investment banking cover letter with no experience

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Investment Banking Cover Letter Template & Tutorial

In this article, we’ll show you how to write an investment banking cover letter. We’ll explain the importance of cover letters, give you an investment banking cover letter template, and walk you through writing your own version sentence-by-sentence. This is a hands-on exercise and you should write with us as you go. By the end of this article, you’ll have a professionally-written letter ready for applications!

How Important Are Investment Banking Cover Letters?

Let us begin by saying that for the vast majority of US investment banking jobs at the big banks, cover letters are not important .

Just in case you suspect we had a typo, let us reiterate. Cover letters are not important for US investment banking jobs.

Why do we say that? Because most bankers don’t read them. First, bankers often don’t even receive the cover letters. At some banks, HR compiles the applications and only sends the candidates’ resumes to the bankers. Second, even if bankers do receive the cover letters, most don’t want to read them.

Why don’t most bankers want to read candidates’ cover letters? Because they add no value and because they’re incredibly time consuming.

The cover letter just states what job you’re applying to and why you think you’re qualified. For the former, bankers already know what job you’re applying to. As for the latter, anyone can write that he/she is hardworking, is interested in finance, and has leadership skills. These sentences are almost meaningless.

Why is reading cover letters time consuming? Each letter takes a few minutes to read. Bankers have to evaluate hundreds of candidates. Putting two and two together, it’ll take bankers way too many hours to read these letters.

In fact, we contacted a few bankers who were members of recruiting teams and were responsible for screening candidates. None said they’ve ever read a single applicant’s cover letter…ever.

While investment banking cover letters aren’t important, they do matter in the recruiting process because banks ask for them. You may need to upload a cover letter to complete the application. Also, while bankers usually don’t read them, you should have a passable letter just in case someone reads it.

Investment Banking Cover Letter Strategy

So now we know that you need cover letters because applications ask for them, but bankers don’t usually read them. What should your strategy be?

The strategy to a successful cover letter is to treat the cover letter as a check-the-box type of item. As long as you have a passable letter, you’ve checked the box. If you don’t have a passable letter, you don’t check the box and that can potentially hurt you. Said differently, a great cover letter won’t help you while a horrendous cover letter can hurt you.

Cover letters don’t have a linear relationship where the better the cover letter, the better your candidacy. Instead of trying to write as great of a letter as possible, your focus should be to not mess up. Make sure you don’t have spelling / grammar mistakes, bank name mistakes, etc.  This also means you should write a letter that follows industry convention. That’s it! That’s all you need for cover letter.

If you have extra time, invest it in familiarizing technical questions and in your resume , which actually gets looked at. Most bankers glance (not read) over resume to decide who to interview. Therefore, you should invest your time and energy to write a compelling resume.

Investment Banking Cover Letter Template

Here’s an investment banking cover letter template. Please download this example and you can edit this letter as you read through this article.

This template is applicable to all candidates: undergraduates, MBAs, other graduates, and current professionals. It doesn’t matter whether you’re a student or a working professional. The guiding concepts and letter structure are the same.

The items inside brackets [ ] are things you should replace with your own personal information. Once you input your own information, delete the brackets. At the end, you’ll have a professional investment banking cover letter that you can submit.

Cover Letter Format & Structure

Let’s establish three basic rules for the investment banking cover letter.

First, it should always be one page. Don’t go beyond one page.

Second, it should be concise. Don’t write a lengthy essay. We recommend keeping it under 300 words.

Third, it should contain the right bank name. This is a very common mistake. Don’t send a letter addressing Goldman Sachs to Evercore.

Fourth, font size should be at least 10. Anything less than 10 is too small for the eyes of people who stare at screens all day.

Avoiding the Common Mistake

The most common mistake candidates make in investment banking cover letters is mixing up bank names.

Logistically, when you apply for investment banking summer internships (or full-time roles), you’ll be submitting applications to many banks. Because there are so many, it’s very easy to forget to swap out one bank’s name with another. The key to avoid this mistake is to limit the number of times you reference the bank’s name.

When we went through recruiting, we used another finance website’s template, which referenced bank’s name 4 times in the letter. Compounding this is the fact that the four references were spread throughout the letter. We had to diligently go through the letter once for every bank to update the name reference. That was very time-consuming and prone to mistakes.

Our template only references the name of the bank twice: first in the greeting and second in the first paragraph. Equally important, we kept the two references in close proximity so you can easily alter the bank name. This is intentionally designed to help you reduce the risk of this mistake.

With that, please open the template (Word document from the link above) and let’s start writing.

Your Contact Information

The first step is to fill in the contact information in the upper right corner.

As with any formal letters, you should include your name and contact information at the top of the letter. Notably, we recommend you to explicitly state your university so it’s easily identifiable. Physical address is optional. Please take a minute and write in your contact information.

If you look at other cover letter templates, you’ll notice that other templates also have fields for banks’ physical address. We think that’s not only useless but also a source for confusion.

What if you apply to multiple offices (i.e. New York, San Francisco, and Chicago) in a single application? Which address are you supposed to write? What if the HR sits in New York but the banker sits in Chicago? What if one banker of your school’s recruiting team sits in San Francisco while another sits in Chicago?

Adding to this confusion, some banks have multiple offices in a single city. How do you decide which one to use? It is a nightmare trying to figure out these things out.

Banks’ physical addresses add no value whatsoever to an already low-value document. It takes away value quite frankly – it consumes your time AND it creates a source of confusion. The 10X EBITDA cover letter template has no room for useless fields.

Date & Greeting

The second step is to write the date of the letter and the greeting.

Other finance websites’ templates address the greeting to a specific person (i.e. Mr. John Doe / Ms. Jane Doe). We don’t agree with that. Who are you supposed to address it to anyways? Sometimes schools will have specific HR contacts for each position positing. But just because that’s the HR contact doesn’t mean that person is the one who will read your cover letter.

This leads to key question. How are you supposed to know who’ll be reading your letter (if it is lucky enough to get read)?

Instead, we recommend addressing the greeting to the bank’s recruiting team. For example, you can write to the “Moelis Recruiting Team” or the “Centerview Recruiting Team”.

So please head over to the Word template and update the date, bank name in the greeting and bank name in the first paragraph.

First Paragraph: Self-Introduction

The third step is to complete our first paragraph of the letter – your self-introduction.

This paragraph should accomplish a few tasks. First, it should identify your background. Second, it should identify your class year. Third, it should identify the job you’re applying to. And fourth, it should explain why you’re interested in working at the firm.

Our template has already written that for you. All you have to do is swap out your university name, major, graduation year and the program you’re applying to.

Some templates we looked at include “name-drops”, where you’d specifically mention names of the banks’ employees you’ve spoken with. It goes like the following.

