Networking: zero response rate
For context, I'm from a non-target, a CPA working in financial due diligence (QoE) trying to break into IB. I have sent over 150+ emails and have yet to receive a single response. I have been emailing alumni, other CPAs and other people who have had a similar path as I have but have received zero responses. I was wondering how should i change my approach and is it even possible for me to break into IB anymore?
Drop an anonymized version of the mail here so we can see if that’s the problem.
Name,
I hope this note finds you well. I'm reaching out to you as I came across your LinkedIn profile and am interested in making a transition into investment banking. I'm currently working in transaction advisory services (quality of earnings/financial due diligence) at "Firm". I'd love to hop on a short call to introduce myself (resume attached) and ask some questions I have for you about the industry. Do you have a 30 minute slot in your calendar at some point over the next 1-2 weeks? I'm looking forward to hearing back.
Thanks,
Trim the message..
Remove the intro sentence
remove linkedin reference, if anything highlight a connection - same school, etc or some overlap in focus of what you work on and what they've covered.
Remove the perenthesis and txt, we know what fdd is.
Ask to speak to them to get advice on how to transition into banking (since you should have already done your diligence about the industry.)
Propose some times later in the week week (two weeks is too far out) for a 10 minute slot. If it goes long, great, you're not getting 30 off the bat.
Do not send on Mondays mornings or Fridays..
Mid day post lunch is good.
See how that goes. Good luck.
Been there so feel your pain..Two issues at play here.
Your background and experience are very relevant so that is not the issue. Core schools for lateral hiring doesn't matter
1) your outreach approach could be poor. Suggest posting for peer review (even if you decide to do the below)
2) Bankers get hundreds of emails a day, your email is very likely just another of the "I'll get to it later" and is either fwd to staffer or just deleted.. so be different.. Very different.
When is the last piece of real mail you got? I was told once to pony up and make it inescapable. Print your resume on nice paper (cream not white so it stands out in the stack of all other docs and markups on the desk) and literally fedex or priority mail (in a big envelope) to some senior folks VP+ (optimally those who have some sort of connection ie school, etc.) When the mail room guy comes to deliver it at their desk they can't not open it.. At that point at least you've made an impression and it's a talking point, you're not another email to fwd to the staffer or instantly delete. Remember, many mds are still from the paper days, so this will be unique to them as well.
Yes, it costs some money, but I actually did it and had a pretty solid hit rate.
Post an example of what you’re sending. Most likely its your approach either being too long or too cringe.
Barring this, people just don’t care or they legitimately forget to respond
I just posted what I usually send
I mean it’s also an incredibly tough hiring market - banks overhired during COVID and most are looking to downsize, not add more bodies right now.
Also from personal experience a lot of groups got burned by subpar laterals from non-IB backgrounds and are hesitant to consider them, especially given how tight the job market is now. A BB / EB / MM could easily hire a lateral from a lower tier bank right now so no reason to look at FDD.
Yep, this is the answer. Banks are doing layoffs right now, anyone getting hired is going to have directly relevant IB experience - they can afford to be picky. Banks were happy to take a shot on a gutsy FDD person in 2021 when they were desperate, but the problem likely isn't your email or background but rather that they are just on strict hiring freezes.
OP, I would honestly pause your outreach until next spring/summer and see if the market improves. Or focus only on banks with active hiring at your level (lateral/senior analyst postings) and email people in those groups directly. The spray and pray approach emailing everyone you can find is just not going to work right now when every bank is cutting headcount.
I emailed Gregg Lemkau years ago. He was global head of IBD at GS. My email was four sentences total. Granted, I had worked at GS previously but get straight to the point.
Name,
I currently work in transaction advisory at "Firm" and am trying to make the switch into banking. I have a CPA and went to X school. I was wondering if you could refer a CV for me or if you had any time to connect.
Thanks a lot for your time,
Name
the environment is garbage right now so that's also a big factor as other posters have alluded to
A lot of the previous posters offered great responses to tweaking your cold email template (keep it short and to the point). I think the main issue is that a lot of IB firms have hiring freezes currently and are in a downsizing mode, which can result in a decrease in response rate (most folks know that you are probably looking for a role when you reach out this way). Plus a lot of folks got burned from lateral hires that didn't have an IB background during 2020/2021. I think you should start pinging headhunters/recruiters catered toward finance/IB instead as they know what's open and/or if you hit it off, they can position your background directly with group heads.
Minus quaerat voluptas voluptatem sapiente. Expedita exercitationem rem corporis. Minima aut et eveniet consequatur possimus.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...