Cold Call v. Cold Email
Hey guys,
What is more dangerous here- a cold email seems more formal, but a cold call may give me a better chance of getting the information regarding internships that I am looking for. With that being said, I don't want to sound ridiculous. Is it a bad move to cold call, and should I just stick to emailing? Thanks!
I am at a hedge fund. Best bet is to cold email, including your best ideas. Not good enough to just lob over an email with an intro paragraph and resume.
Thanks for the feedback- are you suggesting I pitch ideas right off the bat?
If you're trying to get into banking, give a call. That method is probably bonus points from most MDs, considering the younger generations are shying away from traditional communications. If you get a voicemail, just follow up with an e-mail saying "Dear X, I just left a voicemail......"
Great, thank you for the feedback!
Cold calling is how I got into the industry.
Now that I'm in the industry and I myself get a cold called, I find the calls harder to miss than emails. Even if I'm busy, and the person sounds friendly I'll reschedule.
Emails I often let sink to the bottom of my inbox, because I'm receiving so many on updated models, due-diligence documents, PE firm outreach etc.
Thanks, appreciate the feedback!
Both.
Send over a cold email, use an email tracking software, when they open it, give them a cold call within an hour of them opening it and just mentioning why you were reaching out (networking/informational) and go from there.
Some people will be turned off by the cold call, some will be turned off from the cold email, and others will be excited and give you props. You can't please everyone. Play the law of numbers, and get your name and voice out there and you'll be able to get where you need.
I did not think of that. Thanks for the feedback!
If you are reaching out to traders or PMs, do not under any circumstances cold call them.
if you're good on the phone and have a connection (school, mutual contact, position, etc.) then cold call and ask for email address, then immediately send email with your best idea and ask if you can come in or schedule a 20-minute call
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Cold Calling or Cold Emailing (Originally Posted: 03/19/2014)
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.
@"Loki777" i see what you mean. i've definitely had some success cold calling as well but how many cold calls/e-mails did you have to make to find these people? when i was in cold e-mail mode i was sending out a ton of e-mails with a really low response rate.
focusing on people i knew was way more effective. i feel your pain with the non target struggle because my school is very much non target but even we have people who work in FO in NY. once you talk with them (you better make a good impression) the network just builds on itself. they introduce you to new people who introduce you to new people, etc, etc.
on the off chance that there is zero alumni presence. i'm almost positive that one of your family members, friends, classmates, or family friends works in or has a direct connection to finance. then the same compounding effect occurs as long as you make them like you.
if you are active on campus and pursue every lead i think you can get more meaningful results with a lot less effort.
cold e-mailing is easy to default to because it feels like you're doing something. you're firing off e-mails all the time and you can say, "wow i networked a ton today" but i think you're mostly wasting your time
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.
Do you have any advice on cold calling, in terms of who to call? Analysts tend not to have much influence in hiring and phoning senior bankers could lead to annoyance. Any advice appreciated, thanks.
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 Calling or Cold E-Mailing? (Originally Posted: 11/10/2016)
Bankers and PE people what is your preference? Would you prefer a cold e-mail or cold call from a student trying to get a summer analyst position?
Cold e-mail. How would you even have their phone number?
off of bloomberg..
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.
Cold call or cold e-mail? Unusual situation (Originally Posted: 02/24/2012)
I may have found a possible special lead on getting a summer internship on short notice if I can handle the situation right.
I found out that an investment bank founder, who passed away in 2001, was a huge benefactor for my school. He donated and helped my university in many ways and there is one of the most frequented buildings on campus named after him.
He did pass away in 2001, but his partner and firm are still around. I was wondering if It would be better to cold call or cold e-mail his partner and show my interest in IB.
The firm is a botique that is now headquartered in NY.
What would be the best way for me to approach this firm and ask for a SA?
Thank you to anyone with insightful advice!
this is not an unusual situation. Just email the guy
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