“I became very interested in working at your firm after speaking with Jane Doe and Jane Smith.”

You absolutely do not have to include names of bankers you met or communicated with. We’ve always felt that’s very forced and unnatural. It doesn’t help. That’s why our template does not have such a sentence.

Second Paragraph: Interest in Investment Banking

The fourth step is to explain your interest in investment banking.

We wrote a few sentences on why investment banking. There are no brackets here so you don’t technically have to replace anything. However, you’re certainly welcome to change the wording if you’d like to better explain why you’re pursuing investment banking.

Third Paragraph: Past Experiences

The fifth step is to write about your past experiences and what you learned from them.

This entire paragraph is in brackets because everyone has a unique background. You should follow this structure and write about your own past experiences. Five to six sentences here is sufficient.

There are two main things we want to point out here.

First, be selective about which experience you write about. Don’t write about every experience. Only write about the most important and relevant experiences.

Second, don’t brag. Stay humble. Some cover letters have sentences that make us cringe. These sentences usually brag about the candidates’ skills (i.e. “given by valuation skills”, “with my strong financial modeling background”), self-declare fit (i.e. “I’m a particularly great fit for this program), and/or contain lofty titles that come across as try-hard (i.e. “As the Managing Partner of our student investment club”). To be fair, some cover letter templates come with these sentences so candidates may think that’s the norm. Our advice is to stay humble and actively avoid appearing as boastful.

Fourth Paragraph: Resume, Thank You and Signature

Finally, our last step is to remind the audience you’re also including the resume and thank them.

Please remember to change your name at the bottom of the signature.

And that’s it! With that, you have a complete investment banking cover letter ready for submission.

Investment Banking Cover Letter with No Experience

How do you write an investment banking cover letter with no prior work experience? You’d use the exact same template above and follow the exact same steps! In the third paragraph, instead of talking about past work experiences, simply talk about your extracurricular activities. But the overall structure of the letter is exactly the same.

Cover Letter FAQ

If I write an amazing cover letter, does it improve my chances of getting an interview? In general, no. You can write the most beautifully composed sentences in your cover letter. If bankers don’t want to interview you based on your resume, the cover letter isn’t going to change their mind. Chances are they won’t even know how well written your cover letter is since they don’t even read it.

If bankers don’t read cover letters, why do applications even ask for them? Two reasons. First, there are many different people involved in the recruiting process. HR runs the applications and sets the required documents. From bankers’ perspective, just because HR asked you for cover letters doesn’t mean bankers have to read them. Second, just because the Investment Banking Division doesn’t value cover letters doesn’t mean other divisions don’t read cover letters. Someone else may value cover letters. From HR and IT’s perspective, it’s just a lot easier to get you to submit the letter and let each division decide for itself.

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Related Readings

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Brought to you by former Goldman Sachs Investment Banking Analysts, this article is the first of a 2-part series on reasons that you can use for your “Why Goldman Sachs” interview answer to stand out from the crowd.

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Investment Banking Cover Letter Template

Free cover letter template to help you break into Investment Banking (IB)

Mr. Arora is an experienced private equity investment professional, with experience working across multiple markets. Rohan has a focus in particular on consumer and business services transactions and operational growth. Rohan has also worked at Evercore, where he also spent time in private equity advisory.

Rohan holds a BA (Hons., Scholar) in Economics and Management from Oxford University.

Chris currently works as an investment associate with Ascension Ventures, a strategic healthcare venture fund that invests on behalf of thirteen of the nation's leading health systems with $88 billion in combined operating revenue. Previously, Chris served as an investment analyst with New Holland Capital, a hedge fund-of-funds  asset management  firm with $20 billion under management, and as an investment banking analyst in  SunTrust Robinson Humphrey 's Financial Sponsor Group.

Chris graduated Magna Cum Laude from the University of Florida with a Bachelor of Arts in Economics and earned a Master of Finance (MSF) from the Olin School of Business at Washington University in St. Louis.

• Investment Banking Cover Letter Template: Advice From The WSO Community

Why Do Cover Letters Matter?

• Less Is More For Cover Letters

The Hail Mary Cover Letter

• WSO Cover Letter Template

Attached at the bottom of this post is the FREE investment banking cover letter template that is sometimes used for WSO cover letter review clients.

We have decided to make it free to help those of you that can't afford a more tailored service .

This cover letter template uses bullets to keep the points succinct and format easy to read .

You'll also notice that the header matches the WSO  investment banking resume template format.

Investment Banking Cover Letter Template: Advice from the WSO Community

Here's what you need to know about the IB cover letters from our community.

CompBanker: The cover letter holds almost no weight, other than to put you at risk for being dinged. Make it very simple, very bland, and just say all the usual things. If you have mistakes in it or make outrageous claims, your cover letter will be circulated and laughed at.

Like @CompBanker said, you won't get the interview with your cover letter .

Your goal for the cover letter isn't to single-handedly land you an interview with your eloquence and grandiose; it's to check the box and make sure it's proper enough that it doesn't get you dinged .

The Only Program You Need to Land in High Finance Careers

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Less Is More for Cover Letters

Our users shared great input on why 'less is more' when it comes to cover letters.

bkm125: What you really want people to be looking at is the resume. The longer your cover letter is the larger the chance that you'll have a typo or say something stupid. Just tell them what job you're applying for, who you've been in touch with at the firm, and maybe a few sentences about your qualifications and lock up the deal with a solid resume.

K.I.S.S: Keep It Simple Stupid.

Mention who you've talked to at the firm , your interest in the job, your qualifications , and briefly (very briefly) explain any gaps in your resume .

Avoid excuses , more on this later.

Two or three paragraphs is all you need for that. Any more than that , and you're giving them potential reasons to ding you .

Here's some great advice from @blackice".

blackice: The best thing you can do is name drop people you have talked to. That way I know you have done your homework, and I can ask the person you talked to how your chat was. I think cover letters are better when they are focused on your past work experience as opposed to general and arbitrary sentiments about how you are a "hard worker and team player with a strict attention to detail".

If you've talked to someone at the firm and they'd remember you, DO namedrop them in your cover letter.

Common Cover Letter Mistakes

Here are some of the usual mistakes candidates make in their cover letter as mentioned by our member @qonnect.me.

This is an example of an excuse in a cover letter:

"I realize I have more professional experience in technology than in finance. I believe that was just due to bad luck due to graduating from my MBA program at the height of the 'Great Recession '. However, I am 100% committed and motivated to prove myself in a finance position."

Bad luck? No, it's the shitty and difficult-to-read resume , cover letter , and 'research reports' that are the issue .

What goes on in the recruiters head: I'm almost certain you would be a terrible employee just by the quality of the work you sent me in a cold email . You graduated from college 10 years ago, by the way. I remember at least a few of those as being pretty good years. If you were halfway decent, you could have squeaked in the industry in more than a few of those years.

