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3 Investment Banking Cover Letter Examples Made in 2024 

• Investment Banking Cover Letter
• Investment Banking Internship Cover Letter
• Investment Banking Analyst Cover Letter
• Write Your Investment Banking Cover Letter

Identifying investment opportunities is where you shine. Risk and return profiles are identified, valuations are completed, and acquisitions are performed successfully with you on the job.

But have you invested enough time writing a cover letter that complements your investment banking resume and helps land your next job?

We’ll help you get started with our investment banking cover letter examples . They’ll provide an easy template for success and, when coupled with our AI cover letter generator, will ensure you stand out in this results-driven field.

Investment Banking Cover Letter Example

USE THIS TEMPLATE

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Block Format

Copy this text for your investment banking cover letter!

123 Fictional Avenue New Orleans, LA 70112 (123) 456-7890

October 01, 2023

Ethan Davis Capital One Securities 123 Fictional Lane New Orleans, LA 70112

Dear Mr. Davis:

As a fervent believer in the power of data-driven decision making in my professional career and personal investment endeavors, I spend my evenings studying financial market trends and identifying potential opportunities when I’m not engrossed in aiding clients in reaching their financial goals. Pairing my passion for finance with my keen understanding of various industry nuances, I am excited to join Capital One Securities as an investment banking associate.

During my tenure at UBS, I honed my expertise in data analysis, using advanced tools like Python and Excel to sort through vast amounts of information. I successfully identified vital investment opportunities that contributed to the growth and diversification of portfolios, thereby increasing the company’s average annual return on investment by 8.2%.

As a financial analyst at Valmiki 504, also based in New Orleans, I dove headfirst into financial statement analysis, scrutinizing balance sheets, cash flow, and income statements. Consequently, my analysis contributed to improvements in client portfolio performance, with a 6.7% increase in average annual returns.

Being involved in numerous Mergers and Acquisitions (M&A) deals as part of the strategic financial advisory team at Dorsey & Company, I implemented a systematic approach to risk analysis and valuations. My prowess in executing due diligence and navigating financial models was instrumental in securing successful deals for the advisors. Our team collectively increased completed M&A transactions by 9.4% during my time there, benefiting clients through synergistic growth.

I am eager to leverage my enthusiasm and skillset to augment Capital One Securities’ position at the forefront of the financial sector. I look forward to discussing how my expertise can contribute to the growth and continued success of Capital One Securities and its client base. Thank you.

Liam Andersen

Enclosures: Resume Application Academic Transcript

Why this cover letter works

• Follow this with a compelling narrative of relevant work experiences , backing up impacts made in previous workplaces using numbers, percentages, and revenues. Skills such as data analysis, financial statement and risk analysis, and software Python and Excel should suffice in your piece.

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Investment Banking Internship Cover Letter Example

Copy this text for your investment banking internship to your cover letter!

123 Fictional Avenue New York City, NY 10001 (123) 456-7890

Liam Harris JPMorgan Chase & Co. 123 Fictional Lane New York City, NY 10001

Dear Mr. Harris:

Influenced by the allure of the world of finance and its complex interplay of numbers, I spend my leisure hours tracking global economic indicators when I’m not thoroughly engrossed in my academic pursuit of finance. This fascination for finance and my keen interest in building personalized investment portfolios ignited my enthusiasm to be part of JPMorgan Chase & Co. as an investment banking valuation intern.

During my time at New York University, I honed my skills in Python to analyze complex financial datasets, proving instrumental to our team’s success in the annual Love Data Week competition. The models I developed contributed to us outperforming 52+ teams and winning by a margin of 3.2%.

As a research Intern at the NYU Stern School of Business, utilizing tools like Bloomberg Terminal and FactSet, I completed a research project on the impact of modern trade wars on international markets. The efforts culminated in a published paper that was well-received in academia.

Additionally, my coursework in statistical analysis spurred my interest in predicting financial trends. By employing these skills, I earned the second spot in the college’s annual forecast challenge, predicting S&P 500 performance with an accuracy level of 92.3%.

The idea of playing an indispensable part at the trailblazing vanguard of the finance industry exhilarates me to no end. I look forward to discussing my qualifications in detail at your earliest convenience. Thank you.

Zara Jafari

• Of course, the majority of your piece will focus on academic accomplishments. But don’t just highlight your technical know-how. Briefly narrate instances where you translated classroom knowledge into tangible impact during class projects, competitions, simulations, and possibly an internship or volunteer program.

Investment Banking Analyst Cover Letter Example

Copy this text for your investment banking analyst cover letter!

123 Fictional Avenue Memphis, TN 38101 (123) 456-7890

Ava Wilson First Horizon National Corporation 123 Fictional Lane Memphis, TN 38101

Dear Ms. Wilson:

Responding to First Horizon National Corporation’s compelling belief that creating new horizons is critical to client success, I am eager to join your dynamic team of innovators as your next investment banking analyst. Firmly believing in the heightened potential that emerges when diverse insights merge and align toward a shared financial goal, I welcome the opportunity to collaborate with your team of skilled analysts and finance experts.

One of my skills, Comparable Company Analysis (CCA), helped me carve a significant niche at Raymond James. By applying such in-depth analyses, I was able to implement strategies that led to an annual yield increase of 7.3% for our locally focused portfolios, demonstrating the power of well-applied industry knowledge. Moreover, proficiency in pitch book preparation has augmented my communicative prowess, allowing me to clearly convey complex financial narratives. This proficiency manifested in more than just words, driving a 16.4% growth in local investments by effectively showcasing our value propositions to Memphis clients.

My firm grasp of capital structure analysis further complements these core competencies. Using Bloomberg Terminal and FactSet, I dissected intricate financial data at NewSouth Capital Management, which eventually reduced client portfolios’ cost of capital by 14.7%.

As seen from my history of aiding Memphis-based organizations like Bluff City Coffee & Bakery and Medtronic, I am committed to building solid relationships and paving ways for clients to reach their long-term financial objectives seamlessly.

Inspired and motivated by First Horizon’s dedication to guiding its clients toward fruitful opportunities, I look forward to contributing to your mission. I appreciate your consideration and look forward to discussing how my experiences and skills could further bolster the growth of First Horizon National Corporation.

Nina Petrovic

• Go ahead and show off your professional arsenal (cue comparable company analysis, pitch book preparation, or capital structure analysis). Weaving in quantifiable wins, like an annual yield increase of 7.3%, anchors your credibility.

Related cover letter examples

• Investment banking resume
• Financial analyst
• Bank teller
• Account manager

How to Format Investment Banking Cover Letter

When optimizing a client’s investment portfolio, you always ensure you account for their specific needs and financial situation to get them the best results. Take a similar approach to your investment banking cover letter. 

The job description will help you succeed here. It’ll outline the company’s mission and the top investment banking skills they’re looking for so you can include them in your cover letter to stand out.

