Cold emailing for term-time and sophomore internships

I'm a rising sophomore at a target school and I was hoping to get some advice on cold emailing. I've been trying to find a semester-based (fall or spring semester) / summer '25 internship at some smaller IB and PE shops (especially ones that focus on the coverage world I'm interested in) but am 1) having trouble finding the firms themselves and 2) confused about how to approach them without being too direct.

I know it depends on the size of the firm but do I typically try to target the recruiter/HR person or general HR@company for emails? Should I try to get phone calls with alums or random analysts/associates first to learn more about the experience and hope it goes well enough to land an interview? I feel bad emailing alumni from my school especially with headers like "student interested in term-time internship" because I feel like that would rub people the wrong way, especially if they're just trying to talk about their experience with other people but are just getting emails from people asking for internships. Please let me know if there's anything that worked for people in the past in getting either semester-based or sophomore summer positions -- any advice would be appreciated.

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If you're at a target, your school likely puts dozens of people in banking every year. Make a spreadsheet of their names (can find recent grads/current interns on LinkedIn) and then use LI to look where they interned. There's your list.

Never email the recuiter first (unless they're listed as the contact on a job req, and even then I'd still try to find other people). That might be true for tech companies where recruiters have more discretion, but in finance you should always reach out to the deal folk.

It's normal to network and you're gonna have to start doing it a LOT for junior summer in a month or two, so get some practice (and practice calls) in now. Those folks also had to ask people for calls, they get what you're looking for

 

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