Investment Banking Cold Email Template: A Practical Guide to Getting Responses

Why Investment Banking Cold Emails Actually Work

Cold emailing has become one of the most effective networking strategies for breaking into investment banking-when done correctly. The key word is "correctly." Most cold emails fail because candidates copy generic templates or target the wrong people, not because the strategy itself is flawed.

The investment banking industry remains heavily referral-driven. Many positions at bulge bracket and elite boutique banks are filled through employee referrals or candidates who networked their way into consideration before formal recruiting begins. If you're not networking, you're competing with hundreds of candidates for limited spots. Cold emailing gives you a direct channel to bypass the noise and build relationships with bankers who can advocate for you internally.

Investment banking cold emails work best for three specific situations: undergraduate students seeking initial finance internships in their first or second year, candidates at non-target schools who need to create their own opportunities, and professionals targeting off-cycle roles at larger firms with relevant experience. The strategy is particularly effective if you have brand names on your resume-whether a well-known university or experience at recognizable companies-but you don't necessarily need to attend a top school nationwide to use cold emails successfully.

The math is straightforward: you should expect roughly a 10% response rate on well-crafted emails, with approximately 1% of your total outreach converting to actual offers. These numbers vary by region and market conditions. Major financial centers like New York and London require more outreach but offer more opportunities. In smaller markets, while fewer firms exist, response rates typically tend to be higher. For off-cycle roles at bulge bracket banks, plan to contact 150-200 bankers to maximize your success rate. The entire process typically spans 2-3 months, though this can vary based on response rates and follow-up timing.

Understanding these benchmarks helps set realistic expectations. Some candidates get discouraged after sending 25-30 emails and receiving only 1-2 responses, but that's actually an acceptable response rate for complete cold emails with no alumni connection. Even at a 10-25% response rate for well-crafted, personalized emails, if you send 50 well-targeted messages, you should get 5-12 responses and ideally convert 3-6 of those into actual informational interviews. Those conversations can lead to referrals, interview prep help, and insider knowledge about which groups are hiring.

The Psychology Behind Effective Cold Outreach

Before diving into templates, it's important to understand why some cold emails get responses while others get ignored. Bankers receive countless networking emails, especially during recruiting season. Your email needs to stand out by demonstrating three core principles: specificity, brevity, and genuine interest.

Specificity shows you've done your homework. When you reference a specific deal the bank advised on, mention a unique aspect of someone's background, or connect over a shared interest, you signal that this isn't a mass email. Bankers can instantly tell when they've received the same email everyone else got, and those messages go straight to the trash.

Brevity respects their time. Analysts and associates work 80-100 hour weeks during busy periods. They're scanning emails in seconds between meetings and presentations. If they can't grasp your purpose immediately, they'll move on to the next message.

Genuine interest separates networking from transactional asks. The best cold emails focus on learning about someone's experience rather than immediately asking for a job. This lower-commitment request is significantly easier to say yes to, and it opens the door to building a real relationship that can lead to opportunities later.

The Anatomy of an Effective Investment Banking Cold Email

Before diving into templates, understand the core principles that make investment banking cold emails effective. Bankers are incredibly busy-your email needs to respect their time while giving them a reason to respond.

Subject Line

Keep it under 50 characters, direct, and professional. Research shows that subject lines with questions get roughly 10% higher open rates than statements. However, the subject line should be clear rather than overly clever. Effective examples include:

• "[Your University] Student - Quick Question"
• "Aspiring Analyst Seeking 10 Minutes"
• "Question from a Finance Major"
• "[Alumni Connection] + [Industry] Interest"
• "Following [Company Name]'s Recent Deal"

Avoid clickbait, all caps, or excessive punctuation. Your subject line should signal professionalism, not desperation. Subject lines that are too vague like "Quick question" or "Reaching out" offer no context and are often ignored. Instead, give the recipient enough information to understand why this email matters to them specifically.

The best subject lines create just enough curiosity to prompt an open while staying grounded in professionalism. Personalization matters-emails with personalized subject lines can increase open rates significantly. Including the recipient's company name, a recent project, or your shared alumni status can make your message feel less generic.

