The Perfect Networking Email for IB Interns

Its always difficult to know what to write when emailing someone for the first time. Its especially difficult when you are looking for a job.

After extensive trial and error the Valuation University team has compiled the perfect Networking Email for interns looking for work elsewhere

Subject Line

XYZ University Student interning at ABC Bank IBD

  • Start with what University you go to if you are emailing an alumni
  • Start with the bank if it is not alumni
  • In some circumstances include what group you are in if it makes sense

ex subject line. Emory student interning with Goldman IB, FIG Coverage

This would be a great subject line if you are emailing a fellow alumnus from Emory who is in IB and FIG coverage at another bank

Body

Hello Banker X,

I am a rising senior at Emory and I am currently interning in the investment banking division at Goldman Sachs, in their Financial Institutions Group. I have been having a great summer and am enjoying my time in Investment Banking. 

However, I would like to learn more about banking at an M&A focused shop. Specifically, I would love to learn about Evercore and your accelerated recruiting process.

I’d love to get on the phone with you, or meet for coffee to talk a little about banking and get some advice, and I have also attached my resume for your reference. I know you are busy, so please feel free to get back to me at your convenience.

Regards,

Your name here

Additional Notes

  • Attach your resume - this allows the person on the other end an immediate chance to see whether they would like to continue the discuss or not. Since, your are networking for accelerated recruiting, there is no reason to be coy about what you are looking for

  • Be specific about common traits - if you have any commonalities such as both having been student athletes, make sure to note them

Accelerated Recruiting - the Investment Banking Internship

Accelerated Recruiting is how investment banks hire full-time candidates very quickly after internships and without conducting formal on-campus recruitment. As the name suggest it is considered an "accelerated" process prior to the standard fall on-campus recruitment and is invite-only.

As investment banks strive to fill more and more seats from just their intern classes and remove the need for full-time recruitment, accelerated recruitment is becoming the only way to break into banking or lateral after the junior year internship. The days of on-campus interviews for full-time roles are disappearing at bulge brackets and elite boutiques.

How to Network internally - the Investment Banking Internship

Most interns come into their Investment Banking Internships with the advice to network and get to know others in the bank, and build their professional network. Many times interns may also get placed in groups that they aren't interested in.

Networking is important for both building your professional network and to find your place where you want to be.

The full-proof answer to "Why Investment Banking?"

Every single Investment Banking interview is going to ask the question - "Why Investment Banking?" and more specifically "Why this bank? / group?".

Let's be honest no one is ever going to say prestige, money, career aspirations, and you will never get the job if you say these things. Although they are definitely a huge part of the selling point of banking.

Most prospectives answer with some sort of bullshit along the following:

Friend or Foe? - the Investment Banking Internship

Investment banking summer internships are incredibly competitive to get into, and there are so many young, type-A type personalities crunched up against each other that tension inevitably occurs. Some think the best tactic is to view their peers as competitors for full-time roles, and spend as much time crafting a plan to deal with fellow interns as they do trying to impress their potential employer.

But I’m just going to lay it out for you: Fellow interns are your friends, or at least there is no reason why most shouldn’t be. While other IB summer analysts are technically the competition, unless you are at a boutique that takes 15 interns for five seats, you have no reason to worry about what the person next to you is doing. Here are three reasons why being overly competitive with your fellow IB interns is not the way to go:

5 Keys to Landing a Full-time Offer - the Investment Banking Internship

As most IB internships start the first week of June, thousands of 20 and 21-year-old college students will flock to NYC, Chicago, San Fran, Houston, Toronto and countless other cities, excited, and equally nervous for what they believe is a defining moment in their lives.

Most come in with some sort of meager advice, like network while you are there, don't make out with another intern, or keep your blackberry on loud...but how many are told do this and you will have an offer?

We decided that it was time for there to be candid advice for every intern on all range of topics on how to do well on the internship, so we started this summer series - "the Investment Banking Internship" - (yea I know, not too catchy, but it gets the point accross) with weekly posts on everything you could imagine or wish you knew how to do as an intern.

To start lets walk you through the 5 Keys on Landing the Full-time Offer:

What is it like to be an investment banking analyst?

A lot of misconceptions exist regarding the life of an investment banker, from the day-to-day to overall lifestyle, relationships, and personalities. We decided to break down how things actually are for an Investment Banking Analyst.

