Cold Calling 101
Whether you're trying to land a position, sell a product, or simply network with others, learning the art of selling should be a vital part of your learning in any profession.
The most effective way to do all of the above is to learn the art of selling yourself. While there are many aspects to selling yourself, there are two core skills that all salespeople master.
A) Cold Calling
B) The Face to Face Sale
Cold Calling
Mastering cold calling opens you up to a whole new world. It allows you to efficiently obtain information and move your career forward in an efficient amount of time without having to wait for an email response that may never happen.
1) The key to a good sales person over the phone is someone who A) can appeal to the person on the other end of the line in under 10 seconds and B) asks the important questions that reveal 'the pain'.
'The Pain' is the reason you're calling these individuals. They have a pain and the whole point of the sales process is to reveal this pain so you can 'fix' them with your product. Good sales people have people 'bleeding all over the floor' within minutes. Why? Because they ask pointed questions which lead them to the source.
2) Being able to separate a 'feature' from a 'benefit' is key
People don't care about all the features your product offers. What they care about is the benefits. 'Saves you money' 'Reduces your costs' 'Saves you time'. These are all benefits. They can learn about all the features when they take the meeting.
3) STAY on the phone.
The worse thing you can do is hang up because you don't know what to say. Get in the habit of answering a question with another question.
"What can you offer me?"
"Well what are you looking for?"
When someone hangs up on you rudely, call them back and say "sorry, I think we got disconnected..". This is how you build balls to cold call. Repetition and staying on the phone.
4) Stop talking yourself out of the the sale
The biggest sign of a bad sales person is one that talks about themselves/their product for minutes on end without asking any questions. Remember, pointed questions help you find your victim's pain in the fastest, most efficient way.
Learn to be shut the fuck up. Awkward silence is good. For instance, maybe you ask a very bold question that takes the person on the other end of the line by surprise. This happens a lot when trying to schedule..
"How's this week for you?"
"I'm not free for another month or so.. not a good time."
"Oh okay, another month.. so into May? How's May 23?"
[Awkward Silence]
"Fine. May 23"
5) The main goal of a cold call is to obtain a meeting
95% of the time, sales are not made over the phone. Sales is a sequence of 'yeses' leading to the final yes (the close).
Series of 'Yeses'
a) Get someone to have a conversation over the phone with you - Yes #1
b) Have them admit that they could benefit from your product - Yes #2
c) Get them to agree to a meeting in person - Yes #3
d) Meet in person and gain their trust - Yes #4
e) Create a proposal and close the sale - Yes #5
And this is essentially how people successfully turn cold calls into sales.
More to come later on Face to Face Selling..
Thanks! Will you have another post on Face to Face too?
Yeah, should have time to do that this weekend
Appreciate it! SB :D
Great post, one of the best users on here, really appreciate the help with the resume a couple months back, SB to you
Very good points here. +1
This is a good post, though I would add that on larger sales the key will be to not just provide consultative sales but to figure out how an organization's pieces fit together and to get those pieces to move together--an actual business advisor vs. a solution centered sale.
You learn that and you can hit the $20MM gross margin quota at several BB's/MBB with a 10% payout, or figure out how to get a larger payout in different venues.
Right.
When you grow your sales territory, it's your job as a sales manager to make your work as effortless as possible. Great salespeople do this by building lead sources who they pass leads to occasionally, and occasionally get them back in return. However when you build maybe 50 - 100 lead sources (people passing you leads), occasionally becomes every day. As long as you keep sending leads one way down the street to good sales people, they should send them back your way. We call that a 2 way street.
Once you learn the ins and outs of your client's and lead source's business, your success has no limits. You learn how you can help one person, to help another, who will help you directly in the end (and so on). I'd like to go more in-depth on this in a later post this weekend.. but great point mr. douche.
Great post!
Keep in min that winners never quit. It's about staying motivated and staying focussed on one goal: achieving you goal.
you dig?
Don't ever be afraid to ask the prospect on why they ask you that question they just did. Asking them why will reveal much deeper intel that you need and be able to question the prospect on the implications the problems have and how your solution can help.
Never ever sell features, that's what marketing does to put on brochures.
Exactly. Leave no stone unturned.
A typical push back from people over the phone is 'send me an email with what you do and why you're so special and I'll contact you if necessary.'
My response to this is, "Okay. I will. But what is necessary to you?"
"Oh okay, so why is that necessary?"
Understand that you can't help an individual unless you know their situation. It's like going in for an interview and not knowing what positions they are hiring for. What is YOUR need?
"Oh okay, I see now. Yes, I can definitely help you with that. I'm actually so confident I can help you with that, I will let you try it for 30 days and you can tell me what you think." (Some bosses give you leeway like this)
All about asking questions..
Good post and ST Monkey is right on, too.
Never ask yes-no questions - that's how you stay on the phone.
This is some old school boiler room shit right here. Nicely done, Rothyman. +1
RECOOO !
Nice post rothyman, appreciate it.
never pitch the bitch
Rothyman this was a very well written post, where did you learn all of this? Were you in sales before joining a hedge fund?
Hans, thanks.
I was very fortunate to have a great sales mentor who was head of institutional brokerage sales at a very large investment firm.
I worked/work in HF Sales, not for an actual hedge fund. Our job is to cold call/meet with Hedge Fund managers & CFOs/COOs on a daily basis to win their business. When you're cold calling these individuals, it's very important to have your 'shit together' because even just getting a hold of them is half the battle.
I also work for a small company, so I get a lot of exposure to our heads of sales who mentor us on a daily basis and make sure we are improving constantly.
With that said, I can't wait to see your second part "Face to Face" Thanks a lot!