Email Length

Keep your entire email under 150 words. This isn't a suggestion-it's a requirement. Bankers scan emails in seconds. If they can't grasp your purpose immediately, they'll move on. Research shows that emails between 50-125 words tend to receive reply rates of approximately 50%, significantly higher than longer messages. Emails longer than 6-7 sentences rarely get read completely.

Structure your email with a simple five-sentence framework: one sentence for personalized connection or introduction, one sentence about who you are, one sentence about why you're reaching out to them specifically, one sentence making your request, and one sentence expressing flexibility with their schedule. This format respects their time while conveying your story and making a specific request.

Introduce yourself, state why you're emailing them specifically, make your request, and stop. Edit ruthlessly-every sentence should serve a clear purpose. If you're over five sentences, look for places to cut or combine.

The Ask

Never ask for a job or internship in your first email. Instead, ask for 10-15 minutes of their time for a call to learn about their experience. This is a significantly lower commitment that's easier to say yes to. The internship conversation happens after you've built rapport.

Cold emails that open with "I'm looking for an internship" or "Can you refer me?" come across as transactional and self-serving. You're essentially asking someone who doesn't know you to put their reputation on the line. That's a big ask for a first email. Instead, position yourself as someone genuinely interested in learning from their experience and perspective.

The goal is to get the person on the phone, which will usually take a few messages back and forth. Once you've had a meaningful conversation and demonstrated your interest and qualifications, you can ask about next steps: "With recruiting season coming up, I was wondering how I could best position myself." This gives the banker an opportunity to offer to pass along your resume, talk to HR, or even come back with interview times if they like you.

Personalization Elements

Generic emails fail. You need to customize at least the first sentence and one other detail for each person based on your research. This might include mentioning a specific deal they worked on, referencing their previous career path, noting a shared interest from their LinkedIn profile, or connecting over a mutual contact.

Personalization doesn't mean you need to write a completely unique email for every recipient. You can use a template structure, but customize key elements to show you've researched this person individually. Even simple personalization-like mentioning you both went to liberal arts colleges or noting their involvement in a specific transaction-can dramatically increase response rates.

Finding genuine common ground matters. Alumni connections can achieve 25% response rates or higher, while high school alumni networks can see 85%+ response rates. College alumni typically achieve 25% response rates versus 5-10% for completely cold outreach. If you're targeting professionals with no obvious connection, look for other commonalities: shared hometown, similar extracurricular activities, interest in the same industry sector, or even something like both being photographed playing the same sport.

Investment Banking Cold Email Templates That Work

Below are proven templates you can adapt for your situation. The critical word is "adapt"-using these templates verbatim will hurt you since bankers receive similar emails constantly and can spot copy-paste jobs immediately.

Template 1: The Alumni Connection

Subject: [University Name] Alum Seeking Brief Advice

Dear Mr./Ms. [Last Name],

My name is [Your Name], and I'm a [year] at [University] studying [major]. I noticed we share a connection through [university/program/club] and wanted to reach out.

I'm exploring a career in investment banking, specifically in [industry group/product area], and I'd value your perspective given your experience at [Bank Name].

Would you have 10-15 minutes for a brief call in the coming weeks? I'm flexible with timing and happy to work around your schedule.

Thank you for considering my request.

Best regards,
[Your Name]

Why this works: The alumni connection creates an immediate bond. Mentioning a specific industry group shows you've done research and aren't just mass-emailing everyone. The ask is clear, low-commitment, and respectful of their time.

Template 2: Deal-Specific Outreach

Subject: Question About [Industry] M&A

Dear Mr./Ms. [Last Name],

I'm [Your Name], a [year] at [University] interested in investment banking. I recently read about [Bank Name]'s advisory role on the [Company A/Company B deal], and the transaction structure caught my attention.

As someone building a career in [relevant industry] banking, I'd appreciate the chance to hear about your experience and how you approach similar deals.

Would you have 10-15 minutes for a quick call? I have specific questions about [industry] and would be grateful for any guidance.

