Cold Outreach Feedback (IB Recruiting)
I’m a first-year targeting IB SA 2027 and recently started reaching out to analysts.
Instead of a normal networking message, I tried using a more interesting angle. I wrote a short SSRN paper analyzing ~$24B of AI deals (Microsoft, Amazon, Google, Nvidia) arguing some are structured as licensing but function more like acquisitions.
I connected with a JPM IB analyst in tech coverage. Here’s exactly how the interaction went:
Me:
Hi (xyz),
hope it's been a good day!
I'm the one who sent you an email earlier about Big Tech's AI deals.
Quick question, whenever you've got a minute,
From your experience in tech coverage, how do you think about these AI partnerships that look like licensing deals but function more like acquisitions?
Thanks for connecting!
Him:
Sorry what is this about?
Me: (i re-explained about the paper)
Him:
Sorry I still don't get it
Me: (i sent him the link along with a message)
Him:
No I found it myself but sorry I still don't get what you're trying to ask for?
Is it asking for advice? Opinion? Views?
If so, won't public sources / folks at AI firms be better sources?
Very confused
Then I clarified:
Me:
Totally fair question, honestly I'm a first year student targeting IB SA 2027 and trying to connect with people in the industry.
Thought the paper was a better conversation starter than a standard networking message.
Would love to learn more about your experience in tech coverage at JPM if you're open to it.
After this he saw the message but didn’t reply.
Where did this break down?
Was the initial message too abstract or unclear?
Is it better to just be direct from the start instead of trying to stand out?
Or did the follow-up kill the interaction?
Would appreciate blunt feedback before I send more outreach.
over the top ngl just do regular outreach. Also if ur targeting SA27 its way too late now the process has totally concluded other then for some LMM boutiques
I'm targetting MENA,APAC regions where recruitment is yet to start.
Makes sense I see- go to Cambridge and am incoming at a US BB- my understanding from my peers is that networking is substantially less important for EMEA roles (so less need for stuff like you’ve described)? It can’t hurt to send newsletters but if your CV is good just spam alums and you’ll get a few responses, much better use of your time. If you go to a nontarget ur probs cooked anyway so not much u can do in that event besides being a lateral hire from an adjacent role (like most European analysts)
Hi! I go to Oxford and was wondering if recruiting for US BB is possible? Have an offer for UK BB 2027 right now, but would rather go to US.
Possible but hard, know a few friends who’ve moved internally from their firms to the US after getting a london return. Are you from the US? If not, gonna be an uphill climb even if you’re an American citizen since you went to a UK undergrad. I was from the city I recruited for so had good local ties and felt mostly respected on account of going to Oxbridge even as an international student, but obviously folks were a bit skeptical and I feel like I undershot a bit. The process was also insane, and I had to do an MA to make it work with the US timeline, which you could always do. Why not just go work in the UAE/GCC? Salary is comparable to the US after-tax and there is much better upward mobility without DEI. Have a mentor who is killing it out there, and I think it will be easier for a westerner (esp a Brit) post Iran war (given lower worker supply)
Be more chill. Junior in IB are not that smart or knowledgeable.
Most of us are just excel warriors you goal is to be friend with them (sucking up) and sound smart. Don’t overthink it it will get better with practice
Go straight to the point, you start with something thats completley different than the topic. If you are a junior in an industry group you execute, you dont have a lot of opinions on business models at this stage and latest market trends.
Most juniors dont even follow or find something they are passionate about, its a lot more about prestige of the groups, where you had the best contacts and where HR places you. Potentially even deal flow at the time headcount is planned, maybe this guy hates Tech.
Dude... you need to relax. Do you hear yourself? On what planet is a junior analyst working 90 hr weeks grinding his ass off going to want to tell someone random (apparently squid) kid his take on some bs tech trend. I get the enthusiasm but seriously put yourself in their shoes.
The off chance that a banker wants to take 30 minutes out of their day to chat with you, I can guarantee the LAST thing they care about is explaining some niche intricate viewpoint on something that means nothing to them. Just be normal, talk about stuff you have in common or something. It is a networking email not an interrogation / interview.
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