For instance, you could explain how you’ll use your negotiation skills to help an automotive company continue expanding its market while achieving its goal of bringing fair vehicle prices to consumers.

Investment banking cover letter introduction

When meeting a client for the first time, you’d want to learn their name to instantly create a connection. You should do the same in your investment banking cover letter by trying to address a specific hiring manager by name, if you can find it in the job description or the company website.

Then, once you get into the opening paragraph, grab attention by referencing your passion for the company’s mission and the top skills they’re looking for, like financial modeling or using the Bloomberg Suite.

The example below will show you a cover letter that gets off to a good start but falls short when they don’t get into any specifics about the company’s investment banking needs.

Needs more details!

Dear Ms. Tyson,

I was pleased to see the investment banking opportunity your company has available. With my seven years of experience in the financial field, I believe I’ll be the right fit for your company’s needs.

An opener like the one below is a better option that relates directly to the applicant’s enthusiasm for First Horizon National Corporation’s dynamic and innovative investment banking team. 

A compelling and detailed opener!

Dear Ms. Wilson,

Investment banking cover letter body

Data is a crucial part of the decisions you make as an investment banker. It’s also pretty important to help you write a successful cover letter.

One of the best ways to optimize your body paragraphs is by sharing examples using metrics. For instance, you could explain how you used your market forecasting skills to help a portfolio of 125 clients grow their earnings by an average of 34% annually.

If you don’t have much work experience , you could also write about how your education in finance, accounting, or other related fields has equipped you for the role. For example, you could talk about how you analyzed statements of cash flows with 98% accuracy during your managerial accounting course.

A great body paragraph with data-driven performance!

Investment banking cover letter closing

After you wrap up a meeting with a client, you’d want to relate back to what you covered to ensure they’re up to speed on the next steps you’ll take when optimizing their investment portfolio. You should do the same with the closing of your cover letter by relating back to the essential job skills you emphasized, like private equity and market analysis, and how you connect with the company’s mission.

It’s also best practice to thank the hiring manager for their time and close with a light call to action like “I look forward to discussing the needs of this investment banking position with you further.”

The closer below doesn’t quite hit the mark since it’s missing the call to action or any specific details about the investment banking role.

Lacking impact with this one!

I believe my skills and experience will be of great value to your company’s growing investment banking needs. Thank you for taking the time to review my application.

Isaac Martens

A better closer is the one below that directly relates to Capital One Securities’ goal to grow in the financial sector and help its client base succeed. 

An impactful closer relating to the company’s mission! 

I am eager to leverage my enthusiasm and skillset to augment Capital One Securities’ position at the forefront of the financial sector. I look forward to discussing how my expertise can contribute to the growth and continued success of Capital One Securities and its client base. Thank you.

Sincerely, 

One page is the optimal length for investment banking cover letters. If you’re struggling to shorten it, try to focus on the primary needs of each job. For instance, if you’re applying to a commercial investment banking role, your M&A and equity research abilities may be essential to emphasize. 

Your investment banking cover letter should be customized for each job. It’ll help you stand out when applying to one company that works with high-yield bonds and another that specializes in structured financial management so you can present relevant skills for both. 

The best way to make job skills stand out is to include relevant ones to each company’s needs and share metrics-based examples of how you used them successfully in previous jobs. For instance, you could explain how you used S&P Capital IQ to help companies utilize their assets 54% more efficiently. 

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!

Investment Banking Cover Letter Sample

Getting employed in investment banking isn't that hard if you can craft a winning resume and a perfect cover letter. In this guide, experts in the writing business are going to show you how to write a cover letter step by step and share an investment banking cover letter sample for inspiration.

Here, you'll find:

• cover letter sample;
• writing guide;
• formatting guide;
• additional tips. 

Are you wondering how to write a cover letter fast? Use our online resume and cover letter writing service for success: Skiilhub's writing a great cover letter that can highlight your professional background, accomplishments, and financial modeling skills. Cover Letter for an Investment Banking [Example]

In every cover letter banking, applicants have to follow the proper cover letter format to keep their letter readable and professional-looking. It is crucial that you include all the key cover letter elements that we are going to discuss later in this guide. At the same time, it is vital to demonstrate your key skills and accomplishments.

Here is a well-formatted investment banking cover letter example for your inspiration.

1220 5th Ave,

New York, NY 10029

April 7, 2022

Leann Black

Hiring Manager

767 5th Ave,

New York, NY 10153

Dear Ms. Black,

As an investment banker with broad professional experience, I was excited to see a recent opening for an investment banker role in your company. I believe I possess the abilities, knowledge, and expertise to become a top candidate for this position and help take Apple to the next level.

In my work experience record, there are a number of big-name tech companies. My passion is helping them achieve their business objectives through careful investment research and analysis. My biggest strengths include accounting, risk management, and financial modeling skills.

In my past position at Microsoft, I've had a number of notable accomplishments:

• assisted with a $10B IT firm acquisition through careful qualitative and quantitative analysis;
• closed 25+ sell- and buy-side deals in 2021, each about $1B worth.

I would welcome the opportunity to have an interview with you to discuss how I can translate my skills and experience to the success of Apple.

Investment Banking Cover Letter Template

In the business world, job seekers should apply certain rules to writing every part of their job application.

Here are the basic rules of a modern cover letter template.

• Font: Calibri, Georgia, Trebuchet MS, Helvetica, etc.
• Margins: 1'' per each edge
• Line Spacing: 1.15
• Structure: 3 to 4 paragraphs

Ultimate Guide on How to Write an Investment Banking Cover Letter

Mastering the art of writing takes time and patience. Not every investment banker can write like a pro, even with a cover letter sample. But our experts put together their own knowledge and experiences to help you write a cover letter that gives you an opportunity to get an interview.

Need more help? Our experts have high qualifications and can write a killer letter for you quickly!

Or, read on to see how to put together a great cover letter.

If you need professional resume help, resume writing services near me are a solution! They are in Houston, Chicago, Nyc, Dallas, Seattle, San Diego, Phoenix, Austin, San Francisco, Los Angeles, Washington DC, Charlotte, San Antonio, Columbus, Kansas, Minneapolis, Indianapolis, Philadelphia, Jacksonville, Detroit. We are near you and always ready to give you a hand!

Proper Formatting for Investment Banking Cover Letter Examples

Showing recruiters your professionalism is crucial for landing the chosen position. Thus, every statement and other information you deliver must be formatted professionally.

Below is an analysis of the proper cover letter formatting for

• date & company details;
• closing paragraph.

Cover Letter Heading

The header is the first thing a hiring manager sees in your cover letter investment banking. Thus, it affects the first impression your job application makes.

In the sample below, you'll see how to format your heading to land a job in the investment banking department.

Cover Letter Sample for Investment Banking [Heading]

The cover letter header should include your contact details. Most often, the structure of elements looks as follows:

Here's a good cover letter investment banking example of a header:

Date and Company Details on Cover Letter

Under the header, indicate today's date. Then, mention the name of the hiring manager and company and the valid address.