Best regards,
[Your Name]

Why this works: Mentioning a specific recent deal shows genuine interest and current knowledge of the firm's work. It gives the banker something concrete to discuss and demonstrates you're not just reaching out blindly. This approach works particularly well for targeting specific industry groups.

Template 3: Boutique Bank Direct Ask

For smaller firms where you're asking more directly about opportunities:

Subject: [University] Student - Internship Inquiry

Dear Mr./Ms. [Last Name],

My name is [Your Name], and I'm a [year] at [University] pursuing investment banking. I've been following [Boutique Name]'s work in [sector], particularly [specific deal or focus area].

I'm reaching out to inquire about potential internship opportunities. I have [relevant experience/skills], and I'm prepared to contribute however needed-including non-technical work-to learn from your team.

I've attached my resume for reference. Would you have a few minutes to discuss whether there might be an opportunity to work together?

Thank you for your time.

Best regards,
[Your Name]

Why this works: Boutique banks often have more flexible hiring processes than bulge brackets. Being direct about your interest in an internship is acceptable here, especially if you emphasize willingness to contribute in any capacity. Smaller firms may appreciate candidates who are upfront about seeking opportunities.

Template 4: The Referral Email

Subject: [Referral Name] Recommended I Reach Out

Dear Mr./Ms. [Last Name],

I recently spoke with [Referral Name], who suggested I get in touch with you. I'm a [year] at [University] exploring investment banking, and [Referral Name] mentioned your experience in [specific area] would be particularly valuable.

I'd greatly appreciate 15 minutes to learn about your path to [Bank Name] and hear your perspective on [specific topic or industry].

Would you be available for a brief call in the coming weeks? I'm happy to work around your schedule.

Thank you for considering my request.

Best regards,
[Your Name]

Why this works: Referrals dramatically increase response rates. When someone the recipient knows has vouched for you, they're significantly more likely to respond. Always ask for referrals during informational interviews-it's one of the most valuable outcomes from these conversations. Response rates for referred emails can be 40% or higher.

Template 5: The Career Path Email

Subject: Question About [Previous Industry] to Banking

Dear Mr./Ms. [Last Name],

I'm [Your Name], a [year] at [University]. I noticed you transitioned to investment banking from [previous industry/role], which is a path I'm exploring.

Given your background in [specific area], I'd value your perspective on how you made the transition and what skills proved most transferable.

Would you have 10-15 minutes for a brief call? I have specific questions about [topic] and would appreciate any guidance.

Thank you for your time.

Best regards,
[Your Name]

Why this works: Targeting professionals who made non-traditional transitions can be highly effective, especially if you have a similar background. These individuals often remember their own recruiting challenges and may be more willing to help. It also gives you a specific talking point that's personally relevant to the recipient.

Finding Investment Banker Email Addresses

Having the perfect template means nothing if you can't find the right email addresses. Most investment banks follow predictable email formats:

• Goldman Sachs: [email protected]
• Morgan Stanley: [email protected]
• JP Morgan: [email protected]
• Bank of America: [email protected]
• Citi: [email protected]
• Deutsche Bank: [email protected]
• Barclays: [email protected]
• Credit Suisse: [email protected]
• UBS: [email protected]
• Wells Fargo: [email protected]

For elite boutiques and middle-market firms, formats vary more:

• Evercore: [email protected]
• Lazard: [email protected]
• Centerview Partners: [email protected]
• Moelis & Company: [email protected]
• PJT Partners: [email protected]
• Guggenheim Partners: [email protected]
• Greenhill: [email protected]

For boutiques and less predictable firms, you'll need to do more research. LinkedIn is your starting point for identifying names and titles, but getting verified email addresses requires additional tools.

Our Email Finder can help you locate professional email addresses using just a name and company. Once you have a list of potential addresses, run them through our Email Verifier to ensure deliverability before sending. There's nothing worse than crafting the perfect email only to have it bounce. The average bounce rate for B2B cold emails is around 7.5%, but verifying addresses beforehand can reduce this significantly.

