The Ultimate Investment Banking Cold Email Guide

Why Cold Emails Still Matter in 2025 for IBD Recruiting

Cold emailing can be an effective way to secure an investment banking internship when done correctly. While many have shared stories of their failed attempts, these typically result from copy-and-paste templates or contacting the wrong people.

When cold emails don’t work, it’s may be because the person has used them incorrectly or had an inappropriate profile. For example, a post-MBA professional emailing boutique banks about the possibility of an unpaid internship is unlikely to succeed. However, if you avoid these pitfalls, cold emails can be remarkably effective. Let’s now look at how to make sure cold emails are effective.

Who Should Use Investment Banking Cold Emails

To begin with let’s clarify when it is appropriate to send cold emails. Investment banking cold emails often work best for three specific groups:

1. Undergraduate students seeking initial finance internships in their first or second year
2. Incoming MBA students wanting to complete pre-MBA internships
3. Recent graduates who missed recruiting cycles and need immediate work experience

While having top universities or companies on your resume will strengthen your chances of converting cold emails into a beneficial conversation, you should still consider local options where they may recognize your university even if your school isn’t in the top 50 nationally.

The Email Process

The process begins with finding the names of firms in your area and deciding who you would like to approach. While paid databases like Capital IQ are ideal, Google and Google Maps searches can be effective alternatives. For each firm, identify 3-4 people and their email addresses using the firm’s website and email verification tools when necessary. These may be team leaders in specific areas of interest, or they may be part of the HR structure.

Start by emailing one person per firm, keeping your message concise (five sentences maximum) and requesting a brief call to discuss internship opportunities. If you don’t receive a response after one week, follow up with an even shorter message. After another week without response, follow up once more.

If you still don’t receive a response, move on to other contacts while continuing outreach to different firms. After approximately three failed attempts with different people at the same firm, remove that firm from your current target list. This is the best strategy as it allows the email recipient several opportunities to respond to you, plus tracking this approach is relatively straight-forward.

Investment Banking Cold Email Initial Template

This template will help guide you in how to set up your email and what information to include. If you have any contacts or know anyone at the company, it can help to highlight this as well to add a small element of personalization to the message.

This is the best way to lay out a cold email:

SUBJECT: [Firm Name] – [Time Period] Internship for [University Name] [Student / Graduate]

“Mr. / Ms. [Name],

I am writing to you to see if [Firm Name] might be interested in taking on a [Time Period] intern with [a start date of X / an immediate start date].

I am a [Student at / Recent Graduate of] [University Name] with a degree in [Major / Degree Name] and [Summarize grades / academic results]. I have also completed coursework in [Relevant Areas] as well as internships in [Summarize the most relevant fields and firm names].

I am especially interested in your firm because of your focus on [Industry Name or Deal Type], [Explain your personal or professional connection to this industry or deal type].

If you have any availability next week, I would greatly appreciate the chance to speak with you and learn more about your firm and the possibility of completing a [Time Period] internship there.

Best regards,

[Name]”

This template is useful and covers the key information you would like to convey in just five sentences.

Investment Banking Cold Email Follow-up Template

A good technique to use for follow-up emails is to remember something from your conversation with the individual and include it in the email. Do NOT send the same thank you email to multiple analysts in case this is spotted and viewed as careless.

Here is a template that is helpful to base your follow-up message on:

Subject: RE: [Insert your original subject line here by replying to your first email]

“Mr. / Ms. [Name],

I wanted to see if you had a few minutes to speak with me about [Describe the internships or other opportunities you’re seeking at the firm].

I’m currently a [Briefly summarize your school/work status], and I would greatly appreciate the chance to speak with you and learn more about [Firm Name].

Thanks in advance,

[Your Name]”

Preparing for Investment Banking Screening Calls

When you secure a call, its best to prepare for a mini-interview lasting 5 to15 minutes. These calls will likely require:

1. A condensed version of your story (1-2 sentences)
2. Basic knowledge of accounting and valuation
3. Compelling reasons for wanting to work at their firm
4. Research about the person and firm, including recent deals related to the firm

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.