Dont Pitch the Bitch
This is very, very true. You can learn a lot about your counterparty by asking great questions and getting comfortable with the akward silence.
Very well said, nice job
if they reject you, take whatever bs rejection and turn it around by saying 'x is exactly the reason why we should meet'
Very relevant, not only to the job/internship search but in just about anything. Knowing how to cold call is incredibly useful. great post
Great post, very informing. The "yes" sequence is most important in winning anyone over.
To compliment Rothyman's post in detail, read Dale Carnegie's "How to Win Friends and Influence People". Everyone should read this book, it's helped me tremendously in mastering the art of selling yourself and getting what you want out people.
+1 Homey. Good stuff.
+1 good stuff
Fantastic, look forward to it.
Nice post broski.
Cold Calling 101:
Put yourself in a position where you don't have to do cold calls!
Yes indeed.. Partnering & Sales Networking 101 should be another post.
I think I'll actually write something on this instead of the in person sale. Building an effective network can net you warm leads on a weekly and even sometime daily basis. The key is getting people to 'trust' you by scoring 'mutual wins'. For example in my business we partner with the large Prime Brokerage houses to land business. If both the Prime Broker and I win, it creates a foundation for a successful lead sharing relationship.
More on that soon..
With that said, even the best sales people in the world make a cold call occasionally. It keeps your prospective fresh and it keeps your pitch clean and smooth.
Always Be Closing
I would do good to take in this advice. I HATE, the concept of cold calling. I avoid that shit like fat girls avoid the gym. I always felt that if you have a good product or service, people would come beating down your door to have it. However I know that its not always the case. Most times especially when you are just starting out, you will have to pull people in to have them realize what you are offering is valuable. I'll have to eventually get good at this, but until then I'm the girl with 'more to love' pulling up to the krispy kreme drive-though, avoiding the thought of ever having to sweat. Great tips.
The Art of Cold Calling (Originally Posted: 02/01/2012)
Hey all,
Still one of the shmucks out there trying to land that first gig, anyways although networking through Linkedin through random cold emailing has worked a few times it hasnt led me to anywhere tangible yet.
So I wanted to find out from some of you guys out there who have been successful at Cold Calling and getting interviews. What process did you use to generate leads to cold call? What approach did you take when they picked up the phone? really want to know the right approach to take, I feel like it would help me and other job seekers out there a lot.
Thanks in advance.
Do it boiler room style
i landed a PE internship cold calling. just call and if you get a receptionist ask her to transfer you to a MD. if she does that , make sure you have prepared a 30 second pitch. introduce yourself, thank him for his time, and be direct about your intentions.
Cold calling blows, but ^ he has it right basically.
It's awkward, but tremendously helpful. Keep at it.
Here is the strategy:
Get IB database -> go to websites of each bank -> look for MDs -> find phone/e-mail -> cold call/cold e-mail -> pitch -> profit
If it's a BB, and MD names are not on the website - Google to the rescue. If you don't know direct number, you can try calling reception and ask to transfer you to the MD of your choice, but somehow that trick never worked for me. If you don't know direct e-mail, find e-mail structure of the firm, and guess the e-mail from there. Can do the same with VPs, Associates and Analysts - they are easier to reach.
noke2012 told you what's the structure of the call when you get through.
I go about it a little different, I find open positions, then track down the person who is in charge of making a hiring decision. I call them and ask them about the position. When they talk about it and what is required I respond with my qualifications that fit the requirements. Then they tell me to apply and I customize my resume and cover letter based on the conversation.
Its also a good idea to call people in the same position and do the same thing. Then you can get a good feel for the job.
Almost all of my interviews/internships were from cold-calling, not OCR.
1) Compile a list of all the firms in the area you're applying for. Currently I have a list of 300 firms with equity research positions that I'm slowly going through. You need to cast a wide net.
2) Cold-email MDs. Introduce yourself, say why you're interested in area XYZ and what skills you could bring to the table. Mention that they can follow up with you via email or phone.
3) After one day, if no response, call them. This gives you an excellent segue, "I want to call to follow up on an email I sent you...." Briefly rehash who you are and why you want a job. At this point they'll either say they don't have open positions, or they'll ask you more questions and that they'll follow-up with you.
4) Be relentless about following up. As we all know it's a busy world out there, and remembering to follow up escapes their minds/schedules more often than not. It's our responsibility to keep reaching out. Never stop until you get a definite no.
5) If I do get a definite no, I always make sure to ask the MD to keep me in mind for future opps, and I always contact HR to make sure they have a copy of resume/covletter on file.
Good luck!
double post
~
Great thread, everyone needs to see this.
How thorough is your "pitch?"
Consistency is key. It's definitely a numbers game. The more people you call, the more likely 1 of them says yes.
Cold Calling Best Practices (Originally Posted: 08/18/2015)
I’ve never been one to take the usual routes to success. The normal application process has never been my thing. Therefore, I tend to go about gaining positions and opportunities by just talking to some strangers. Or, as many call it, Cold Calling.
Now, much like the yawn-and-stretch move, or toupees, cold calling can seem like a brilliant move no one else has ever done, and that will definitely work. Some times that is valid. Sometimes it turns out horribly wrong. Let’s start out with how to do it wrong, with a fancy list of don’ts:
Don’t:
• Contact a boss at a firm you’ve sent in an application to (unless it’s to do a simple check up on the application process) • Cold call a firm that has a very visible application process (they will just direct you to that) • Cold call a CEO of a prestigious firm (if you think you’ll be original, you’re wrong) • Ever show up at anyone’s home (please, just please) • Find the home phone number of anyone and call them there (unless you like being yelled at and blacklisted) • In general, do not ever invade the personal life of anyone, ever (they won’t like you for it) • Don’t act like you deserve to get it (this is wholly reliant on them liking you, remember)
In short, use common sense and human decency to get in contact with someone you know. You want them to like you, remember?