When researching contacts, prioritize finding verified email addresses over guessing formats. Some banks use variations like firstinitiallastname@ or first.middle.last@, and sending to incorrect addresses hurts your sender reputation. Email verification tools check if an address exists and can receive emails, helping you maintain good deliverability rates for your entire campaign.

The Follow-Up Sequence

Most responses come from follow-ups, not initial emails. Research shows that up to 70% of replies come from follow-up messages. The first follow-up email alone can increase reply rates by 49%, and sending 2-3 follow-up emails can lift response rates by up to 65.8%. Here's how to structure your sequence:

First Follow-Up (5-7 Days After Initial Email)

Subject: RE: [Original Subject Line]

Dear Mr./Ms. [Last Name],

I hope this message finds you well. I wanted to follow up on my email from last week. I understand your schedule is demanding-I'd still welcome the opportunity to speak briefly if you have availability.

Thank you again for considering my request.

Best regards,
[Your Name]

Why timing matters: Waiting 5-7 days shows patience while keeping you fresh in their memory. Emails can get buried in busy inboxes, and a polite reminder can bring your message back to the top. Many bankers have reported that they simply didn't see the initial email and appreciated the follow-up.

Second Follow-Up (5-7 Days After First Follow-Up)

Subject: RE: [Original Subject Line]

Dear Mr./Ms. [Last Name],

I wanted to reach out once more about connecting for a brief call. I understand you're very busy, but I'd still greatly value the opportunity to learn from your experience.

If now isn't a good time, I'm happy to circle back in a few months.

Best regards,
[Your Name]

Keep this one even shorter-just 2-3 sentences acknowledging their busy schedule while restating your interest. The "happy to circle back" line gives them an out while leaving the door open for future contact.

Third Follow-Up (Optional, 7-10 Days Later)

After two follow-ups with no response, you have a decision to make. Some candidates send a third, final follow-up before moving on. This should be extremely brief:

Subject: RE: [Original Subject Line]

Dear Mr./Ms. [Last Name],

Just bringing this back to the top of your inbox. Would you have any availability in the coming weeks for a brief call?

Best regards,
[Your Name]

After this, move on to other contacts at the same firm or different banks entirely. If you don't receive responses from 3-5 people at the same bank, cross that firm off your list for now. It's a numbers game-you need to reach out to multiple people at each bank and across many banks to maximize your chances.

Follow-Up Best Practices

Always reply to your original message thread rather than starting a new email. This maintains continuity and makes it easy for the recipient to see your previous message. Try to send follow-ups around Monday to Wednesday-emails sent at the end of the week often get less attention as junior bankers may not know their schedule for the following week.

The best time to send cold emails is mid-day, typically between 9 AM and 3 PM in the recipient's time zone. Avoid Monday mornings when people are catching up from the weekend, and Friday afternoons when they're winding down. Research shows that Wednesday between 7-11 AM generates the highest reply rates for professional outreach.

Never send more than three follow-ups to the same person. It starts to feel like harassment and can hurt your reputation if you do eventually connect with someone else at the firm. Know when to move on gracefully.

Who to Contact (And Who to Avoid)

Your targeting strategy matters as much as your email content.

Best Targets

• Analysts and Associates: They're closer to your experience level and often more willing to help. They remember recruiting recently and have more time than VPs and MDs. Analysts and Associates (typically 1-4 years out of school) have the highest response rates. Address them by first name in your salutation to keep the tone friendly yet professional.
• Alumni from your school: Shared background creates an immediate connection. Alumni response rates can be 25% or higher, and high school alumni networks can achieve 85%+ response rates. Even if your school isn't heavily represented in investment banking, target the few alumni who did make it-they often go out of their way to help fellow graduates.
• Group heads at boutiques: They have broader visibility into hiring needs across the organization. At smaller firms, these senior professionals often make hiring decisions directly and can move quickly if they see a good fit.
• People with similar backgrounds: Target bankers who went to similar schools, pursued similar majors, or made transitions from similar previous roles. Shared experiences create natural talking points and increase the likelihood of responses.

