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.

Keep reading for tips and strategies to write a winning cover letter for an investment banking job.

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How to write investment banking cover letters?

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:

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.

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.

Explain why you're a good fit

The toughest part of writing an investment banking cover 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.

Proofread before sending

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!

Cover letter template for an investment banker

Looking for an effective investment banking cover letter template? The one below is suitable for students, associates, and investment banking analyst positions:

Use this free template to organize your cover letter. Image: 10xEbidta.com

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.

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.

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