There are, however, times when taking the bull by the horns, the phone by the dial (those were the days), the computer by the keyboard, and dropping yourself into someone’s (work) life can be a power play. You have to pick your targets with some delicacy, and some skill though. Let’s look at some Do’s:
Do:
• Target smaller firms that don’t actively recruit (people are less apt to cold call them, and a personality fit could be a job) • RESEARCH RESEARCH RESEARCH (know WHY you want to work for them, and everything about the firm) • Quality over Quantity - personalize each outreach (don’t spam every firm out there, romance the lucky few) • Expect rejection (asking strangers to give you money to possibly lose money for them isn’t necessarily a sure fire strategy) • Be positive (it’s not personal if they choose not to give you a chance, you’re still beautiful)
Cold Calling should be a deliberate, planned action. Sending emails willy nilly will not get you very far. Know who you are talking about, and what you are talking about.
Follow these Do’s and Don’t’s, and who knows, maybe you’ll get a job! Or maybe you’ll crash and burn. Life is a mystery, and that’s why its fun!
Go ahead and drop your best Cold Call Do's and Don'ts in the comments, as well as times it went really well, and times it failed horribly.
I enjoyed the read. I would contribute, but I have yet to make a cold call! I am, however, interested in reading about other peoples experiences.
For a few weeks of my sophomore summer, I unexpectedly showed up to an "internship" that was a 'Wolf of Wall Street' type cold calling center. Talk about fun.. I did manage to learn some things but they were sleazy salesmen tactics that wouldn't don't apply here
One thing that sometimes gets overlooked is to say "Thank you so much for taking the time out of your day to talk to me" at the BEGINNING of the call. Make that one of the first things you say. Everyone thinks to say thanks at the end of the call, but showing from the get go that you're appreciative of the person's help sets the right tone for the rest of the call.
Great advice! I tried to +1 you but accidentally hit the wrong button. So I apologize for that.
Good idea man. I think it sounds like a better way to cold call/email.
I have never, nor will I ever cold call. UNLESS, it's to HR or a recruiter. I will email alumni. Out of all the posts I've read on the subject, after hundreds of calls you get nowhere or might land an interview, which means you're wasting time and ignoring the opportunities right in front of you.
Cold calling / networking tips (Originally Posted: 04/10/2012)
I'm a current junior at a top tier undergrad business school, having a hard time getting an internship offer for the coming summer. I think, out of many, my biggest weakness is my networking or coldcalling ability. Technically, I hadn't even tried to coldcall or network at all. Any tips so to how I can improve those skills will be greatly appreciated. Best, A Jobless Student
Instead of posting about it.... try calling.
If your at a top tier bschool your bound to have alumni in finance, contact them. Strike up a conversation and ask them for advice or if they know anyone they could refer you too.
Or searching
http://www.wallstreetoasis.com/forums/cold-emailing-guide
[quote=Culcet]Or searching
http://www.wallstreetoasis.com/forums/cold-emailing-guide[/quote]
Oh, Thank you sir. This link is very useful.
Cold calling your way to a BB IB SA position? (Originally Posted: 03/24/2015)
I was wondering if it is possible to cold call/email your way to a BB IB SA position at this time of year (i.e. end of March, beginning of April) at a regional office (i.e. not NY). During my freshman year I managed to land an IB SA positon at a local boutique at the end of May, but I just want to know how possible it is to do this at larger banks. Thanks!
BBs tend to have structured admission processes, HR screen, interviews, superday. I'd say cold calling works more effectively on MM/boutiques.
I go to a non-target (well-respected private school, but a non-target nonetheless) and cold-called and e-mailed quite aggressively over the process; through this method I was able to work at a boutique M&A shop after my sophomore year, and received interviews at nearly every BB and EB my junior year, eventually choosing to go to a top-BB (MS / GS / JPM).
It can certainly be done; hard work pays off and anything is possible.
I was recruiting on-cycle but I would imagine my experience is applicable to you.
For this year? The process is long over with.
At this point, it would be very difficult and banks would have waitlists to tap into in case people back out (it helps if you already have great connections to push you through). It is even harder at regional offices since they get fewer people. I would say get another boutique IB/finance related position and gear up for FT recruiting.
Innovative Cold Calling Techniques (Originally Posted: 12/15/2010)
Hello all. Any innovative ideas to get through borderline paranoid executive secretary tol et you speak to the MD or partner in an advisory firm. I even tried email but their official site or down or doesn´t exist. Is the idea of calling her and telling her you wanted to send over document xx right away and it wouldn´t go through work-basically asking her to clarify and give you the correct email address so you can over the email.
Do you monkeys detect bullshit here or will she buy the bluff? Any brighter suggestion? Much appreciated guys. Cheers.
Why not be straight up and honest? If done persistently, I think it will work for you.
"Tricking" them into getting yourself prioritized is not a good idea. They prioritize things for a reason, so not to waste their time when they are busy. If you're honest, you may get through when they have the time.
thanks guys but what really worries me why don´t they have official website? Is it out of secrecy? I don´t know if asking the secretary straight up to give me the email of the MD without a barrage of questions and potential interrogation will work. Maybe it will. Thanks agian guys.
The key isn't in fooling the secretary. She's responsible for making sure important calls get through and unimportant calls get dealt with by her, with tact. If you call and she patches you through because she thinks you're someone else, when the MD tells her you're some dumb kid and not to patch you through again, she'll be pretty pissed that you made her look like an idiot. Thats if you can even get through. You're better off somehow getting through to her and having her plead your case to her boss to give you a few minutes of his time to chat with.
