So over the last few weeks I cold-emailed more than 200 boutique IBs for a summer internship for a sophomore and noticed that the people either reply to you almost instantly (or in a few hours) or they never reply--that is, there is no next day.
And the best conversations I have had were right before 9:30am (8:30am - 9am)--that is, right before the market starts.
Just thought that sharing this might be helpful in understanding what to expect while cold-emailing.
PS: I was lucky enough to secure a couple interviews even though I started REALLY late. I hope that I get at least one offer. Fingers crossed. Someone said it right, it's all about numbers. Reach out to as many people as you can. Good luck!
Kind of doing the same thing as you, except my response rate has been terrible. So far I've only landed 1 interview and like you said it's all about the numbers so my chances of actually converting this interview are probably about 1%
Relax bud, you just need one. Congrats!
Are you a soph as well?
Honestly, I'm more likely to reply to emails after lunchtime. Morning? Nope not happening. Late afternoon? Nope.. I'm going home suckersssss
Ambani - no, I'm a recently enrolled Masters student,
Rubio - thanks for the input :) - care to grab lunch? Cosi? - my treat?
When I'm MD, I'll at least give the guy the satisfaction of a "fuck off" return email. Better than waiting for nothing, then sending a followup for nothing.
^ Exactly.
i got an email back 3 months later - and the job! sometimes they get it you just want a job and will put your CV in a folder for later..
Soph as well with internship experience and a semi-target. 150 emails converted to 3 interviews. Hang in there, next summer we will be in good shape.
Soph here as well, and I've had similar experiences. I actually accepted an offer at an m&a firm, and I secured the job solely through networking -- the place is so small that they don't have any formal programs.
So yeah, just be sure to nail those interviews and you'll be good
How do you cold e-mail over 200 boutiques? I keep reading about how people cold call thousands of people or cold e-mail thousands, but I doubt there's even 100 boutiques in the area I'm from, San Francisco.
NYC and Boston.
and surrounding areas. (Basically the entire Massachusetts, LOL)
It took me 6,000 individual emails/follow-ups. Several hundred phone calls (about 500) within my vertical to bring in a client for the firm I work at. This took about 4 months of work. Full-time job. Shit aint easy ... it's called a barrier to entry.
You want it bad? You will get it.
^ Respect.
Who would you guys say is better to email
I feel like the Analysts don't have the time while the MD/VP face a high Opp.Cost for each minute spent on emails and info. interviews?
The interviews I got were through my emails to MDs which were forwarded to recruiting-in-charge analysts/associates.
Sophomore too, from a non-target. Started doing all of this in November, when I did the majority of the cold emailing. 4 interviews from it all. Second interview with JPM next week, if that doesn't work out I'm going to give it another balls-to-the-wall effort. And if that doesn't work, an alumni of my fraternity said I could do some work for him at his PE shop.
I always write my emails at night (tee them up) and then send them off between 9-10am. The idea is that I want to be at the top of their inbox when they first sit down at their desk in the morning. Often times I get immediate responses from this, but otherwise they at least notice it, flag it, and get back to me when they can.
This has worked for me pretty well. It has worked much better than when I was just shooting them off randomly throughout the day.
+1
Also, I would network with VP or lower. I have found associates to be the most helpful. Either they were once analysts and know how you feel or they just went through associate recruiting from b-school and know what it is like. Also, associates have more power than analysts do. Unlike VPs and MDs, the associates are still close enough to your age that you can relate. I have spoken to some very helpful MDs, but most just do not remember how hard it was or they (self admittedly) broke into finance when the competition was a lot less stiff.
So I went back to count the number of calls I made / the emails I sent. I estimated that the number was around 200. Turns out to be over 500. :|
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