Approach Carefully

• Vice Presidents and Managing Directors: Address them formally as Mr./Ms. [Last Name]. They're busier but can be effective contacts if you have a strong reason for reaching out specifically to them-like discussing a major deal they led or leveraging a powerful mutual connection. VPs and MDs should not be your primary targets, but they can be valuable if approached strategically.
• Recruiters: Better for formal application processes than cold networking. Recruiters manage structured recruiting timelines and may not have bandwidth for informational interviews. However, if you're specifically asking about the formal recruiting process or timeline, they can be helpful contacts.
• People in unrelated groups: If you're interested in healthcare investment banking, reaching out to someone in technology or financial institutions groups may not be as effective. While any connection at the firm can potentially help, targeting people in your area of interest yields better conversations and more relevant advice.

How Many People to Target

Aim to identify 2-5 professionals at each bank. Start with 20-30 names and add more gradually-you don't need perfect conditions to begin. For a comprehensive off-cycle internship search, you should find 50-200 investment banks in your region and identify 2-5 contacts at each, resulting in 200-500 verified email addresses.

Don't contact more than 1-3 people per firm per few days. It's an awkward situation when you "blow up" the entire floor with emails, and you usually won't get responses when it's obvious you've mass-emailed everyone. Spread your outreach to a single firm over several weeks, and be strategic about who you contact in what order.

Cast a wide net across many firms rather than focusing exclusively on bulge brackets. Boutique and middle-market banks often have more flexible hiring processes and can provide excellent experience. The best strategy is to start with smaller and mid-sized firms that have more flexibility, then leverage those opportunities to move to larger banks later.

Preparing for the Call: Turning Responses into Relationships

When you do land a call, preparation is critical. These conversations are like mini-interviews lasting 5-15 minutes. You need to make the most of this brief window to make a strong impression.

Research the Person

Before the call, dig deep on your contact's background. Review their LinkedIn profile thoroughly, looking for details about their education, previous roles, deals they've worked on, and any personal interests they've shared. Find out where they went to school, dig into their division, research recent deals they've worked on, and note any other details you can find.

Check the bank's website for recent press releases or transaction announcements. If your contact was involved in a notable deal, be prepared to ask informed questions about it. This demonstrates genuine interest and gives them something concrete to discuss.

Prepare Your Story

Be ready to explain concisely why you're interested in investment banking and why this particular bank or group interests you. Have 3-5 memorable experiences ready that exemplify traits like hard work, determination, analytical skills, and teamwork. It's easy for everyone to say they're hardworking and determined, but you need to set yourself apart by showing how you've exemplified those traits in your past.

Structure your background story to highlight relevant experiences: internships, coursework, student organizations, or personal projects that demonstrate your interest in finance and banking. If you don't have finance internships yet, discuss relevant student clubs, leadership positions, classes related to finance, or even family members or acquaintances in the industry.

Questions to Ask

Prepare 5-7 thoughtful questions that show genuine interest in their experience. Good questions include:

• How would you describe a typical day in your role?
• What specific skills and traits do you believe are critical for success in this role?
• What was your career path to your current position?
• Could you describe the culture of your firm and how it differs from competitors?
• What kind of professional development opportunities does your company offer?
• How does the firm manage work-life balance, particularly for junior bankers?
• What trends do you currently see in the investment banking industry or your specific sector?
• What types of deals or projects do you find most intellectually engaging?
• How has the role evolved since you started, and where do you see it going?
• What advice would you give someone looking to break into [specific group/industry]?

Avoid questions that can be easily answered by looking at the firm's website. Don't ask basic questions about what the bank does or how many offices they have. Focus on insights only this person can provide based on their personal experience.

During the Call

Be enthusiastic but professional. Listen actively and take notes. If they mention something interesting, follow up with a related question to show engagement. Reference specific points they make when you send your thank-you email.

Your approach should vary based on experience. First and second-year students should emphasize enthusiasm and willingness to learn quickly. Those with experience targeting off-cycle roles at larger firms need to demonstrate long-term interest in investment banking and explain clearly why they're pivoting into the industry.

Don't monopolize the conversation. Let the banker talk about their experience-most people enjoy sharing their journey and offering advice. Your job is to ask insightful questions, demonstrate genuine interest, and show that you'd be someone pleasant to work with.