Also, MDs know plenty of friends' kids, students at their alma matter, etc... that they would be more inclined to help but don't because either its not their thing or cuz they don't have the time. You may think MDs can wave their hand and get you hired, but thats not the case. You're better off talking to a VP, they're much easier to get in touch with and can probably do much more for you.
Heres a cold calling trick. Next time you try calling and you get a gate keeper introduce yourself and ask if its an appropriate time to speak. If they say no, ask them their name and try to get into a short personal conversation of how you'd just like to speak with so and so when they are free and are respectful of there time. Then just ask whens usually the best time they can be reached. Be polite and say their name over and over. People love that. Make a note, and make sure to talk to them first next you call up. This way they may remind you. Its worked in the past.
Marcus I actually have no intention of talking to the MD at first. All I wanted from the secretary was his email so I can cold email a potential investment pitch. You see I am not looking for a job from these guys, rather want them to invest in my startup. In such a scenario how would you go about requesting the secretary to give you the MD or one of the cofounders and chairman´s email. Much appreciated.
Then a banking MD is about as useful to you as a fork lift operator.
You need to get in touch with a VC guy, these guys are generally always horny to hear an idea, so you shouldn't have too hard a time getting someone on the phone to hear you out. Probably be tough to get on the phone with a partner without a warm lead / referral but can absolutely get a principal on the phone who will escalate it to the partner if he sees any potential.
Get an intro to the VC. Don't cold call them.
I'm sure he's got a mile long list of VC contacts since he's asking for advice on WSO.
Cold Calling overkill? (Originally Posted: 09/05/2011)
How overkill would it be if you tried to get in touch with the MD of each division from the same boutique - all for different positions ?
or would that get some brownie points for hustle?
I'm not really sure if MDs would care. Maybe if they forwarded your calls to HR everytime, but it would be HR that would be upset.
What does cold calling entail? (Originally Posted: 10/06/2006)
What exactly does cold calling entail?
Should I get a list of alumni from my university, introduce myself and ask if they can help me get an interview?
Should I call prospective banks and introduce myself?
Thanks I appreciate your help
Anvar
Probably should send them an e-mail asking if its okay to talk over the phone first.
As a general rule - ALWAYS email before calling.
definately email before calling
Cold Calling Advise - Should I wait till after new years? (Originally Posted: 12/27/2010)
hey guys
I was planning to cold call a few places i sent emails to
Now I know this might sound like a stupid question but should I call this week or should I wait till after new years?
thanks in advance for your help guys
I would wait until after new year personally.
Wait until after New Years. Anyone unfortunate enough to be in the office this week is not going to want to take the time to field cold calls - he/she is going to want to get in, get working and get the F out.
After New Years people are getting back in the swing, slowly getting things moving again and you will find much more luck.
Slight hijack, all apologies. But what time of day/day in the week do you recommend for ice cold calls?
It is a good idea to go for them after New Year.
Cold Calling/Emailing Timing (Originally Posted: 01/09/2012)
Hi everyone,
I was recently in contact with an MD at a local MM bank regarding interning and I was told that they weren't looking for any new interns at the time. I know that their previous intern(s) had just finished recently and at least one had been hired FT. My question is how long should I wait to ask again, and how often should I try to stay in contact with the MD. At least once a month or so? Thanks for the advice.
Depends on what you're trying to do. Over what time period are you trying to intern?
Every three months...don't want to be too pushy or annoying.
I'm trying to intern with them off-cycle. The bank doesn't have a regular summer program.
Cold calling hurdles (Originally Posted: 08/15/2011)
I started cold calling people today after reading this forum about cold calling. Phewww :(
Anyways I am having two problems/excuses that I want to tackle
a. The gatekeepers ask me who am I and why you want to talk to ZZZ? As a good boy, I say that I am a student and looking for some advice and then she gives some lame excuse. Q: I don't want to lie because if i say I have done business together etc with ZZZ and later on i get caught, that will be too bad for me. Am I right Or should i take my chances??
b. When I reach the people (Analysts and Associates) I try to engage them about the opps in their firms. They say to look at website, evrything is online Q. How do become more pressing or persistent?
Thanks guys for your valuable posts, finally got the courage to cold call and it is some experience
A. Just call the person you want to talk to directly.
B. When you introduce yourself, say you've already looked at the website and talked to a recruiter/HR.
Never ask about opps to work there in the first phone call. Just be interested in what they do and building a relationship with them first.
What is cold calling? (Originally Posted: 07/06/2010)
I notice the term cold calling is used quite a bit on this website and I just want some clarification on what it entails.
When people cold call for internships/jobs do they usually contact the HR department or a sepcific MD or individual in the firm? I am contemplating contacting some boutiques and was wondering if people usually call the HR department or specific alumnus when they say cold calling.
Specific alumnus/bankers. HR is generally referred to as useless in finding placements.
Do some research on the boutique and try getting a hold of the MD's contact info. Then, cold call asking to speak to him/her.
Something that is never enjoyable. Especially if you are selling something. Don't be that guy.
Cold calling is when you reach out to someone you don't know for a reason that they should be able to quickly get comfortable with. Like, "hey you're an alumnus from the school I go to and I'm interested in what you do, would you mind spending a few minutes with me talking about how you got into banking?" Or, "I noticed on your website that you guys did a deal with X Corp, where my uncle works. COuld you help me understand that engagement as I really would like to learn more about banking. That's what I want to do as a career." Not, "I've been following you around for the past few days and determined that you work on the 63rd floor, where X bank has its HQs. SInce you obviously work for them, can you get me an interview?"
you can find a great answer to your question here:
http://lmgtfy.com/
for fucks sake
Cold calling BBs (Originally Posted: 02/04/2011)
Hey guys
so I've been looking for a FT job and found nothing due to lack of experience. I recently began an unpaid internship at a boutique firm in NYC. I'm doing mostly grunt work but I am learning a little bit and mostly I've helped out with stock research. I am hoping to help with the actual deal making soon.
