Once I read that on average analysts and associates spend 3.5 seconds reading a resume. I find it normal considering how IBD internships and FT jobs are sough. My question is what happens to cover letters? Do people in IB ever read them? At what extend make cover letters a difference in the recruitment process?
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i'm sure some boomer here will tell you that it's essential but literally no one reads cover letters
I put "Deutsche Bank" on my Credit Suisse and UBS cover letter and still got interviews.
^ I’ve heard multiple stories from analysts in IB who put the wrong bank in their cover letter and got superdays / offers
short answer, no
That says pretty much everything!
someone should run an test.
I'm in Europe where networking is not expected and online applications are the norm. I have so far only gotten interviews at places where I submitted a cover letter in addition to CV. But when I was in the interview the guys openly said they never looked at my cover letter. So the conclusion is, HR are the only people who look at it and they reject me when it's not included. So I try to tell a story in the cover letter that appeals to HR but not necessarily to someone who is on the business side (who would never read it anyway).
Obviously you have to submit a cover letter if they ask for it. My question is not whether submit a cover letter or not, I always do, and I always will. My point is, whether it's worth to make a big effort and spend a lot of time writing an amazing cover letter, when it is evident that most banks do not even pay attention.
You just answered your own question.
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