First Year Cold Emailing Banks for Summer Internship - Straight Internship Ask vs. Connect
Hey guys,
Currently a first year cold emailing some boutique banks to try to land an unpaid summer internship and learn the ropes early on.
I like to research each firm's past transactions/strategies and discuss those in my email as well as a short blurb about me. I then say I'm looking for an unpaid internship etc.
I have around a ~10-15% return rate, but so far haven't landed anything (a lot of them say reach out next year again).
Would it be more advisable to first reach out about a personal "coffee chat" type call, then later on ask for an internship? This always seemed to me a bit disingenuous but people have been telling me to do that...
Thanks
Based on the most helpful WSO content, your approach can be refined for better results. While directly asking for an internship in your initial email is straightforward, it might not always yield the best outcomes, especially with boutique banks. Many professionals prefer building a relationship first, which can make them more inclined to help you later.
Here’s a suggested strategy:
Start with a Connection: Instead of directly asking for an internship, focus on setting up a coffee chat or informational call. This approach is less transactional and more relationship-driven. Mention your interest in their firm, highlight a specific deal or strategy you admire, and express your desire to learn more about their career path or the firm's work.
Build Rapport: During the call, ask thoughtful questions about their experiences, challenges, and advice for someone starting out. This helps establish a genuine connection and shows your interest in the industry.
Transition to the Ask: Towards the end of the conversation, you can subtly bring up your interest in gaining experience. For example, "I’m currently looking for ways to gain hands-on experience in investment banking. Do you think there might be any opportunities at your firm, or would you recommend someone I could reach out to?"
Follow Up: Send a thank-you email after the chat, reiterating your appreciation and interest. If they didn’t mention any opportunities, you can follow up a few weeks later with a more direct ask.
This method aligns with advice from WSO threads, where users emphasize the importance of relationship-building over cold transactional asks. It’s not disingenuous—it’s about showing genuine interest and letting the opportunity arise naturally. Plus, professionals are more likely to help someone they’ve connected with personally.
Sources: How to Obtain a Sophomore Summer Boutique IB Internship, How to Obtain a Sophomore Summer Boutique IB Internship, https://www.wallstreetoasis.com/forum/job-search/cold-emailing-to-ask-for-internship-template-advice?customgpt=1, Cold email networking while employed?, Your Best Coffee Chat Ever
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