Is cold calling only applicable when looking at boutiques or can they be used when applying to a MM bank?
I've exhausted WSO and google to find an answer but nothing definite came up. All I read was how to cold call and that cold calling does not work with BB banks.
Anyone have any input on this?
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I cold called a MM IB and ended up getting an ER internship (what I was after). Just depends how good you can scheme and hustle on the phone.
Do you have any specific questions? I also have some success with cold calling upper tier MM banks.
Well let me give you a little background before I ask specific questions regarding cold calling.
School: non-target Major: economics/political science (spent first year as pre-med student; biology/chemistry track) Cum GPA: 3.4 (can expect 3.55 after this semester) Major GPA: 3.95 Work Exp: did marketing consulting internship managing marketing investments for two major clients (avg. $225M marketing budget).
Now as you can see, my GPA isn't great, which is saddening because a lot of my high school alumni work at BB banks as either analysts, few MD, etc. Therefore, my focus for a 2014 summer internship will be on MM banks or elite boutiques.
I've already read through various threads regarding "how" to cold call, but never really understood whether cold calling is appropriate for MM banks. If so, how should I adjust my cold calls to these MM banks?
@Stryefe, I'd like to know more about your experiences in cold calling and how you landed that ER internship position.
Sure.
I go to a non target and a finance major, just started my sophomore year. This was my freshman summer internship. My first two semesters of my freshman year went horribly, so my GPA at the time was about a 2.0. My only experience was interning at a buyside shop over my winter/spring break doing BO stuff. Zero modeling experience or anything.
I started cold emailing and cold calling boutiques and MM banks, as well as buyside shops in March looking for a research internship. An alum from my undergrad was an analyst at a MM IB, and I sent him a cold email over LinkedIn. We setup a time to talk and we hit it off with each other. Had a phone interview with him two weeks later, and got an offer a week after that. There were only two other interns in their groups office with me.
My experience with cold emailing/calling has always been email first, and then setup a call. I just ask for 15 minutes to hear about their experiences, any advice they can share, and any summer openings they have. My first choice of people to network with at a firm are senior level guys (Sr. Analysts, MDs, PMs, etc) because they are decision level guys, and most of the time I've found that the more senior level guys are more interested in who you are and why you want to do finance, so if you can blow em away with a good story things can happen.
Try to branch out and network with people other than those in your alumni network. I get a higher return rate on emails from people outside my alumni network but who cover the same industry/sectors I worked with over the summer.
Thumbs up on the approach employed by Stryfe. Start with a well worded email (no extra BS needed, it's a turnoff), then ask for a 15 minute call. Asking for a defined timeframe such as 15 minutes assures them they won't be pigeonholed into a long call they will regret.
Would cold calling still be appropriate if there is no alumni presence at a mm bank?
It's worth a shot, but may be harder to get someone to listen/stay on the phone.
Try and find another way to connect to someone at a MM bank, if you can. Use LinkedIn.
Cold Calling Regional Merchant Banks / Boutiques (Originally Posted: 03/13/2011)
For small, local firms:
How do you properly inquire for a position out of undergrad over the phone?
Is it recommended to beat around the bush and ask to speak with someone over coffee, then segue into asking for a position?
But if we're graduating soon, do we just ask directly? ex: I'm an undergrad seeking an entry / pre-MBA position...I'd like to submit my resume...
I usually don't say this, but there's a freakin search bar on this site for a reason, use it. I promise you there are 100+ posts on cold calling.
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