Handling Common Objections

During the call, there may be some common headwinds that come up early in the conversation. Good candidates are prepared to accept these issues and offer alternative solutions:

• "We can't afford interns" - Offer to work without compensation if regulations allow. Many boutiques appreciate candidates willing to intern for free initially to prove themselves.
• "We don't have enough deal flow" - Express willingness to help with administrative tasks, research projects, or other support work. Emphasize that you're there to learn and will contribute however the team needs.
• "We can't train interns" - Highlight relevant skills and ability to assist with non-technical work. Mention any financial modeling courses, certifications, or training you've completed independently.
• "Now is a bad time" - Emphasize flexibility with start date and ability to fit into their timeline. Ask if you can check back in a few months or if there's a better time of year when they typically bring on interns.

Frame these objections as opportunities to demonstrate your flexibility and commitment. Boutique banks in particular often appreciate candidates who are willing to work around their constraints.

Asking for Referrals

This is one of the most important parts of the call, yet many candidates forget to do it. Toward the end of your conversation, say something like: "I really enjoyed this conversation and would love to learn more about your firm from a different perspective. Is there anyone else in your group that you recommend I speak with?"

Getting referred to someone else dramatically increases your response rate for the next email. When you reach out to the new contact, your subject line should be "[Referrer Name] Recommended I Reach Out," which immediately signals that this isn't a completely cold email.

In the best scenarios, the analyst or associate will forward your email over to another person with a brief introduction, which nearly guarantees a response. Building these referral chains allows you to develop multiple relationships within a single firm, significantly increasing your chances of landing an interview.

After the Call: Building the Relationship

When you do land a call, send a thank-you email within 24 hours. Keep it brief and reference something specific from your conversation. This demonstrates you were engaged and helps the banker remember you.

Your thank-you email should:

• Express genuine appreciation for their time
• Reference 1-2 specific insights they shared that you found valuable
• Mention any resources or connections they offered to provide
• Reiterate your interest in the firm or group
• Keep it under 100 words

Example Thank-You Email:

Dear [Name],

Thank you so much for taking the time to speak with me yesterday. I really appreciated your insights on [specific topic], particularly your perspective on [specific detail from conversation].

Your advice about [another specific topic] was especially helpful as I continue exploring opportunities in [industry/group]. I'll definitely follow up on your suggestion to [action item they mentioned].

If it's alright with you, I'd love to stay in touch throughout the recruiting process. Thank you again for your time and guidance.

Best regards,
[Your Name]

Long-Term Relationship Building

Don't let the relationship end with the thank-you email. The most effective networking approach is building genuine relationships such as meeting in person, taking contacts out for coffee or lunch, sending them emails with articles they might be interested in, or finding out about their unique interests like sports or hobbies.

Send occasional updates rather than disappearing until you need something. If you had a great recruiting success, completed a relevant internship, or came across an article related to something they mentioned, send a brief email sharing the update or resource. These touchpoints keep you on their radar without being pushy.

When recruiting season arrives, you'll have built enough goodwill to circle back: "With recruiting season coming up, I was wondering how I could best position myself for opportunities at [Firm]." This is where a banker might offer to pass along your resume, talk to HR, or even provide phone interview times if they've been impressed by your follow-up and sustained interest.

Common Objections and How to Handle Them

If you get a response that includes concerns, here's how to address them:

• "We can't afford interns" - Offer to work without compensation if regulations allow.
• "We don't have enough deal flow" - Express willingness to help with administrative tasks.
• "We can't train interns" - Highlight relevant skills and ability to assist with non-technical work.
• "Now is a bad time" - Emphasize flexibility with start date and ability to fit into their timeline.

Tracking Your Outreach

Organization separates successful candidates from those who let opportunities slip away. Use a spreadsheet to track:

• Contact name, title, and bank
• Email address and date sent
• Follow-up dates and outcomes
• Personal details mentioned (sports teams, shared interests, etc.)
• Next steps and deadlines
• Source of contact (alumni database, LinkedIn, referral, etc.)
• Response status (no response, positive response, call scheduled, etc.)

