Sample cover letter for Internship position at Citi
With a large client base which includes corporations, investors, hedge funds, governments and high-net-worth individuals, Citi is a leader in providing the most sophisticated solutions to their clients. Not only will Citi provide me with an environment where I will be able to achieve my highest potential, but it will also enable me to build essential relationships with clients and colleagues. By shadowing people and participating in numerous presentations, as well as interactive sessions, I will truly experience firsthand what it is like to work in Sales & Trading at Citi.
During the summer, I completed an internship at Allianz where I helped increase sales by persistent cold-calling and relying on my negotiation skills in order to arrange appointments with potential clients. I also had the responsibility to research each corporate client before meetings in order to suggest which financial strategy in terms of fixed income, absolute return and emerging markets would develop their investment portfolios the most. During my academic year as a Mathematics student, I was chosen to represent the student voice by attending meetings in the Student Council and Academic Board, and proposing solutions to issues raised by students. This resulted in successfully convincing the College to remove all fees related to re-sitting exams or assessments. Moreover, being part of the King’s Investment Banking Society allowed me to participate in various events including a Morgan Stanley M&A case competition where my team won 3 rd place by researching potential acquisitions for Google in order to create synergies and grow market share. We based our research on recent financial news and analysis of net profit margins. I have also attended a Goldman Sachs trading competition where I established a plan on how each member of my team should complete a specific task based on their financial background and we jointly partook in the decision-making process of buying and selling oil by using CFDs. The event sparked my interest in the financial markets which resulted in building my own stock portfolio on Google Finance where on some stocks, I have returns of approximately 105%. At a seminar led by City Trading & Investment, I was introduced to the methods of measuring volatility of equities in the short term by using benchmark indices such as VIX.
Considering my passion for the financial markets and my experience at Allianz, as well as my involvement in university, I believe that I am a particularly good fit for a position on your Citi Quest Programme.
I would welcome an opportunity to discuss my qualifications with you and learn more about Citi at your earliest convenience. Thank you very much for your time and consideration.
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CV and cover letter review for spring week
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Hi WSO community,
Would anyone be so kind to take a look and critique my CV and cover letter as I am applying to spring weeks. I really appreciate your time and will make a conscious effort to respond and implement your comments. Any feedback on any part of the CV and/or cover letter is much appreciated.
Question: I'm not sure how to detail specific stock recommendations regarding the equity research experience and stock pitch competition. Is it even appropriate? If yes, how would I go about describing the valuation / pitch ?
Cover Letter for both Investment Banking and Global Markets spring week. This is for Goldman which has a 300 word restriction so I abandoned some conventions for this application only.
Incoming first year in UK borderline semi-target school. Had 1 year of uni experience prior explaining the president of business club.
Cover Letter uploaded as a document and only able to be viewed on browser :(
re cover letter: fix general grammar/spelling errors. There's a hyphenated sequence there that shouldn't be there. Identify what skill you can demonstrate but don't explicitly say that it's relevant to the roles since that gives the impression that you think you know the job well. Even if you do, they don' t think you do. Also, general rule of thumb for GS : Apply to both divisions but focus on one in the cover letter. HR has been vocal about this at events and to spring attendees so play the game. Pick which one you want more and focus on that one.
re CV: had a cursory look but USD is followed by Yen sign on merchandise trading company. remove the chinese investing stuff from interests, its there to spark up a conversation and attempt to make you look not like a complete finance nerd so replace it with something memorable. CV is good in terms of content relative to competition but just be aware that a lot of people with actual relevant work ex get nothing in favour of candidates who did random work experience in like a restaurant or something. Spring recruiting is 70% random with a good amount of that figure being formed from your university name and if you fit diversity aims. The last 30% is having a good CV and cover letter.
Hey, thanks for taking the time to go over my cover letter. It makes sense to not explicitly say how my skills are relevant since I really have no inkling but just a very vague concept of what the role issei's like. Also very helpful to know that I should focus on one division. I could only gloss over the key points as I tried to talk about both divisions. Your advice would free up some word count which would allow me produce a more focused letter. Also will make changes to my interest. Again thanks for your time and helpful advice! Very helpful.
Damn how did you get so many internships before uni?