Please do not pin all of your circumstance on luck , especially in a cover letter .

Even if the reader is a big believer in luck , you're telling him you're unlucky .

Who wants to hire someone who's unlucky? It seems the bad luck streak started in utero, if you ask us.

Revealing Your Ignorance:

Even worse than just plain ignorance, is the below quote from an attached research report that a candidate had written. Since he thought it was worth including, I assume the report was something he was proud of, but it was cringe-worthy.

"I am placing a STRONG BUY recommendation on [company]. ("ticker") and believe that [the company], at the current price of $10.00, trades at a 123% discount to my estimated fair market value of $22.30" (Both made up numbers to scale to the actual numbers listed in the 'report')

The report should have never been attached .

It made a weak applicant look even worse . He's clearly never done anything but 'book learn' on these subjects. It's painfully obvious by reading the report. He uses four valuation methodologies on the stock with the sole intention of showing that he knows more than one valuation method .

If you're thinking of including a research report on a company when you're cold emailing people, it's a high-risk strategy. Your research probably sucks unless you've been doing it professionally. If there is any doubt at all about including a 'research report', do not do it.

Side note: The research report had a lot of opinions and not a lot of facts, and it lacked connections between really basic facts about the current state of the business to the 'projections'.

If you don't think you have a chance to get the job, you can toss a Hail Mary with your cover letter .

Here's a cover letter an audacious undergrad used in an effort to stand out and grab the attention of its reader .

A big swing that's either a hit or miss . We don't recommend using this cover letter unless you lack the slightest chance of getting the interview in the first place.

Dear BLOCKED, My name is (BLOCKED), and I am an undergraduate finance student at (BLOCKED). I met you the summer before last at Smith & Wollensky's in New York when I was touring the east coast with my uncle, (BLOCKED). I just wanted to thank you for taking the time to talk with me that night. I am writing to inquire about a possible summer internship in your office. I am aware it is highly unusual for undergraduates from average universities like (BLOCKED) to intern at (BLOCKED), but nevertheless, I was hoping you might make an exception. I am extremely interested in investment banking and would love nothing more than to learn under your tutelage. I have no qualms about fetching coffee, shining shoes, or picking up laundry, and will work for next to nothing. In all honesty, I just want to be around professionals in the industry and gain as much knowledge as I can. I won't waste your time inflating my credentials, throwing around exaggerated job titles, or feeding you a line of crap (sic) about how my past experiences and skill set align perfectly for an investment banking internship . The truth is I have no unbelievably special skills or genius eccentricities, but I do have a near perfect GPA and will work hard for you. I've interned for Merrill Lynch in the Wealth Management Division and taken an investment banking class at (BLOCKED), for whatever that is worth. I am currently awaiting admission results for (BLOCKED) Masters of Science in Accountancy program, which I would begin this fall if admitted. I am also planning on attending law school after my master's program, which we spoke about in New York. I apologize for the blunt nature of my letter, but I hope you seriously consider taking me under your wing this summer. I have attached my resume for your review. Feel free to call me at (BLOCKED) or email at (BLOCKED). Thank you for your time. Sincerely, BLOCKED.

Interested in Investment Banking - Breaking In

If you want to break into investment banking, you need to be well-prepared for the technical aspects of the interview. We advise you to check out our  Free Investment Banking Interview Guide  first, before investing in  our paid course , so that you have an idea of what to expect.

Two common mistakes that candidates make while recruiting for IB: 

• Using phrasing like "After my summer analyst stint, I learned the entire deal execution process...", "I am extremely proficient in Excel and financial modeling ...", etc. You get the idea. Be confident, but don't over-emphasize anything out of the scope of your ability to speak to it.
• Not enough emphasis on teamwork. This is important. People should know that you are able to work with others. This is easy to incorporate, just give a brief two sentence overview of what your team structure was and why it made sense.

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• Investment Banking Interview Questions
• Private Equity Resume Template
• Hedge Fund Resume Template
• Consulting Resume Template
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Investment banking cover letter tips and samples

First, is a cover letter necessary for investment banking jobs ? In many cases, no, but in some cases, yes, as it turns out.

At bulge bracket investment banks , the recruiters are unlikely to read a cover letter for just-out-of-school positions; they may only see your resume. But some insist on cover letters for graduate positions for a sort of first assessment.

Generally, a cover letter is more likely to be read in smaller or local banks. If you can write a good cover letter and it gets read, you have made an impressive start.

But if you have drafted a poor cover letter, you have already ruined your chances before you’ve even started.

If you’re applying to investment banks in New York, London, Mumbai or Singapore- or if you’re hoping to get into Citi, BNP Paribas, Deutsche Bank, Credit Suisse, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley or any other investment banking team – we hope this article helps you put your best step forward.  

Investment banking cover letter for candidates without experience

For candidates who are only completing their business school programs or recently completed them with internships but have no work experience, the investment banking cover letter consists of four parts: Introduction, Background, Fit, and Conclusion.  

Introduction

The introduction is best written in three or four sentences. Introduce yourself, and mention where you’re studying or doing your internship.

You should give the school name regardless of whether it is well known (you may give your GPA if it is really great), and the name of the company/group where you did your internship, especially if it is well known.

How did you find the company? Did you attend a campus seminar organized by them? Did you read an article written or presentation made by the company CEO or an interview with her? Mention names. What position are you applying for? Be specific, especially with smaller firms.  

I am (name), a third year business major at (school). I recently met (name) from the M&A team at (company name) at a conference organized at our school.

In the paragraph giving your background, focus on your relevant internship experience and how the knowledge and skills that you picked up would help the company you are applying to.

If you have had a half dozen internships, don’t mention all of them but only the relevant ones.

As far as possible, try to relate any experience that you have to banking skills such as financial modelling and valuation. Here, too, four sentences may be your maximum limit.  

I have completed accounting internships at (company name) and trained in wealth management at (company name).

During these internships, I (mention your work, such as “analyzed financial statements and made investment recommendations”), and (your takeaways, such as “honed my accounting and financial skills and developed my leadership capabilities”).

Explain, in the next paragraph, how your personality and abilities make you a good fit. Show that you understand the bank’s work culture and its people and will get along with them. You may mention any relevant extracurricular activity.  

I am confident that I can bring my experience and skills in (area of expertise) to the position of (analyst or associate) at (company name).

I am impressed by the track record of your transactions and responsibilities given to (analyst or associate) at your organization and also your corporate culture that includes (corporate social responsibility program, etc.).

Winding up the cover letter, you should express thanks, remind them that your resume is enclosed (a call to action), provide your phone number or email once again for quick reference, and indicate that you would love to hear from to discuss your qualifications.  

