Are Cover Letters Read?
Q: Why do employers care about cover letters? What can I communicate with a cover letter that isn't on my resume?
A cover letter serves a number of specific purposes for an employer.
First, it is an indication of how interested the prospective employee is in a particular job. Anybody can attach a resume to an email, but a cover letter takes time. It can help provide insight into one of the most important questions an employer must answer: "Does she really want to work for me?"
I often will place a specific request in a job description, such as "please describe a team experience where you had to overcome a particular problem". I generally would really care to hear the response, but more importantly, I want to see which candidates put out the extra effort to craft an individual letter to address this issue. This has proven to be a great weeding out process!
Second, a cover letter can create an important narrative about one's qualifications and possible impact in a particular role. It better expresses character traits and passions than a resume. Lastly, it can provide insight into a candidate's communication skills and judgment.
For you, the writer, it gives you the opportunity to frame your skills and experiences in a way that is most favorable for you. Put in the extra effort. It is worth it.
Want to read mine if I pm it to you?
Some musings on cover letters from www.wallstinsiders.com
Quality over Quantity: Keeping Your Cover Letters Focused
As many of you are already finding out, applying for a job on Wall Street is uber-competitive. While financial hiring is making a comeback (link to: http://www.wallstinsiders.com/news/article/wall_street_is_hiring_yes_in…), the number of positions available compared to the relevant pool of candidates is still small. So what can you do make yourself stand out against the crowd? How can you increase your chances of landing an interview?
Its simple: focus on quality rather than quantity.
The majority of our clients (and other job seekers) start out their search by polishing their resume and cover letters and then casting as wide a net as possible. They’ll apply for 12 positions at Bank of America, 6 at Goldman Sachs, 10 at Credit Suisse and 50 other positions at smaller firms. No matter how great your resume and cover letter are, simply substituting the firms’ name and the position you’re applying for won’t cut it. Recruiters see right through this and you immediately get grouped in with every other candidate that is doing the same thing.
Instead, focus on 6-12 total firms that you would like to work for. Do your research about each firm and be sure to explain in your cover letter specifically what you researched that attracted you to the firm. Also, plan on tweaking your resume and interview prep so that they’re relevant to the firm. Let’s look at a couple quick examples:
Generic, “wide-net” cover letter
Dear Human Resources:
My name is Jerry Johnson. Enclosed please find my resume for the position of Institutional Research Analyst at J.P. Morgan Chase.
I currently a senior at the University of North Carolina, where I major in finance. Besides academics, I am vice-president of the business club, run in the track team, and a member of Beta Theta Pi. The last two summer I have been interning at Tiger Equity, where I researched investments for our trading team to make in the US equities market.
I am seeking a position that that will utilize my research skills with opportunity for growth.
I look forward to hearing from you soon.
Sincerely,
Jerry Johnson
Besides immediately coming across as a generic template, this letter does nothing to add to your application. All it does is summarize your resume which wastes the reviewers already limited time. It also fails to address why you’d be a good fit for the company, based on what you know about them. Remember, be specific.
Focused and Specific Cover Letter
Dear Mr. Mauldin:
I hope you will consider me for the position of Institutional Research Analyst, as listed in the J.P. Morgan section of Indeed.com.
I was particularly excited to see a position open at JP Morgan, as I have long been a fan of Wall Street’s most impressive institutions. I'm also excited by the recent success you’ve had venturing into the retail banking industry, as documented in your annual report, and recognized by SeekingAlpha.com. In fact, I wrote a blog post about the report after spending hours (probably too many) refuting Seeking Alpha’s argument.
Reading over the job description for the position, I was thrilled that it called for experience in the US and International markets. After my financial modeling internship at Tiger Equity in ‘08, I spent a semester in Shanghai research the Asian economy for Janus Consulting. During that semester, I became familiar with a multitude of research methods including using Stochastics, Bollinger Bands, and Stress Tests to quantify our investment opportunities.
Based on my experience, I think I am an excellent match with what you are seeking. If you would like to talk with me or schedule an interview, please call me at 253-444-4444. Thank you for your consideration.
Sincerely,
Jerry Johnson
This letter is much improved. Not only does it show personal interest in working for JP Morgan, its more humanized and compelling. When people can sense you are truly interested in something they become more connected to your story. Its also intriguing by keeping the experience description short, and by talking about a blog post they wrote on the actual firm.
Sure, it can be time-consuming writing personalized cover letters that relate to each firm. But its better than the alternative of just sending in 100 template letters like the first one. You immediately separate yourself from the pack, and come across as a personable and focused applicant that is ready to take on the position. A tailor-made cover letter will beat out 50 generic cover letters any day of the week. And in the long run, the extra time will be well worth the investment.
^^^ Not sure I agree 100%. I would say absolutely tweak the cover letters for industry and group, painting your experiences to fit the industry/group, and still have one sentence about why Company X is particularly attractive to you. (I typically listed three things.)
I've pursued both strategies--the "really show that you know the company" strategy and the "specific to industry, not that specific to the company" strategy and both were equally successful. But when you have limited time to do apps and do interview prep, the second is way better.
Recruiters I've talked to have said in private that they rarely read the cover letter. McK came out and said at their info session, don't attach a cover letter because we won't read it.
Caveat: I'm at a target, so if you're trying to break in as a non-target, it might be better to show that you know your stuff, etc.
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