Investment Banking Cover Letter
Investment banking is a competitive field with a positive job outlook. Employment of securities, commodities, and financial services is expected to grow by 7% by 2032. To compete for your target investment banking position, you need to submit a resume with a cover letter, as not attaching one can hurt your interview chances.
Another reason to use a cover letter in the investment banking industry is to explain unusual background or employment gaps. In small local banks, hiring managers may read cover letters, so you want to illustrate your achievements and technical skills to catch their attention. The cover letter for a banking analyst role format is not so much different from other industries, but still, there are some points to keep in mind while writing it.
Keep reading for tips and strategies to write a winning cover letter for an investment banking job. If you have no idea why cover letters matter in investment banking, and want to know do banks read cover letters, this article will definitely help you expand your knowledge on how to prepare well crafted cover letters that include more than just a phrase "dear hiring manager".
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How to Craft a Compelling Cover Letter for Investment Banking Guide
Let's take a look at how to write a cover letter tailored for investment banking roles and integrate financial data in a proper, professional manner. Large banks and financial organizations rarely read cover letters. However, mistakes and poor writing can hurt your interview chances. Here are the tips to keep in mind to compose a great cover letter:
The best format for an investment banking cover letter
The best decision is to write a short cover letter. Choose an investment banking cover letter template that contains all the essential components to show your professional development, and yet does not require more than one page of information. You can use the same template for multiple applications. Make sure your Word template contains a strong introduction, sections with previous experiences, and a concluding paragraph with a call for action.
Keep it short and focused
Ideally, your investment banking cover letter should be no more than 1 page. Three to five short paragraphs are enough to convey your background, analytical skills, and relevant experiences. Avoid long introductions and get straight to the point.
Use 1″ margins so that there is plenty of white space and set font size to 10-12 pts for better readability. All these details will contribute to a great first impression.
Find a reference
If possible, find a person in your target bank who can vouch for you. Networking is still the most important strategy for landing jobs that are not advertised. Plus, any company is more likely to interview a candidate recommended by some of their current employees rather than someone who applied through the website or job board.
If you have a reference in the company, mention their name in the first paragraph to let the hiring manager know.
How to reference someone in a cover letter for investment banking
There are several steps to follow when referencing someone in your cover letter. According to IB cover letter template guidelines, you need to get the permission of that person, use only the full name and role within the company, place a reference in the opening section, and add a sentence explaining your professional relationship. Check out the sample cover letter for an investment banking analyst with a reference below:
Example:
I am writing to express my interest in the Investment Banking Analyst position at [Firm Name]. This opportunity was brought to my attention by Michael Grant, Vice President of M&A at your firm, with whom I worked closely during my internship at [Previous Firm]. His insights into your dynamic deal flow and commitment to excellence further fueled my interest in joining your team.
Do the name-dropping
Your goal is to capture the reader's attention from the first lines. Name-dropping works great to achieve it. If you went to a top-ranked business school, worked for Goldman Sachs, or had reputable Wall Street clients, mention their names in the introductory paragraph. Similarly, you can include the names of the specific person from whom you found out about the job.
Include the target position name, company name, and 2-3 key qualifications that make you an ideal candidate. Keep your first paragraph short - you can add more detail later.
Capitalize on your achievements
Your letter body should be focused on past experiences and accomplishments. Ideally, you need to include at least 2-3 measurable achievements in your cover letter. If your investment recommendations helped your client increase profitability, you acquired new business and increased portfolio returns, specify it with figures and percentages. If you are a student, you can mention academic achievements and excellent performance in school.
Successes in your previous roles signify that you are a hard-working, result-oriented professional and give the hiring manager one more reason to interview you.
How to highlight achievements in a banking cover letter
First, you need to use numbers and specific metrics. For example: “Increased loan portfolio by 25% within 12 months, exceeding annual targets by $3M.” Second, you need to talk about the impact of that achievement on your client. For example, "Advised high-net-worth clients on investment strategies, resulting in a 15% average portfolio growth.” Third, you need to demonstrate how your decisions helped achieve cost saving. For instance, “Streamlined reporting procedures, reducing monthly reconciliation time by 30%.” You can use these examples, but add your own numbers.
Explain why you're a good fit
The toughest part of writing an your IB job application letter is to specify your strengths and mention how the employer will benefit from hiring you. Write how your financial modeling, corporate finance, mergers & acquisitions, venture capital management, and valuation skills can benefit your target bank.
Don't recall all internships and jobs you've had. Focus on the large-impact projects and deals from your relevant experience.
Incorporate keywords
Most employers use applicant tracking software (ATS) to screen applications. Thus, it is important to use language that matches the job description. Focus on the same skills, qualifications, and credentials that the specific job asks for. Thus, you'll avoid getting your investment banker resume and cover letter tossed by the software.
You can use the cover letter to expand on the specific projects, deals, and clients that the job posting asks about.
Avoid irrelevant facts
Don't go too personal in your cover letter. Avoid mentioning your challenging financial situation, any negative facts about your previous employer or the team, or the fact that you had arguments with your ex-boss. It's not the best idea to list hobbies, skills, and experience outside the investment banking industry. Focus your letter on professional experiences and how you can contribute to the company's success.
Don't stretch the truth
Don't make outrageous claims to get an interview. Any information in your cover letter is easy to check. If the employer finds out that you never went to Stanford or your previous role was with a different employer, you'll probably lose the job. Moreover, your professional reputation will suffer.
Don't make loud statements without substantial proof. Instead of writing that you are a top financial analyst, prove it with specific examples, case studies, and achievements.