Cover letter for emailed applications

If you are emailing your cover letter or resume, it is perhaps not a good idea to attach a separate cover letter, as it might not be read at all.

If you are forwarding your resume by email, the body of your email can itself serve as the cover letter.

But you should remove the addresses on top and make the cover letter much shorter, say, three or four sentences in all.

If you’re applying on the website of companies, and there’s provision for “Optional cover letter,” you could still write a short letter.  

Investment banking cover letter for experienced candidates

For most positions for which experience is required, most recruiters may see only your resume. But for graduate positions, some recruiters do like to see cover letters.

In fact, some banks, such as Morgan Stanley, Goldman Sachs, Barclays, insist that candidates send their resumes along with cover letters. Goldman Sachs, for example, required a personal-statement-type cover letter in 300 words or less.

The best cover letter for positions that require experience uses a narrative structure, giving your story and your life choices, and numbers that show your achievements.

The worst looks like it has been written with SEO in mind, and contain factual, grammatical, or spelling errors along with irrelevant information.

You should write a cover letter separately for every company or position, but you can have a basic template.

An expert suggests the sequence “Why they should hire you,” “Why you want this job,” “Why this bank,” and Conclusion.  

Sample introduction

  As mentioned, if you can say you came to know about the recruitment through a company program or a presentation made by a company official or the recruiter himself, or an article or interview by the CEO, nothing like it. Names-dropping works.  

Why they should hire you

In the second paragraph, you explain your personality in a nutshell. Keep away from inane phrases such as “I am a motivated, hard-working person.”

Use words or ideas from the job description for the post without making this obvious. Say why you feel you have these attributes.

Provide factual figures from your current job/s to support your achievements, such as, “ensured 20 percent return for a $50-million investor and revamped her investment portfolio”).

Among the crucial words to use are, of course, the names of well-known companies that you may have worked for (Fortune 500 companies, bulge bracket banks, large PE firms).

If you can mention projects that have had an impact on your company, you should mention those and what role you played.

The other good words to use that bankers like to see are “financial modeling,” “analytical ability,” and “leadership and team-building skills.”

You can also mention any relevant academic achievement. For example, if you studied relationship management but not finance, narrate your success dealing with a client.

Mention an award that you won for an activity relevant to an attribute required for the position.  

Why you want this job

As you are an applicant with experience, you should say why you want to move on to a larger canvas or take on more responsibilities.

Do you feel you have excellent leadership and team-building skills? What about people skills and your power to communicate effectively?

Provide specific instances where the keywords mentioned in the job description resonate in your cover letter. You should also know your sector thoroughly.  

Why this bank

Here, the key is to say good things about the recruiter bank without denigrating other banks. Show that you understand their strategy and plans and why these appeal to you. Mention some of the bank’s recent achievements or a positive analysis about the bank by an expert.

Have you also read an article explaining why this bank is a great place to work? Did you meet some of the bank’s employees at a conference or seminar? Say that and how they came across as a positive team. You need to impress upon the recruiter that you would love to work with this team.  

The basics of writing cover letters

Finally, let’s tackle the typographical aspects. Don’t use a font size less than 10 points or a margin less than three-quarters of an inch.

Stick to a readable font such as Calibri, Times New Roman, Ariel, Verdana, and Cambria, rather than a stylish one. Don’t go for bold; prefer normal.  

How long should your cover letter be? Don’t write multipage cover letters that say in long form all that you are mentioning in your resume. So, limit it to just a single page.

In any case, don’t expect the recruiter to flip the page and go to a second page. If you’re emailing your cover letter and resume, make your letter even shorter.  

Start with your name, contact address, phone number, and email address, which should be at the top, right-aligned or centered. In the next line, below, mention the date, the name, designation, and contact information of the person whom you’re writing to, left-aligned.

Here, try to find out the name of your intended recipient as far as possible, as this would help strike a personal touch at the start.

If you can’t do that, just the designation and the company name and contact address will have to do. If you have the name, start with “Mr. (Name)” or “Ms. (Name),” or else, say “Dear Sir / Madam.”  

Giving it a spin

Applicants with no experience such as an internship may not get a second look.

Those who have done internship at a bank but have no relevant work experience could make any exposure to finance work, such as running a school investment fund or analyzing businesses (for a financial blog), useful, and thereby get noticed.

You could write a great cover letter, but remember to give the same attention to your resume. In the end, people land jobs not for writing a good letter but for what they have done with their lives and for thinking outside the box.  

Investment Banking Cover-letter Writing Tips

• Limit the letter to just one page
• Do a spelling and grammar check
• Get the letter proofread by a friend or family member
• Be specific to the company/position
• Touch upon your unique selling points
• Relate your USPs to investment banking
• Don’t sound arrogant, but don’t plead with the recruiter
• Draft the letter keeping your resume in mind

  Also read – Investment Banking from a non-target school   References: 1, 2, 3, 4, 5, 6, 7, 8, 9

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6 thoughts on “Investment banking cover letter tips and samples”

Hi , Sameer

I am a mid level manager, with a private sector bank , having 10 years of experience across different departments of the bank.Though , i don’t have any leadership experience, but have expertise across functionalities in various departments, across Assets and Liabilities.

I am planning to go for an Executive MBA , from IIMs , and i have applied for the same with a GMAT Score of 700.

Need your say on the possibility of getting a call from IIMs , with my kind of experience.

Nilanjan Choudhury Nilanjan

Sir I want to do mba with finance after 3 years ,now I want to do accountant job and I have also another option is available which is sales support job in banking sector,so I am confused about which one job is better as a experience for MBA finance. Which one job should do me because I want some experience that is prove better after MBA with Finance?plzzz tell me sir

Greetings! I’m Kunal, and I am currently pursuing Bachelor of Management Studies (BMS) from Shaheed Sukhdev College of Business Studies, University of Delhi. My question for you is, should i sit for placements in my college for companies like Bain, BCG etc (which offer analyst positions), or should i go for a Masters in Finance or Business Analytics abroad to get placed in front end consulting directly? Does it justify the costs? My ultimate aim is to work as a front end consultant in MBB.

Present I’m studying in MBA second year specilization in finance after completing MBA How to develop in my career and job .please help me

I was a bit confused about the whole ‘study abroad’ process. Emphasizing on the education loan and visa process. Which one comes first? There is a requirement of visa application in the education loan-requirement list and on the other hand, visa filing requires my bank statement and if I am capable financially. Can somebody help me with this dilemma?

@Nilanjan: No point in asking others to speculate after you’ve already submitted your applications, right?

@Jlio: Forget about what MBA admission officers will think and choose the role that excites you.

@Kunal: Go for a job, work for a few years, and then apply to a top tier firm where your dream companies recruit.

