The Investment Banking Cover Letter Template

Do Cover Letters Actually Matter?

In the fast-paced world of bulge bracket banks, cover letters often get minimal attention. They matter far less than resumes and networking—roughly 10x less important than resumes and 100x less than networking. However, there are specific situations where cover letters hold more weight:

• Boutiques and Local Banks: Sometimes they do read cover letters.
• Unusual Backgrounds: If you're not currently in university or business school, you may need to explain your situation in more detail.
• Outside the India : In regions like Europe, cover letters and online applications receive more attention.

A great cover letter might not make you stand out, but a poor one can hurt your chances. Here's how to ensure yours doesn't fall into the latter category.

Overall Guidelines

• Keep It Compact: Avoid 0.1" margins and size 8 fonts. Use 0.75" or 1" margins and at least size 10 fonts.
• One Page Only: Unless you're in Australia, there's no reason for a multi-page cover letter. Save detailed experience for your resume.

Contact Information

• Your Information: Name, address, phone number, and email address right-aligned at the top.
• Recipient’s Information: Date and the recipient’s name and contact information left-aligned below your details. If unknown, list the company name and address and use a “Dear Sir or Madam” greeting.

For email applications, omit this information and start with the greeting.

Paragraph 1: Introduction

Introduce yourself, state where you're currently working or studying, and how you found the bank. Mention any impressive-sounding university or business school, your company name, and the group you’re working in. Name-drop specific people or events, and mention the position you’re applying for.

Example:

“My name is John Smith and I am currently a 3rd year economics major at DU. I recently met Fred Jackson from the M&A group at Goldman Stanley during a presentation at our school last week and was impressed with what I learned of your culture and recent deal flow. I am interested in pursuing an investment banking summer analyst position at your firm, and have enclosed my resume and background information below.”

Paragraph 2: Your Background

Discuss your most relevant experiences and how the skills you gained make you a good fit for banking. Highlight teamwork, leadership, analytical abilities, and financial modeling skills. Mention high-impact projects or clients and the results.

Example:

“I have previously completed internships in accounting at PricewaterhouseCoopers and in wealth management. Through this experience working directly with clients, analyzing financial statements, and making investment recommendations, I have developed leadership and analytical skills and honed my knowledge of accounting and finance. I also had the opportunity to work with a $20M net-worth client at UBS and completely revamped his portfolio, resulting in a 20% return last year.”

Paragraph 3: Why You’re a Good Fit

Link your experience and skills to the position, explaining why you’re suited for the role. Mention specific aspects of the company that appeal to you.

Example:

“Given my background in accounting and wealth management and my leadership and analytical skills, I am a particularly good fit for the investment banking summer analyst position at your firm. I am impressed by your track record of clients and transactions at Goldman Stanley and the significant responsibilities given to analysts, and I look forward to joining and contributing to your firm.”

Paragraph 4: Conclusion

Remind them your resume is enclosed, thank them for their time, and provide your contact information again.

Example:

“A copy of my resume is enclosed for your reference. I would welcome an opportunity to discuss my qualifications with you and learn more about Goldman Stanley at your earliest convenience. I can be reached at 310-555-1234 or via email at suresh@fake.com. Thank you very much for your time and consideration.”

Unusual Backgrounds

If you have an unconventional background, add a few sentences to paragraph #2 or #3 explaining yourself. Keep it concise; interviews are a better venue for proving your commitment.

Email vs. Attachments

If emailing, make the body of your email the cover letter and omit the address bits. Creating a separate cover letter attachment is redundant unless specifically requested.

Optional Cover Letters

If an online application says “Optional Cover Letter,” include one. It takes only a few minutes once you have a template, and it could give you an edge.

Cover Letter Mistakes

Avoid the following:

• Outrageous claims or trying to be “creative” with colors, pictures, fonts.
• Long-winded letters; keep it concise.
• Irrelevant information.

Remember, while cover letters might not boost your chances significantly, a poorly written one can quickly lead to rejection. Stick to the template, highlight your relevant skills, and ensure your cover letter complements your resume effectively.

Need More Help?

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Disclaimer: This content is for informational purposes only and does not constitute professional advice. Always tailor your cover letter to the specific job and company you're applying to.