8 Comments
 

Based on the most helpful WSO content, here's how you can refine your cold-emailing strategy:

  1. Target Non-Alum Associates and Analysts: After exhausting alumni analysts and associates, your next best bet is to reach out to non-alum associates and analysts in the groups you're most interested in. These individuals are often more approachable and closer to the recruiting process compared to senior bankers.

  2. Consider Senior Bankers (VP and Up): While senior bankers (VPs and above) are less likely to respond due to their busy schedules, they can still be valuable contacts. If you choose to reach out to them, keep your emails concise and professional. Highlight your interest in their group and your willingness to learn. However, prioritize associates and analysts first, as they are more likely to engage in informational chats.

  3. Refine Your Cold Email Approach:

    • Personalization: Tailor each email to the recipient. Mention specific deals they've worked on or aspects of their career that resonate with you.
    • Conciseness: Keep your email brief and to the point. Include your background, interest in their group, and a polite request for a 10-15 minute chat.
    • Follow-Up: If you don't hear back after a week, send a polite follow-up email. Limit follow-ups to three attempts.
  4. Track Your Outreach: Use an Excel sheet or CRM tool to track who you've contacted, their responses, and follow-up dates. This will help you stay organized and avoid duplicate efforts.

  5. Leverage Informational Interviews: Informational interviews can lead to referrals or introductions to other bankers. Use these chats to build rapport and subtly guide the conversation toward internship opportunities.

  6. Persistence is Key: Cold emailing is a numbers game. A 10% response rate is solid, so don't get discouraged. Keep reaching out consistently while improving your email templates and approach.

By focusing on non-alum associates and analysts while keeping senior bankers as a secondary option, you'll maximize your chances of securing more chats and potential opportunities. Good luck!

Sources: SA 2024 Recruitment Process Reflection, The Best Networking, Cold Calling and Cold Emailing Posts on WSO, How to get a Hedge Fund Internship, Should I get straight to the point in my cold email?, The Best Networking, Cold Calling and Cold Emailing Posts on WSO

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10 chats from 100 emails gives you something to build on. i'd try non-alum analysts and associates in the groups you're interested in next, rather than make senior bankers the whole next batch.

also use the chats you've already had: ask if there's anyone else in the group they'd suggest speaking with. when you apply, a short update to those contacts is another option.

for the next emails, i'd keep it to a few lines: why that group, a specific reason you're reaching out to them, and a 15-minute call request. my suggestion is one follow-up after a week, then move on.

Past IB & PE interview questions - ledgershelf.com
 

If you don’t have an undergrad school in common with them, you should find something you can relate to them on. Also may be worth having an interests section on your resume in case something on there strikes their attention. You’d be surprised by how some people’s applications get pushed by some of this stuff. And no, “financial modeling” is not a hobby. Just make the reach outs less cold and more personal.

 

10 calls from 100 cold emails is a pretty good hit rate. You're doing better than you think.

I'd focus on quality over quantity at this point. What came out of those 10 calls? Did you build any actual relationships? Get introductions to other bankers? Learn something unique that allows you the "in" to email them again?

I'd spend as much time developing those 10 relationships as you do blasting another 100 emails. A banker who remembers you and is willing to go to bat for you is worth a lot more than 10 who vaguely remember a 15-minute call.  Get a second call with someone you've already spoken with (in a natural, non-pushy way) and you'll be 100x more memorable than everyone that only did a single call.  Its more of an art than a science, but its definitely doable.

 

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