I was wondering, what do you guys think of actually cold calling BBs? Some BBs have some new jobs posted because of the improving economy jobs are being added here and there.
If I was to cold call say the Investment Banking division of BAML how would the process go? If there any guys out there that actually did this any feedback would be helpful.
Thanks in advance for the responses.
It would not go anywhere
Email people before you call
http://www.wallstreetoasis.com/forums/so-you-want-to-cold-email-me-here…
Bad Idea
email
cool thanks for the heads up fellas. You think cold emailing MDs or associates at BBs is even a feasible task due to the massive amounts of people trying to reach them?
I work in a BB, and even my cold emails go unanswered a good portion of the time (>50%).. I know this sounds bold, ballsy, and nearly crazy, but fedex a letter to directors.. That shows a lot more initiative, and I've had a 100% success rating with it so far.. Hasn't converted to an offer yet, but it's def helpful
Cold Calling success? (Originally Posted: 09/12/2011)
I have been following ideas suggested by fellow forum members and did some cold emailing.I sent around 300 emails and a top level guy replied back, CCing HR, "Can you refer him to recruiting team"
Is this "The Referral"?
Thanks
To me that's also kind of vague...Does that mean he's saying "this looks promising, let's see what we can do for him" or "here you deal with him"?
Either way, I would definitely follow up with the recruiting/HR team. Wait a couple of days to see if his forwarded email gets them to respond to you, if not, do a reply all (with that guy cc'd) and follow up with HR.
Thanks Flake. I got the impression "here you deal with him", hence wanted to confirm with you guys
Any other views???
Depends, was your resume attached to this email? Also what did you say? if it was a generic email with no resume I don't see how it could be the "looks promising" since there wouldn't be anything significant enough to be promising. If there was a resume or some actual meat in the email instead of generics then maybe.
Put it this way, it never hurts to get a response, maybe HR is confused like you and will think he meant he wanted them to check you out.
I definitely wouldn't get my hopes up on this one, but keep at it.
More like "network with the recruiting team because those are the guys who will check your resume".
Even if a MD passes your resume, the recruiting team can toss it. Now if the recruiters are indifferent between the two, then you'll probably get the nod as you emailed the MD.
I didn't send across my CV to the MD...Is it recommended? has any got success by randomly passing over CVs?
I thought the best way was to ask for appointment or a quick phone call..Please share your experiences
Cold Calling - No Answer? (Originally Posted: 06/17/2010)
So I used to work as a telemarketer, and whenever we got an answering machine, we just hung up and moved onto the next person.
What strategy should be used when cold-calling for an informational interview? Hang up and try again tomorrow, or leave a message? I have a modified script that I'd pitch if that means anything. Thanks.
I did some cold calling at a BB PMW internship. I was forced to leave a message for every call and NOT ONCE did I receive a call back!
My opinion, worth nothing as I'm unemployed, is to hang up and call back as many times as it takes until you get someone on the phone.
Hang up and call back or call back at a different time. Only leave a message after multiple attempts to talk to a real person.
alternatively, try going in person to the office. that way they can't avoid you. and if they do, you can always do the puss-in-boots: http://www.popartuk.com/g/l/lgfp1425+puss-in-boots-sad-eyes-shrek-2-pos…
but seriously - this strategy actually worked for me when i was searching for internships a couple of years ago.
do not let any excuse get in your way, be persistent, bust your ass and only accept success... trust me, they know you're calling... some guys just see how bad you want it before they give you a chance to talk
leave a message one day and then keep calling (but dont leave a message every time)
the dude knows you're calling.,.. his assistant sees the number and tells him (if he doesn't notice it pop up himself)... not question about it
Cold Calling Advice (Originally Posted: 01/07/2014)
Hey guys had a quick questions and I could use some advice. I recently started cold emailing a few banks and I received an email back from an analyst at Morgan Stanley. We didn't speak much through email and we scheduled a phone call next week. I am a recent undergrad from a non target school but with some finance experience from a small real estate company and I've done a financial accounting internship. I wanted to know what would be your advice as the best way to approach this phone call? Is there anyway you guys would approach talking to the analyst or any questions you guys I should ask?
If you have already set up the call with him, I assume you told him a little about your background? Nonetheless, I'd just briefly give him your background, ask him about how he got to where he is, any advice he might have for you in your position, how you could separate yourself or differentiate yourself from others and finally, don't forget to ask him if he could refer you to someone else that you could speak to so that you get multiple perspectives (anyone else within the bank or outside of it). I'm sure others will have valuable input as well. Good luck!
Make sure to ask about their story and how they got into banking. In my experience they can off for 5-10 minute tangents and the more they talk the better the interview went in my opinion.
Yeah, agree with the above, just google "informational interview" and follow that as a guideline. Treat it as a conversation, and also use it as practice for the next info interview. People love talking about themselves, so hopefully you make a good impression and you might be able to use him as a good reference to get your foot in a door somewhere.
cold calling (Originally Posted: 03/11/2013)
has anyone here landed their summer position by cold calling boutiques? To clarify, I actually mean use the phone rather than email, and have no inside connection to the firm..
For those of you that have had some success in doing this, what do you say on the phone? I'd imagine it would be something like "Hi, my name is X, I'm at student at X, I am interested in summer internships--is your firm currently accepting resumes for summer internships?"
Is this close? What do you actually say on the phone?
I did this. Here's what I would say: "Hi, my name is X, and I'm a freshman/sophomore/junior at School Y. I was just wondering if there were any opportunities for summer internships at your firm?"