Very common from applicants outside of the UK (namely mainland Europe)
I'm from Europe and I didn't have the chance to get anything :(. This guy looks like he has a good start, wish him luck
Ask around family, friends, and exhaust any kind of connection. For me, I just kept looking for experiences everywhere and anywhere. Although its best to get finance experience, IMO any work is better than no work at all. And then we can try to make sense out of how they are relevant to the role you're applying to. Keep looking and be initiative and something will come up. Best of luck!
I'm Asian ;(
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How to Write a Cover Letter and Examples
Scroll to the end of this post if all you want are actual examples I submitted to firms : seeing other people’s examples was by far, the most useful resource that helped me improve my own cover letters and formed the basis of my approach.
Cover letters can be a lot of effort but be patient because  if you put the effort in for each ‘why firm’ paragraph, that will set you up for the interview and  the process will get faster the more effort you put in early on.
So how do you write a good cover letter?
Firstly, some rules of thumb:
- Keep it to 400 words (+/- 10%)
- Don’t go smaller than size 11 font
- Use an example to spark ideas and to double up as a template; scroll to end to see 3 examples of my own (Evercore, Credit Suisse and JP Morgan).
Whereas the key to speeding up CV writing is using a template, I found the key to writing a cover letter is using someone else’s as an example (which doubles up as a template).
Here is the structure I would use:
“I am entering my penultimate year studying X at the University of Y, where I expect to receive…” .
See examples below for a more detailed outline of my approach. This brief introduction can be incorporated into the first paragraph, but I would simply have it as a 2 line stand-alone section as you can see in the examples at the bottom of this post.
1. Why the Firm?
Move straight into your 2 or 3 reasons for why the firm .
I used to begin with why the division, but this technique of starting with the most tailored paragraph of why the firm prevents you from sounding generic from the get-go.
For example: “I am drawn to apply to X because of its unique combination of being a premier global advisory firm and having an entrepreneurial, open culture.”
Then support your point by mentioning people you’ve spoken to and past experiences that draw you to that culture.
The why firm part is where networking becomes critical and can make your life a lot easier. The reason I would suggest starting with why the firm is because it draws the recruiter in straight away and is the most case-specific, tailored part of your cover letter to that firm so convinces them you’ve done your research from the get-go.
Stay tuned for next week’s post which will extend the current mini-snippet on how to network effectively.
2. Why the Division?
I recommend linking why the division into why the firm to avoid making a paragraph seem generic, although that doesn’t stop you from dedicating 2 paragraphs to the overall section.
This is where it becomes more of an art than a science, even more so than before but I will try my best to make this an actionable, reproducible strategy.
Here are 2 approaches you could try for yourself and see what works best for you:
- [Approach 1 – two simple reasons] This approach is where I attempt to harness the Pyramid Principle through writing in a top-down fashion.
Financial Advisory appeals to me based on the analytical mindset required by analysts and the meaningful impact that M&A can have on an industry, which can lead to exciting work.
I gained an insight into the problem-solving mindset required by analysts during a spring week at Lazard, where I most enjoyed analysing five potential buyers concerning a mock company sale.
It was through a remote internship at Singleton Valuations that I could appreciate the impact of M&A when analysing a Canadian healthcare company that had grown by consolidating a fragmented market through a string of acquisitions.
- [Approach 2 – Narrative… ] Approach 2 is something that evolved as I reflected more deeply on my past and although I didn’t use it for any of my cover letters, it is something that worked much more effectively in interviews and therefore something I wish I had harnessed earlier on. When reading through this particular approach, I recommend thinking of something you were exposed to that could form the basis of your own narrative e.g. a small family shop, restaurant chain, start-up and so on.
Since this approach is more personal, it is probably most useful if I talk through it instead of giving my word-for-word response: The investment banking division appeals to me based on my interest in delivering to clients at critical stages of their growth story.
My curiosity in business structures, how they grow and overcome challenges stemmed from stories of my granddad’s steakhouse in Upton Park…then I would give a bit of context as to why this is where that interest stemmed from. Note how I name the place; being specific about such narratives more personal to you is critical when convincing the interviewer.
