The investment banking world is highly competitive, and applicants are expected to prove their worth. When applying to an investment bank, the applicant’s resume, school, and GPA play a significant role in the hiring manager’s decision. However, including an investment banking cover letter helps increase an applicant’s chances of obtaining the position. Applicants can use it to highlight the uniqueness of their experiences and skills.
Importance of It
Following are the good reasons why you should consider writing an investment banking cover letter:
- An investment banking cover letter can be used by applicants applying for jobs in small banks to increase their chances of employment as these banks usually receive fewer applications than other organizations.
- It can also be used by individuals interested in a career transition or re-entering the job market and individuals applying for positions in foreign countries. In each instance, the investment banking cover letter is vital in informing the hiring manager why an individual is applying.
- In addition, applicants can use the investment cover letter to provide insight into their abilities for the position.
- The investment banking cover letter also allows an applicant to make an excellent first impression. It can increase an applicant’s chances of moving on to the next phase of the hiring process.
- The investment banking cover letter can also help boost the application documents of individuals with little to no work experience, such as new graduates.
- When sent directly to the bank, the cover letter can help convey and showcase an applicant’s knowledge of the firm’s workings.
How to Write a Perfect Cover Letter
An effective investment banking cover letter is an applicant’s marketing tool. The insights provided by the cover letter help showcase the applicant’s potential for succeeding in the bank. It also helps applicants demonstrate how they are likely to use their achievements, experiences, and skills to meet the bank’s goals.
Therefore, an applicant should adhere to the following process when writing an investment banking cover letter:
The investment banking cover letter should indicate the applicant’s name, address, phone number, and email. The writer’s details are vital in identifying who the applicant is.
Secondly, the date of writing should be indicated in the investment banking cover letter. The date should be correctly formatted by indicating the month, date, and year.
Thirdly, the applicant should indicate a salutation that should contain the hiring manager’s name. An applicant should use ‘Mr.’ or ‘Ms.’ to be more respectful of the addressee. The use of the general greeting ‘To Whom It May Concern’ should be avoided.
The introduction is an integral part of the investment banking cover letter. It helps the applicant make a good first impression of the hiring manager.
Another crucial element of the introduction is that it should hook the reader. The applicant can hook the reader by writing a compelling and robust introduction. A strong introduction goes directly to the point.
It explains why the applicant is seeking the position and details the individual’s educational background, including the name of the school attended and GPA. A short statement explaining how the applicant heard about the position should also be indicated as it may be crucial information to the hiring manager.
Body of the letter
The body of the investment banking cover letter should explain the qualifications possessed by the applicant for the job. It provides the applicant with an opportunity to illuminate points made in the resume.
The following are details that should be contained in the body of an investment banking cover letter:
- It explains why you are perfect for this job/experience: An applicant should mention relevant work experiences, programs, activities, or associations that have contributed to acquiring multiple skills. In addition, the applicant should state how the skills can be applied to the position. An explanation of how the applicant’s personality and abilities fit with the job should also be provided. The explanation should be aligned with the bank’s work culture to show the hiring manager that the applicant can work with other employees and cope with the working conditions.
- Investment wins: The body of the cover letter should also contain investment achievements. The achievement will help show that the applicant is capable of yielding results. The investment wins provide a vivid picture of possible benefits associated with hiring the applicant.
- Why you are an asset: The body of the investment banking cover letter should explain why the applicant is a valuable asset. In addition, applicants should link their skills to the bank’s goals to help show how they can be contributing assets. An applicant can also state how the bank is set to improve if employed in the position.
- State the reasons why have you chosen this specific bank/good fit: The cover letter should also explain why the applicant has chosen the bank. The reasons provided should be genuine to avoid sounding like an advertisement obtained from the banks’ website. The applicant’s reasons should show a desire to grow in knowledge and skills. This will help ensure that the reasons mentioned are unique and specific to the applicant.
- Call to action: The final section of the body of an investment banking cover letter should contain an invitation for the hiring manager to follow up for further discussions regarding the position. The call to action also allows an applicant to show enthusiasm about the role.
The investment banking cover letter should have a firm conclusion. The conclusion can help increase the applicant’s chances of landing the job.
The conclusion should contain the following details:
- Closing remarks: Applicants must be brief and straight to the point when writing the closing remarks in the investment banking cover letter. It will help leave an impression on the hiring manager.
- Add a postscript: The applicant can also add a postscript to ensure that information left out is indicated. The postscript should be abbreviated with P.S. It can act as an attention grabber and may even be the first part read by the hiring manager despite its positioning at the bottom.
Finally, the investment banking cover letter should end with an appropriate closing phrase and the applicant’s full name. The applicant can use phrases such as sincerely, best thanks, among others. The applicant’s name should appear below the phrase.
Investment Banking Cover Letter Template
[City, State, Zip Code]
[Recruit’s job title]
Company’s street address]
[ City, State, Zip code]
Dear [Recruiter’s name],
I [how information about the position was obtained] and would like to apply for the [name of the position] in [ company name]. My [state qualifications] from [school name] make me a perfect fit for the position.
