Investment Banking Cover Letter Template
Free cover letter template to help you break into Investment Banking (IB)
Attached at the bottom of this post is theFREE investment banking cover letter templatethat is sometimes used forWSOcover letter reviewclients.
We have decided to make itfreetohelpthose of you thatcan't afforda moretailored service.
This cover letter templateuses bulletsto keep thepoints succinctandformat easy to read.
You'll also notice that the header matches the WSOinvestment banking resumetemplate format.
Investment Banking Cover Letter Template: Advice from the WSO Community
Here's what you need to know about the IB cover letters from our community.
The cover letter holds almost no weight, other than to put you at risk for being dinged. Make it very simple, very bland, and just say all the usual things. If you have mistakes in it or make outrageous claims, your cover letter will be circulated and laughed at.
Why Do Cover Letters Matter?
Like @CompBanker said, youwon't get the interviewwithyour cover letter.
Yourgoalfor the cover letterisn't to single-handedly land you an interviewwith your eloquence and grandiose; it'sto check the boxandmake sure it's proper enoughthat itdoesn't get you dinged.
Less Is More for Cover Letters
Our users shared great input on why'less is more'when it comes to cover letters.
What you really want people to be looking at is the resume. The longer your cover letter is the larger the chance that you'll have a typo or say something stupid. Just tell them what job you're applying for, who you've been in touch with at the firm, and maybe a few sentences about your qualifications and lock up the deal with a solid resume.
K.I.S.S: Keep It Simple Stupid.
Mentionwhoyou've talked to at the firm,your interestin the job,your qualifications, andbriefly (very briefly) explain any gaps in your resume.
Avoid excuses, more on this later.
Two or three paragraphsis all you need for that. Anymore than that, and you're giving thempotential reasons to ding you.
Here's some great advice from @blackice".
The best thing you can do is name drop people you have talked to. That way I know you have done your homework, and I can ask the person you talked to how your chat was. I think cover letters are better when they are focused on your past work experience as opposed to general and arbitrary sentiments about how you are a "hard worker and team player with a strict attention to detail".
If you'vetalked to someoneat the firm and they'd remember you,DO namedrop themin your cover letter.
Common Cover Letter Mistakes
Here are some of the usual mistakes candidates make in their cover letter as mentioned by our member @qonnect.me.
Excuses:
This is an example of an excuse in a cover letter:
"I realize I have more professional experience in technology than in finance. I believe that was just due to bad luck due to graduating from myMBA program atthe height of the 'Great Recession'. However, I am 100% committed and motivated to prove myself in a finance position."
Bad luck? No, it's theshitty and difficult-to-read resume,cover letter, and'research reports'that arethe issue.
What goes on in the recruiters head: I'm almost certain you would be a terrible employee just by the quality of the work you sent me in acold email. You graduated from college 10 years ago, by the way. I remember at least a few of those as being pretty good years. If you were halfway decent, you could have squeaked in the industry in more than a few of those years.
请do not pin all of your circumstance on luck, especiallyin a cover letter.
Evenif the reader is a big believer in luck, you're telling himyou're unlucky.
Who wants to hire someone who's unlucky? It seems the bad luck streak started in utero, if you ask us.
Revealing Your Ignorance:
Even worse than just plain ignorance, is the below quote from an attached research report that a candidate had written. Since he thought it was worth including, I assume the report was something he was proud of, but it was cringe-worthy.
"I am placing a STRONG BUY recommendation on [company]. ("ticker") and believe that [the company], at the current price of $10.00, trades at a 123% discount to my estimatedfair market valueof $22.30" (Both made up numbers to scale to the actual numbers listed in the 'report')
123% discount?C'mon man. Don't you think about the stuff you write before you blast it out to hundreds of potential employers?Anyone that reads it will certainly never hire you.
Thereportshould havenever been attached.
It made aweak applicantlookeven worse. He's clearly never done anything but 'book learn' on these subjects. It's painfully obvious by reading the report. He usesfour valuation methodologieson the stockwith the sole intentionof showing thathe knows more than one valuation method.
If you're thinking of including a research report on a company when you're cold emailing people, it's a high risk strategy. Your research probably sucks unless you've been doing it professionally. If there is any doubt at all about including a 'research report', do not do it.
Side note: The research report had a lot of opinions and not a lot of facts, and it lacked connections between really basic facts about the current state of the business to the 'projections'.
The Hail Mary Cover Letter
If youdon't think you have a chanceto get the job, you can toss aHail Mary with your cover letter.
Here's a cover letter anaudacious undergradused in aneffort to stand outandgrab the attention of its reader.
A big swing that's either ahit or miss. Wedon't recommendusing this cover letterunless you lack the slightest chanceof getting the interview in the first place.
Dear BLOCKED,My name is (BLOCKED), and I am an undergraduate finance student at (BLOCKED). I met you the summer before last at Smith & Wollensky's in New York when I was touring the east coast with my uncle, (BLOCKED). I just wanted to thank you for taking the time to talk with me that night.
I am writing to inquire about a possiblesummer internshipin your office. I am aware it is highly unusual for undergraduates from average universities like (BLOCKED) to intern at (BLOCKED), but nevertheless, I was hoping you might make an exception. I am extremely interested in investment banking and would love nothing more than to learn under your tutelage. I have no qualms about fetching coffee, shining shoes, or picking up laundry, and will work for next to nothing. In all honesty, I just want to be around professionals in the industry and gain as much knowledge as I can.
I won't waste your time inflating my credentials, throwing around exaggerated job titles, or feeding you a line of crap (sic) about how my past experiences and skill set align perfectly for an investment banking internship. The truth is I have no unbelievably special skills or genius eccentricities, but I do have a near perfect GPA and will work hard for you. I've interned forMerrillLynch in the Wealth Management Division and taken an investment banking class at (BLOCKED), for whatever that is worth.
I am currently awaiting admission results for (BLOCKED) Masters of Science in Accountancy program, which I would begin this fall if admitted. I am also planning on attending law school after my master's program, which we spoke about in New York. I apologize for the blunt nature of my letter, but I hope you seriously consider taking me under your wing this summer. I have attached my resume for your review. Feel free to call me at (BLOCKED) or email at (BLOCKED). Thank you for your time.
Sincerely,
BLOCKED.
Interested in Investment Banking - Breaking In
If you want to break into investment banking, you need to be well-prepared for the technical aspects of the interview. We advise you to check out ourFree Investment Banking Interview Guidefirst, before investing in2018世界杯狗万滚球app , so that you have an idea of what to expect.
Two common mistakes that candidates make while recruiting for IB:
- Using phrasing like "After mysummer analyststint, I learned the entire deal execution process...", "I am extremely proficient in354manbetx and354manbetx ...", etc. You get the idea. Be confident, but don't over-emphasize anything out of the scope of your ability to speak to it.
- Not enough emphasis on teamwork. This is important. People should know that you are able to work with others. This is easy to incorporate, just give a brief two sentence overview of what your team structure was and why it made sense.
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