This part of your cover letter for investment banking indicates who you are trying to contact, so it's also important.

Sample Investment Banking Cover Letter [Date and Company Details]

This section is an opportunity to indicate the company you want to apply to and its specific employees.

Cover Letter Greeting

Greeting the potential employer or recruiter in your investment banking cover letter is a formality that corresponds to basic business etiquette.

Ideally, a candidate should use ''Dear {Mr./Ms./Mx.]'' + the recruiter's last name. Also, you can use something like ''Dear Marketing Team'' instead of ''To Whom It May Concern.''

Investment Banking Sample Cover Letter [Greeting]

A good cover letter greeting can make hiring managers want to hire you. It highlights your professionalism, which can stimulate further career growth.

A perfect greeting is:

Dear Ms. Black

What to Include in an Investment Banking Cover Letter [Body]

Keep the body of your cover letter investment banking 2-3 paragraphs long. Specify the company and position you're interested in. Highlight your most significant accomplishments, skills, and areas of expertise (e.g., foreign direct investment). Then, restate your contact info.

Cover Letter Sample Investment Banking [Body]

Here's a sample body paragraph:

Closing Paragraph for Cover Letter

A generic investment banking analyst cover letter ending won't assist you in getting hired. Instead, end the cover letter in a simple but unique way. Use it as another chance to showcase your strengths and encourage the firm representative to invite you to an interview. Find a good sample below.

Investment Banking Cover Letter Example [Closing]

Here's an investment banking cover letter template for a strong ending.

Demonstrate Your Key Skills

Just like a resume, a cover letter for investment banking should also indicate your strongest skills to get your job application past the applicant tracking system (ATS) and show potential employers that you are an ideal employee for them.

To showcase your level of qualification effectively, you should include both soft and hard skills on a cover letter. Some of the key abilities to highlight include the following.

• Communication
• MS PowerPoint
• Public speaking
• Qualitative & quantitative analysis

Do Your Research

Writing your letter based on a random banking cover letter sample won't do any good. To make the most of it, you have to tailor your letter to the needs of a specific company you are applying to. Thus, you have to research it well.

When researching the company of your interest, pay special attention to its values and needs stated in the job description. The job description includes the major keywords recruiters will be looking for in applications.

Cover Letter Investment Banking Takeaway

• Always research the company.
• Stick to the right format.
• In a header, specify your contact details, today's date, and the addressee's details.
• Greet the hiring manager.
• Write 2-3 body paragraphs that communicate your level of qualification, skills, experience, and objectives.
• End with a powerful (not generic) closing.

Now you can use these tips and our investment banking cover letter sample to write yours.

Need more help? Let experts from SkillHub professional resume writing service help you land an interview with ease!

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More Cover Letter Examples

5 Investment Banking Associate Cover Letter Examples

Introduction.

In today's competitive job market, a well-tailored cover letter can make all the difference when applying for a position as an investment banking associate. While a strong resume is essential, a compelling cover letter can help you stand out from the crowd and showcase your unique qualifications and motivations. This article will provide you with several examples of effective investment banking associate cover letters, along with key takeaways and tips to help you craft your own standout cover letter. With these examples and insights, you'll be well-equipped to make a memorable impression on hiring managers and increase your chances of landing your dream job as an investment banking associate.

Example 1: Mergers and Acquisitions Investment Banking Associate Cover Letter

Key takeaways.

Alesha's cover letter effectively highlights her relevant experience and accomplishments in the mergers and acquisitions field, positioning her as an ideal candidate for the Mergers and Acquisitions Investment Banking Associate position at Goldman Sachs.

When applying for a niche role like Mergers and Acquisitions Investment Banking, it's crucial to emphasize your specific experience and achievements in the field. This demonstrates your expertise and suitability for the role.

She highlights her experience in financial analysis, investment banking, and executing complex transactions, showcasing her ability to deliver results and drive revenue growth.

Emphasize your track record of successfully executing financial modeling, valuation, and deal execution. These skills are highly valued in the investment banking industry and demonstrate your ability to drive successful transactions.

Alesha also mentions her ability to build and maintain strong client relationships and deliver exceptional client service, which are key skills in investment banking.

Highlight your ability to effectively communicate and collaborate with clients and cross-functional teams. These interpersonal skills are highly valued in investment banking and can set you apart from other candidates.

The cover letter could further highlight Alesha's knowledge of Goldman Sachs and why she is specifically interested in joining the organization. This would demonstrate her motivation and alignment with the company's values and culture.

Research the organization and tailor your cover letter to showcase your understanding of the company's goals, values, and industry leadership. This demonstrates your genuine interest in the role and organization.

Example 2: Debt Capital Markets Investment Banking Associate Cover Letter

Benjamin's cover letter effectively demonstrates his qualifications and enthusiasm for the Debt Capital Markets Investment Banking Associate position at Citigroup.

When applying for a highly specialized role like Debt Capital Markets Investment Banking Associate, it's crucial to showcase your in-depth knowledge of the industry and your experience in executing complex financial transactions.

He highlights his achievements, particularly his leadership in structuring and executing a $500 million debt offering, which underscore his ability to navigate complex financial markets and deliver exceptional results.

Highlighting specific achievements that demonstrate your expertise and ability to generate positive outcomes is essential. This allows hiring managers to see the tangible value you can bring to their organization.

Benjamin's cover letter could benefit from further discussing his specific skills and experience in debt capital markets and financial modeling.

In a specialized role like Debt Capital Markets Investment Banking Associate, it's important to highlight your technical skills and expertise in areas such as debt structures, capital markets, and financial modeling. This will further reinforce your qualifications and demonstrate your ability to contribute to the team from day one.

Example 3: Equity Capital Markets Investment Banking Associate Cover Letter

Sophia's cover letter effectively showcases her experience and skills as an Equity Capital Markets Investment Banking Associate, positioning her as a strong candidate for the position at JPMorgan Chase & Co.

When applying for a niche role like Equity Capital Markets Investment Banking, it's important to demonstrate your understanding of the industry and highlight specific skills and experiences that align with the job requirements. This shows your potential to contribute immediately and excel in the role.

She highlights her experience in executing high-profile IPOs and secondary offerings, emphasizing her ability to handle complex financial analysis, build financial models, and prepare marketing materials.

Emphasize your experience in executing specific types of deals and transactions. This showcases your expertise in the field and your ability to deliver high-quality work that meets client expectations.

Sophia also mentions her notable achievement of leading a team in the successful completion of a $500 million IPO for a technology startup, showcasing her leadership skills, attention to detail, and ability to work collaboratively with cross-functional teams.

Highlight specific achievements and leadership experiences that demonstrate your ability to handle complex projects, work well under pressure, and effectively communicate with stakeholders. These qualities are highly valued in the investment banking industry.