For the last [period], I have worked as [former position] at [former company]. Through [former company], I was able to hone my [state skills]by [experiences]. I was able to [accomplishments] which led to:
I know that [company name] is looking for [ qualities required]. I believe that my [ skills concerning what is required] are a testament to my potential.
[Reasons for applying]. I would be glad to connect with you to discuss further how my skills and portfolio can help improve [company name].
Sample Investment Banking Cover Letter
Boston, MA, 12526
Email [email protected]
August 13, 2020
Mr. Andrew Park
Golden smith Investment Bank
15 Broad street
Boston, MA, 78991
Dear Mr. Andrew Park,
I read an advertisement in the Boston Times and would like to apply for the Associate Position at Goldsmith Investment Bank. My bachelor’s degree in Finance from Wellington University makes me a perfect fit for the position.
For three years, I have worked as a financial analyst at Lion Investment Bank. Through Lion Investment Bank, I honed my valuation, financial modeling, and analysis skills by working as a lead analyst in 5 significant deals. My team and I were able to increase Lion Investment Bank’s profits after two straight years of losses which led to:
The closure of a $10 M deal
A profit of $ 6.5 M for a client’s flatlined revenue
I know that Goldsmith is interested in an Associate that can network and yield results. I believe that my skills and ability to work well with peers will enable meaningful collaborations when executing initiatives set out by the bank.
I am ready to be part of a more impactful position in a larger organization. I would be happy to connect with you to discuss further how my skills and portfolio can help improve Goldsmith Investment Bank.
Free Templates For You
Do’s and Don’ts
When writing an investment banking cover letter, the applicant should consider the do’s and don’ts for the drafting process, as discussed below. The considerations will increase the efficiency of the letter.
Do’s to keep in mind
The do’s of an investment banking cover letter will help guide the applicant through the writing process. An applicant that adheres to the simple rules of writing the investment banking cover letter has a better chance of going to the next stage of the hiring process.
Hiring managers in investment banks are busy individuals. They are tasked with going through several resumes and vetting potential employees. Therefore, a hiring manager is appreciative of a brief investment banking cover letter. The applicant should therefore ensure that the information contained in the letter is conveyed in short paragraphs.
An investment banking cover letter should display the applicant’s professionalism. The formal structure of the cover letter helps in boosting the aspect of professionalism.
The applicant should consider using bullets to highlight skills and achievements that may significantly impact the hiring manager. The bullets will help focus the hiring manager’s attention on the points even when scanning through the letter.
Formatting is vital in enhancing the readability of the cover letter. Therefore, the applicant should use a standard format when writing an investment banking cover letter. A standard 1-inch margin should be used with a font size of 10 and 12 points. The font size chosen should be the same as that used in the resume.
Focus on the employer
The investment banking cover letter should focus on the employer’s need for a worker rather than the applicant’s need for the job. Through research, an applicant can uncover the issues faced by the bank or firm and its goals. The information should link the applicant’s skills, achievements, and experiences to the bank’s needs.
Make it original
The main aim of an investment banking cover letter is to show how the applicant stands out from other candidates. It is therefore crucial for the information indicated to be unique. The applicant should utilize situations or instances that require resilience to enhance originality. The instances should be connected to the banking industry.
Don’ts to avoid
Understanding what to avoid while writing the investment banking cover letter will help ensure that the applicant steers clear of possible errors.
The following are the don’ts of an investment banking cover letter:
Don’t forget to edit mistakes
Proofreading helps the applicant identify any grammatical errors that may have been made during the writing process. The presence of grammatical errors can result in the applicant appearing lazy and unprofessional. It is therefore crucial that the applicants proofread the investment banking cover letter.
Don’t use colorful fonts
The applicant should avoid using colorful fonts as they are not in line with the formal nature of the investment banking cover letter. Colorful fonts may lead to the letter appearing unprofessional.
Don’t make claims you can’t backup
Making exaggerated or unbacked claims can hurt an applicant’s chances of landing a job. Therefore, each claim made by the applicant should be backed by evidence. The evidence can be informal documentation or confirmation by a trusted third party with insight into the applicant’s qualifications.
Don’t make it lengthy
An investment banking cover letter should be one page long with at least three or four paragraphs. A cover letter longer than this can easily be dismissed by the hiring manager. Lengthy explanations and unnecessary details should be avoided.
An investment banking cover letter can help an applicant break from the cold hard facts of the resume. It helps the applicant provide insights into the skills and qualifications needed to land the job. It also helps demonstrate how the bank stands to gain benefits from the prior achievements and experiences of the applicant.
An investment banking cover letter should contain unique information about the applicant. The information will help ensure that the applicant stands out from others. Applicants must clearly understand what the bank is looking for and the skills needed before writing the cover letter. The contents of the cover letter should be well articulated to enhance professionalism.