Cold-Calling - Who should we call? HR? Analysts? VP? MD? if we have all their numbers

freshstrokes's picture
Rank: Monkey | 31

So...Suppose we have all the numbers of the staffs of the boutique banks, who should we call? The analysts, HR, VP, or MD?

Also, is this an appropriate cold-calling script?

"Hi May I speak to Mr. ____?

Hi ______, I know you're busy so I'll be brief. My name is _____, and I'm a junior at ________. I am very passionate about investment banking, with previous internships at ____ and ____. I was wondering whether there are any potential internship opportunities available at your firm at this moment."

If they say there's nothing, I'd ask them if its a budget issue, and that I'm willing to do it purely for learning experience through unpaid internship.

And if they still say no, I say thanks, then I email them to thank them for their time, upload CV for their reference, and I do a last attempt to ask them to speak with me in person just to give me some insight on the industry.

Comment on my approach please.

Yes I am still trying to look for a job in July lol

Comments (21)

Jul 7, 2009

Call HR but I doubt cold calling will work in big firms as recruitment decisions are quite centralised and as such ad-hoc recruitment is highly unlikely

    • 1
Jul 7, 2009

Reach out to junior resources (analysts and associates) and then HR. Junior resources can give you a better sense of the company, the position, the senior team members, etc. As you continue conversations with the junior resources, you can reach out to HR and site a contact within the firm (if you clear it with the junior), which will always get you further than no contact at all.

Regarding your convo template, I would probably take it down a notch and keep it original. Don't script it word for word, because then you're not being you, you're being a recording, a cover letter - which is not what someone who hasn't asked for resumes (regarding a potential position) will be looking for. You are much better off being yourself, and starting simple. Introduce yourself, your school, year, general interests and an interest in investment banking. You can mention your interest in their company, and just wanted to learn more about the process regarding internships, analyst function and responsibilities (especially if it is a boutique) - this way you are not outright asking for a job, nor offering your services unpaid. This also opens up the conversation for them to express an interest at least in learning a bit more about you, while keeping the conversation natural. Your biggest challenge will be to keep the analyst/etc interested by keeping the conversation smooth and flowing.

You don't want to call senior bankers, unless you have a direct link to them (in other words, you know them, or your friend/brother/father knows them and put the word out), as your first contact. Stick with junior resources and HR, keep it natural, don't immediately ask for a job, but show a genuine interest, and be patient.

IBanker
www.BankonBanking.com
Articles, News, Advice and More
Break Into Investment Banking

Jul 7, 2009

Please do ask them "if it is a budget issue." Please. I'm sure that will go over great.

    • 1
Jul 10, 2009

bump

Jul 10, 2009

Bankonbanking, why not senior bankers? I'd say about 85% of my cold calls and cold emails have been with senior bankers and they've all been receptive. The analysts and associates have been great too, but I sometimes prefer the senior bankers.

OP, I'd 86 the script. I go free, man. No script or else it sounds too contrived -- they can tell when you're reciting something.

Jul 10, 2009

I only say no senior guys because people often get flustered speaking with senior bankers, and, senior bankers are often busy and don't have the interest in dealing with every cold call that comes from a college student. There are many senior bankers that are receptive, and by all means you can call them (I have), but as a rule of thumb, I generally recommend starting with junior bankers first to become comfortable, learn a bit about the process, then about the position etc. Often junior bankers can introduce you to senior bankers as well and for many people it is easier to talk to a junior banker than a senior.

If what I said came off as a do not do, that's my fault...I meant more as a guideline and general concern about getting your bearings before diving into the deep end of the pool. If I have a junior and a senior contact, I will usually call the junior contact first, and then work my way up to the senior (ideally with the junior contact's support).

IBanker
www.BankonBanking.com
Articles, News, Advice and More
Break Into Investment Banking

    • 1
Jul 10, 2009

Yeah, go free. Not only can they tell, but I find that when I speak with on the phone it always sounds more natural if I don't script. And if it sounds more natural to me, it will sounds 5x more natural to them.

Jul 10, 2009

I have generally called HR, since they are the guys that know the spots/ divisions that could use the intern. Since a cold caller isn't applying, choosing the spot becomes hard. The HR just leads you.