Overall, Sophia's cover letter effectively communicates her qualifications, experiences, and passion for the role, making her a strong candidate for the Equity Capital Markets Investment Banking Associate position at JPMorgan Chase & Co.

Example 4: Leveraged Finance Investment Banking Associate Cover Letter

Michael's cover letter effectively positions him as a strong candidate for the Leveraged Finance Investment Banking Associate position at Bank of America Merrill Lynch.

When applying for a niche role like leveraged finance investment banking, it's crucial to highlight your specific expertise and experience in the field. This demonstrates your ability to hit the ground running and contribute to the team's success immediately.

He provides a clear overview of his relevant job history, starting from his experience as an Analyst at Goldman Sachs to his current role as a Leveraged Finance Investment Banking Associate at Barclays Investment Bank. This demonstrates his progression and growth in the industry.

Showcase your career progression and highlight the key responsibilities and achievements from each role. This helps paint a comprehensive picture of your experience and expertise, making you a more compelling candidate.

Michael emphasizes his experience in executing complex transactions, including leveraged buyouts and recapitalizations. This showcases his ability to navigate intricate financial structures and deliver results for clients.

Highlight your experience in executing specific types of transactions, especially those that are relevant to the role you are applying for. This demonstrates your expertise and adds credibility to your application.

Overall, Michael's cover letter effectively communicates his qualifications, experience, and passion for leveraged finance investment banking, making him a strong candidate for the position at Bank of America Merrill Lynch.

Example 5: Restructuring and Recapitalization Investment Banking Associate Cover Letter

Olivia's cover letter effectively positions her as a strong candidate for the Restructuring and Recapitalization Investment Banking Associate position at Barclays Investment Bank.

When applying for a specialized role like restructuring and recapitalization in investment banking, it is crucial to highlight your relevant experience and expertise. This demonstrates your ability to navigate complex financial situations and provide strategic solutions to clients.

She highlights her experience at multiple reputable firms, showcasing her extensive background in investment banking and specifically in restructuring and recapitalization. This demonstrates her deep understanding of the field and her ability to excel in this role.

Emphasize your experience with high-profile transactions and your ability to work with diverse teams, including clients, legal advisors, and internal stakeholders. This highlights your ability to collaborate effectively and execute complex restructuring projects.

Olivia also mentions her strong analytical skills, attention to detail, and ability to thrive in high-pressure environments. These qualities are highly valued in the investment banking industry, where precision and the ability to perform under stress are crucial.

Highlight your key skills and attributes that are highly sought-after in the investment banking industry, such as analytical skills, attention to detail, and the ability to handle high-pressure situations. This helps to differentiate yourself from other candidates and showcases your readiness for the role.

Overall, Olivia's cover letter effectively showcases her relevant experience, expertise, and personal qualities that make her a strong fit for the Restructuring and Recapitalization Investment Banking Associate position at Barclays Investment Bank.

Skills To Highlight

As an investment banking associate, your cover letter should highlight the key skills that make you a strong candidate for the role. These skills include:

Financial Analysis : Investment banking associates need to have strong financial analysis skills to assess the financial health and performance of companies. Highlight your ability to analyze financial statements, conduct ratio analysis, and interpret financial data to identify trends and make informed investment decisions.

Valuation : Valuation is an essential skill for investment banking associates. Showcase your proficiency in valuing companies, assets, and securities using various valuation methods such as discounted cash flow (DCF) analysis, comparable company analysis (CCA), and precedent transactions. Emphasize your ability to perform detailed financial modeling to estimate the value of investments accurately.

Financial Modeling : Investment banking associates must be proficient in financial modeling to analyze investment opportunities, create financial projections, and perform scenario analysis. Mention your experience in building complex financial models using Excel or other financial modeling software. Highlight your ability to develop accurate and robust models that can support investment decisions.

Due Diligence : Due diligence is a critical aspect of investment banking. Discuss your experience in conducting comprehensive due diligence on potential investments, including evaluating financial statements, analyzing market trends, and identifying potential risks and opportunities. Showcase your attention to detail and ability to uncover key insights through thorough research and analysis.

Market Research : Investment banking associates need to stay informed about market trends, industry developments, and competitor analysis. Demonstrate your ability to conduct extensive market research to identify investment opportunities and assess market conditions. Highlight your proficiency in gathering and analyzing market data, preparing market reports, and presenting actionable insights to clients or senior management.

Communication Skills : Effective communication skills are essential for investment banking associates. Emphasize your ability to write clear and concise reports, prepare persuasive presentations, and communicate complex financial concepts to clients and colleagues. Highlight any experience you have in presenting investment recommendations or findings to clients or senior stakeholders.

By highlighting these key skills in your cover letter, you can demonstrate your suitability for an investment banking associate role and showcase your ability to contribute to the success of the team and the organization.

Common Mistakes To Avoid In Cover Letters

When crafting your cover letter for an investment banking associate position, it's important to avoid these common mistakes:

Being Too Generic : One of the biggest mistakes you can make is writing a generic cover letter that could apply to any job or company. This shows a lack of effort and interest in the specific role and firm you're applying to. Instead, take the time to research the company and tailor your cover letter to highlight why you're a good fit for their specific needs and culture.

Not Showcasing Relevant Experience : Investment banking is a highly specialized field, and employers are looking for candidates with relevant experience and skills. It's crucial to highlight your experience in finance, accounting, or related fields, as well as any internships or projects that demonstrate your knowledge of investment banking processes and concepts. Don't assume that your resume alone will showcase your qualifications - use your cover letter as an opportunity to provide specific examples and explain how your experience aligns with the job requirements.

Failing to Demonstrate Strong Industry Knowledge : Investment banking is a complex and fast-paced industry, and employers want to see that you have a solid understanding of the industry and its trends. Avoid the mistake of not showcasing your knowledge of investment banking concepts, such as financial analysis, valuation, mergers and acquisitions, and capital markets. Additionally, research the specific needs and challenges of the target company and use your cover letter to demonstrate how your skills and experience can contribute to their success.

Ignoring the Importance of Soft Skills : While technical skills are important in investment banking, employers also value soft skills such as communication, teamwork, and problem-solving abilities. Don't make the mistake of only focusing on technical skills in your cover letter. Instead, highlight your ability to work effectively in a team, manage multiple projects, and communicate complex financial concepts in a clear and concise manner.

Neglecting to Proofread and Edit : One of the most common mistakes in any cover letter is failing to proofread and edit for grammar and spelling errors. Investment banking is a detail-oriented industry, and employers are looking for candidates who pay attention to the small details. Take the time to carefully review your cover letter for any mistakes or typos, and consider asking a friend or mentor to read it as well.

By avoiding these common mistakes, you can create a strong and compelling cover letter that showcases your qualifications, knowledge, and enthusiasm for the investment banking industry.

In conclusion, a well-crafted cover letter is an essential component of a successful job application for an investment banking associate position. It provides an opportunity to showcase your skills, experience, and passion for the field, and can greatly enhance your chances of landing a rewarding position in this competitive industry.

