Can't Get Responses to Cold Emails
Have only gotten a response maybe a handful of times over the years.
Context:
- I go to a super non-target outside of the US
- I rarely email US-based firms, I typically stay in my country (Canada)
- I email alumni and non-alumni ranging from analyst to partner
- Only email 2-3 people per group to not be that guy
- As someone mentioned below, I try to personalize it by saying how I'm interested in their group / firm based on a recent deal or general topic (i.e. energy is huge in Canada, so will mention that)
Cold Email Template That I Use:
Hi Mr. / Ms. [their name],
I hope you're doing well.
My name is [my name], I have intern experience in investment banking, M&A, and management consulting.
I'm actively pursuing a career in investment banking and came across your profile. Would you be available to meet over a coffee so I could ask some questions about your career?
My resume is attached to this email for additional context on my background.
Thank you,
[my name]
Any feedback is appreciated, cannot understand why my response rate is probably 1 / 100.
bump
too basic man if ur non target you gotta give em a reason to reply, try to find any sort of connection at all to put in the email.
Should update the context, I always try to say that I'm interested in their group/firm based on a recent deal or something. This is just the base template that I copy-paste in before I personalize it.
Thank you though
Just refer to them by their first names. The Mr/Mrs is pretty weird. Idk if it will change ur response rate but u do kinda sound like a high school student if u calling anyone Mr/Mrs
Used to just do first name but then changed it up because was told otherwise, maybe I’ll go back to it then. Thanks
I think your approach is sensible. Typically the only emails I don't respond to are if they have obvious mistakes wrong (e.g. misspell my name or name of firm, say they're interested in a group I am not in, etc.) or if you are just straight up asking for a job rather than an informational interview.
Maybe offer the option of coffee or a phone call that way it's easier for them. If reaching out to people in the same group, I'd only reach out to one and if they don't respond after a week or two then OK to reach out to another. I think including your resume is fine, but if you're struggling with responses, maybe try sending some emails without it. Some people may take it as too direct so could always send it as a follow-up if it's a good conversation.
Genuine interest and good questions are the key to informational interviews / cold emails. It's never about trying to prove your knowledge, but if you're genuinely interested, and have researched the field, that will show in the questions you ask. Then, that gives better insight into the firm which will help with interviews, and if they like you, may pass along your resume.
Thanks, only just started including my resume as I would previously just hope the phone call / coffee chat would go well enough that they would ask.
I usually include it for seniors and exclude for juniors, as I feel like those two demographics care / don’t care respectively.
Here’s my guess, there’s 2 things:
2 could be improved on by a few changes:
Your resume might be too weak. Sadly, the jobs on this forum are for many of the most qualified undergrads in the country. If you do not have a 90th+ percentile standardized test score, you are going to struggle to get traction. I think people underestimate the number of qualified candidates applying and how many people reach out in a day. When I was an analyst I had close to 50+ emails a week when recruiting was ripping. There’s no way to answer all those emails, so you have to pick the strongest resumes.
Thanks, appreciate it. If you have time over the holidays, would you mind taking a look at my resume?
The body seems okay, drop the formal Mr. / Mrs. Just type up their first name. I usually say "Hi ___," and in the subject, I usually have it as "My Name -- Reaching Out" and if it's someone I've already had a coffee chat with / want to reconnect with, I'll have the subject as "My Name -- Following Up." Keep attaching your resume, that's good and a common mistake of what people don't do.
You aren't sending these emails at odd times? And I also hope you aren't sending emails this past week or plan to the following week or so. Emailing people in general from Christmas to the first week of January is a huge no-no. I only sent out one right before Christmas with someone I know fairly well and thankfully, he had 20-30 minutes to do a quick call but that was much more informal as he's known me for a few years.
Thank you
Easy answer: Think about this from a bankers perspective - we’re all extremely busy and get 400 emails daily. The SUBJECT LINE needs to be eye-catching. If I see the name of my Alma mater or hometown in the subject line, I’ll likely take that call. I also played D1 football in college and have taken calls from people who put “fellow student-athlete” in the subject line. TLDR; make the subject line relevant to the recipient.