Go from there. Don't take the first no - ask them if they'll change their mind later, if their hiring is based on need, if you can talk to an actual analyst (versus HR), if you can call back in two weeks to see if they're going to change their mind about bringing on a summer analyst. It's not going to be easy, and people will be uncooperative (and rude at times). Just make sure that you keep following up (sometimes four and five and six times), and that you spread your net wide. I called about 150 firms to land one offer, and I had good grades from a target (but no previous finance related experience/soft major). Good luck, and PM me if you need any more clarification/advice.
^what he said. Also, dont let the call end abruptly if they just point you to the email to send your resume. Try to carry on the convo. And get more details. Of course, if they sound too rushed, just see if they would be willing to talk later.
thanks guys, have you found that cold calling is more effective than cold emailing?
Well, with cold calling, you get a pretty good idea of if they are hiring. With cold emails, most of the time, they just ignore, don't see, or just forget to reply, so you are left in the dark. Also, cold calling, you can ask to speak to someone directly in charge of HR (if it is a small firm where the HR is an analyst/associate). I like knowing when I can just cross a firm off my list or write in a detail on my excel sheet like "call back in December" or something like that
Cold Calling... Effective? (Originally Posted: 12/10/2011)
I previously posted with a request for some advice on getting that elusive bulge bracket internship.
I have a question regarding how effective cold calling can be, how you select the recipient of your call, how to initiate the conversation, and how to do this all without annoying the very people I need to impress.
ANY advice on this matter would be a welcome blessing.
It can be effective with a bit of luck and a wide net.
Start with alumni. If you don't have any, try to find people that have a similar background (i.e. both minored in history).
If you're emailing them, try something like this:
My name is John Doe, and I am a junior at Uni studying [major]. I am interested in learning more about Firm, and [say how you found them].
I would like to talk with you for 10-15 minutes about your time in the investment banking industry and with Firm. I realize that you are very busy, and I understand if you cannot make the time, but I would greatly appreciate it if you could.
Please feel free to contact me so we can set up a time to talk.
It's not easy to do, and you're a little late if you're at a nontarget, but anything is possible if you give enough effort. I would suggest you start networking with some MM boutiques as well. This way you have a much wider net.
I'm semi new to this, which is why I'm asking such basic questions. What are some of the most prestigious MM's?
By the way, that was extremely helpful. Thanks professionalmonkey.
Well it's generally either MM boutique which focuses on deals in the middle market, or an elite boutique which deals with big shit just like a BB. Some elite boutiques are Lazard, Evercore, Greenhill, etc.
I suggested to network with some MM firms because there are a ton of kids going for BB/elite boutique SA and not enough spots. MM firms could be a backup (if you even get them. it's not a guarantee).
I see you go to BYU. Are there any alumni in IB that you've found? Do they have on-campus recruiting there? What region are you looking to work, NYC?
Goldman loves BYU, contact your alumni.
For a list of IBs, take a look at this thread:
http://www.wallstreetoasis.com/forums/searching-for-a-summer-internship…
Just reach out to as many people as you can. I have found that analysts and associates are more likely to respond, maybe because they are closer to your age than VPs and MDs are.
Or just use the company database that has hundreds more than what is listed there -_0.
Cold Calling is what separates the boys from the men in my opinion
Good advice.
I also received the advice from my alumni network that I should try and set up as many "information interviews" as possible with my network, and fly out to NYC asap. Assuming I have the money, I do have the time. How effective would that be. I mean, how many people would I have to contact to get 10 interviews?
Suggestions for Cold Calling (Originally Posted: 07/01/2014)
So I am currently seeking Fall internships for this upcoming semester, and I have begun with just calling mid-sized investment banks, "elite" boutiques, and some private equity firms. However, although not with everyone, generally the second I ask if there are any internship programs for the upcoming semester, the person on the phone responds with a rude and quick abrupt no and then hangs up. Does anyone have any suggestions for something to do differently? I'm not sure if I'm doing something wrong but I feel like everyone shouldn't be simply rejecting me without giving me a chance. I'm open to any suggestions.
You need to network.
Ok. Look at your alumni network in college. Any connections to them besides school (ie they used to be in glee club and so are you, or sports or whatever), work that. "Hey I got your name from the glee club list, and I'm there too! Can I ask you for some professional advice/guidance?" This is usually code for job/internship, most people are wise to it. Ok, just a school connection? "Hey I got your name from the Alum list and want to ask about what you do and for some career advice guidance" Key is to make it talking about them etc. Ask friends/family members/people here/wherever for thoughts advice. Heck ask your doctor. When he's like how are you? you're like I'm doing great, just working hard, trying to find an internship in whatever field. You never know, his neighbor, tennis partner or patient may be someone who can help. Any professors that are nice to you/helpful? Ask them about their path, what their peers did etc. Sound open to advice/thoughts etc. Ask them for contacts to get a different point of view. As long as you get people positive/happy and to like you, they will be more willing to help out. Then you can try to slip in. Asking just for an internship/job unless you run into the right person is very tough (believe me I know this first hand).
Take it from there and meet a lot of people and enjoy the ride.