@Rammurthy: We’ve shared some thoughts here: https://www.mbacrystalball.com/blog/2019/02/11/improve-profile-in-college-how-to/

@Kaur: Admission first, followed by education loans, and then visa. The visa officer would want to see where you are going, for how long and whether you have funds to cover you throughout the period.

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Professional Investment Banking Associate Cover Letter Examples for 2024

Your investment banking associate cover letter must immediately convey your proficiency in financial modeling and quantitative analysis. Highlight your experience with concrete examples of previous deals or projects you've executed. Demonstrate your ability to thrive in a fast-paced environment and your exceptional attention to detail. Your cover letter should reflect an understanding of current market trends and a commitment to continuous learning in the field.

Cover Letter Guide

Investment Banking Associate Cover Letter Sample

Cover Letter Format

Cover Letter Salutation

Cover Letter Introduction

Cover Letter Body

Cover Letter Closing

No Experience Investment Banking Associate Cover Letter

Key Takeaways

Embarking on your investment banking associate journey, you've polished your resume and started job applications, only to encounter the pivotal requirement: a compelling cover letter. The challenge? Crafting an engaging narrative that showcases your proudest professional moment, without echoing your resume. Striking a balance between formality and originality, steer clear of clichés and keep it concise—one page to make a lasting impression. Let's dive into creating a cover letter that resonates with hiring managers.

• Writing the essential investment banking associate cover letter sections: balancing your professionalism and personality;
• Mixing storytelling, your unique skill set, and your greatest achievement;
• Providing relevant (and interesting) information with your investment banking associate cover letter, despite your lack of professional experience;
• Finding the perfect format for your[ investment banking associate cover letter, using templates from industry experts.

Leverage the power of Enhancv's AI: upload your resume and our platform will map out how your investment banking associate cover letter should look, in mere moments.

If the investment banking associate isn't exactly the one you're looking for we have a plethora of cover letter examples for jobs like this one:

• Investment Banking Associate resume guide and example
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Investment Banking Associate cover letter example

Payton Webster

Los Angeles, California

+1-(234)-555-1234

[email protected]

• Demonstrating relevant experience: The cover letter successfully highlights the candidate's experience in technology M&A, which is directly applicable to the role being applied for. This shows the hiring manager that the candidate has experience in the same field and with transactions of similar scope and complexity.
• Quantifiable achievements: By mentioning a specific deal and the subsequent 20% increase in post-merger valuation assessments, the candidate provides concrete evidence of their ability to add value and achieve results, showing that they are result-oriented and possess solid analytical skills.
• Customization to the firm: The cover letter is tailored to the hiring firm, with references to their recent achievements and transactions, which indicates that the candidate has done their homework and is genuinely interested in the company's specific work and success.

Standard formatting for your investment banking associate cover letter

Structure your investment banking associate cover letter, following industry-leading advice, to include:

• Header - with your name, the role you're applying for, the date, and contact details;
• Greeting - make sure it's personalized to the organization;
• Introduction paragraph - no more than two sentences;
• Body paragraph - answering why you're the best candidate for the role;
• Closing paragraph - ending with a promise or a call to action;
• Signature - now that's optional.

Set up your investment banking associate cover letter for success with our templates that are all single-spaced and have a one-inch margin all around.

Use the same font for your investment banking associate cover as the one in your resume (remember to select a modern, Applicant Tracker System or ATS favorites, like Raleway, Volkhov, or Chivo instead of the worn-out Times New Roman).

Speaking of the ATS, did you know that it doesn't scan or assess your cover letter? This document is solely for the recruiters.

Our builder allows you to export your investment banking associate cover letter in the best format out there: that is, PDF (this format keeps your information intact).

The top sections on a investment banking associate cover letter

Header: Include your contact information, date, and the employer's contact details at the top of the cover letter because this establishes a professional appearance and ensures your application can be easily referenced and responded to by the banking recruiter.

Opening Greeting: Address the cover letter to a specific person, such as the hiring manager, using their name and title if possible to show that you've done your homework and are genuinely interested in the position at their investment bank.

Introduction: Start with a compelling opening paragraph that outlines your understanding of the investment banking sector and your enthusiasm for the role, as this sets the tone and shows your passion for the industry right from the beginning.

Experience and Skills Body: Outline your relevant past experience in finance, notable transactions you may have been involved in, and specific analytical and interpersonal skills that align with what is sought in an investment banking associate, to immediately showcase your suitability for the role.

Closing and Call to Action: Conclude by reiterating your interest in the position, thanking the reader for considering your application, and indicating your desire for a personal interview to discuss how you can contribute to their investment banking team, which can help motivate the recruiter to move you to the next stage.

Key qualities recruiters search for in a candidate’s cover letter

• Strong financial modeling and analytical skills: Essential for evaluating financial statements, building valuation models and making data-driven recommendations.
• M&A experience: Direct involvement in mergers and acquisitions signals the ability to navigate complex transactions and understand deal dynamics.
• Robust deal execution capabilities: A history of successfully managing and closing deals showcases an understanding of the due diligence process, transaction structuring, and negotiation tactics.
• Excellent communication and presentation abilities: Required for effectively conveying complex financial concepts to clients and stakeholders and for crafting persuasive investment pitches.
• Deep understanding of industry-specific trends: Knowledge in specific sectors relevant to the investment bank shows the ability to provide specialized advice and identify sector-specific opportunities.
• Strong work ethic and resilience: Investment banking is known for its demanding environment, so demonstrated endurance in high-pressure situations is key.

How to greet recruiters in your investment banking associate cover letter salutation

As the saying goes, "You never get a second chance to make a first impression."

Write your investment banking associate cover letter salutation to be more personalized to the actual hiring manager, who is set to assess your profile by:

• greeting them on a first-name basis, if you have previously communicated with them (e.g. "Dear Sam,");
• using their last name, if you have more formal communication or haven't spoken to them (e.g. "Dear Mr. Harrows" or "Dear Ms. Marshall");
• writing "Dear HR Team" or "Dear Hiring Manager", if you have no clue about who's recruiting for the role.

Search on LinkedIn, Google, or the company website to find information as to the recruiter's name.

In any case, avoid the impersonal "Dear Sir or Madam".

List of salutations you can use

• Dear Hiring Manager,
• Dear [Insert Name of Hiring Manager],
• Dear Mr./Ms. [Insert Last Name],
• Dear Members of the Selection Committee,
• Dear Investment Banking Team,
• Dear [Insert Name of Investment Bank] Recruitment Team,

Your investment banking associate cover letter intro: showing your interest in the role

On to the actual content of your investment banking associate cover letter and the introductory paragraph .

The intro should be no more than two sentences long and presents you in the best light possible.