Next, I would continue this line of reasoning explaining my motivation: These stories planted a curiosity in me for acquiring business acumen. It is this curiosity that led to accounting insight weeks (where I was exposed to the Deals team at PwC), the Warwick Finance Societies, Lazard and finally Singleton Valuations that ultimately helped me confirm IB is where I want to begin my career.
Although too long for the cover letter, I would be ready to extend or adjust this line of reasoning e.g. when conversing during the interview to include: I believe I have gained enough exposure to have the confidence that I am suited to the role of an analyst. For example, I have found delving into company analysis intellectually stimulating like when analysing a Canadian healthcare company that was consolidating a market through a string of acquisitions. This particular analysis involved investigating and presenting their competitive advantage and the success behind their acquisition model.
3. Why You?
You’ve got to see the language they use – e.g. ‘strong interest in Investment Banking’, ‘innovative’, ‘creativity’, ‘analytical thinker’. Read the application form and save this application form as a pdf to refer to later on because the firm will probably remove this after a certain point in time.
Then use this application form to brainstorm keywords you could relate to your own set of experiences. I recommend using the [what you did + metric of success] & [how you did it] structure to prove you have the particular skill you’re showcasing.
As you can see, the why you section of the cover letter is very similar to the ABC method from the CV. However, remember that it is best to include things you haven’t yet included in your CV.
Optimising your Writing
Read the Pyramid Principle as I firmly believe it will transform the way you communicate, including your writing – this is a book I will be trying to read at least once a year to sharpen communication skills. See this post for a summary of key takeaways from the Pyramid Principle.
The following is a list of forbidden words I wish I had heard when I was writing my cover letters since they ensure you avoid unnecessary waffle – you’ll see how I still have a long way to go in applying these tips myself:
- Also (just say the next point)
- Not only but also (even worst than also since you’re wasting three more words)
- Always (I doubt you’ve been interested in finance since you were born)
- Had to (just say what you did)
- Fortunate enough (don’t make it sound like your family landed you the opportunity)
- Sparked, fuelled, ignited (avoid cliches like words related to fire)
I was initially hesitant about including the list above in fear of sounding hypocritical since you’ll see words like ‘also’ in my own cover letter examples and my posts can always be made more concise. However, I decided to add this section, in the light that these are further optimisations or improvements you can apply to your cover letter responses, and to not give a false impression that I am perfect. So I apologise for any hypocrisy from this section.
- Brainstorm the ‘why division, ‘why firm’ and ‘why you’ sections before writing.
- Build a ‘firm profile’ using the firm website and its annual report – find initiatives that take 10-clicks to uncover that no one else will specifically mention and that moreover resonate with you.
Before going into the examples, check your cover letter with extreme diligence . Check it once, check it twice, check it three times – if you’re not sick of checking it, you have not checked it enough. Checking can be a painstaking process, but it is paramount that you take this seriously. It took mistakes during my spring week applications to teach me this lesson, so it would be hypocritical for me to think that this paragraph of advice will be enough to get you into the habit of checking so meticulously, although if you have made it through this much of the article, I have a lot more faith in you than my past self!
Caveat: Despite these examples not being perfect, I think it is still worth sharing them as it was examples that catalysed my own progress in writing cover letters and application-specific responses.
Application-specific Question Examples
Application-specific Q1: In your own words, please describe the function of the division you have selected and why have you applied to [bank name]? (200 word limit).
The Investment Banking Division is made up of different industry coverage, region and product teams whose aim is to advise clients on the execution of a mandated or potential transaction. These transactions commonly include a merger or acquisition (M&A), leveraged buyout (LBO) or capital raising.
Having confirmed my interest in Investment Banking after being drawn to the work undertaken by analysts following a spring week at Lazard, I took steps to confirm which bank would be right for me. After speaking with [name], an Analyst in LevFin, I was drawn to the unique pooling system as part of the internship programme at [bank name]. I highly value the flexibility offered in this structure which allows interns to explore multiple areas in finding the team they most enjoy working with.
Secondly, I am drawn to the emphasis placed on ‘Acting Responsibly’ through giving back to communities. Having built a resource-sharing start-up aimed at supporting year 13 students to master STEM-based subjects and therefore pursue technology and entrepreneurial ambitions, the EMEA partnership with “Code First: Girls” particularly resonates with me. I am attracted to opportunities like these that allow employees to give back to the wider community at [bank name].
