IB Cold Email Non-Alum
Current sophomore recruiting for SA28. Recently received the advice to really ramp up my cold emails. I am curious on who should I reach out to after alum analysts and associates. Have reached out to 100 of them with about 10 chats across the firms I am interested in. Should I reach out to alum senior bankers vp and up or try non alum associates and analysts in the group I’m really interested in? I know I am behind and would appreciate any color on next steps.
Based on the most helpful WSO content, here's how you can refine your cold-emailing strategy:
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.
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.
Refine Your Cold Email Approach:
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.
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.
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
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.
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.
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