Use your investment banking associate cover letter introduction to prove exactly what interests you in the role or organization. Is it the:

• Company culture;
• Growth opportunities;
• Projects and awards the team worked on/won in the past year;
• Specific technologies the department uses.

When writing your investment banking associate cover letter intro, be precise and sound enthusiastic about the role.

Your introduction should hint to recruiters that you're excited about the opportunity and that you possess an array of soft skills, e.g. motivation, determination, work ethic, etc.

What to write in the body of your investment banking associate cover letter

Now that you've got your intro covered, here comes the heart and soul of your investment banking associate cover letter.

It's time to write the middle or body paragraphs . This is the space where you talk about your relevant talent in terms of hard skills (or technologies) and soft (or people and communication) skills.

Keep in mind that the cover letter has a different purpose from your investment banking associate resume.

Yes, you still have to be able to show recruiters what makes your experience unique (and applicable) to the role.

But, instead of just listing skills, aim to tell a story of your one, greatest accomplishment.

Select your achievement that:

• covers job-crucial skills;
• can be measured with tangible metrics;
• shows you in the best light.

Use the next three to six paragraphs to detail what this success has taught you, and also to sell your profile.

Closing paragraph basics: choose between a promise and a call to action

You've done all the hard work - congratulations! You've almost reached the end of your investment banking associate cover letter .

But how do you ensure recruiters, who have read your application this far, remember you?

Most investment banking associate professionals end their cover letter with a promise - hinting at their potential and what they plan on achieving if they're hired.

Another option would be to include a call for follow-up, where you remind recruiters that you're very interested in the opportunity (and look forward to hearing from them, soon).

Choose to close your investment banking associate cover letter in the way that best fits your personality.

Addressing limited to no experience in the investment banking associate cover letter

There's nothing to worry about if you lack professional experience .

Your investment banking associate cover letter could bridge the gaps in your professional history by focusing on what matters most to recruiters, that's either:

• skills - focusing on transferable ones you've gained, thanks to your life experience (e.g. volunteering, certificates, etc.);
• achievements - select the most relevant and noteworthy one from your history (e.g. education, projects, etc.);
• motivation - describe how you envision your professional growth in the next up to five years, thanks to this opportunity.

Key takeaways

We hope this investment banking associate cover letter writing guide has shown you how to:

• Format your investment banking associate cover letter with the mandatory sections (e.g. header, greeting, intro, body, and closing) and select the right font (P.S. It should be the same as the one you've used for your resume);
• Substitute your lack of professional experience with your most noteworthy achievement, outside of work, or your dreams and passions;
• Ensure recruiters have a more personalized experience by tailoring your cover letter not just to the role, but to them (e.g. writing their first/last name in the salutation, etc.);
• Introducing your biggest achievement and the skills it has taught you in your investment banking associate cover letter body;
• Write no more than two sentences in your investment banking associate cover letter introduction to set the right tone from the get-go.

Cover letter examples by industry

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• Content tailored to the job posting you're applying for
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Investment Banking cover letter examples

Investment banking is a competitive industry, and your cover letter is your chance to give context to your CV and stand out from the crowd.

But if you want to get noticed, you need to focus on showcasing your biggest achievements in the field, and we can help.

For top tips and writing advice you can bank on, check out our comprehensive guide and investment banking cover letter examples below.

CV templates 

Investment Banking cover letter example 1

Investment Banking cover letter example 2

Investment Banking cover letter example 3

These Investment Banking cover letter examples provide you with some guidance and inspiration for writing a cover letter that gets noticed and ensures your CV will get opened.

But if you really want to master the art of writing a winning cover letter , then follow our step-by-step cove letter writing guide below.

How to write an Investment Banking cover letter

A simple step-by-step guide to writing your very own winning cover letter.

Write your cover letter in the body of an email/message

You should write your cover letter in the body of the email (or messaging system if sending via a job board) and never attach it as a document.

The reason for this?

You want your cover letter to start connecting with the recruiter from the moment they open your application.

If they have to open a document to read it, it will slow things down and they may not even bother to open it.

Start with a friendly greeting

To start building rapport with the recruiter or hiring manager right away, lead with a friendly greeting.

Try to strike a balance between professional and personable.

Go with something like…

• Hi [insert recruiter name]
• Hi [insert department/team name]

Stay away from old-fashioned greetings like “Dear sir/madam ” unless applying to very formal companies – they can come across as cold and robotic.

How to find the contact’s name?

Addressing the recruitment contact by name is an excellent way to start building a strong relationship. If it is not listed in the job advert, try to uncover it via these methods.

• Check out the company website and look at their  About page. If you see a hiring manager, HR person or internal recruiter, use their name. You could also try to figure out who would be your manager in the role and use their name.
• Head to LinkedIn , search for the company and scan through the list of employees. Most professionals are on LinkedIn these days, so this is a good bet.

Identify the role you are applying for

Once you have opened the cover letter with a warm greeting, you need to explain which role you are interested in.

Sometimes a recruitment consultant could be managing over 10 vacancies, so it’s crucial to pinpoint exactly which one you are interested in.

Highlight the department/area if possible and look for any reference numbers you can quote.

These are some examples you can add..

• I am interested in applying for the role of *Investment Banking position* with your company.
• I would like to apply for the role of Sales assistant (Ref: 40f57393)
• I would like to express my interest in the customer service vacancy within your retail department
• I saw your advert for an IT project manager on Reed and would like to apply for the role.

See also: CV examples – how to write a CV – CV profiles

Highlight your suitability

The main purpose of your cover letter is to excite recruiters and make them eager to open your CV. And you achieve this by quickly demonstrating your suitability to the job you are applying for.

Take a look at the job adverts you are applying for, and make note of the most important skills being asked for.

Then, when you write your cover letter, make your suitability the focal point.

Explain how you meet the candidate requirements fully, and why you are so well suited to carry out the job.

This will give recruiters all the encouragement they need to open your CV and consider your application.

Keep it short and sharp

It is best to keep your cover letter brief if you want to ensure you hold the attention of busy recruiters and hiring managers. A lengthy cover letter will probably not get read in full, so keep yours to around 3-6 sentences and save the real detail for your CV.

Remember the purpose of your cover letter is to quickly get recruiters to notice you and encourage them to open your CV, so it only needs to include the highlights of your experience.

Sign off professionally

To round of your CV, you should sign off with a professional signature.

This will give your cover letter a slick appearance and also give the recruiter all of the necessary contact information they need to get in touch with you.

The information to add should include:

• A friendly sign off – e.g. “Kindest regards”
• Your full name
• Phone number (one you can answer quickly)
• Email address
• Profession title
• Professional social network –  e.g. LinkedIn

Here is an example signature;

Warm regards,

Jill North IT Project Manager 078837437373 [email protected] LinkedIn

Quick tip: To save yourself from having to write your signature every time you send a job application, you can save it within your email drafts, or on a separate documents that you could copy in.