Throughout this article, we have explored three examples of investment banking associate cover letters that effectively highlight the candidate's qualifications and align with the requirements of the role. Each example demonstrated key takeaways that can be applied across all cover letters in this category:

Tailor your cover letter to the specific job : Research the company and the role you are applying for, and customize your cover letter to demonstrate how your skills and experience align with their needs.

Highlight your relevant skills and achievements : Use specific examples to showcase your accomplishments and the impact you have made in previous roles. Quantify your achievements whenever possible to provide concrete evidence of your abilities.

Show enthusiasm and passion for the field : Express your genuine interest in investment banking and demonstrate your understanding of the industry. This will help you stand out from other candidates and show that you are committed to pursuing a career in this field.

By following these key takeaways, you can create a compelling cover letter that grabs the attention of hiring managers and increases your chances of securing an interview. Remember to proofread your cover letter carefully and ensure it is free of any errors or typos.

Investment banking is a highly competitive industry, and having a strong cover letter can make all the difference in distinguishing yourself from other applicants. Use the examples and tips provided in this article as a guide to create your own standout cover letter that showcases your skills, experience, and passion for investment banking. Good luck with your job search!

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Investment Banking Analyst Cover Letter: Sample & Guide [Entry Level + Senior Jobs]

Create a standout investment banking analyst cover letter with our online platform. browse professional templates for all levels and specialties. land your dream role today.

Are you looking to break into the world of investment banking? Our guide to writing an Investment Banking Analyst Cover Letter will help you put your best foot forward and stand out from the competition. Learn how to structure your letter, what to include, and how to make yourself an attractive candidate.

We will cover:

• How to write a cover letter, no matter your industry or job title.
• What to put on a cover letter to stand out.
• The top skills employers from every industry want to see.
• How to build a cover letter fast with our professional Cover Letter Builder .
• What a cover letter template is, and why you should use it.

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Investment Banking Analyst Cover Letter Sample

Dear [Recruiter],

I am writing to apply for the Investment Banking Analyst position at [Company Name], as advertised on [Job Portal]. I am confident that my strong analytical, financial, and problem-solving skills make me an ideal fit for this role.

I recently graduated from [University] with a degree in Finance and Accounting. During my studies, I gained an in-depth understanding of financial analysis and modeling, and I have applied my knowledge in various roles since then. For the past two years, I have been working as an Investment Banking Analyst at [Company], where I have been responsible for analyzing and presenting financial data to support strategic decision-making. I have also successfully managed numerous projects from start to finish, including the financial restructuring of a major corporation.

I am an excellent communicator and I have extensive experience in managing stakeholder relations. I am comfortable working with clients from diverse backgrounds and I am adept at presenting complex financial concepts in a clear and concise manner. I have a proven track record of providing accurate and timely advice to clients, and I am confident that I can bring the same level of performance to [Company Name].

In addition to my professional qualifications, I am proficient in Microsoft Excel and other financial software. I am also well-versed in various financial analysis techniques, such as discounted cash flow analysis and ratio analysis.

I am excited by the prospect of joining [Company Name], and I am confident that I can be an asset to your team. I have attached my resume for your review. I look forward to hearing from you and discussing my candidacy further.

Thank you for your time and consideration.

[Your Name]

Why Do you Need a Investment Banking Analyst Cover Letter?

• A Investment Banking Analyst cover letter is a great way to introduce yourself to a potential employer and showcase your relevant skills and experience.
• It is important to highlight your qualifications and what makes you a great candidate for the job.
• Your cover letter should also provide a brief overview of your background and explain why you are the right person for the role.
• A cover letter is a great way to make a lasting impression and demonstrate to a potential employer that you are serious about the position.
• It is also an opportunity to explain why you are a great fit for the company and how you can help the company to reach its goals.

A Few Important Rules To Keep In Mind

• Start your cover letter with a strong introduction that explains why you are a great fit for the position.
• Describe your experience with investment banking and how it relates to the job you are applying for.
• Focus on how you can bring value to the company and position.
• Highlight any skills or qualifications that are relevant to the role.
• Include specific examples of how you have used your investment banking skills in the past.
• Keep your letter concise and to the point, and don’t exceed one page.
• Proofread your cover letter carefully before submitting it to ensure accuracy.
• Follow up with the hiring manager after submitting your cover letter.

What's The Best Structure For Investment Banking Analyst Cover Letters?

After creating an impressive Investment Banking Analyst resume , the next step is crafting a compelling cover letter to accompany your job applications. It's essential to remember that your cover letter should maintain a formal tone and follow a recommended structure. But what exactly does this structure entail, and what key elements should be included in a Investment Banking Analyst cover letter? Let's explore the guidelines and components that will make your cover letter stand out.

Key Components For Investment Banking Analyst Cover Letters:

• Your contact information, including the date of writing
• The recipient's details, such as the company's name and the name of the addressee
• A professional greeting or salutation, like "Dear Mr. Levi,"
• An attention-grabbing opening statement to captivate the reader's interest
• A concise paragraph explaining why you are an excellent fit for the role
• Another paragraph highlighting why the position aligns with your career goals and aspirations
• A closing statement that reinforces your enthusiasm and suitability for the role
• A complimentary closing, such as "Regards" or "Sincerely," followed by your name
• An optional postscript (P.S.) to add a brief, impactful note or mention any additional relevant information.

Cover Letter Header

A header in a cover letter should typically include the following information:

• Your Full Name: Begin with your first and last name, written in a clear and legible format.
• Contact Information: Include your phone number, email address, and optionally, your mailing address. Providing multiple methods of contact ensures that the hiring manager can reach you easily.
• Date: Add the date on which you are writing the cover letter. This helps establish the timeline of your application.

It's important to place the header at the top of the cover letter, aligning it to the left or center of the page. This ensures that the reader can quickly identify your contact details and know when the cover letter was written.

Cover Letter Greeting / Salutation

A greeting in a cover letter should contain the following elements:

• Personalized Salutation: Address the hiring manager or the specific recipient of the cover letter by their name. If the name is not mentioned in the job posting or you are unsure about the recipient's name, it's acceptable to use a general salutation such as "Dear Hiring Manager" or "Dear [Company Name] Recruiting Team."
• Professional Tone: Maintain a formal and respectful tone throughout the greeting. Avoid using overly casual language or informal expressions.
• Correct Spelling and Title: Double-check the spelling of the recipient's name and ensure that you use the appropriate title (e.g., Mr., Ms., Dr., or Professor) if applicable. This shows attention to detail and professionalism.

For example, a suitable greeting could be "Dear Ms. Johnson," or "Dear Hiring Manager," depending on the information available. It's important to tailor the greeting to the specific recipient to create a personalized and professional tone for your cover letter.