Day-to-day

Let me give you an example of what kind of deliverables you may have at any given time,

Commands come from various Managing Directors along the lines of : “I need xyz pitch deck in a week”, “we need to update that merger model by tomorrow morning”, “can you summarize the notes from that 6 hour diligence call and send it out to the rest of the deal team tonight”.

So let's start with just the pitch deck due in one week from the above scenario. The MD will tell you and the rest of the team what he/she wants to see in the deck. You start working on it and then your work gets pushed up to the associate, who wants to see a draft of the deck before the end of the day. He then checks it and sends it back down. It then moves up to the VP and then it is sent back down to you, and the associate checks it again and then it goes to the VP again. Eventually it gets up to the MD (usually a couple days before the one week deadline is up), by which time you hope it's perfect but only to learn that the MD wants to scratch a 1/4 of the deck and do something different. The whole process of going up each wrung starts over again. As you can see because of the redundancies there is a significant amount of time that goes into checking and redoing, and as you wait for each person to check the work, you must know they will do it on their own time. Even if you finish your first draft of it by 3 pm for your associate, no one might send you comments till 7 pm.

Now add on the other two projects mentioned above (working on 3 projects at any given time is actually quite light in terms of workload), imagine the same up and downs of the work chain (more or less), and you can start to see the picture of how a day that should end at 5 pm ends up running till 2 am.

Non-work Related: Social & Lifestyle

Alot of people think investment banking is this sexy world of making lots of money at a young age, becoming an expert at understanding stocks, living lifestyles that include fancy cars, and bottle service at the hottest clubs…

This is all wrong.

Investment banking is long hours of predominantly un-rewarded hard work. You miss out on opportunities to spend time with your friends, family, and loved ones. People either think your bad-ass or think your a selfish a-hole based simply on your title. You make lot’s of money you have no time to spend. While living in beautiful cities you never get to see. ex. living in Manhattan for 3 months and only seeing Central Park while you ride in a cab to go drop off a pitch-book at an MD’s house.

Invisible Side-Effects

Investment bankers are typically type-A go-getters from the start, but investment banking fine-tunes there skills. You’ll meet some of the best young minds, who think about problems in a completely different way from the average person, and you yourself will refine your own skills.

  • You learn to stop procrastinating. No task on the job or off the job is worth putting off when a little time now will put it to bed.
  • Picking up on things quickly. Investment bankers learn fast. They voraciously consume knowledge because it is a requirement for the profession, the ability to become an expert in something overnight.
  • Entitlement. This is something that is unfortunate but very common. When you work such long hours on multi-million dollar transactions you start to believe that your time is worth more than other peoples. The kid who is lolly-gagging on the metro while you rush into the office becomes your worst enemy because his time isn’t worth as much as yours, why is he wasting it…

Long-term Professional Effects

Investment bankers typically become friends with other investment bankers because who else understands what your life is like than someone who has walked a mile in your shoes.

Many of these connections they make will move on to private equity or hedge fund jobs, or corporate finance roles at Fortune 500 companies and unicorn startups…next time you see a job for corporate development at Google read the minimum requirements, it will read something like; “2 years of Technology Investment Banking or MBA from top university”… you’ll find alot of high finance roles in the buyside and corporate world are reserved for former investment bankers.

Conclusion

Long story short, banking is alot of hard work that helps you refine skills that will help you in all aspects of your life, however the cost is something that you need to think long and hard about, and not take for granted.

How much does an Investment Banking Analyst make?

A first-year investment banking analyst's compensation is a combination of Salary and Bonuses

Salary:

$85,000 - base salary is pretty uniform across the street

Bonuses:

$10,000 -15,000 - signing or relocation bonus

  • signing bonuses typically come with a 1-year clawback, so if you leave the bank before your first year is up you pay the signing bonus back in cash
  • some regional and middle market banks will pay as low as $7,500 and some elite boutiques can go all the way upto $50,000 (these come with a 3-year clawback)

$35,000 upto 100% of salary - year-end bonus (summer bonus cycle)

  • Bulge Brackets are known to be on the lower-end of year-end bonuses with a narrow range usually around $35,000 - 50,000, elite boutiques are known to pay on the higher end ranging upto 100% of salary

All-in Compensation:

$130,000 - 145,000 is the standard range, and ranging higher for elite boutiques