This system ensures you follow up at the right times and reference previous conversations accurately when you reconnect. Many candidates fail not because their emails are bad, but because they lose track of who they've contacted and when to follow up.

Your tracking system should include reminders for follow-ups. If you send an email on Monday, set a reminder for the following Monday or Tuesday to send your first follow-up. If that doesn't get a response, set another reminder for 5-7 days later.

Include a notes column where you record details from calls: favorite sports teams, favorite destinations, family details they shared, interesting hobbies, or specific advice they gave. This information is invaluable for personalizing future correspondence and demonstrating that you were paying attention during your conversation.

Tracking Metrics That Matter

Beyond basic tracking, monitor your key metrics:

• Response rate: Percentage of emails that get any reply (target: 10-25%)
• Call conversion rate: Percentage of responses that convert to actual calls (target: 50%)
• Referral rate: Percentage of calls that result in referrals to other contacts (target: 30-50%)
• Interview conversion: Percentage of networking conversations that eventually lead to interviews

If your response rate is below 10%, review your emails for personalization and relevance. If your call conversion is low, you might need to be more proactive in your response emails about scheduling specific times.

Advanced Strategies for Competitive Recruiting

Once you've mastered the basics, these advanced strategies can give you an edge:

Timing Your Outreach Strategically

The best time to conduct informational interviews is 3-6 months before the recruiting process begins. Starting earlier (6-12 months out) allows you to build relationships over time rather than appearing transactional right before recruiting. By the time formal recruiting starts, you're a familiar face rather than just another resume in the pile.

Avoid reaching out during obviously busy periods. Late December and early January can be slower times at banks, while mid-year (June-August) often sees heavy deal activity. Pay attention to earnings season and busy periods for specific industries.

Targeting Your Outreach by Bank Type

Adjust your approach based on bank size and type:

Bulge Bracket Banks: These firms have structured recruiting processes. Cold emailing works best for off-cycle roles or if you're significantly ahead of the formal recruiting timeline. Focus on building relationships that can support your application when formal recruiting opens.

Elite Boutiques: Firms like Evercore, Centerview, and Lazard have rigorous recruiting standards but slightly more flexible processes. Cold emailing can be effective here if you target junior bankers and demonstrate strong credentials.

Middle Market Banks: These firms often have more flexible hiring timelines and may be more receptive to cold outreach. They're excellent targets for building your first banking experience.

Regional Boutiques: The most receptive to cold outreach and direct asks about internships. Focus here if you need to build initial experience or if you're from a non-target school.

Leveraging Multiple Touchpoints

Don't rely solely on email. Consider:

• LinkedIn connection requests: Send a personalized note with your request, then follow up with email
• Industry events: Attend banking panels, case competitions, or networking events where you can meet bankers in person, then reference the meeting in follow-up emails
• Alumni databases: Many schools have searchable alumni databases that make it easy to find bankers who attended your school
• Informational interview platforms: Some firms use formal platforms for informational interviews-take advantage of these structured opportunities

The most effective networking combines multiple channels. Meet someone briefly at an event, connect on LinkedIn with a personalized note referencing the conversation, then follow up with email a few days later.

Creating Value Before Asking

The best networkers give before they ask. Consider ways you might add value:

• Share a relevant industry article with brief commentary on why it's interesting
• Introduce contacts to each other when there's a genuine mutual benefit
• Offer to help with campus recruiting efforts if they're coming to your school
• Share insights from your previous internship or industry if relevant to their work

This approach is particularly effective for building long-term relationships that extend beyond a single recruiting cycle.

Common Mistakes That Kill Cold Email Campaigns

Avoid these critical errors:

1. Sending Generic Mass Emails

Bankers can instantly tell when they've received the same email everyone else got. Even if you use a template structure, customize at least the first sentence and one other detail for each person based on your research. Personalization is non-negotiable.

2. Writing Emails That Are Too Long

Emails longer than 6-7 sentences rarely get read completely. Bankers are scanning their inbox quickly and will skip long emails unless they already know you. Edit ruthlessly-every sentence should serve a clear purpose.

