Cold Call/Email Advice

Hi guys! Just wanted some advice about cold calling/emailing boutique banks and PE firms - what would be the right procedure for a successful cold call? (i. e. who should I reach out to specifically, how to make the introduction) I have been compiling a list of firms near the metro areas that I have in mind and their main office phone numbers, but have not been able to actually do anything with them.

Honestly, I have been quite jaded about the entire recruiting process, as I have been interviewing at BB/MMs with no offers.

 

It seems like you've done a lot of work, which is great. If you haven't already, leverage the alumni network. Find alums in smaller shops that may have a less structured process and reach out to them. Reach out to HR or Analysts at those firms you're researching to see if they have any opportunities, but whatever you do don't stop networking. If you can't land something in IB your sophomore year don't be discouraged. I couldn't and still ended up with multiple offers for my junior summer. If all your IB prospects are dried up, aim for anything in finance. Maybe wealth management, or a small PE shop, really anything that shows you're passionate about the finance world will do wonders to support your resume and convince interviewers you are actually interested in IB. Best of luck!

 

Step one, I recommend that you don't act entitled because you go to a "target school" and now have to reach out to "obscure firms". Some of those "obscure firms" are probably some really solid boutique/middle market banks, and you're not entitled to anything (i.e. an internship) despite going to a "target school".

Now, on to the relevant advice.

I'm a student as well and had an internship sophomore year going into junior year thanks to a successful cold-email. From my experience, reaching out to VPs works the best. Send them a few lines such as:

Dear Mr/Ms. ______,

I'm a sophomore finance major at x school and am very keen on interning in IB/S&T/WM/etc. next summer. This past summer I interned at x firm. Additionally, I am involved in x finance club at my school.

I understand you receive many emails from prospective students such as myself, so I appreciate your time. I would like to schedule a time to speak with you on the phone at your earliest convenience. I have attached my resume, which provides more information on my background.

Sincerely, Me

For a call, give the VP or associate a call around 6pm or 7pm; from my experience, this is the best time. Say something like: Hi I'm (name) and I'm a sophomore finance major at x school and want to work at x firm next summer and would appreciate if you had a few minutes to chat?

If you get voicemail, say something similar: Hi I"m (name) and I'm a sophomore finance major at x school and and very keen on interning on your team for next summer. I interned this past summer at x firm and want to work in IB/ST/WM/etc. I will follow up this voicemail with an email with my resume attached. Thank you and I look forward to hearing back.

Hope this helps! I'm sure I forgot some things but this should be a good start for you

 

Echoing Step 1, as OP frankly comes off as a little entitled in her last paragraph. People can definitely pick up on that.

I personally wouldn't cold call (over cold email), as you want to give the banker flexibility and time to respond rather than being put on the spot. Maybe it was just my group but my analyst buddies and I absolutely hated getting cold calls (come to think of it, we hated getting calls period. Nothing good ever comes out of a call/VM for an analyst).

One other comment - from OP: "Currently on my last resort plan, which involves reaching out to all of these obscure firms." Doing this type of networking with all sorts of banks should have been your first move. It puts you in front of people at the bank who may or may not be decision makers in recruiting, but at worst you're just as well off as before and if you make a good impression, it could be the difference between getting an interview/superday/offer and getting dinged. It also gives you the opportunity to backdoor your way into good answers for common questions such as "why this bank" (you can just ask an analyst or associate what attracted them x bank when they were recruiting and pretty much parrot that answer in interviews.)

 
Best Response

some will disagree with me, but I've had success with cold-calling rather than cold-emailing... If you're desperate and you need to reach out to 30+ firms and obviously don't have time to conduct in-depth due diligence on every firm (especially difficult when the firm doesn't list portfolio companies/transactions either because they are small but well-known in the industry or because they are actually a joke firm with no deals), cold-calling sort of pushes them to recognize you and get back to you eventually.

we're all human after all... speaking establishes an emotional connection that forces even busy analysts to feel the need to get back to you with some kind of response at least.

for this past summer, i managed to land an IB gig at a boutique bank, and i started cold-calling in April (called around 30-40 firms, half never takes/took interns, 5 were considering hiring interns, got 3 interviews, 2 offers). seeing as that you had interviews with BBs, you probably have a good enough resume to pass the screen for most MM firms. Especially with a lot of the MM firms that have a 1 or 2 person HR team, reaching out to them is beneficial to them and also allows you to potentially have no competition for the position (as long as you seem decently intelligent, they'll hire you). What I especially like is that sometimes they can even accelerate the process so quickly since they're not super bureaucratic, and you might get an offer within a week of cold-calling.

on a final note, if you want to cold-call, you really do need to know how to nail that initial impression. when cold emailing and getting an interview, they're nice to you (usually). when you're cold calling a busy bank and talking to HR/analyst responsible for hiring interns, you need to give a great first impression (sound confident and 'normal') that makes them feel that their time isnt being wasted. the firm i ended up joining didnt even take interns before... I was the first SA ever, and they only decided to interview me because they got a good impression... keep things short, introduce yourself (dont tell your story, just your name, school, year) and say youre highly interested in an internship/SA position there. from this point on, if they like your impression, they might even proceed to conduct an informational interview on the spot if they're not busy. If you feel that they're receptive, look through their website on your computer while on the phone and just toss some bullshit like 'oh you guys have a strong track record in healthcare' if they're clearly a bank focused on HC or something. As with everything, practice makes perfect... by the 15th bank i was calling, i was getting a good reception with every other call... also get used to rejections, and dont let it affect you. positively comes through in your voice, and you wont sound energetic if you let the 5 rejections in a row get to your head. a lot of times theyll say, oh email your resume to me or at this address. thats always a good sign, make sure to ask for their names and mention it in the email... theyll usually respond within 48 hours

 

May I ask did you just call the phone number on their main website or you did some research to get MD or VP's personal line? If you did, which data base did you use? I'm really hesitating to call the phone number on their website, because I think 9 out of 10 times a receptionist will answer it? Thanks!

 

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