Jul 10, 2009

I have generally called HR, since they are the guys that know the spots/ divisions that could use the intern. Since a cold caller isn't applying, choosing the spot becomes hard. The HR just leads you.

Jul 10, 2009

Agree with fightingfreedom. That said, if you call an MD even if there isn't a spot open, you are more likely to get some kind of response about an unpaid internship than you would from HR.

It doesn't hurt to call an MD. At best you get an internship. At worst you don't. If he doesn't know, he'll forward you to HR which is infinitely times more powerful than you cold calling HR yourself.

Jul 10, 2009

I cold e-mailed the MD I am now interning under. Very natural, informal e-mail, I wasn't a scripted tool. I feel like if I had contacted the people junior to him in this group, I wouldn't be here right now.

Jul 10, 2009

I find that most cold calls/e-mails are ignored by junior contacts. Out of all the junior contacts (1st or 2nd year analysts) I have tried to contact led no where or were just ignored/deleted. Seriously, what do they have to gain by speaking with you or 'helping you out' when there so low on the chain? I'm sure there are a few genuine junior bankers that will lend a hand and speak with you (because they know the game and have done it themselves), but they have little to gain from you.

Similar to h.e.pennypacker's post, I landed all my internships through VP's and being informal (then again I had a really good resume and would most likely have been ignored if they saw a crappy GPA). When your massing out 100 cold e-mails its obvious its a chain letter, but hey you have to be lucky.

From BankonBanking's comments - great points and website, although the Boundless Border Bowl meal of the week sounds gross. But it seems like your junior contacts would have some connection to you rather than being a random contact.

Jul 10, 2009

Completely unrelated - the borderbowl is AMAZING if you like Mexican food. I eat it pretty often, and it is absolutely very tasty and not really unhealthy as long as you stick with the low fat/zero fat options. If you don't like mexican food, then yes, you will probably not like it. But if you enjoy mexican food, or trying different flavors, you should definitely give it a try - it is definitely enjoyable. Next week will be another shake option though (for those less adventurous).

Getting back on topic, I think it is really based on experiences - I know some people who have had more luck with senior contacts, and others who have had no luck with senior contacts and fend far better with junior contacts. Bottom line, you need to cast a wide net regardless of the direction you choose and, as everyone, include I have already said, do not make it formulaic or mechanical, and be comfortable.

IBanker
www.BankonBanking.com
Articles, News, Advice and More
Break Into Investment Banking

Jul 14, 2009

When I was looking for a job/internship I always called whomever was listed on the company website at the highest position. From my experience talking to people in HR is a complete waste of time. As far as the script is concerned maybe just have your first sentence intro scripted and then let it flow from there. Once you do it a few times you will get the hang of it....Also, don't be afraid to be persistent and call back if you leave a message. If anything it will show that you care and it will appear as though you really want a job with that firm.

Jul 14, 2009

I just landed an internship with track to partner should they decide to keep me after 120 days (it is a VC boutique). Although PE was my first choice, I decided to go for VC because I have start-ups experience and owned equity in a small business. I did 3 things:

1) Linkedin: It was a train wreck for me.
2) I signed up for a 1 month free trial at Privateequityfirms.com. (I was able to find many PE firms and MD/MP's information).
3) I used findthebest.com and found VC and PE firms' information and contacted the MD/MP.

Linkedin was useless for me, but the other 2 were a success (I received negative response, but at least they responded to me). I landed 4 interviews and 2 offers from these cold emails. (I advise using WSO resume assistance).

Good Luck!

Jul 14, 2009
rly:

I just landed an internship with track to partner should they decide to keep me after 120 days (it is a VC boutique).

What on earth does this mean? Partner-track internship? Talk about embellishment...

Honestly, the advice above is pretty weak, LinkedIn is an amazing tool for finding people to contact. Definitely start with Alumni, regardless of seniority. Also, seems like you should read up a bunch more on the industry before you start cold calling these people so that you don't come off as totally unknowledgeable. First impression is going to matter, and there's a limited number of people to contact.

Jul 14, 2009

Alumni. The more senior the better.

Jul 14, 2009
Comment