'We're not hiring.' A common cold call response
How would you monkeys respond to this?
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In my experience, it's not an effective strategy to straight-up inquire about internship or full-time opportunities over the phone.
A better approach would be to try and set up an informational interview, coffee, or evening drinks (if appropriate). Anything that will allow you to meet with someone in person. People are much more likely to help someone they have met in person rather than some anonymous person over the phone.
Also, just out of curiosity, are these cold calls straight-up cold calls, or do you have some kind of connection (same school, same fraternity, etc.) If you have some kind of connection, not matter how remote, it will help in getting a favorable response.
Second Deo et Patriae's comment. I'm not saying that cold calls might not be effective. I think scheduling a meet-up first and have a chat over coffee/a meal would be more effective. Get to know them better personally, the company and let them know you better as well. Because even if you don't get an offer now, you're already networking with people who would be able to help you get a job next time. Definitely leverage on your school network if you have one. Most alums, I believe, would be more than happy to help. I managed to schedule an informal meet-up once with an alum at a boutique IB, I was told that they weren't hiring (which sucks for me), but he ended up giving me really good life-advice and asked me to keep having faith and not give-up. :)
Yah that's where you went wrong
You're being way to straight to the point here, a little more finesse is required. Why would some random MD who doesnt know you feel obligated to do anything? Start with people you have some kind of connection with and ask for 15 min of their time. Show interest in banking, their group, their career etc. and see where it plays out.
If you do choose to reach out directly for internships, I'd suggest a professional email with your cover letter and flawless resume attached.. but we're talking 300+ emails for this to yield desirable results.
In my opinion, you aren't being straight forward enough...!
I like the tactic, "give me a job, NOW!"
/sarcasm
My approach is when they say "they are not hiring" ask them why and also ask them when they will hire in the foreseeable future. After asking these two questions you would pretty much know if you would end up working in that firm or not:).
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