Good Luck
Even though cold calling comes with trying to break into banking, it shouldn't be entirely "cold". If you ask for an internship without establishing a connection of some sort, very few people are going to respond positively. I think @"Jamoldo" hit the nail on the head. Use the alumni data base at your school, friends, family, and even acquaintances to gain a contact at the firms you want to intern at. When you call them, dropping the name of the person who connected you to them or referencing how you are connected to them will instantly make them more inclined to hear you out. Good Luck
never ask for an internship on the first call
tell them how you found them
tell them briefly why you called their company (I'm interested in Asset Management for distressed debt)
mention any connection (personal interests, school, mutual connections, organizations, etc.), do you research on LNKD first, they probably expect you to do so, but don't stalk them, just use LNKD and their company website.
ask for an informational interview (say 15 minutes), suggest coffee, dropping by their office early morning or late afternoon
when you're at the informational interview, say you're looking for an internship in their field, and ask for advice on the best way to get it. they'll get the idea that you want one from their company but would be happy to be referred, and then shut up & let them talk.
always close the meeting with a specific point you can follow up on if they mention something at their firm or elsewhere. say something like "would you expect to hear from Bob Loblaw at XYZ Asset Management within the next 2 weeks?" if they say yes and you don't hear something, call the person 3 weeks from your initial meeting. if he says no, he'll tell you. same thing, call 1 week after when you were expecting an answer. do not ever call on the day you're supposed to get an answer, it makes you seem pushy & impatient. calling 1 week after and referencing your meeting shows you are patient, but can follow up.
never, ever, ever, ever ask for an internship/job during a cold call or informational interview. I said this again because it's that important. here's my reasoning: when I thought I wanted to do AM (may get tired of PWM and go back to it in 20-30 years, who knows) after college, I met with a local 2bn boutique guy (IB, HBS, owns the firm, whole 9 yards) for an informational interview teed up by my dad. I made the mistake of asking for something (job, internship, I forget), and he quickly schooled me in the rules of the road. thankfully it's had no negative repercussions but still. when you ask for something from a stranger, you're seen as a tick, hopping from person to person just sucking out what YOU want instead of taking the time to learn about the industry, establish rapport, and find out if there's a true fit. that's what people want who are in hiring positions, they want someone who's a FIT, not someone with stellar technicals who wants to get paid for 1 year and then split.
Best advice here.
You don't directly approach firms for jobs. Focus on building relationship first.
So at what point would you ask for the internship if you don't ask on the phone or during the informational interview?
As you're talking to the person, preferably in person, drop something like "do you have any advice for how to break into the industry?" When you say that, people generally understand you're looking for a job/internship. If they like you, and you've come across as a generally decent person, odds are they'll suggest something in their company (if something is available) or refer you to someone else.
Finding a job is like filling a bucket drop by drop. It might seem slow at first, but eventually you'll get there.
Number 8 of the brofessor's post is totally spot on and something I have only learned personally from a lot of trial and error. The people know why you are there and asking questions. If they like you, then they will either mention it to you or refer you to someone else.
This is amazing. Did you ever do the face to face selling overview?
This is amazing. Did you ever do the face to face selling overview?
A little scared I'm going to mess up on Cold Calls (Originally Posted: 10/10/2010)
I've been thinking about cold calling Boutique firms and I'm kind of delaying on it, cuz I have yet to find my nut sack.
Ring....Ring... I hear the other person...This is (VP,MD etc) how can I help you?
Im not sure if I should blast into my story right there,
"Hello mr (name), Im a college student thats graduating soon, I was hoping to ask you a few quick questions if you're not too busy"
or
"Hello Mr (name) Im a college student graduating soon, hoping to find an unpaid internship at an IB, would this be a good time to ask you for some advice?"
or
"Hello Mr (name), Im a college student graduating soon interested in IB and I came across your firm online and was hoping to ask you some quick questions if you have time."
If you guys could give me some starting lines similar to these I would really appreciate it. Im not sure if the ones I have are any good.
Thanks guys
"Hello mr (name), Im a college student thats graduating soon, I was hoping to ask you a few quick questions if you're not too busy"
Is the best of the 3.
Hi Mr. X, my name is X and I'm a college student at X university. I'm very interested in your line of work and was wondering if I could ask you a few quick questions?
I got much better responses when I was doing this with emails first asking for a few minutes to talk to them when it was convenient. I had around an 80% favorable response rate
One of the firms that I want to get in touch with, they list the MD's phone number but no email. They give you HR dept's email but I got no response.
I'll just cold call the Md and see what happens.
Go for it. Whats the worst that can happen
if you have the MD's name, and HRs email format, you could try to figure out the MDs email address. did you really not think of that?
Cold Call. Help Please!!! (Originally Posted: 01/15/2011)
I am current a senior from a non-target. My GPA is 3.6 and finance major GPA is 4.0. I had internship with UBS in its Wealth Management Division. I have a few questions about cold calling. I am trying to obtain an analyst position at a boutique.
Is it too late for me to get a job from a boutiques firm at this point?
Should I cold email before I make the cold calls?
What's a good time(morning, afternoon, evening) to cold call MDs from those small firms.
My name is .... I am currently a senior at ... University. I interned at UBS Wealth Management division previously. I am looking to get into investment banking.
Since I am not from a target school, is it better not to mention the name of my school when I engage the conversation?
How can I turn a cold call into a "warm call"?
Thanks a lot. I actually that website a few months ago. That's actually the reason why I am making cold calls right now. Anyone else has any suggestions. Thanks
BB and MM and Boutiques are hiring.
Need help on Cold Calling Pitch (Originally Posted: 07/01/2010)
I was wondering if anyone had some advice for a recent grad trying to get an analyst position. I never really cold called anyone for a job, but in this environment I feel like being aggressive is necessary. I went through mostly all the other threads and some of the information contradicting and brief. If someone could provide me with some examples on how to pitch or overall pointers to call MDs and recruiters, it would be greatly appreciated. Thanks!
Search some of the threads, I know there have been other posts regarding cold calling with some good advice attached.
whats on your resume tiger?
Also, when you call make sure that you talk to the person in charge of hiring because usually they have different ideas and requirements about whether the company is hiring or not than their staff does. Someone that isn't in the hiring position can easily turn you away without necessarily knowing that the boss is hiring. Also, don't be too discouraged and call back in several weeks if you don't get anywhere on the first call.
