Cold-Calling for Internship Ops.
I've searched the boards but results were found on the level expected.
Can anyone direct me or give me information on how I would go about either cold-calling or cold-emailing a bank about an internship, Im talking about smaller banks that I may have a chance talking to HR or an individual working there, not BB.
Following up on that, is actually visiting the banks themselves and asking them personally an effective tactic as well?
Thanks
Personally, I wouldn't just go and show up at the bank. In fact, you definitely shouldn't. I did some of the cold-calling things about a year ago (when the market was fucking awful). I would expect that this time of the year will be much easier for you.
When I cold-called I made sure to briefly review the company website and see what products they offered, what they specialized in and who was the highest up. Use discretion here, because you don't want to go and call the chairman of a top boutique. I would go for MD's VP's and anyone who I had a common bond with(school,hometown,etc.). Practice your pitch before you do it and show some enthusiasm and interest. Make sure to ask for his email and if you can send your resume. After the follow-up email make sure to keep in touch so that you'll stay on the radar.
It works different for everyone. Personally, I was very successful and landed a great job in NYC. If you are not personable and quick on your feet then cold-calling can be a problem. I once called an MD and he gave me a 20 min interview right then!
Good Luck Buddy...Let me know how it goes.
Cold calling is too forward and showing up at the banks door is not the way to go either.
Try to get an email address for the recruiters and send them a short message explaining why you can't just apply at your Campus Career Center. Attach your resume.
Cold calling is not too forward. It shows you have initiative and possibly have the interpersonal skills to excel in banking. Anyone can click and attach resumes. Plus, the senior level guy has about 1mm times more pull than the HR girl when it comes to hiring.
In my brief experience, the people I've contacted (VP and up) at boutiques and lower-MMs have been very receptive. It takes balls and tenacity to go directly to the source and tell them what you want -- they like that sort of initiative.
As BoutiqueBanking said, it's easy to just hide behind a computer and submit a resume via an online app or email. Cutting through the inevitable BS of dealing with the HR filter and giving your pitch to directors goes a long way.
A few banks straight up asked me for my resume and cover letter on the spot. One other guy, an alum from my school, told me that there weren't any spots at his firm. But he also told me that I'm doing everything right and that I should continue grinding away. He even offered some pointers on my pitch.
Nah, not too forward.
go to your school's career office, get list of alums. see if any work there, and then call them. if cant, then email them.
cold-calling shows you have balls. essential ingredient for good bankers.
Hitting the pavement: is cold-call networking key to getting an SA interview? (Originally Posted: 08/19/2016)
Rookie here. I'm preparing for recruiting this fall for a summer analyst spot in IBD. My school isn't necessarily a target, but we do have resume drops and OCR for BBs and some boutiques. My question is, will I be able to get my foot in the door and land a first interview based on a competitive GPA alone? Or how essential is it to hit the pavement and network with people at banks before a resume drop?
Thanks.
What does competitive mean? Just having a >3.5 at a school that does resume drops isn't going to get you an interview. There are plenty of people in your position.
I have a 4.0. Is IB recruiting similar to consulting recruiting in that a good GPA will get your foot in the door?
Do the legwork to understand the industry and demonstrate interest. Your offer rate will be much, much higher that way
I would recommend against visiting the banks outright, but I think cold calling and cold emailing is perfectly fine. Considering you are looking at smaller shops, you will probably not have much alumni representation, if any at the boutiques, therefore, I would first reach out to whatever alumni representation you have at boutiques via email, and then from there, I would contact boutiques via a cold call or cold email - whichever provides you with direct access to the banker. In other words, many boutiques have general phone numbers, but actual email addresses, at least for more senior bankers on the team - in that case I would cold email. If the boutique has a direct phone number for some of the bankers, then I would go with a cold call as it gets you directly in front of the banker; unfortunately cold emails are all too easily deleted.
Regarding HR, if you have no other point of contact, then use it, but HR's job is not to put you in touch with bankers, the decision makers, but rather, to field your questions and possibly, if you're lucky, relay messages. The goal is to get in front of the actual bankers, not HR reps.
Finally, for cold calling, do not think of it as being annoying - think of it as showing initiative in a way that doesn't work very often, but is also without the negative of leaving a bad impression. By that I mean that while cold calling isn't the most effective means of getting an interview/offer, considering it is a quick call or email, it will not be remembered negatively by the bankers later in case you want to reapply at a later time. If you make a good impression and spark some interest, great, if not, then no big deal - no harm done. When cold calling, make sure you are ready to deliver a clear, concise and expressive pitch that demonstrates your interest in the field and the boutique, as well as your accomplishments - why you'd be an asset to the team - this goes for the cold call and the cold email.
For a bit more on contacting alumni, check this out: http://www.bankonbanking.com/2009/08/25/effectively-working-the-informa…
For a bit more on cold calling and reaching out to alumni, check this out: http://www.bankonbanking.com/2009/08/31/reader-questions-a-quick-interv…
If you have any other questions, feel free to PM or shoot me an email - good luck and stay confident - it is generally a long road when it comes to cold calling, but keep at it.
IBanker www.BankonBanking.com [email protected] Interview Prep, Resume Revisions, and the New Survival Guide – The most common interview questions and answers revealed! News, Articles, Products, Services and More - Stop by Now!
How to Counter for SA inquiries - Cold called (Originally Posted: 04/15/2011)
i'm curious... now that SA recruiting is over, i'm sure many of you have cold called lots of different companies. When you encounter a specific company, and they say they are not hiring, and the spots available are reserved for institutional clients, what can you say to counter that? And I've tried offering working unpaid but they don't do that, and is keen on paying for interns work.
thanks
I don't get it, "spots are open for institutional clients"? So they will only hire the son of a client who is a fund manager? Or hire people connected to F500 company higher ups who need to raise capital?
it's the former of what you said... so yeah connected people's sons & daughters.
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