Application-specific Q2: As an intern, what would you like to achieve in your 10 weeks at [firm]?
[I have not named the firm that asked this question because this is more of a generic question that will hopefully help you form a response for whichever company asks something along these lines.]
The three goals I would aim for if given the opportunity to intern at [firm] would include: mastering technical ability, honing interpersonal skills and building a strong network.
Firstly, within mastering technical ability, which is fundamental to the role of an analyst, I would aim on learning how to apply advanced modelling techniques and spreadsheet manipulation to carry out valuation analysis. Alongside quantitative analysis would be perfecting my ability to build concise and clear presentations for client meetings. Also, acquiring the mindset of an analyst through understanding the context of [firm]’s service more holistically would be a key component of technical mastery.
Secondly, enhancing my interpersonal skills through honing my ability to build rapport with senior professionals and clients would be a core goal I would aim for. As well as learning how to effectively communicate with seniors, I would seek to live up to the collaborative and entrepreneurial values of the firm, while embodying humility in trying to become an influencer that [senior person’s name] highlights as being paramount to the future leaders of [firm].
Finally, I would aim at building a strong network. Building relationships with people that are willing to offer mentorship has always been a priority for me, as I am keen on catalysing my development through harnessing wisdom from others. Alongside seeking mentorship, I would aim at building relationships with fellow interns to share knowledge and create synergies.
Application-specific Q3: What strategic alternatives might a company have if they choose to not engage with M&A?
Firstly, strategic alliances can offer firms a greater variety of solutions as an alternative to M&A. This alternative also offers the potential benefit of being less resource-intensive upfront while still providing access to complementary features of the partnering firm.
These alliances may take the form of joint ventures, where two companies join forces to create a separate entity such as the Hyundai-Aptiv Autonomous Driving Joint Venture called ‘Motional’. The Motional joint venture has allowed Hyundai and Aptiv (formerly Delphi) to join intellectual property and employee talent to speed up the development of self-driving cars while reducing the burden of such a long-term investment.
Within the strategic alliance umbrella, but less formal than joint ventures, are market collaborations which allow companies to market their brands and services together. Such collaborations may come in the form of R&D or marketing alliances.
Finally, a company may aim for organic growth rather than growing via acquisition if their aim is on achieving market share expansion, for instance into new geographies. Within the organic approach is an investment in internal development, which has the potential to address the motive behind acquiring intellectual property. Companies like Apple have shown the potential of accelerating innovation through investment in internal development which has built a strong moat around the company’s hardware, thereby opening doors to other, more lucrative offerings.
Application-specific Q4: What do you think has been the most strategically successful M&A deal you’ve seen in the last few years and why?
I believe the most strategically successful M&A deal has been T-Mobile US’s $23bn all-stock acquisition of Sprint which closed on April 1, 2020, after a 2-year long approval process that was initiated on April 29, 2018. The significance of the deal lies in the fact that it reflects a crucial step in helping T-Mobile build a world-class nationwide 5G network that has the potential to surpass Verizon and AT&T.
T-Mobile is a mobile communications subsidiary of German telecommunications company Deutsche Telekom AG and Sprint was a telecommunications company providing wireless and wireline communication services and products to clients. T-Mobile and Sprint are the third and fourth-largest carriers in the US, respectively.
The first reflection of the deal’s success is in the expanded customer base it will allow the new entity to achieve. By exceeding 140 million mobile customers, this deal will enable T-Mobile to compete against AT&T and Verizon that have 141 and 150 million subscribers respectively.
Secondly, the strategic success is underpinned by the unrivalled 5G network the new entity will now be able to build. As a result of the merger, T-Mobile has pledged to invest $40bn into infrastructure that, by 2024, is forecasted to result in a 5G capacity 8 times greater and a network speed 15 times greater than if the companies were to have worked alone. These statistics are partly driven by run-rate cost synergies that are expected to amount to $6bn, arising from R&D and overhead cost savings.
