Cold emailing Networking for Off-Cycle Internships in London

Hello everyone!

I am finishing my masters in Management with specialisation in Finance from a top school in the UK in the incoming months, and afterwards I will try to break into IB in London, Amsterdam or Madrid through an Off-Cycle internship.

Last time I failed to secure an internship because I applied very late (early October) and I barely did any networking, also because getting a summer internship in the UK when you are in your last year is really difficult as many companies classify you as "non elegible". Thus, I will make sure I don't make these same mistakes again so I plan to apply to all IB & restructuring Off-Cycle programmes at BB and EB in mid July, and do plenty of networking before submitting my applications (I'll start as soon as the lockdown gets behind).

As it's not the season for networking events (and the current situation does not help either) my best shot is cold emailing, and reaching out strangers. I must admit that I don't feel very comfortable doing so, but if this is going to get me interviews, I'll go with everything.

But I have some doubts regarding my cold emailing strategy, so please if someone has been in this position before I would really appreciate your insights on how did you went through this process.

First of all: Is it better to cold email someone or send him a LinkedIN message?

Which level of seniority should I focus? Analysts, Associates or VPs? Who performs the screening process for internships, Analysts or Associates?

It is ok to cold emailing someone who is not in my school alumni network and therefore we don't have any strong link?

Is it too much to ask for an internal referral at the end of a coffee chat?

What does it mean if they accept your LinkedIN invitation to connect but they ignore your message? Is it ok to send a second message to see if they reply this time?

It is helpful to reach out HR or recruiting staff? Or should I just stick to bankers? I know there is plenty of stuff I could talk with a banker, but I am not so sure how to approach a conversation with someone from recruiting beyond saying how bad I want the job.

It is OK to reach out people who interviewed me and reject me a few months ago?

Also, this may sound silly, but what is the normal protocol in a coffee chat? I mean, who pays the coffee or tea? The banker or the job seeker? What is the dress code for a coffee chat? I just want to make the best impression, and I am not sure how to act in this situation.

Finally, I’ll turn 25 soon, I know usually people break into banking at 21 or 22, but I did a 4 years degree + a gap year + a masters. It is awkward to do networking with people who probably will be younger than me, or is just something I have to get used to? A few months ago, I (24) got interviewed at Lazard by an analyst who was 23, and it felt kind of strange.