What to include in your Investment Banking cover letter

Here’s what kind of content you should include in your Investment Banking cover letter…

The exact info will obviously depend on your industry and experience level, but these are the essentials.

• Your relevant experience – Where have you worked and what type of jobs have you held?
• Your qualifications – Let recruiters know about your highest level of qualification to show them you have the credentials for the job.
• The impact you have made – Show how your actions have made a positive impact on previous employers; perhaps you’ve saved them money or helped them to acquire new customers?
• Your reasons for moving – Hiring managers will want to know why you are leaving your current or previous role, so give them a brief explanation.
• Your availability – When can you start a new job ? Recruiters will want to know how soon they can get you on board.

Don’t forget to tailor these points to the requirements of the job advert for best results.

Investment Banking cover letter templates

Copy and paste these Investment Banking cover letter templates to get a head start on your own.

I am writing to apply for the Investment Analyst position at CitiBank. With over 5 years of experience in financial analysis, valuation, and M&A transactions at Goldman Sachs and JPMorgan, I have honed my skills in creating financial models and conducting market research to deliver strategic advice and financial solutions to clients.

In my current role at Goldman Sachs, I manage a portfolio of over 50 clients with a total transactional asset value of £800million per annum. My in-depth understanding of the financial services industry has optimised business growth, resulting in a 30% client retention rate, surpassing company KPIs by 10%.

During my time at JPMorgan, I achieved investment returns of over 25% for clients by identifying undervalued commercial companies. Moreover, I improved productivity by 11% through the adaptation of the combined asset management database.

I am eager to bring my expertise in investment strategy, market research, and portfolio optimisation to CitiBank. I am available for an interview at your convenience and look forward to discussing how my skills can add value to your team.

Kind Regards,

Charlotte Froissant

I am writing to apply for the Asset Management Advisor role at JPMorgan. With a successful 20-year career as a Chartered Asset Management Advisor at leading UK banks like Morgan Stanley and Trex Bank, I possess the strategic acumen to manage a client portfolio worth over £40million.

Demonstrating my proficiency in client acquisition and revenue growth, I have grown my client portfolio by 15% in my first year at Trex Bank, generating £750K in profit for the company. In my current position, I have secured referral agreements with three third-party financial services companies, resulting in a remarkable 12% increase in local client interest. My ability to liaise with third-party organisations, combined with extensive professional networks in Madrid and New York, allows me to deliver personalised financial management plans effectively.

I am eager to discuss how my skills and achievements align with the requirements of JPMorgan. I am available for an interview at your convenience.

Stanley Dixon

I am delighted to apply for the Risk Manager position at Deutsche Bank. As a seasoned Risk Officer with 30 years of experience in the financial services sector, I have a proven track record of developing and implementing risk management strategies for leading UK commercial banks.

At Nationwide Building Society, I led the development of a liquidity risk management framework with a 92% success rate during the COVID-19 pandemic. Additionally, I successfully implemented a stress testing program at HSBC, enhancing the organisation’s ability to assess and manage credit risks during economic downturns. My expertise in enterprise risk management, regulatory compliance, and stakeholder engagement aligns well with the requirements of the role. Moreover, my MBA from LSE and Chartered Financial Analyst (CFA) qualification further strengthen my ability to effectively navigate complex financial landscapes.

I am enthusiastic about the opportunity to contribute my versatile set of skills to the risk management team at Deutsche Bank. I am available for an interview from next week and look forward to discussing how my experience can add value to your organisation.

Helena Sidmore

Writing an impressive cover letter is a crucial step in landing a job in Investment Banking, so taking the time to perfect it is well worth while.

By following the tips and examples above you will be able to create an eye-catching cover letter that will wow recruiters and ensure your CV gets read – leading to more job interviews for you.

Good luck with your job search!

Wall Street summer internships are starting soon. Are you ready?

• Internships at Wall Street banks like Goldman Sachs and Evercore will kick off in the coming weeks.
• Industry execs and insiders shared their advice to aspiring financiers for a successful summer. 
• Use this guide to prepare for your summer investment-banking internship.

In a few weeks, the investment banking industry's youngest ranks — summer analysts — will descend upon financial firms for one of the biggest trials of their young lives.

Snagging a summer internship at a leading investment bank is not just a fun summer job — it's often the starting point for a career on Wall Street. How interns perform, therefore, can be extremely consequential.

"This is a 10-week extended job interview," Steve Sibley, a professor at Indiana University's Kelley School of Business, explained in a 2023 interview . "It's a 10-week test drive or trial run for the bank with you as an employee, and also from your perspective, it's a 10-week trial of the bank as your employer."

Wall Street internships are not easy to land , as Business Insider has previously reported. The acceptance rate at top firms can be stiffer than an Ivy League university's. Goldman Sachs, for example, accepted just 1.5% of candidates into its 2022 summer internship class out of more than 236,000 applications worldwide.

But these internships can also open doors to good-paying jobs. Interns who perform well tend to be offered a full-time job as an entry-level investment banker upon graduation. This can lead to a career as an M&A banker, or a corporate fundraiser, or wealth manager, or trader. It can also lead to recruitment — sometimes within the first few days on the job — by a private-equity firm , as BI has previously reported.

Given the high stakes, Business Insider has pulled together a comprehensive list of everything a Wall Street summer analyst should know to be successful, from how interns spend their days to what they tend to wear post-pandemic to the secrets of standing out to your manager and scoring a return offer. We have advice from executives at top firms like Goldman Sachs as well as former interns on how to prepare for and make the most of the Wall Street summer internship.

What to wear (and not to wear)

The COVID-19 pandemic has made office attire more casual generally, but client-facing investment bankers with billions of dollars at stake are not by any means a relaxed bunch. Defining the fuzzy parameters of what's acceptable to wear to a Wall Street internship can, therefore, be particularly confusing. BI spoke to industry experts and junior investment bankers to learn what people actually wear to banking jobs these days and how newbies should prepare accordingly.

We learned that certain trends have become unspokenly accepted — the near-extinction of ties for men and the disappearance of high heels for women, for example. But the unspoken dress code is something that differs from firm to firm and even group to group, these insiders said, with the tone generally set by the senior bankers of the bank. At many banks, a blazer is too formal for day-to-day work, and at others, wearing sneakers has become acceptable.

So what should you pack? One junior recommended waiting to do most of your shopping until after you've been on the job for a couple of weeks and get a good feel for the vibe of your office. Or, if you feel comfortable, ask a first-year analyst who did the internship last summer what the office norms are ahead of time.

