Extremely Low Cold Email Response Rate
Hi, hope everyone is doing good in the stressful IB recruiting season. I'm a sophomore currently recruiting for 2022 IBD SA (United States), and am heavily networking now (yeah everyone knows this is an important step). However, I'm confronting an extremely frustrated situation - I sent out 20-30 emails every weekday (time set from 9am to 4pm), but usually just got 1-2 responses at most. Some even had no response after 2-3 follow-ups.
For some background about myself, my school is non target for some banks, and semi-target for some banks. 3.7+ GPA with 3 relevant IB/PE internships at local firms on resume. I'm concerned if there's any big problem with my cold email, as I saw some bankers opened my email for 2-4 times but didn't reply. (yeah I have a tracker)
I pasted my email template here, removing any personal info. Could someone please help me to take a quick look at it and find if there's any problem that leads to such low response rate? Thank you so much!
My Cold Email Template:
Title: [school name] Student - Interested in [group name] Investment Banking
Hi [banker's name],
Hope this email finds you well. My name is XXX, a student from XXX studying XXX. I found your information via LinkedIn and noticed that [any common things or connection]. With similar experience, I XXX [mention interest in IB here]
I would be really grateful if we could connect over a quick call to learn more about your experience at [bank name]. I'm more than happy to accommodate whatever time works best for you.
I’ve attached my resume in case you need more information ahead of the call. Thank you in advance for your time and help!
[my name]
Really appreciate it if someone could give me any advice!
Add your availability with a few time slots in your initial email. An analyst could notice an availability in their schedule right there and it reduces the number of turns to get the action of scheduling the call. Otherwise, I don't think that 1-2 hits per 20-30 is that bad of a response rate for people you have no connections with (i.e. alumni). I mean, thats roughly 5% and in normal times you would see that be higher maybe 10-15% max, but bankers are just busier now than they ever have been.
Also get rid of exclamation points. It's childish and some people will take it as unprofessional. I don't care but that's simply the way some people think. An email doesn't sound mean if you don't use an exclamation point.
Thanks for the response it really helps. I'll revise my email and keep reaching out to people.
How do you know how many times they open the email? Is it an html email that looks like a professional marketing thing? Also, if you're getting 1-2 responses per day, I'd say that's not bad. I also wouldn't follow up if they don't respond (they may not like that).
I disagree with above. 2 follow ups is absolutely appropriate and I would go as so far as to say I highly recommend doing that.
fair enough, just don't email me once plus four follow ups as OP indicated. That won't help you if you end up interviewing with my group...
What would the ideal follow-up email look like for you? I would truly appreciate if you could help out with this as this is an area I am always intimidated by. Thanks in advance!
Hi, thanks for the response. I use an email tracker that I saw many people use from WSO forums. It shows how many times the email has been opened.
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how 2022 recruiting almost over. almost all BBs nd some still v good EBs r recruiting. I'm confused
1/2 responses for 25-30 emails is about the right response rate for complete cold emails. If those are alumni then it's bad, but if you don't have a strong connection with them then that's about what I would expect. I don't really know what the recruiting timeline is these days but if you are behind the ball that could be hurting as well (people know they're classes are full and are busy so don't feel a need to accept a networking call)
Yes by saying at most 1-2 responses, I mean sometimes 0 and sometimes 1-2, including the ones from alumni or very close connection. Really appreciate your advice, I think it might because some firms already sent out offers of most of their spots (from diversity recruiting), and there's a lower response rate now. I'll keep reaching out to people and seize any remaining opportunity. Thank you a lot.
Like someone else said, 1-2 responses is not that bad. My only tip would be to re-do the sentence about finding them on LinkedIn. It makes me think that you're just scanning LinkedIn for any sort of randos that fit the bill.
I'm in a similar situation but Im not sending that many emails. Are u sending it to everyone in the firm or like who r ur targets?
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