Common objections you might face include:

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

• “We can’t afford interns” – you could offer to work without compensation
• “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 plans

Investment banking thank you email template

Firms will appreciate a thank you email following any conversations either online or a call. You can structure the message in this style, which is succinct, polite and expresses your ongoing commitment to interning at the firm.

Subject: RE: [Reply to the initial cold-email chain]

“Mr. / Ms. [Name],

Thanks again for taking the time to speak with me about [Firm Name] [“earlier today” / “the other day”] and the possibility of interning there.

I understand that [Firm Name] does not normally offer formal internships to students, but I am grateful for the chance to learn more about your firm and look forward to hearing from your team soon.

Also, [You can mention something specific that you discussed on the call, such as information or a document they requested].

Thanks,

[Your Name]”

Expected Results and Timeline

Use this timeline to help manage expectations for cold emailing. Some messages will go unanswered but it is important to remain positive as you approach the process in a diligent manner. For boutique firms, the typical results would follow this pattern:

• 30 firms initially contacted
• 15-20 email responses
• 8-10 phone calls
• 2-3 real interviews
• 1 offer

These numbers will vary by region and will also be dependent on 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, target contacting 150-200 bankers to enhance your success rate. Try targeting group heads who have broader visibility into hiring needs across the organization.

The entire process typically spans 2-3 months, though this can vary based on response rates and follow-up timing. Remember, you don’t need perfect conditions to start – begin with 20-30 names and add more gradually.

Do’s and Don’ts for Investment Banking Cold Emails

Here is a list of Do’s and Don’t to consider when contacting firms:

Do’s

Personalize your email:

1. • Use the email templates as a reference but ensure your language is unique
   • Personalization adds a professional and thoughtful touch and will increase chances of a positive response

Maintain professional addressing:

1. • Use the recipient’s first name when emailing analysts or associates, as they are typically only a few years ahead of you
   • Address vice presidents (VPs) or managing directors (MDs) formally using “Mr.” or “Ms.” in the salutation

Tweak language for each email:

1. • Slightly adjust the wording for each email to avoid sending identical messages to multiple recipients which may appear impersonal

Remove formatting:

1. • Use CMD + SHIFT + V (or the equivalent for your system) to paste without formatting if you’re copying from a template
   • In Gmail, highlight the entire email and click the REMOVE FORMATTING button to ensure a clean presentation

Consider attaching your resume:

1. • Attaching your resume is optional, but it can help give the recipient additional context about your background and qualifications
   • Download a free Financial Edge CV template to ensure that you convey the correct information to potential employers in a neat and professional manner

Track your networking:

1. • Use a spreadsheet to log your networking efforts – keep track of who you’ve emailed, follow-ups and outcomes to stay organized and consistent

Don’ts

Copying templates verbatim:

1. • Using the same exact language as others or the template will make your email appear generic and insincere

Send mass emails:

1. • Don’t send the same email to multiple people without modifying the content –  tailoring each email shows effort and attention to detail

Copy-paste carelessly:

1. • Avoid copy-pasting without removing formatting –  this can cause alignment issues or inconsistent fonts, which will be obvious to the recipient

Forget to check formatting:

1. • Always double-check the appearance of your email before sending it to ensure it is professional and error-free

Neglect follow-ups:

1. • Don’t send one email and stop there – networking success often requires polite follow-ups to maintain the connection

The Advantages of Cold Emailing

Cold emailing may initially feel like a challenge but remember it does have several advantages over traditional in-person networking:

1. Less preparation is required before initial contact
2. There is minimal need for deep research into the person’s career and interests
3. Shorter timeline for results
4. More straightforward, sales-like approach

While the process may feel repetitive and lack intellectual stimulation, it remains one of the most effective ways to secure investment banking internships that can lead to full-time offers at major firms.

Conclusion

Cold emailing can be daunting, but with the right templates and planning, it can be an efficient and well-managed way to open the door for conversations. When messaging, it is best to try and be as polite and succinct as possible while highlighting why you would be a good addition to the firm. Commit to following up on each contact point that you have initiated, and this will help pave the way for a successful internship.

Additional Resources

Investment Banking Courses

Free Investment Banking Resume Template

A Day in the Life of an Investment Banking Intern

Getting Hired in Investment Banking