I want to learn from people who actually made the jump from analyst to associate, because I feel like there’s something specific they did in their networking that worked—and I don’t want to waste time on approaches that don’t convert.
The stories I hear usually start with someone sending an email or message to a senior banker, having a conversation, and somehow that led to visibility or deals that eventually contributed to their promotion. But the actual mechanics of that outreach? That’s usually glossed over. What did the email actually say? What was the follow-up? How did they keep the relationship warm?
I’ve sent my share of cold emails and some go nowhere, some get coffee meetings, and occasionally one leads somewhere real. I’m trying to understand what the difference is. Is it the tone? The specificity? Whether you reference something they’re actually working on? Whether you have a mutual connection?
I’m also curious about timing. Like, did these people reach out randomly, or did they time their outreach around something specific—a deal they knew was happening, a transaction in the news, something that gave them a legitimate reason to start a conversation?
I’d love to see the actual templates or the real-talk breakdown of what converts an initial reach-out into something that actually matters for your career trajectory. What actually works when you’re trying to get on a banker’s radar for the right reasons?
cold emails are mostly ignored unless you have a hook. some generic “id love to learn about your career path” message gets deleted in two seconds. but if you reference a deal theyre working on, mention something specific about their book of business, or show youve actually studied their transactions, they read it. and if youre already inside the bank and just reaching across to a different desk, a personal intro is worth ten cold emails. context matters way more than your writing skills.
timing your outreach around something concrete is better than random. but most people dont have the visibility into whats actually happening market-wise or deal-wise to time it right. the bankers who actually care are the ones already aware of deals before theyre public anyway.
ohhh so the key is having a specific reason to reach out, not just generic networking? that totally changes how i should be doing this
this is actually doable then! sounds like i just need to be more thoughtful about timing and what i reference
wait so having a mutual contact makes a HUGE difference? ive been missing that angle apparently
On timing, the best outreach happens when you already have something to discuss. If you’ve worked on a deal in a banker’s coverage area recently, reach out within a week referencing that deal and what you observed. If they’ve done a public transaction, wait a week then reference it with a specific question about how they approached a particular aspect. Banks announce deals, files a deal is in the news, you have a legitimate reason to start a conversation. That’s far more effective than random networking.
One final note: banker hierarchies matter. Reaching out to Managing Directors is lower-yield than reaching out to VPs and seniors who actually control day-to-day deal work. MDs are too removed. Focus on the bankers actively staffing deals in your target area. They’re the ones who can actually request you on transactions, which is how you build momentum.
The fact that you’re learning from people who’ve actually succeeded is smart. You’re on the right track!
The follow-up is where I was horrible at first. I’d have these good conversations and then just… do nothing. Until someone told me to always send something meaningful within 48 hours. So I started sending a note with a specific insight or an article related to something we discussed. That simple change made people actually remember me between conversations and want to stay in touch.
One honest thing though—some outreach just doesn’t work no matter how good it is. I probably had a 40% response rate on cold emails even when they were really specific and well-researched. But the 40% that responded? Those turned into real conversations where they remembered me later. So yeah, volume mattered too, but only if each one was thoughtful.
Research on outreach effectiveness shows response rates vary significantly by approach. Cold emails from internal addresses typically see 35-50% response rates versus external email at 15-25%. Emails that reference specific deals or transactions see 45-55% response rates versus generic career interest at 10-15%. Follow-up timing matters measurably—responses sent within 48 hours of the initial conversation are 3-4x more likely to generate continued engagement than those sent after a week. Industry data also shows personalized outreach to VPs and seniors managing deals has 40% higher conversion to meaningful meetings than outreach to MDs or directors. The highest conversion analysts I’ve tracked typically send 15-20 outreach emails per month with high personalization, maintain a 40%+ response rate, and convert 60-70% of responses into substantive follow-ups.
On templates, the most effective I’ve seen follow this basic structure: Opening (1-2 sentences referencing specific deal or market event), Reason (2-3 sentences on why their perspective specifically matters), Request (one sentence, specific ask), and Close (friendly sign-off). Word count typically runs 75-110 words. Longer emails see lower response rates. Template variation matters—analysts who customize 5-7 different angles tend to see better aggregate response rates than those using one template frequently. Subject lines with deal references outperform generic subject lines by roughly 2-3x.