Free Download Links for my Evercore, Torch Partners and Morgan Stanley cover letters:
As I said, looking at other people’s examples helped me most when improving my cover technique so hopefully these help you in the same way. You’ll notice the similarities between each of the cover letters and how after crafting your first one, you’ll be able to make them more quickly.
If you would like to access three example cover letters, then click this link.
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Investment Banking Cover Letter Guide & Example
Template & Writing Guide
The key to effective investment banking cover-letters is story-telling. Most people write cover letters like resumes, with cold, hard facts, and that’s the problem.
Cover letters are much more effective if they contain stories capturing the burning spirits of candidates. This article will show you how to install such stories seamlessly into your investment banking cover letters, and land an interview yourself.
1. Why Write an Investment Banking Cover Letter?
1.1. what are investment banking cover letters for.
A well-crafted cover letter for investment banking shows three very important facts:
- You understand what the bank is looking for
- You have the skills needed for the job
- You are articulate
1.2. Do investment bankers actually read cover letters?
Truth be told, investment bankers hardly ever read cover letters. The HR department hands off all resumes and cover letters to investment bankers to choose interviewees for the next round. Given their hectic workload, most bankers only spend 30 seconds on each applicatio n .
They typically look at the resume first to make sure you have the desired skills and experience before taking the time to read your cover letter.
Situations where a good investment banking cover letter is critical include:
- Boutiques and local banks – These banks are smaller and have a lower number of applications, so they are more likely to read cover letters than bulge bracket banks.
- Unusual backgrounds – You should use a cover letter to explain your situation if you’re a career changer, not having a finance background, or have gap time in your work experience.
- Outside the US – In Europe, for example, some banks pay more attention to cover letters and online applications.
- When applying directly to a bank without going through a recruiter.
- When you are a new graduate applying for an investment banking job.
Although a cover letter may matter less than a resume and networking , you still need to put some effort into it. A perfect cover letter (without a strong resume) may not get a candidate an interview , but a bad one will certainly knock you out of the process.
1.3. Cover Letter vs Resume – What’s The Difference?
Because so many candidates end up writing boring cover letters resembling “paragraph versions” of their resumes, it is important to differentiate the two.
There are four marked differences between a cover letter and a resume for investment banking:
Cover letters go deep, resumes go wide
In cover letters, you should select one or a few most notable achievements , and describe them in detail to reflect your 3 defining aspects: values, competencies, motivations .
This stands in contrast with resumes, where you cram as many relevant achievements as possible into the space of 1 or 2 A4 pages .
Cover letters are “soft” stories, resumes are “hard” bullet lists
The content format of cover letters is much less defined, leaving room for a lot of creativity, unlike resumes which are almost always bullet lists of cold, hard facts.
Your goal as the candidate is to fully utilize that loosely defined format and make your cover letter as attractive and memorable as possible.
A crucial role of the cover letter is to portray who you are as a person. Resumes don’t do that, they focus on your achievements.
Your personality does not only come directly through the contents, but also reflected in the style of the letter – so take time to make your cover letter more attractive, and you’ll make a better impression with the screener.
Cover letters describe personality, resumes do not
In cover letters, you have to answer the motivation questions ( why investment banking , why this firm). In resumes, that aspect is barely mentioned.
The most credible answers to those questions connect the job with your future plans – as such, the cover letter is not confined to the past like resumes.
Cover letters touch on future plans, resume concerns mostly the past
2. What Do Investment Bankers Look For In A Cover Letter?
In an investment banking cover letter, you must display these three essential qualities and two motivations :
- Quantitative and analytical ability
- Result oriented mindset
- Leadership skill
- Why investment banking?
- Why this firm?
2.1. Quantitative and analytical ability
2.2. Result oriented mindset
While you already include specific achievement numbers in their resumes, investment bankers need more “evidence” of your strong motivation to achieve higher results. Do you perform better than requirements? Do you pay attention to details while involving multiple tasks or under time pressure? Do you always take an innovative approach to problems?
2.3. Leadership skill
2.4. Why investment banking?
2.5. Why this firm?
For example, you can reveal your interest in a bank by talking about how motivated you are to work in the Investment Banking Division at Goldman Sachs after having conversations with bankers at a Spring Insight program organized by the firm.
