has agreed to refer you to a contact of theirs, a referral letter is often sent to that new contact, introducing you and explaining the context of the referral.

Remember, the tone of each letter should be professional, and the content should be tailored according to the recipient’s relationship with the graduate and the purpose of the letter.

Joining professional organisations can significantly bolster your networking efforts. These organisations often host workshops, seminars, and social mixers, offering fantastic opportunities to meet like-minded individuals, stay abreast of current trends, and even discover unadvertised job openings. These organisations also facilitate finding a mentor, pairing industry veterans with less experienced members.

It’s crucial to keep your list of contacts updated and refreshed. Regularly touching base with your contacts and engaging in friendly conversation demonstrates genuine interest in their lives, which is a critical element of relationship building and efficient networking.

Conducting informational interviews forms another key component of networking. By identifying and reaching out to seasoned professionals already working in your desired field, you gain valuable insight, information, and inside knowledge that can be utilised later in your resume, cover letter, and subsequent interviews.

Developing a genuine connection with these individuals will aid in forming new contacts, obtaining job leads, and being introduced to potential employers.

The Don’ts of Business Networking Strategies

One significant mistake to avoid is not networking consistently, and only doing so when you’re job hunting. Only contacting people when you need their help or advice can create the impression that your contacts are only valuable to you when they can assist you. By networking proactively, you can develop and nurture genuine connections.

Avoid being impatient and expecting immediate results from your networking efforts. This can create the impression of desperation, which can be frustrating for those in your professional network, and become a major turn-off. It’s crucial to remain patient and understand that developing meaningful and genuine contacts takes time.

A major faux pas to avoid is neglecting to thank your contact for their time and resources. Every email and letter should end with a genuine thank you note, as this leaves your contact feeling appreciated and prevents negative impressions about you, which could lead to losing that contact and potential future ones through a ripple effect.

Utilise your network effectively. Avoid dominating the conversation with talk about your own career but also avoid making only small talk with a promising contact. Strike a balance between discussing your career goals and engaging in casual conversation. Remember, networking should be a give-and-take experience.

Lastly, remember to reciprocate. Networking is a two-way street revolving around give and take. Be prepared to offer assistance to your contacts too, as this will make you more memorable.

By keeping these tips in mind, and appropriately applying them, you can expand your horizons and open up a vast array of opportunities. Always keep copies of your business card and, if possible, your CV at hand, dress appropriately, and most importantly, be yourself. At the end of the day, no matter how enjoyable networking may be, it all boils down to you as a professional, your career goals, and projecting yourself as the perfect candidate for your dream job.