Would also recommend making this email simpler / less robotic. Should still be formal, but I’m not getting the sense I’d enjoy this conversation as I’m reading it (although I’m sure you’re actually a smart / interesting person). Don’t need to include the blurb about pursuing a career in investment banking we know what you’re doing lol. Simply put make the email about wanting to hear more about their experience.
Two other points in general for all the young bucks reading. Many of these emails come off as if candidates are entitled to my time. Stroke the ego of the email recipient. Make it seem like you’re asking for advice rather than you just wanting something from them. Second, if they respond to the cold email, make it as easy as possible on them to actually set a time. Don’t say “up to you” or “when are you free?” It’s extremely frustrating when we get these. Instead, give them 2-3 30 minute slots of availability and they can choose one. Once confirmed, immediately follow up with a calendar invite with how the call will start (eg, John to call Jim at 555-555-5555). Minimize the mental horsepower they have to devote to trying to speak to you. It’s already enough of a drain to take 30 minutes out of their days to speak.
Good luck with recruiting, wishing you the best!
Can't agree enough with the back and forth on this one. I made the mistake early in my career for having a long chain of offering one time or giving the professional the option. In my head, I was like "his schedule is busier than mine, so this makes sense for him to choose a time!", but it comes across as lazy. Rather choose 2-3 days and offer 2-3 30-minute time slots with the catch-all "I can provide more time slots accordingly if the above are inconvenient" or something.
I literally lost call requests because of the back and forth with some folks. Another pro-tip: always specify the timezone when you're reaching out to folks in different areas and make sure you offer times in their local time zone! I nearly missed half a dozen calls with UK and Dubai on this one.
@MBMGFE2020 - fantastic write up!
I got in from a non-target in the US and I’ll give you two fast points (see comments I’ve made for a full networking advice thing)
1. Use linkedin and use youtube to learn how to make your linkedin correctly, then message people on this.
2. Ask for phone calls rather than coffee’s
US is a lot more open to hungry beasts from non-targets.
Canadian bankers are just closed off with some chip on their shoulders.
1. Personalize it more to the individual to make it look well-researched and not just the industry. This will make them feel more valued. Yours feels bland and generic.
2. My personal experience is that folks in Canada are very closed off with some chip on their shoulder vs the US.
I was at McGill - Desautels with very good extracurriculars, active in the two funds with a leadership role, and still got <2% responses to cold emails - for calls/coffees/zoom whatever - from Canadian bankers.
By contrast, I secured calls and a couple of referrals from global heads at BB/EB (including GS, Laz, Evr) and even from an executive (President/CEO) in the US. Also, all analysts through executives are a lot friendlier and more humble.
Same approach, same level of personalization, 2% (Can) vs ~50% (US) response rates.
I never understood why until I talked to a very successful HF guy. One of the few contrarians that made bank in the sovereign debt crisis post GFC. Like lives in a mansion and shit.
And he said Canada has these gatekeepers that just make or break your career. And he at his time in 2000s was told No by all the Canadian banks and had to start out in the US. (Worked in IB restructuring at a hell of a lot more prestigious group/bank than RBC and TD).
After he said that I stopped taking it personally and stopped emailing Canadian bankers.
I recently saw a kid secure an SA from some uni in Ottawa or sth at Lazard NYC. So open your horizons. If you are a hungry beast, you might have a way in the US.
Canadian banking is shit anyway.
Or try the regional boutiques. They look for hungry kids with something to prove.
Facts. Not even alums responded to my emails. Ended up getting an internship from cold application. American banks especially Canadian working in American banks were extremely receptive to my emails.
Eye opening advice, thanks a bunch. Will shift focus to USA as working in NY is the end goal anyways
I totally get this. Similar boat to what you described. I’m hovering around a 1-2% response rate. Just for insight, since it’s too late for American recruitment (most sponsoring firms have wrapped up for next summer), how should I navigate the Canadian hiring process since things like recruiting captains factor heavily at a lot of firms? I’m worried my lack of responses and connections will kill me when applications open.
Also at a pretty decent nontarget, have found finding some relation at all helps but also just reaching out asking for a quick phone call and offer times within the next few weeks.
Choose one or the other, there's no such thing as a pretty decent nontarget
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