3. How To Write an Investment Banking Cover Letter?
The structure for an investment banking cover letter is fairly simple and straightforward. There are four main parts to a standard investment banking cover letter:
Step 1: Write a compelling introduction
- Step 2: Show your experience to stand out
- Step 3: Explain how you fit in the role
- Step 4: Give a closing
The introduction part should briefly show candidates’ basic information including name, educational background and company name (of your internship or working experience). Mention the role you are applying to and how you heard about the position (particularly if you were referred by a mutual acquaintance).
The best thing you can do is name drop people you have talked to. That way the application reviewer knows you have done your homework, and might ask the person you talked to about her impression on you. This way catches bankers’ attention when mentioning something relevant to them. Applicants can write about the participation in an event or a conversation with bankers that motivates them to apply for this position. Additionally, reaching people on LinkedIn to grasp the financial world is another way to show your interest.
“My name is Peter and I am currently a 3rd-year finance major at University of Southern California. I recently talked with Tom Linzmeier from the Leveraged Finance group at Deutsche Bank over the phone last week, and was very impressed after reading about your M&A deal with Vodafone Hutchison Australia, as well as the fantastic things I have heard about the company’s culture. I am interested in the investment banking summer analyst position at your firm, and have enclosed my resume below for consideration.”
Why this is a good example?
- Overshadow the non-target school name with a name drop of someone you spoke to
- Mention a recent deal the bank worked on to show you did your research
Step 2: Show your experience to stand out
This is the space for candidates to demonstrate their interest in finance through practical experience. An investment banking cover letter is not used to show off all the banking-relevant experiences but the most outstanding ones. The best way to pass the resume round is to utilize the name of bulge bracket banks , large PE firms or big-4 companies.
Here are some relevant experiences:
- Previous investment banking internship
- Previous analytical-based internship ( Hedge Fund /Private Equity, research firm, anything where you are doing financial modeling , valuation and analyzing companies)
- Being part of a student run investment fund (managing your university’s endowment)
- Participating in major stock pitch competitions or case competition
When describing responsibilities at a firm, it is important to highlight the quantified achievement of that job, quantitative & analytical ability, and leadership skills.
After showing the most relevant experience, it’s time to reiterate the suitability of your profile to that position. Insights about the firm are utilized from networking that is hardly found on the internet. Our networking guide provides practical tips on how to talk with bankers in the most insightful way.
Already had an investment banking internship: “I have previously completed an internship in investment banking at Jefferies’ San Francisco office. My experience gave me exposure to multiple deals, building financial models as well as helping with pitch books, and allowed me to hone my knowledge of accounting, modeling and other technical skills. I was lucky enough to directly work on a M&A deal with a $2 billion tech company, providing some input on the model and working extensively on the final pitch book.”
Had experience similar to an internship: “I completed the Tuck Business Bridge Program at Dartmouth University. The program gave me exposure to the fundamentals of value investing, financial analysis, modeling & equity research, and allowed me to develop my technical skills. Working in teams on a final capstone project and presenting our findings to industry executives had the biggest impact, as we were forced to defend our position in a high-pressure situation. In my final project on Dunkin valuation, I built out the model, analyzed the financials, and concluded the equity was more than 40% undervalued.”
- Mention relevant experience
- Highlight the technical skills
- Give a specific example of a deal/a company you worked on
Step 3: Explain how you fit the role
Above all, investment banks will want to know that you have the right skills and attributes for the job. In this paragraph, you’ll need to draw parallels between the skills, qualifications and knowledge you’ve picked up during your degree course and/or placement and the role you are applying for.
Also, take the time in the third paragraph to explain why you want to work for the bank you are applying to. Be specific, so again, do some research. Make sure you don’t just reiterate what you see on their website. Find some unique reasons for choosing the particular bank to make your cover letter stand out. Show an understanding of the bank’s culture, the company’s future goals, and why it appeals to you.
“Given my background in [insert previous experience: investment banking, private equity, equity research,etc.] along with 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 Sachs and the significant responsibilities given to analysts. I believe my skill set and experience will let me hit the ground running from Day 1 and look forward to joining and contributing to Goldman.”
Step 4: Give a closing
This closing part of a cover letter seems to be the least “nerve-wracking” part. Keep it simple and brief. Think about resume attachment and state your availability for the interview. Giving a sincere thank you for recruiters’ time and reiterating contact information.
