How to write a cold email to an investment banker

Who should you email at a bank?

Write to analysts and associates, not managing directors. They were recruiting a few years ago, they remember what it was like, and they are the people a bank asks about who seemed sharp. Alumni from your school who joined in the last five years are the best first notes.

Two to four people per bank is plenty. Start with the banks you care most about, and send to one person in a group at a time so two people in the same team do not compare identical notes.

• Your school's alumni directory, filtered by firm.
• LinkedIn's alumni tool on your own account, filtered by company.
• People your friends or club members have already spoken with, by introduction.
• Speakers from on-campus events, within a day or two of the event.

What structure do students actually use?

The structure is the same in almost every note that gets a reply, because bankers read on a phone between tasks and want to know in five seconds who you are and what you want. Each part does one job, in this order.

1. Warm opener: one line, such as hoping they are having a good week.
2. Who you are: your name, your year, your school, and your major.
3. Why this person: how you found them and the one thing you want to ask them about.
4. Background: one line, the internship, club role, or project that says the most about you.
5. Availability: three or four specific windows over the next week or two, one per line.
6. Flexibility: a line saying you are happy to work around their schedule.
7. Thanks: one line.
8. Signature: your name, school and class year, and your email.

What does a full example look like?

Here is the whole note. Everything in square brackets is a personal fact only you can fill in, and every fact you put in must be one you can talk about on the call.

Subject: [School] sophomore, question about [Bank]. Hi [First name], I hope you are having a great week. My name is [Your name] and I am a sophomore at [School] studying [Major]. I found you through the [School] alumni directory and am reaching out because I am interested in investment banking, and I would love to hear how you chose [their group] and what separated the summer analysts who got return offers. For a bit of background, [one line: your internship, your club role, or something you built]. If you have time, I would love to set up a quick call. I am free at the following times: [Tuesday, 10am to 12pm ET], [Wednesday, after 3pm ET], [Thursday, 9am to 11am ET]. I am more than happy to work around your schedule if none of those work. Thank you, [Your name], [School] [class year], [your email].

In the real email, each availability window sits on its own line and the signature is a block of three lines. Keep the whole thing short enough to read without scrolling on a phone.

What subject line gets a banker to open it?

The best subject lines name your school and say it is a question. A shared school is the single strongest reason a stranger answers, so put it first when you have it. Keep it under eight words, and leave out words like urgent or important.

• [School] sophomore, question about [Bank]
• [School] student interested in [Bank] [group]
• Question about [group] at [Bank]
• Referred by [mutual contact], [School] sophomore

When should you send it?

Send Tuesday to Thursday, early in the morning in the banker's time zone, before their day fills up. Monday inboxes are crowded and Friday notes sit over the weekend.

In the cycle, the right time is sophomore fall, a few months before applications open. A note in the week a bank opens reads as asking for a favor; a note in October reads as wanting to learn. Use the banks below to see where each stands right now.

• Goldman SachsOpen1 open now
• EvercoreOpen3 open now
• PJT PartnersOpen2 open now
• LazardOpen2 open now
• Moelis & CompanyOpen3 open now

How do you follow up if they do not reply?

Follow up once, about two weeks after the first note, by replying in the same thread so they see the original. Say you are following up in case it got buried, restate the question in a line, and give fresh availability. Then stop. A banker who does not reply twice is busy, not offended, and a third note turns busy into annoyed.

When someone does reply and you have the call, send a thank you within hours that names the one thing you learned. When the bank opens and you apply, a short note to the people you spoke with is fine and often welcome.

Questions students ask

Should I attach my resume to a cold email?

No. A first note is a request for a conversation, not an application. Have the resume ready to send if they ask for it on the call.

Is it fine to email a banker's work address?

Yes, that is where these notes go. Most banks use one address format for everyone, so confirm one address and apply the pattern. Never write to a personal address.

What if I have no connection to the person at all?

Lead with a specific question about their group or path instead of the shared school. Response rates are lower, so send more of them, and still keep each note personal.

How long should a cold email to a banker be?

Short enough to read on a phone without scrolling. If yours runs longer, cut the background to one line and the question to one sentence.

Can I use AI to write it?

You can draft with it, but read every line as if the banker will ask you about it. Cut anything that sounds like a template or claims something you cannot back up on the call.