How to cold email for an internship, in investment banking
Write a short email to one person at a time: who you are, how you found them, why them, and a 15 to 20 minute call in the next couple of weeks, then thanks. Don't ask for a job. If there's no reply in a week, follow up once, then move on to someone else at the bank. Once they say yes, the call is next. Our coffee chat guide has 24 questions to ask and how to run the 20 minutes.
Updated
- What to write: who you are, how you found them, why them, a short call, thanks. Under 120 words.
- What to ask for: 15 to 20 minutes of advice. Never a job.
- When to nudge: once, after a week. Then try another banker.
- What comes next: a call that can turn into a mini interview, so have your story and why banking ready.
Four cold email templates
Copy one, then change every bracket. Each is under 120 words. Send from your school email, one person at a time.
Templates to copy4 emails
Alumni
Subject: [School] student, quick question about [Bank]
Hi [Name], I'm a sophomore at [School] studying [major], and I found you through our alumni directory. I'm recruiting for investment banking, and your move from [club or major] to [group] at [Bank] is the path I'm hoping to take. Would you have 15 minutes for a call in the next couple of weeks? I'd love to hear how you decided on [group] and what you'd do again. Thanks for considering it. Best, [Your name]
No shared school
Subject: Question about your work in [group]
Hi [Name], I'm a junior at [School] interested in [group]. I read about [Bank]'s work on [public deal] and wanted to learn how analysts spend their time on a deal like that. Would you be open to a 15-minute call in the next two weeks, at whatever time suits you? Thank you for reading this. Best, [Your name]
Boutique
Subject: [School] student interested in [Bank]
Hi [Name], I'm a junior at [School], and [Bank]'s focus on [sector] lines up with [your class, job or project]. I'd like to learn how a small team splits the work and what the firm looks for in summer analysts. Would you have 15 to 20 minutes for a call in the next couple of weeks? Thanks very much. Best, [Your name]
LinkedIn
A short connection note
Hi [Name], I'm a [School] student recruiting for banking, and I saw we both [shared link]. Would you be open to a 15-minute call sometime in the next few weeks? Thank you!
Follow-ups3 messages
After a week
One short nudge
Hi [Name], I know this is a busy time, so I wanted to bring this back to the top of your inbox. Even 10 minutes would help, or if there's someone on your team you'd point me to, I'd be grateful. Best, [Your name]
After the call
Thanks within a day
Hi [Name], thank you for the time today. Your point about [something they said] changed how I'm preparing. I'll follow up with [person they mentioned] as you suggested. Best, [Your name]
When you apply
A short update
Hi [Name], a quick update: I applied to [Bank]'s summer analyst program today, and our conversation is a big part of why. Thanks again for your help. Best, [Your name]
What goes in a cold email
Stanford's alumni career office lists these five parts for a cold message to an alum. They work for any banker.
Who you are
One sentence: school, year, what you study. Nothing about your whole story yet.
How you found them
The alumni directory, LinkedIn or a person who sent you. It explains why a stranger is writing.
Why them
What you have in common and what you want to learn from them. This is the line that makes it personal.
A short, easy ask
A 20-minute chat about their work or path in the next couple of weeks. Stanford also says not to ask for a job.
Thanks
Close by thanking them for considering it. Keep the whole message short.
Who to email, and when
Our advice. Start months before applications open, because a call booked in a busy week can take a while.
A simple weekly routine
Week 1
Build a list
Alumni from your school at each bank you want, then people from your clubs or hometown. Start with analysts and associates, who went through recruiting most recently.
IB recruiting timelineWeek 1
Find the address
Look up the bank's email format from someone you already know there or your career office. Use one person's exact address, never a guess sent to five versions.
Each week
Send a few, not fifty
Three to five personal emails a week, each with a real reason for that person. Track who, when and the reply in a sheet.
After 7 days
Follow up once
Stanford's office says to wait a week, then ask for 15 minutes or for someone else you could talk to. Still nothing, and you move on.