Read BI's in-depth report on what Wall Street's wardrobe whisperer and junior bankers say you should wear to your internship , from Allbird sneakers to Lululemon trousers and, of course, the just-in-case blazer.

What does the job entail?

Summer analyst programs across banks tend to have similar layouts — nine to 12 weeks in the summer, with the first week or two usually focused on training and fireside chats from execs at the firm. Most big-name investment banks are headquartered in New York, and therefore the biggest number of interns are hosted there (though other offices also host interns, too). Depending on the firm, interns are either assigned to specific coverage groups for the summer — like TMT (tech, media, and telecommunications) or FIG (financial institutions group) — or put in "generalist" positions in which they work on different types of deals.

How the weeks play out will differ by team and firm. In 2022, BI obtained two slideshow presentations from Goldman Sachs campus recruiting reps that detail its investment banking and asset management internship programs. The leaked decks, which you can see here, break down what Goldman sees as the typical "day in the life of an analyst."

Of course, the best way to learn what a Wall Street internship is like is to talk to someone who's been through it. Last year, an intern on Goldman Sachs' consumer retail investment banking team sat down with BI to detail her experience at the firm as a summer analyst. The college student, India Stephenson, spoke candidly about what the summer analyst role was like, from her nerves going in on day one to the type of work she did and her favorite place to grab lunch by Goldman's 200 West Street headquarters. Read her full interview from last year here .

Another summer analyst at a different leading large-cap bank described what a week at work was like in this 2021 interview . From socializing in Manhattan to working on live deals, the intern said you can expect 75-hour workweeks, late-night ice cream parties, and lots of takeout.

To get a return offer, be a problem-solver

BI got the lowdown from a Goldman partner about what interns can do to ensure they leave with a return offer . Dave Friedland, head of the Americas Cross Markets Group, said the qualitative characteristics you demonstrate are more important than math or Excel skills, including being a solutions-focused team player.

"You go into someone's office, you don't sit there and say, 'I don't know how to do this,'" he told BI. "You go into somebody's office, and you say, 'I've never done this before, here's what I was thinking, is that the right way to approach it, or would you give me another suggestion?'"

In the 2023 interview, the partner also debunked the myth of limited spots and advised future Goldman interns to learn how to multitask and be comfortable with failure. Read more on his advice here .

Raise your hand for extra tasks

If you find yourself with any idle time, raise your hand for extra tasks, said Asif Rahman, co-founder of Wall Street career coaching company Office Hours, in a 2023 interview before last summer's intern season.

"You should be proactively asking everyone on your desk, 'What are you working on? Can I help you with anything?'" Rahman said. "Before you leave, always go around."

Perhaps the most notorious aspect of being a junior banker is the job's grueling schedule — a stereotype that many say lives up to the hype. The simple truth, said Rahman and Sibley, is that you want to show you're a driven and hard worker. That means putting in a ton of hours .

"You should be the first person into the office and the last person to leave every day," Sibley said. Face-time is important. Face-time matters."

Keep it professional

How you behave off the job can be just as important as how you behave in the office because Wall Street internships are full of planned social activities, from drinks with teammates to baseball outings.

Summer interns will be expected to attend many work events — lunches, dinners, and happy hours. You should say 'yes' to every social outing you're invited to at work, Sibley said. But that often means drinking will be involved, and you should never go overboard, even if others around you are.

"You want to be fun, but not too much fun. You want to still be professional enough that you're not going to be ashamed to walk into work the next morning," Sibley said in 2023.

And if you're not over 21, don't drink at all at work events (even with a fake ID)."I've heard horror stories — they drink too much, they don't know their tolerance, and then it comes out that they're 20 and it just completely torpedoes their chance of getting a return offer," said Rahman. "I don't think the risk is worth it."

See Rahman and Sibley's complete advice for last year's intern class — which is still largely applicable now — here .

Life at boutiques versus bulge brackets

BI reported that first-year analysts at boutique banks expressed higher work satisfaction than their peers at most bulge brackets in 2022. The four highest-scoring firms in the experience rating section of a survey of over 1,000 junior bankers from across the industry were all boutiques. In fact, only two bulge brackets (Morgan Stanley and Credit Suisse) were among the top 10.

In an effort to better understand why so many junior bankers are gravitating toward boutique banks, BI spoke to a first-year investment banking analyst who was working in New York City in 2022 for a boutique bank that ranked high in the above-mentioned survey.

Among her experience and opinion was that boutiques pay employees more, have better exit opportunities, offer juniors more hands-on experience because they're of their smaller deal teams, and care about their employees more than peers at bulge bracket goliaths. Read her full-length point of view on the comparison of boutiques versus bulge brackets here .

The dark side of a tough industry

Of course, investment banking is not for everyone and plenty of people walked away from internships or junior banking roles because it wasn't the right fit or they didn't have good experiences. While every bank's culture is different, investment banking is broadly known for being a demanding career that often requires late nights and work on weekends, especially when working an active deal. It's important that interns go into the job knowing the potential negatives before accepting a full-time offer.

In 2022, one investment banking intern described why he hated his summer internship at an investment bank and ultimately turned down an offer for full-time work there. This person described being scared to leave his computer and times when the culture felt "abusive."

As BI reported last year, some full-time analysts have reported feelings of isolation and loneliness as a result of the competitive and hustle culture that exists. Others have gone on record to tell their stories of extreme work-induced anxiety and stress that left them in the hospital and ditching the industry altogether.

As recently as last month, there was chatter among the junior banking community about work hours and conditions after a Bank of America associate who had been working on a $2 billion deal for the bank died suddenly .

How much money can I make?

Students can expect to be paid pretty well for an internship, also known as a summer analyst gig. For example, Morgan Stanley's application page for the 2025 class listed the base pay rate for the role as $52.89 per hour.

But if you manage to snag a full-time return offer to rejoin the firm as an analyst after graduation, that's when the real money comes. Though pay will vary depending on what you are hired to do — from trading stocks and bonds to managing risk to cobbling together multi-billion stock offerings — a career on Wall Street has for decades been one of the world's most lucrative . And it's probably one of the few industries where you can rake in a six-figure salary your first year out of college.

BI has been compiling information on how much bankers stand to make at all stages of the game, including when they first start out. We have learned that so-called "boutique" banks — smaller banks lesser known to industry outsiders — tend to pay more than so-called "bulge bracket" banks like Goldman Sachs and Citi.

To find out exactly how much analysts, associates, vice presidents, and more make at boutique firms, BI pulled data about nine firms, including Moelis, Lazard, and Evercore in this 2022 story .

We also broke down pay across larger banks like Citi, JPMorgan, Goldman Sachs, Wells Fargo, and more here . Total comp, or base pay plus bonus, can be found here .

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