Is a cover letter essential to get an investment banking job?
If you want to set yourself apart from other candidates, then absolutely it's important.
Recruiters get tons of applications in prestigious investment farms like Deutsche bank, Credit Suisse, and Goldman Sachs. And they don't always have time to read through all job applications.
A cover letter can help you sell your skills to the recruiter in these scenarios. It becomes more important if you are applying to big MNC companies like Mckinsey, JP Morgan, etc.
Table of Content:
- Why cover letter for investment banking is essential?
- Step-by-step guide to writing an investment banking cover letter?
- Investment banking cover letter Template
What Does an Investment Banker Do?
An investment banker is a financial professional who helps businesses and individuals raise capital by issuing debt and selling equity. Investment bankers also help clients manage their funds, plan for future growth, and make strategic decisions about how to allocate their time, money, and resources between investments.
The role of an investment banker differs depending on the type of firm they work for: independent firms focus on raising capital for clients; commercial banks focus on lending money to small businesses; public equity markets (e.g., NASDAQ) are venues for trading stocks in publicly-traded companies; venture capitalists invest in startup companies; private equity funds buy companies outright and take them public later on.
Here are some responsibilities of an investment banker:
- Research financial trends and identify useful information regarding investments
- Manage debt and trade equity to maximize capital
- Deploy financial models to calculate & maximize financial profitablity
- Oversee the mergers and acquisitions of assets and companies
- Oversee the legal part of the expansion of personal and corporate assets
- Prepare and maintain financial records for investments and acquisitions.
- Identify investment opportunities and neotiate better offers
Why Cover Letter for Investment Banking Matters?
A cover letter may seem unnecessary in the investment banking job since the recruiters hardly get time to read the resumes.
However, when the recruiter sees a candidate's job application, they are happy to see cover letters along with a resume since it gives them a holistic view of the candidate.
You must make it worthwhile to read if you're writing a cover letter.
Most employers quickly glance through the cover letters and go on to reading the resume; however, It's essential to attach a cover letter, especially if:
Job Application in Smaller Bank Sectors: Small banks usually get fewer candidates. And hiring managers spend more time reading the resume and cover letters before selecting candidates.
Change in Career: If you are changing the industry or have a career gap, it's essential to write a cover letter explaining your career decisions.
Application for Foreign Jobs: If you are applying for a job in a foreign country, it's better to add an investment banking cover letter to state why you're interested in the job.
Unfortunately, a cover letter is also where candidates make most of the mistakes. So, keep the investment banking cover letter short and straightforward.
Step by Step Template To Write an Investment Banking Cover Letter
Here's a step-by-step guide on how to write an investment banking cover letter:
Investment Banking Cover Letter Format
How a cover letter looks is a big part of your job application. So, pay some serious attention to the cover letter format to ensure it's professional and easy to read.
Here are some tips for formatting the investment cover letter correctly:
- Write the cover letter heading clearly and state your contact information and residential location here.
- Divide the cover letter body into 3 parts.
- Keep a 1-inch margin on all sides of the cover letter.
- Write the cover letter in a professional font such as Arial, Times New Roman, Calibri, etc.
- Keep the cover letter on one page and ensure it doesn't exceed 600-700 words.
- Left align all parts of the cover letter and send the cover letter to the recruiter in PDF format.
Also Read: How long should a cover letter be?
Investment Banking Cover Letter Salutation
Always address the investment banking cover letter with "Dear [hiring manager name]".
If you don't have the hiring manager's name, you can still address the cover letter.
Use the information found in the job description to customize the greeting.
“Dear Investment Banking Manager”
“Dear Banking Director”
Even if you can't find those information, you can use a generic cover letter salutation. Such as:
“Dear Hiring Manager,”
“Dear Human Resources Team,”
"To Whom It May Concern"
Also Read: How to address a cover letter without name?
Investment Banking Cover Letter Heading
The investment banking cover letter header is the first thing a recruiter will see in your cover letter.
So, make sure to add all essential information in this section. For instance:
- Your Name
- Job Title
- Contact Information/Email-ID
- Residential location
See the Investment Banking Cover Letter Example Heading:
Investment Banking Cover Letter Introduction
This is the best place to explain who you are and how did you find the job post.
Use this opportunity to grab the recruiter's attention by highlighting your experience, certification, brand names, etc.
- Been a part of a prestigious university: Mention it in the introduction
- Worked with well-known companies/clients? You can mention that in the introduction section as well
- Did anyone refer you to the job: Start the cover letter with their names and how did you meet them
Example of Investment Banking Cover Letter Introduction:
"I'm extremely elated to apply for the Investment Banking Analyst position at Goldman Sachs. Recently at a networking event, I met Janna Lawrance from Goldman Sachs and she referred me to this job opportunity. I believe with my skills and 2+ years of experience as a Wealth Management Analyst at UBS, I'm the right candidate for the job."
Investment Banking Cover Letter Paragraph 2: Your Background
After you hook the recruiters, the next step is to tell them about your background and accomplishments.
Scan through your CV and identify the relevant experience and skills you have that are required to become a successful investment banker.
If you have multiple experiences, do not list all experiences; focus on 1-2 experiences where you had the most contributions and write about those.
