I’m a junior at a non-target school prepping for summer analyst recruiting, and I’ve been told over and over that networking is the key. So I built a list of alumni working at the big banks and started reaching out with thoughtful emails—research on their group, some context about why I’m interested, the whole thing. But my response rate is basically zero.
I’ve read the standard advice: ‘personalize your emails,’ ‘make it brief,’ ‘ask for 15 minutes.’ I’m doing all that. But I’m starting to think there’s something else I’m missing—maybe it’s the framing, maybe it’s timing, maybe I’m just not saying the right thing in that first message.
I know some people are crushing it with outreach and getting coffee chats lined up. I want to understand what they’re actually doing differently. Is there a specific angle that works? Should I be going through LinkedIn or email? Are there certain groups or roles that are more responsive than others? And honestly, what should I actually be trying to accomplish in those first calls beyond just ‘getting to know your analyst job’? What questions or approaches have actually moved the needle for you when you were starting out?
cold outreach mostly fails because bankers get hundreds of emails. you need either a real connection (mutual friend, alumni chapter event where u actually met them) or something that makes u stand out. Generic personalization doesn’t cut it. find a specific deal they worked on and reference it intelligently. and timing matters—reach out when they’re not swamped (august, january after holidays).
also, bankers can smell desperation. don’t ask for advice or a meet—ask them a specific, smart question about a deal or trend. makes it feel less like another cold pitch. sometimes brevity beats elaboration.
wow thanks for this! sounds like the key is being specific and not sounding like u need something. ill try referencing actual deals instead of just saying i love banking lol
also the timing thing makes so much sense. ive been blasting emails in september when everyones probably buried. might wait til things slow down a bit
The challenge with cold outreach is volume—bankers are overwhelmed. Your approach of personalization is right, but the execution matters enormously. The most effective outreach I’ve seen doesn’t ask for mentorship; it demonstrates awareness and intellectual curiosity about their specific work. Reference a recent deal from their group, ask a thoughtful question about market dynamics or their team’s positioning, then mention you’d appreciate their perspective. This signals you’ve done homework and aren’t just mass-emailing. Response rates improve substantially when you signal respect for their time. Also, leverage warm introductions whenever possible—even loose alumni connections can open doors that cold emails cannot.
You’re building a strong system by being thoughtful about this! Keep refining your approach, learn from each attempt, and you’ll find your groove. Persistence and genuine interest go a long way!
Based on feedback from successful networkers, warm introductions generate ~40-50% response rates, while pure cold outreach sits around 5-10%. The swing factor is relevance and specificity. Emails referencing specific deals or market insights see 3-4x higher response than generic requests. Timing also tracks—outreach sent Tuesday through Thursday sees better engagement than Monday or Friday. The most successful template I’ve seen: one sentence showing specific deal knowledge, two sentences on your background (school, intended focus), one sentence with a concrete, answerable question. Keep it under 50 words of ask.