You should end the letter “Yours sincerely” if it’s being sent to a named person; if you haven’t managed to find out a name then use: “Yours faithfully” followed by your name.
“A copy of my resume is enclosed for your reference. I would love to have an opportunity to discuss my experiences and qualifications with you and learn more about UBS at your earliest convenience. I can be reached at 333-333-3333 or via email at [email protected]. Thank you very much for your time and consideration.”
4. Visual Format of an Investment Banking Cover Letter
4.1. a basic and clear font for a cover letter.
When it comes to fonts, keep it simple and professional. Choose a basic, clear font like Arial, Calibri, Verdana or something similar . Avoid using fancy or decorative fonts.
Many employers use applicant tracking systems—software that allows automated sorting of job applications based on specific keywords, skills, job titles or other fields. Complicated fonts can make it harder for the software to read your letter, which might prevent your application from moving forward.
Use 10- and 12-point sizes for easy reading. Anything smaller will leave the hiring manager squinting, and anything larger will make your letter look unprofessional. In general, you should use the same font and font size that you used in your resume.
4.2. Spacing within your cover letter
Good spacing is essential for your cover letter—whitespace in the right places will make it easier for the hiring manager to read quickly. Follow these guidelines:
- Make your cover letter single-spaced
- Add a space between each section: contact information, salutation, opening paragraph, middle paragraph, closing paragraph and complimentary closing. (There’s no need to indent any of your paragraphs.)
4.3. Margins and alignment
Align your text to the left and use standard 1-inch margins all the way around. If your letter is spilling off onto a second page, first reread it and see if there’s anything you can cut. If you can’t cut anything, you can consider shrinking the margins to ¾” or ½”, but avoid going smaller than that so your cover letter doesn’t look squished on the page.
4.4. One page only with around 200 to 300 words
A cover letter for investment banking should be kept within 1 page (around 200-300 words). Investment bankers have no time for multiple page cover letters.
4.5. Save a file as a PDF
Since an applicant tracking system may be parsing your cover letter, make sure you save your document in a compatible file format—either .doc or PDF. It’s also a good idea to rename your file to something specific, especially since hiring managers can see the file name of your online submission. Follow the format of First Name-Last Name-Cover-Letter (e.g. Jade-Young-cover-letter.doc) to make it more convenient for the person downloading it.
5. Investment Banking Example Cover Letter
August 5th, 2020
Bank of America
123 West St, New York, NY 10282, United States
Dear Hiring Manager,
I am Peter Anderson, an MBA graduate at Chicago Booth School of Business. I’m writing in support of my application for the Investment Banking Associate position at Bank of America. I recently talked with Tom Linzmeier from the Healthcare group at your firm, and I was really impressed about your deal flow as well as the fantastic things I have heard about the company’s culture.
Over 1.5 years as an analyst in Miller Buckfire & Co., I have contributed meaningfully to 4 M&A deals totaling in excess of $2.3 billion, serving as the lead analyst in 2 of these deals. Apart from being integrally involved in valuation and financial modeling for these deals, I was also responsible for maintaining pitch books and ensuring that all stakeholders, both internal and external, had all the information they needed at the right time.
I’ve been praised by my seniors for the attention to detail and clarity in my reports, especially my executive summaries. One of the MDs termed my executive summary for a critical $680 million M&A deal the “most well-written report I’ve come across in years.” I understand how critical data and reports are in decision making, which is why I approach writing even the simplest of reports or updates with utmost diligence.
Given my experience in investment banking along with my analytical and teamwork skills, I am a particularly good fit for the Investment Banking Associate position at Bank of America. I believe my skill set and experience will let me hit the ground running from Day 1 and look forward to joining and contributing to the company.
I enclose my curriculum vitae and photographs as required, and I would be happy to provide you with further details should they be required. Thank you for your consideration.
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Table of Contents
- 1. Why Cover Letter?
- 2. Requirements
- 3. Guide to Write
- 4. Visual Format
- Investment Banking Resume
- Private Equity Associate & Private Equity Analyst
- Resume: Investment Banking vs Sales & Trading
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