Cover Letter Introduction

An introduction for a cover letter should capture the reader's attention and provide a brief overview of your background and interest in the position. Here's how an effective introduction should look:

• Opening Statement: Start with a strong opening sentence that immediately grabs the reader's attention. Consider mentioning your enthusiasm for the job opportunity or any specific aspect of the company or organization that sparked your interest.
• Brief Introduction: Provide a concise introduction of yourself and mention the specific position you are applying for. Include any relevant background information, such as your current role, educational background, or notable achievements that are directly related to the position.
• Connection to the Company: Demonstrate your knowledge of the company or organization and establish a connection between your skills and experiences with their mission, values, or industry. Showcasing your understanding and alignment with their goals helps to emphasize your fit for the role.
• Engaging Hook: Consider including a compelling sentence or two that highlights your unique selling points or key qualifications that make you stand out from other candidates. This can be a specific accomplishment, a relevant skill, or an experience that demonstrates your value as a potential employee.
• Transition to the Body: Conclude the introduction by smoothly transitioning to the main body of the cover letter, where you will provide more detailed information about your qualifications, experiences, and how they align with the requirements of the position.

By following these guidelines, your cover letter introduction will make a strong first impression and set the stage for the rest of your application.

Cover Letter Body

Dear [Hiring Manager],

I am writing to express my interest in the Investment Banking Analyst position at [Company Name]. I believe my enthusiasm and drive to succeed, combined with my financial analysis and project management skills, make me an ideal candidate for this role.

I have spent the past [number] years working as an Investment Banking Analyst for [Investment Bank], where I have developed a wide range of skills that will be of great benefit to your team. My responsibilities included developing financial models, analyzing financial markets, conducting due diligence, and presenting findings to senior management. I have also gained experience in preparing financial statements, negotiating deals, and managing client relationships.

I have also been successful in leading complex projects from start to finish, with a focus on quality and timely completion. An example of my success is when I led a team that was charged with analyzing and presenting the effects of a new regulation on our company’s business operations. We presented our findings to senior management, which led to a successful implementation of our recommendations.

In addition to my experience, I hold a Bachelor’s degree in [Finance] from [University]. I am also proficient in a variety of financial software applications, such as Microsoft Excel, Access and PowerPoint. I am confident that I am the best candidate for this position and look forward to discussing my qualifications with you in more detail.

Thank you for your time and consideration. Please feel free to contact me if you have any questions or require any additional information.

Sincerely, [Your Name]

Complimentary Close

The conclusion and signature of a cover letter provide a final opportunity to leave a positive impression and invite further action. Here's how the conclusion and signature of a cover letter should look:

• Summary of Interest: In the conclusion paragraph, summarize your interest in the position and reiterate your enthusiasm for the opportunity to contribute to the organization or school. Emphasize the value you can bring to the role and briefly mention your key qualifications or unique selling points.
• Appreciation and Gratitude: Express appreciation for the reader's time and consideration in reviewing your application. Thank them for the opportunity to be considered for the position and acknowledge any additional materials or documents you have included, such as references or a portfolio.
• Call to Action: Conclude the cover letter with a clear call to action. Indicate your availability for an interview or express your interest in discussing the opportunity further. Encourage the reader to contact you to schedule a meeting or provide any additional information they may require.
• Complimentary Closing: Choose a professional and appropriate complimentary closing to end your cover letter, such as "Sincerely," "Best Regards," or "Thank you." Ensure the closing reflects the overall tone and formality of the letter.
• Signature: Below the complimentary closing, leave space for your handwritten signature. Sign your name in ink using a legible and professional style. If you are submitting a digital or typed cover letter, you can simply type your full name.
• Typed Name: Beneath your signature, type your full name in a clear and readable font. This allows for easy identification and ensures clarity in case the handwritten signature is not clear.

Common Mistakes to Avoid When Writing an Investment Banking Analyst Cover Letter

When crafting a cover letter, it's essential to present yourself in the best possible light to potential employers. However, there are common mistakes that can hinder your chances of making a strong impression. By being aware of these pitfalls and avoiding them, you can ensure that your cover letter effectively highlights your qualifications and stands out from the competition. In this article, we will explore some of the most common mistakes to avoid when writing a cover letter, providing you with valuable insights and practical tips to help you create a compelling and impactful introduction that captures the attention of hiring managers. Whether you're a seasoned professional or just starting your career journey, understanding these mistakes will greatly enhance your chances of success in the job application process. So, let's dive in and discover how to steer clear of these common missteps and create a standout cover letter that gets you noticed by potential employers.

• Not customizing the cover letter for the specific job
• Not highlighting relevant skills and experiences
• Including irrelevant information
• Failing to proofread and edit the cover letter
• Using overly complex language or jargon
• Neglecting to include the company’s information
• Not addressing the cover letter to a specific person
• Using a generic greeting such as “To whom it may concern”
• Failing to explain why you are interested in the position
• Not demonstrating enthusiasm for the job
• Including typos or grammatical errors

Key Takeaways For an Investment Banking Analyst Cover Letter

• Highlight your relevant experience and knowledge of the industry
• Emphasize your analytical and problem-solving skills
• Demonstrate your understanding of the company's financial and strategic objectives
• Showcase your ability to work with a team and manage multiple projects simultaneously
• Illustrate your success in using financial models to make sound investment decisions
• Explain your knowledge of equity and debt markets
• Highlight your proficiency in financial analysis and financial reporting
• Communicate your enthusiasm and commitment for working in the investment banking sector

How to write a cover letter for investment banking positions? (6 Common Questions Answered)

• by Team Experts
• July 2, 2023 July 3, 2023

Discover the Surprising Secrets to Crafting a Winning Investment Banking Cover Letter – Get Hired Today!

Writing a cover letter for an investment banking position requires demonstrating knowledge of the industry, showing enthusiasm for the role, researching the company, using a professional tone, including relevant experience, addressing the requirements of the position, explaining your motivation for applying, proofreading carefully, and following the instructions provided. Start by researching the company and the position to gain an understanding of the role and the company’s culture. Use this knowledge to demonstrate your knowledge of the industry and the company in your cover letter. Show enthusiasm for the role and explain why you are the best candidate for the position. Include relevant experience that demonstrates your qualifications for the role. Address the requirements of the position and explain why you are motivated to apply. Use a professional tone throughout the letter and proofread carefully to ensure accuracy. Finally, follow the instructions provided for submitting the cover letter.

Demonstrate Knowledge for Investment Banking Positions

Research the company before writing a cover letter, include relevant experience in your cover letter, explain motivation for applying to an investment bank position, follow instructions when writing a cover letter, common mistakes and misconceptions.

When applying for an investment banking position, it is important to demonstrate a comprehensive knowledge of the industry. This includes a deep understanding of mergers and acquisitions , corporate finance , financial analysis, valuation techniques , capital markets transactions , investment banking products , risk management strategies , regulatory compliance requirements , accounting principles and practices, asset management strategies , portfolio optimization methods , financial statement analysis , derivatives pricing models, and economic forecasting techniques . Having a thorough understanding of these topics will demonstrate to potential employers that you have the necessary skills and knowledge to excel in the role.