Stanford: cold contactingBefore every call
Prepare your story
Bankers often ask a question or two about you. Have a 60-second story and why banking ready.
Coffee chat questions to ask them
10 questions bankers ask on a networking call
A coffee chat can turn into a short screen. Our own wording. The questions you ask them are in our coffee chat guide.
About you5 questions
Expect at least one of these on almost any call.
Tell me about yourself.
What a strong answer does
Sixty seconds, ending on why banking and why you reached out to them. Not your whole resume. Practice it, see a model answer
Why investment banking?
What a strong answer does
One real reason from something you did, plus what you want to learn in the job. Skip money and prestige. Practice it, see a model answer
Why our bank?
What a strong answer does
Something you learned from them or their group, not the bank's ranking. The call itself is your best material. Practice it, see a model answer
What do you think an analyst actually does?
What a strong answer does
Models, pitch books, diligence and long hours, said plainly. Shows you know what you're signing up for. Practice it, see a model answer
Banking hours are hard. Why are you sure?
What a strong answer does
A time you kept up quality under a heavy load, and why the trade is worth it to you now. Practice it, see a model answer
Markets and deals2 questions
A quick check that you follow the business.
Tell me about a deal you've followed.
What a strong answer does
Buyer, target, price or multiple if public, why they did it and your own view on it. Practice it, see a model answer
How do you keep up with the markets?
What a strong answer does
Your real sources and one thing you learned this week. Practice it, see a model answer
Technicals and wrap-up3 questions
Rare on a first call, more common as recruiting gets closer.
How do the three financial statements link?
What a strong answer does
Net income to cash flow, cash to the balance sheet, and one example like depreciation, in under a minute. Practice it, see a model answer
Walk me through a DCF.
What a strong answer does
Project free cash flow, find a terminal value, discount both at WACC and bridge to equity value. Keep it short. Practice it, see a model answer
What questions do you have for me?
What a strong answer does
Two specific ones about their work or group, then ask who else you should talk to. Practice it, see a model answer
More to prepare with
Cold email mistakes
Asking for a job
Stanford's office says not to ask for a job in a cold message. Ask for advice, and let any offer of help come from them after the call.
A wall of text
If it doesn't fit on a phone screen, cut it. Your story belongs on the call.
Attaching a resume nobody asked for
Offer it instead: "Happy to send my resume if useful." Your email should stand on its own.
The same email to five people at one bank
If they compare notes, it reads as a mass mail. Write to one, wait, and make each email personal.
Questions you could google
Ask what only they know, like how they chose their group. Our coffee chat guide has a list.
Got the call? Practice your story
Soreno's AI interviewer asks the questions bankers ask, like why banking and walk me through your background, follows up and scores your answer. Free for 7 days.
Questions people ask
Can I cold email for an internship with no finance experience?
Yes. Lead with what you have in common and what you want to learn. A class, a club or a project that made you curious about banking is enough for a first email.
Should I attach my resume to the first cold email?
Usually not. Offer to send it, and attach it only when they ask or when you're writing to a recruiter about an open role.
How long should a cold email be?
Short enough to read on a phone without scrolling. Our templates are under 120 words, and Stanford's alumni office says to keep the first message short.
When should I follow up?
Stanford's alumni office says to wait a week, then send one follow-up asking for 15 minutes or for someone else to talk to. If there's still no reply, move on.
How many people at the same bank can I email?
One at a time is safest. If they don't reply after a follow-up, try someone in another group, and don't copy the same text.
Is LinkedIn or email better?
Email to a work or alumni address is easier to answer at length. A LinkedIn note works when you can't find an address, as long as it says why you want to connect.
What if a banker asks me technical questions on a coffee chat?
Answer briefly and honestly. If you don't know, say how you would work it out. Practice the basics, like how the three statements link, before your calls start.
How do I turn a coffee chat into an interview?
Ask who else you should talk to, send a thank-you within a day, and update them when you apply. Some bankers will offer to pass your name on, and you shouldn't ask for it on the first call.