3. Making It All About You

Cold emails that open with "I'm looking for an internship" or "Can you refer me?" come across as transactional and self-serving. Lead with curiosity about their experience, not asks about your career.

4. Poor Email Formatting

Don't copy and paste emails without removing formatting. In Gmail, highlight the entire email and click the REMOVE FORMATTING button to ensure a clean presentation. Mismatched fonts, colors, or alignment issues signal that you've copy-pasted carelessly.

5. Not Following Up

Most responses come from follow-ups. If you're not following up at least once, you're leaving responses on the table. Set reminders and be systematic about your follow-up process.

6. Using Unprofessional Email Addresses

Send from your school email address, not a personal Gmail account. School emails verify your student status and look more professional. An email from [email protected] is far less credible than [email protected].

7. Asking Generic Questions

Questions that can be answered by looking at the firm's website waste everyone's time. Ask about personal experience, career decisions, and insights only this individual can provide.

8. Forgetting to Proofread

Typos, grammatical errors, or factual mistakes about the person or firm are fatal errors. They signal carelessness and lack of attention to detail-exactly the opposite of what you want to convey to potential employers in a detail-oriented industry.

Tools to Streamline Your Outreach

The right tools can make your cold email campaign significantly more efficient:

Email Finding and Verification

Our Email Finder helps you locate professional email addresses using just a name and company. It works by searching across multiple databases and verifying email patterns to provide accurate contact information.

Once you have potential addresses, run them through our Email Verifier to ensure deliverability before sending. This prevents bounces that can hurt your sender reputation and ensures your messages reach their intended recipients.

Contact Research

LinkedIn is essential for researching bankers' backgrounds, finding alumni connections, and identifying relevant details to personalize your outreach. LinkedIn Premium or Sales Navigator can provide additional insights into career paths and shared connections.

Our Background Checker can provide comprehensive background reports with trust scores when you need deeper information about contacts at smaller firms.

Email Tracking

Email tracking tools show when your emails are opened and how many times. This information helps you understand engagement and optimize follow-up timing. If someone has opened your email 2-4 times but hasn't responded, it might signal interest but not enough urgency to reply-making it a good candidate for follow-up.

Contact Management

A well-organized spreadsheet or CRM system is essential. Track who you've contacted, when you followed up, what you discussed on calls, and next steps. This organization ensures nothing falls through the cracks.

Phone Contact

If you're also considering reaching out via phone for follow-ups after initial email contact, our Mobile Number Finder can help locate direct numbers-though email remains the preferred first touch for investment banking outreach. Phone calls can be effective for following up after you've already had email exchanges.

Next Steps

Start building your contact list today. Use LinkedIn to identify bankers at your target firms, then use tools like our Email Finder to locate their professional email addresses. Begin with 20-30 contacts, send your first batch of emails, and iterate based on responses.

If you're also considering reaching out via phone for follow-ups after initial email contact, our Mobile Number Finder can help locate direct numbers-though email remains the preferred first touch for investment banking outreach.

Remember: the best cold email is one you actually send. Perfectionism kills more networking campaigns than poor templates ever could. Write your first draft, review it once, and hit send.

Getting Better Results with Galadon

Cold emailing may feel repetitive and lacks the intellectual stimulation of actual banking work, but it remains one of the most effective ways to secure investment banking opportunities-especially from non-target schools or for off-cycle positions. The candidates who succeed are those who treat it like a numbers game while maintaining quality and personalization in every message.

If you're serious about breaking into investment banking and want to accelerate your networking results, consider joining Galadon Gold. Our members get access to 4 live group calls per week with sales and networking experts who've helped hundreds of candidates break into competitive industries. You'll also get direct access to proven cold email frameworks beyond what's in this article, plus a community of 100+ active professionals who are all working on their outreach campaigns.

The investment is $497/month-a fraction of what you'd spend on other recruiting resources, and you'll get practical, actionable coaching on exactly how to improve your response rates, handle objections, and convert networking calls into actual interviews.

Start today, stay organized, and remember that every "no" or non-response is simply bringing you closer to the "yes" that will launch your investment banking career.