Seth Davis has all the information you need.
barboon- I was a summer analyst in private banking for a large IB and a summer analyst in the Healthcare IBD at a small boutique
I scored an internship at boutique and an interview at another one that way PM me.
Trying to cold call a DCM contact, how to proceed? (Originally Posted: 04/22/2014)
he was out today for a meeting, called back a second time and the secretary on the line said 'well just pass me your resume at this email address.' when I told her I was trying to get an internship. My intention was to try to get him on the phone, to initially speak speak with him for career advice and transitioning as a non-finance background.
trying to network to an internship even unpaid. This is a well known HF and my fear is since it might have a more typical structured internship process they will just toss me at this point. Should I send me resume to the secretary or try and call back? Apparently he and the team are 'traveling'?
Send your resume and follow up with a call at some point in the (near) future - that's what I'd do. Try to schedule a call if possible
Cold Calling Advise - Fresh undergrad seeking employment (Originally Posted: 05/23/2011)
Hey fellas,
so like many of you I'm a fresh undergrad still seeking full time employment. I have some experience as I interned for a boutique this past semester where I did some equity research. However, my aspirations are to work in Asset Management. I compiled a list of asset management firms in the local NYC area and I plan to cold call.
However, I'm not sure how to. I need some guidance on what approach to take when I do cold call these firms. What type of introduction statement should I say and how should I parlay my experience?
thank you in advance guys
http://www.learnenglish.de/mistakes/advicevsadvise.htm
[quote=drexelalum11]http://www.learnenglish.de/mistakes/advicevsadvise.htm[/quote]
Not to be a prick or anything but I think advise here is appropriate. He's not giving advice, he's asking for someone to advise him.
...that being said I'm pretty sure he doesn't know the difference, so your advice is probably warranted.
Search function. It's very similar to Google... you should try it.
There are a lot of advice here on the forum. You should also look into mergers & inquisitions (website).
^ lol
if he wants to use advise it should be 'advise me on cold calling'
Cold Calling and Acheiving Success? Advice strongly needed! (Originally Posted: 09/28/2010)
I have recently just finished my undergrad and am currently trying to get a junior trading and sales assistant role specifically at an investment bank. I've been at it for the past month and at this point I have now emailed and made visits to these firms but haven't gotten anywhere so last week I decided to get a little more drastic. I decided to call a few places and managed to get through to the head of a desk; however, nothing happened. He busted my chops for calling it at a quarter to 4 but also told me i had balls. Regardless at the end of the conversation he asked for my number and said he'd call me back closer to market close. The call never came, so I followed up with an e-mail, and a reply also never came. I'm debating on making another drop in closer to the end of the day sometime soon, what do you guys think? am i going over the top with this one? please, need some help!
Wow, you're ballsier than me I guess. Maybe I should do that? Who knows.
Anyway, my maxim has always been to look at the downside risk. The worst you're likely to do is get a "no" so why not go for it. As long as you don't pee in the guys cheerios enough for him to blackball you I can't see where you can go wrong (he probably won't do that unless you date his daughter or something - he's a bigshot and you're small time so it's not worth it for him right?).
Anyway you got any tips for me let me know! Don't be too kind though, cause I'm your competition.
over the top is good. stay on the offense. keep it up
he could be testing you to see how bad you want it. call again.
I called this HR lady five times in 4 weeks after her initial reply to my online resume and cover letter submission, albeit for top 4 consulting firm not IB or S&T, also during this time sent three emails "asking about my application". On the sixth call, she finally picked up and knew who I was, said there weren't positions available for me where I had applied but that she'd look for me in other places in the firm and get back to me. Naturally, she didn't so I called again a week later, she picked up and invited me to a take a skills assessment test. If anything, persistence helped, I was going to call until she said no, or don't call me anymore. That's what you have to do nowadays! keep at it! call him again
Keeeeeeeep Calling
call again what can you lose
sound hungry but not desperate
If your hungry enough, you are not going to keep begging for food, you are going to go steal. This is analogous to your career. If you want it bad enough, they will notice and you will get your opportunity. So stop begging and take initiative.
Thanks for the advice mates, I think im going to go head first from now on!
Best of luck to all
My advice call and don't email. Call 1.5-2 hours before the open or right after the close. Lunch might be good as well. If u want to get on the sell side u have to be able to sell yourself and ur daily future job will be on the phone anyway:-)
cold call success details? (Originally Posted: 09/10/2012)
I have been cold calling for a week (~20 firms) to get off cycle interns. No surprise, none of firms is looking for anyone with the typical rejections. I am still trying to get a hold on some of them
I was wondering for those who have successfully cold called firms that interned/hired you, did you first went through objections plus being persistent to get it or it was just pure luck that the first call led to an interview?
Thanks for your time!
You only need one person to say yes. If the firm says they aren't looking, move on. There are a 100 more. Some firms don't want to deal with bringing someone up to speed/train them.
Mine were all pure luck, I called for three of them. Called, sent my resume, interviewed, offered. Didn't run into a ton of "objections," most were flat-out hiring or not hiring.
Depending on when you're looking for them, you should just network instead. If it's immediate keep calling, but as someone who has done both, you'll probably have much more success by trying to network into it. So if you're looking for something for spring semester, start a little earlier. Most of these off-cycles are smaller, so if you impress the guy when networking he could probably create a position for you. The second internship was created for me after I cold-called the guy, so don't limit yourself. PM me if you have more q's about it
Find an e-mail address to set up a time to talk. They may still turn you down because they don't have anything, aren't in a position to hire interns, or generally don't like the sound of your voice; but people are more receptive. The more the better.
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