Once again, if you worked with a big brand, don't shy away from name-dropping.
Pro Tip: Scan through the job descriptions carefully and identify the skills required for the job. Highlight those skills in the cover letter. For instance: teamwork, resourcefulness, leadership, analytical skills, etc.
Also, don't forget to add statistics to highlight your achievements,
Investment Banking Cover Letter Example: Paragraph 2:
"In my last stint as a wealth management analyst at UBS, I have developed leadership skills by leading a team of 3 interns to analyze investment opportunities and create financial predictions for assets. I also got the chance to work with big clients like BCG Deutsche Bank and managed a $2M portfolio while generating a 20% return on Q3 last year. In my previous stint as an Investment analyst intern at City Corporate bank, I worked directly with clients and provided excellent customer service to them. Additionally, I assisted in analyzing financial statements for the organization, fostered investment recommendations, and increased quarterly profit by 23%."
Investment Banking Cover Letter Paragraph 3: Why You're a Good Fit
After you share your skills and accomplishments in the 2nd paragraph of the cover letter, it's time to link your experience and skills to the position and show them why you're the right candidate for the job.
Investment Banking Cover Letter Example: Paragraph 3
I admire the relentless commitment Goldman Sachs has displayed over the years in consistently providing high-value and stalwart client services. I've witnessed the collaborative culture of Goldman Sachs that encourages teamwork, collaboration, and growth and it has been nothing but inspiring. I believe my background in finance and wealth management and my ability to work well with a team make me a perfect fit for your organization.
Investment Banking Cover Letter Paragraph 4: CTA
This is the last section of your cover letter. In this section, you should thank the recruiter for their time, remind them about the investment banking resume enclosure and provide your contact information to promote them set interview with you.
Investment Banking Cover Letter Example: Call to Action
Enclosed for your consideration is my resume. I'd appreciate the opportunity to further discuss my suitability and qualifications with you on call or in person. I am available at (415) 123 4232 or email@example.com.
Also Read: How to end a cover letter in 2022?
Investment Banking Cover Letter Writing Tips
The responsibilities of an investment banker are enormous, from business analysis to financial planning, to communicating with clients to raise funds, etc.
So, you need to effectively show all your experiences to the recruiter through the cover letter.
Given below are some tips to write the investment banking cover letter effectively:
Add Relevant Skills
Read the investment banking job description carefully and identify the relevant skills that are asked of the candidates.
Try to add these skills in the cover letter for recruiters to read. Apart from that, try to highlight your soft skills in the cover letter in addition to your core competencies.
Given below are some soft skills you can add to your cover letter:
- Time management
- Organizational skills
- Critical thinking
- Project management
Along with the soft skills, you need to add some of your technical skills. For example:
- ERP software: SAP, Oracle Hyperion
- Risk analysis software: SAS, Portfolio analysis software, SunGard Financial Systems AddVantage
- Project management: Trello, Jira,
Open the Investment Banking Cover Letter with A Steller Introduction
An investment banker’s work is fast-paced and competitive. So, you need to show the recruiters that you have the ability and work ethic to work in a fast-paced environment.
So, write the introduction so that it captivates the reader’s attention the recruiter gets interested in reading your resume.
Here are some tips for writing an impressive introduction for an investment banking cover letter:
- Explain why do you want to work with the company and show your passion through the cover letter
- Start the introduction with your years of experience, certifications, or achievements
For example: “ Increased sales by 16% year on year by optimizing the sales process thorough research and analysis.”
Quantify Achievements in Cover Letter
Numbers speak louder than words.
The recruiters are not looking to learn your responsibilities. They are looking for proof that you brought excellent results in your past organization that you can replicate in your future organizations.
So, try to quantify your achievement and experiences in the investment banker cover letter.
Example:“Trained 10+ interns on preparing investment presentations and financial documentation.”
Investment Banking Cover Letter Template
Frequently Asked Questions
Q. Do we have to create a separate cover letter if applying for a job through email?
The simple answer to this question is to use your cover letter body as the email body in the job application email.
Don't bother creating a separate cover letter to attach to the application.
Q. Does Goldman Sachs want cover letters?
According to an interview of a Goldman Sachs recruiter, Goldman Sachs does not only require a cover letter, but all the cover letters and resumes go through an extensive screening process by human recruiters before a candidate is shortlisted for an interview.
The interview also said that most candidates have excellent resumes, but they had poorly written cover letters, which got them rejected.
Here are a few things you need to remember before creating an investment banking cover letter:
- Make sure the formatting of the cover letter is professional and easy to read
- Always address the cover letter by the hiring manager's name.
- Read the job description carefully before creating the cover letter
- Break the ice in the first paragraph by telling the recruiter how you find the job post
- In paragraph 2, highlight your skills and accomplishments
- Talk about why you think you are the right fit for the job in the 3rd paragraph
- Add a call to action at the end of the cover letter to promote recruiters to set up interviews with you
Looking to create an investment banking cover letter for yourself?
Go to Hiration Cover Letter Builder and choose from 20+ designs to make your cover letter.
It has 24x7 chat support for all your career-related queries, from resume and cover letter writing to interview preparations.
Drop a mail at firstname.lastname@example.org with all your queries related to investment banking cover letter.