Cold Call v. Cold Email

Thanks for the feedback- are you suggesting I pitch ideas right off the bat?

Great, thank you for the feedback!

Thanks, appreciate the feedback!

I did not think of that. Thanks for the feedback!

Well, this may work if you are a target or have those connections, but many students don't have that luxury. You can always find ways to relate to others even if it is not through a direct connection. All of my best connections, jobs and mentors were initiated by a cold email/call. I have had tremendous help from these guys on perfecting my resume and story, despite never meeting in person. If I am in the same town as them for an interview or vacation, I have made sure I at least met up with them in person to thank them and to chat more.

I completely agree with you, which is why I've never been an advocate of cold-calling and don't do it myself. I know it sounds selfish, but I know I would probably never help out someone who called me over the phone if I had no connection to them. The same reason why I hang up immediately when someone calls me trying to sell me something. Sure, 2nd degree connections/family members are great, but for many people this option doesn't exist. What you leave out is the power of Alumni networks. At every school you can find lots of people on wall street (yes, even at non-targets) and once you start reaching out to a few, its pretty easy to ask them to connect you with other alums they know, and your network grows from there.

I got a great internship through cold calling my sophomore summer. It's a numbers game, it's low yield, but my very non-target school had basically no alumni on the street so there was no better option.

there are no universal rules – sometimes cold calling helps better than trying through people you know, sometimes – otherwise. anyways one should better try all options.

I have personally found my success rate increases dramatically when I place a cold call first (that usually gets dumped straight to voicemail) then follow up with an email. Additionally a tactic I use because I am currently working full time and it's really not possible to make calls in my geographical area during working hours, is to make time zones work for me. Building relationships with people in multiple locations also has the potential to pay off big in the future. I've received a few referrals this way, and those are some of the best contacts I currently have.

Sophomore year... 250 cold emails, 20 response/rejections, 4 interviews, 1 offer at a MM bank.

It was worth it for me. You have to decide if you're willing to work that hard for it.

Cold calling is skill you develop over time. It is uncomfortable and awkward at first, but it gets better. I would consider it a valuable tool in your kit when it comes to looking for a job. Some people will not like it, but many people will respect the hunger.

I love when people preface things with "just my opinion"...man up and take ownership for your POV, lol. Everyone knows you're not relaying facts from an encyclopedia.

But yeah, I generally agree that if you are time constrained then coldly calling isn't the best use of your cell phone minutes.

[ never confuse movement with action. ] -Nice quote.

This ignores so many factors it's unbelievable. Some individuals don't have the resources to use a "second degree network". Of course you should you use that though first before cold calling. That's obvious.

Also, what about a student from a non-target who is trying to get a boutique IB internship? Unless you can't handle being rejected by hundreds of people you email, than cold emailing is very effective for those willing to not give up. That's how I landed my boutique internship.

Cold emailing can do wonders if you do it right. It's not at all a "giant waste of time". Stupid post.

You are essentially saying that it's better to be introduced than introducing yourself out of blue. That's not a surprise. Most of bankers do rely on each other (even on bankers at different banks). In project finance, people often refer the project to other banks (because it's expensive and the process takes ages).

I think you can cold-call people when

• you are bringing them a business proposal/proposition. Why would anyone get annoyed when someone is ringing you to see if you are interested in making more money. Or at least offer something so "if you scratch my back, I'll do yours."

• you know that you can reach the right people and you know their numbers. So you don't call say the listed number of JPM and say hey can I speak with someone from Asset Management? - This is annoying, I mean, really annoying, if you happen to be on the receiving end of this call.

• you can speak with them on the phone first. It's difficult if you cold-email them. I receive so many spam emails and most cold-emails look like a spam email. Should I open this PDF attachment or is this a spam? If I open, do I have to call the IT to get my PC checked?

• you can relate to that person in some way. You can say hey I also went to this school. etc.

I think all of the above conditions have to be met for cold-calling that leads to something.

By the way, I like your profile picture. Is that Karl Pilkington? I remember him from the time I spent in England.

Cold calling is very hard, but if done properly it can get you very very far.

Oh, and another advice I can give is cold-calling definitely works when reaching out to people in small boutiques (sell-side) or funds (buy-side). They are usually not that busy and are always keen to hear from people who bring something to the firm. I don't mean Lazard or Moelis when I say small boutiques. I mean boutiques that do 0 - 10 or even 15 deals a year.

It's a privilege to have a great name on your frontdoor. Deals come to you constantly from sources you know. So big firms do the majority of deals - and small boutiques are chasing several small obscure deals a year. If you work in a household name fund, you can always pick up phone to get the sell-side do what you want them to do. You don't hear from a fund manager from a big firm, "There are no good stocks or bonds (private or public) to put our money in, where are brokers or deal-makers? We really want exposure to this industry or region." They always have a lot on their plate and can choose from many.

Cold e-mail. How would you even have their phone number?

Tried both, I've cold called when they never responded back to my emails (probably sent about 3 in 1~2 weeks interval). But definitely stick to emailing them first.

This is going to sound counter intuitive but I think it's really important to cold call. I work in a field of sales that requires me to cold call/email bankers quite frequently and I've gotten the most results from cold calling. It's harder to ignore a call and allows for a deeper level of communication.

this is not an unusual situation. Just email the guy