Attention to detail is super important for investment bankers. Making grammatical errors, forgetting about commas, and typing the company name wrong can work against you. According to the stats, 59% of recruiters reject applications with typos and poor grammar. So, take the time to check your letter and ensure it is free from any typos, mistakes, and other shortcomings.
Keep your paragraphs short, as the hiring manager might ditch your letter because it is difficult to read. Use simple formatting and a little color to add a creative touch to your letter.
If you have written a cover letter, but are not happy with the way it looks, a professional cover letter editor can help improve it. At an affordable price, our editor will correct grammar, punctuation, spelling, and structure of your letter so that it reads logically and makes a professional impression. Try our banking resume services with a discount!
Investment Banking Cover Letter Samples and Templates
Looking for an effective investment banking cover letter template? The one below is suitable for students, associates, and investment banking analyst positions:
Use this sample banking job application letter format to organize your letter.
Why is this a good banking cover letter template? Firstly, it is focused on the company and the candidate features the company's activities and projects. Secondly, the candidate exposes their motivation for joining the organization and their career goals. Finally, they recall an internship and academic activities that prepared them to join the investment banking industry and succeed in the role. The letter's content directly relate to the organization's requirements. Additionally, the candidate uses a personalized salutation and a professional closing.
You can follow this structure and formatting when writing your letter. Be sure to add your unique experiences and achievements to set yourself apart from the competition.
It is a great idea to use cover letter samples for finance roles not only to organize your own letters but also to check on formatting, wording, and tone of the writing. Yet, it is important not to copy anything even if the written information is perfectly suitable for your case and situation. When you copy, it is easy for the reader to find out. Copying is a form of cheating and stealing. Instead, you can use an investment banking cover letter template download, either free or paid, and add your professional information to it. Make it unique!
Tailored Letters for Different Banking Positions
While it is not always the case, there are some differences in writing cover letters for specific roles in the banking industry. Here are a few secrets shared by our team:
- cover letter for investment banking internship - you need to put emphasis on your academic achievements and relevant coursework.
- cover letter for Goldman Sachs - focus on leadership skills and the culture of Goldman. You need to demonstrate your knowledge of the company
- cover letter for boutique investment banks - highlight personality aspects and adaptability to working in a smaller environment
- cover letter for Bulge Bracket Banks - it is necessary to mention your ability to work under pressure and succeed as a member of large teams
- investment banking motivation letter - the objective is to show the root causes of your motivation to choose this industry for career progression
- banking cover letter with no experience - if you have no professional record, you have no other choice but to talk about transferable skills and values
One more advice. If you are looking for the template, do not use very specific search inquiries such as "regional bank private banker cover letter example". Instead, search for "banker cover letter template". You will have a bigger variety to choose from.
Benefit from investment banking cover letter writing services
Investment banking is a highly competitive field, so your resume and cover letter should look perfect to win the competition. Our resume experts can update your old resume or create a new one according to the unwritten rules of the banking industry. Your writer will put your achievements into the spotlight, add essential keywords, and enhance the resume formatting to help you make the right impression from the onset.
Our professional letter writing for finance applicants is very affordable. In addition to writing and editing services, you can also get your your banking application letter reviewed by our team. Yet, we strongly advise choosing a resume and cover letter package for investment banking sector to save at least 20% of the price. Feel ready to order investment banking cover letter help? Chat with us for additional information!
How to Optimize Your Investment Banking Resume and Cover Letter for ATS
Many of our readers have a question about how to pass ATS with cover letter keywords. First, applicant tracking systems (ATS) are an automatic program that helps HR managers sort out irrelevant applications. The program checks for keywords mentioned in your application documents. Second, resume and cover letter optimization is not only about the use of keywords but also requires proper formatting that can be read by machines. A job-winning cover letter structure should be closely aligned with the fundamental format of any letter. These and other elements require hours of research and attention to detail. With our professional branding for bankers, you get a fully optimized cover letter that does not require any additional input on your side!
Essential Investment Banking Skills to Highlight
Finally, we would like to share some Wall Street career tips on how to succeed in investment banking job market and get noticed by HR managers and recruiters. According to research, it is not enough to mention your career progression on your cover letter and resume. It is not relevant to discuss your leadership skills as a unique advantage, too. Keywords and AI-led programs will sort your resume and cover letter out if they are not used properly.
The keywords you should have on your cover letter to get the attention of the HR manager:
- Mergers and acquisitions
- Corporate finance skills
- Valuation expertise
- Financial modeling experience
- Portfolio management
- Capital markets knowledge
- Equity research
- Client acquisition
We strongly advise mentioning these keywords in your job application documents! Have no idea how to insert them? Chat with our support to get help!
Frequently Asked Questions
What do recruiters look for in an investment banking cover letter?
Recruiters look for industry-specific skills like financial modeling, M&A expertise, and corporate finance knowledge, along with clear motivation and attention to detail.
How long should an investment banking cover letter be?
Ideally, your cover letter should be one page long, featuring 3-5 concise paragraphs that highlight your achievements and fit for the banking industry.
Can I use a generic banking cover letter for all positions?
No, you should tailor your cover letter to each investment banking role, mentioning the specific company name, role title, and relevant projects or achievements.
What makes a cover letter ATS-friendly for investment banking jobs?
Using relevant banking keywords, keeping formatting simple, and matching language from the job description makes your cover letter ATS-friendly.
How to end an investment banking cover letter professionally?
End with a confident closing, such as expressing enthusiasm to discuss your qualifications in an interview and thanking the reader for their time and consideration.
Looking to maximize your chances?
Pair your cover letter with a professionally written banking resume tailored to the investment banking industry. Boost your interview success rate with expert help