Before writing a cover letter for an investment banking position, it is important to research the company thoroughly. Analyze their products and services, read recent news stories about the company, and identify key players in the organization. Learn about their competitors and read annual reports or other financial documents to gain a better understanding of the company. Familiarize yourself with industry trends and explore job postings to understand what they are looking for in a candidate. When writing your cover letter, tailor it to fit the position you’re applying for. Demonstrate knowledge of the company culture and showcase how your skills can benefit them. Highlight relevant experience from past positions and mention any connections you have at the firm. Use language that reflects their corporate identity and proofread carefully before submitting. Doing your research before writing a cover letter will help you stand out from other applicants and increase your chances of getting the job.

When writing a cover letter for an investment banking position, it is important to include relevant experience that demonstrates your qualifications and skills. This could include any specialized training or certifications you have obtained, as well as how past experiences can be applied to the position. Additionally, explain why you are a good fit for the role and detail any successes in previous roles that could benefit this job. Be sure to mention any awards, honors, or other recognition received in prior positions, as well as any volunteer work related to investment banking . Outline professional development activities completed in past roles, such as internships or apprenticeships held within the field of finance. Illustrate how you have kept up with changes and trends in investment banking, and point out accomplishments from team projects that demonstrate leadership abilities. Highlight problem-solving skills used to resolve issues encountered on prior jobs, and describe ways you have contributed to increased efficiency at former employers. Finally, provide examples of successful financial strategies implemented during past positions. By including relevant experience in your cover letter, you can demonstrate your qualifications and skills to potential employers.

I am writing to express my strong motivation for applying to an investment banking position. I am excited about the prospect of working with leading industry professionals and the opportunity to develop my skills and knowledge in investment banking . I am confident that I possess the necessary qualities to excel in this role, such as a commitment to excellence and success, the ability to think strategically and analytically, and an enthusiasm for problem solving. I am also dedicated to providing superior customer service and have an aptitude for understanding complex data sets. I am a team player and have the ability to collaborate effectively with colleagues. I am motivated to contribute positively towards organizational goals and am committed to achieving long-term objectives. I am confident that I can make an impactful contribution to the success of the organization. I am eager to join an investment banking team and am confident that I have the necessary skills and qualities to be successful. I am excited to be part of a fast-paced environment and to take on challenging tasks. I am passionate about the complexity of financial products and services and am committed to providing the best possible service to clients. Thank you for your consideration and I look forward to hearing from you.

When writing a cover letter for an investment banking position, it is important to follow instructions carefully. Start by using a professional tone and language, and address the letter to the correct person or department. Include your contact information in the header of your cover letter and explain why you are interested in this position. Highlight relevant skills, qualifications, and experience, and demonstrate enthusiasm for the role and company. Tailor your cover letter to each specific job application, and proofread multiple times before submitting. Keep it concise and to-the-point, avoiding generic phrases or cliches. Include any requested documents with your application, and mention any connections you have at the company. Make sure that all formatting is consistent throughout, and end with a call to action . Following these instructions will help ensure that your cover letter is professional and effective.

• Not Tailoring the Cover Letter to the Position When applying for an investment banking position, it is important to tailor your cover letter specifically to that role. Generic cover letters will not stand out and may be overlooked by recruiters. Instead, research the company and highlight specific skills or experiences that make you a good fit for the job.
• Not Showcasing Your Skills A cover letter should demonstrate why you are qualified for an investment banking position beyond what can be seen on your resume alone. Use concrete examples of how you have used financial analysis or problem-solving skills in past roles to show potential employers why they should hire you over other candidates.
• Not Being Concise Investment bankers often work with large amounts of data and information, so it’s important that your cover letter is concise and easy to read quickly. Avoid long paragraphs or overly flowery language; instead focus on succinctly conveying why you are a great candidate for the job in as few words as possible while still being clear about your qualifications and experience level.
• Not Proofreading Carefully Before submitting any application materials, always proofread them carefully for typos or grammatical errors which could give recruiters a negative impression of your attention to detail and professionalism when handling financial documents related to their business operations if hired into this role.

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A Cover Letter Template for Investment Banking

Reviewed by

Expertise: Private Equity | Investment Banking

NOTE FROM WSO:

• Attached at the bottom of this post is an investment banking cover letter template that is sometimes used for WSO cover letter review clients. WSO has decided to make it free in order to help those of you that can't afford a more tailored service.
• This particular cover letter template uses bullets to keep the points succinct and the format easy to read. You'll also notice that the header matches the WSO investment banking resume template format.

IB Cover Letter Advice from the WSO Community

Here's what you need to know about the cover letter.

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.

Why Do Cover Letters Matter?

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

Less Is More for CLs

Our users shared great input on why 'less is more'.

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.

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".

Common Cover Letter Mistakes

qonnect.me: Here are mistakes I have seen:

Excuses: "I realize my professional experience is more in technology and lacks in finance. I believe that was just 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."

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 me.

Revealing Your Ignorance: Even worse than just plain ignorance, the below quote was from an attached research report that this guy wrote. 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'.)

The Hail Mary Cover Letter

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

IB Interview Course Here

• Using phrasing like: "After my summer analyst stint, I learned the entire deal execution process..."; "I am extremely proficient in Excel and financial modeling ...". 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.

Patrick Curtis is a member of WSO Editorial Board which helps ensure the accuracy of content across top articles on Wall Street Oasis. Prior to becoming our CEO & Founder at Wall Street Oasis, Patrick spent three years as a Private Equity... This content was originally created by member econ and has evolved with the help of our investment banking mentors.

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It's really hard to create a template for cover letters because everyone is so different. Just make sure the formatting at the top (where you have your name, address etc..) is the same on all your documents. For example, if you open you resume, cover letter, transcript and references in 4 different pdfs, and alt+tab between the four files, the top section should be identical.

Other than that, there shouldn't be any template for cover letters, I don't think.

3-4 paragraphs about why that firm, why you, what have you done. etc...

Thanks you...

Make sure the first paragraph includes name drops, and location/group if you're applying to a specific group.

Any more cover letter advice? I haven't received any callbacks with my old cover letter, so I'm trying to put together a new and improved one. Here's what I've came up with thus far: http://www.wallstreetoasis.com/forums/please-review-my-resume-3#comment…

If you are not getting interviews it likely isn't the layout of your cover letter or resume that is is the problem, it is the content. Why not post your cover letter / resume here and let people take a look at it?

judowned: If you are not getting interviews it likely isn't the layout of your cover letter or resume that is is the problem, it is the content. Why not post your cover letter / resume here and let people take a look at it?

I finally got a job... Thanks to everyone who chimed in.

econ: judowned: If you are not getting interviews it likely isn't the layout of your cover letter or resume that is is the problem, it is the content. Why not post your cover letter / resume here and let people take a look at it?

Congrats man

congrats how did you land the job? just applying online? what kind of position is it?

Good work Eazy - E

[quote="econ"] NOTE FROM WSO:

• Attached at the bottom of this post is an investment banking cover letter template that is sometimes used for WSO cover letter review clients. WSO has decided to make it **free** in order to help those of you that can't afford a more tailored service.

Interested and can't find it. Does anybody has the template?

Found it? can't find it either

Nah I had to use the Mergers & Inquisitions template. Quite good still.

@ econ "  can't find the template mate. An update would be much appreciated!

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Quo sapiente iusto qui delectus soluta atque. Aut sint id maxime laudantium tempora quam. Libero occaecati vero similique deleniti sit. Voluptates totam qui omnis repellat eos.

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Investment Banking Cover Letter Sample

As 632,000 finance careers are added to the job market between now and 2024, your cover letter shouldn't be what makes your job application crash and burn. It should enhance your chances of landing an interview.

Many employers are using applicant tracking systems (ATS) to sort and screen resumes, so using a writing service that specializes in finance cover letters, like TopResume, can ensure that your application sails through those systems – and doesn't get tossed in the trash.

Investment Banking Cover Letter Mistakes to Avoid

If you're applying to jobs that require an investment banking cover letter, it's important to avoid blunders that could ruin your chances. Such mistakes include:

• Using the wrong finance cover letter format. Does your cover letter's format match your resume's format? It should. It should also clearly state important information like date, your address and an easy way for the recipient to get in touch with you.
• It's all about you. What's in it for the employer? How would hiring you benefit their company? Those are the questions your cover letter and resume should clearly answer, rather than strictly talking about yourself.
• It has typos and/or grammatical errors. A good way to get a hiring manager to toss your cover letter in the trash is to forget about proofreading. If it's riddled with errors, it comes across as unprofessional. It also points to carelessness – you didn't care enough to check for mistakes before submitting your job application.
• It makes unsupported claims. It's one thing to claim you're an expert at improving company profit margins and increasing revenue, it's another to prove it. Do you have the evidence to back up your claims? You should. And it should be in your cover letter.

Will your investment banking cover letter steer clear of the trash pile and get you the interview? Two of our resume packages (Career Evolution and Executive Priority) include cover letter writing. We guarantee you'll get 2x more job interviews within 60 days or we'll rewrite your resume for free.

Land an interview with the right cover letter. Use our cover letter writing service today!

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Investment Banking Cover Letter

You’ll read plenty online about how investment banking cover letters are never read, aren’t important and are used by recruiters as bog roll (we might have made that one up). One internet commentator even labelled the investment banking cover letter a “barbaric and sadistic requirement.” Sadistic and barbaric they might be, but if an investment bank asks for a covering letter you probably won’t get the job sending in a letter written in comic sans with just “giss us a job”. Whilst the recruiter won’t spend ages reading your cover letter, they might give it a quick scan through.

So you should put some effort into the cover letter, but doesn’t tear yourself into pieces attempting to create the perfect specimen of investment banking covering letter. Neither is it the time to break out amazingly creative cover letters that defy conventional narrative structures: keep your cover letter relatively conservative and formal. Instead of channelling your inner Shakespeare, you’ll need to put together a concise, businesslike letter than does exactly what it says on the tin, convincing the recruiter that they’d be mad not to interview you.

Tailoring your investment banking cover letter…

JP Morgan, Nomura, BarCap, Morgan Stanley… they are all the same right? Wrong. Sending the same cover letter to every investment bank isn’t going to get you anywhere. You should be able convey why you’ve applied for that particular bank and that particular position in your cover letter. Implicit in your letter should be an understanding of what an investment bank does and the realities of the role that you are applying for. You should know more about the bank beyond what they say in the “About Us” section of their website.

You should also scrutinise the literature surrounding the graduate scheme or the opportunity advertised. There’s no point starting a cover letter until you have a clear idea of the competencies they are looking for and the qualities you need for the role. Then you can set about showing these attributes in your investment banking cover letter. Typical competencies they might be looking for include: attention to detail, communication skills, initiative, ability to work under pressure, leadership and team work skills.

Short but sweet…

Recruiters are pressed for time and don’t want to be confronted with great long essays. Keep your investment banking cover letter to a single page, perhaps three or four paragraphs long. Don’t feel like you have to fill the entire page: really it should be somewhere around 300 to 400 words.

Remember that CVs and covering letters have different functions. Everything important should be in your CV, whilst you can use the cover letter to highlight the best parts of your CV. Essentially, your investment banking covering letter is a sales pitch: you want to persuade the recruiter that you’ve got the competencies and experience to do the job.

Hit the right tone…

It’s all too tempting when writing an investment banking cover letter to adopt a brash city boy/girl persona, but try not to brag or be too aggressive in your letter, e.g. “I’m simply the best at everything I do. I’ll be calling you next Wednesday to schedule a meeting.” Equally, don’t undersell yourself. Quiet confidence in your skills and experience is the way to go. Your letter should be formal and professional at all times and try to avoid the temptation to gratuitously litter it with IB jargon.

Structuring your investment banking cover letter…

Here’s a basic structure for putting together a cover letter, but you can play around with it:

Addressing your cover letter

Try and address your cover letter to a named person (find out who you are writing to). Use a formal business letter template: your address and the name and address of recipient should be at the top of the letter. If you are emailing them, put the cover letter in the body of the email and omit the addresses.

Paragraph 1

This is where you tell the investment bank who you are and why you are writing. Mention the role you are applying to and how you heard about the position (particularly if you were referred by a mutual acquaintance). Give a unique reason why you personally would be great for the role.

Paragraph 2

Here you should outline why you want to work for this particular investment bank and you might also want to touch on what attracts you to investment banking in general, citing, perhaps, relevant work experience, academic or extracurricular activities. Try to come up with reasons that sound genuine and unique.

Paragraph 3

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.

Make sure you showcase the skills that they ask for in the job or internship brief. This is the paragraph to really hammer home why you’re an excellent candidate for the role. Be confident, but no bragging.

Paragraph 4

This should be very brief. State when you’re available for interview and cover any practical issues they ask about. Be positive: “I’m looking forward to your reply.”

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 (obviously!).

Go through your investment banking letter and scrutinise it for mistakes. It’s not just spelling and grammatical errors you should be looking out for, check you’ve correctly spelt the names of the companies and people and that your sentences make sense and the letter reads well.

To summarise…

1.  You should personalise and tailor your cover letter to every job application. And we mean every job application.

2.  Your cover letter should be short, sharp and sweet. One page. Two or three paragraphs of snappy sentences.

3 . Your cover letter isn’t your life story; it’s your case for why they should interview you for the role.

4.  Relate your experiences to the role. So you set up your own finance society at university, why does that mean you’d be an excellent candidate for their scheme?

5.  Investment bankers need great attention to detail so formatting errors, dodgy grammar, typos and spelling mistakes won’t wash with the recruiter. Sort it out.

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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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