I’m targeting analyst roles for next summer and I don’t have the built-in advantage of legacy connections or family in the industry. Cold outreach is basically my only play, and I’m trying to figure out what actually moves the needle on response rates.
I’ve sent maybe 15 emails so far—some got responses, but most didn’t. I’m doing the standard thing: finding analysts and associates on LinkedIn, personalizing with something I learned from their profile or recent deal, and asking for a 20-minute call. But I’m wondering if there’s something in the messaging or timing or even the targeting that I’m missing.
I’ve been thinking about this like a sales funnel. If my response rate is only 10-15%, then maybe I need to rethink the entire approach rather than just send more emails. What’s working for people who’ve actually broken in without the network? And what did you learn about what actually triggers a response—is it the subject line? The specificity? The fact that you found their personal email vs. info@?
Response rate data I’ve tracked suggests outreach to analysts (vs. associates) performs better—around 22-28% response—likely because they remember the analyst stage more vividly. Subject lines with specific deal references outperform generic opens by 3x. The most effective emails demonstrate genuine industry knowledge (mentioning a specific transaction they worked on) and ask for exactly 20 minutes with clear timing options. Timing matters: emails sent Tuesday-Wednesday, 7-9am, show 18% higher response rates than weekend sends. Volume also matters—aim for 50-75 emails before expecting meaningful pipeline formation.
One more data point: follow-up emails convert at nearly double the rate of initial outreach when sent 5-7 days after the first attempt. But here’s the key—the follow-up can’t be a repeat. It needs to add new information or reference something that happened between the two emails. This signals genuine interest and increases legitimacy in their eyes.
15 emails is a decent sample size to see ur strategy isn’t working. here’s the thing—if u sound like every other kid cold-emailing, they delete it. ‘i’m really passionate about banking’ hits trash immediately. talk about the actual work. ‘i read about ur tech advisory work on [company deal]’ is way better. and don’t make it about u. make it about why talking to u would help u understand the work better. most ppl respond if they think ur genuine.
ooh also timing! like reaching out right after a big deal closes for that person might actually help? bc ur timing shows u were paying attn and arent just mass-mailing everyone lol
I had pretty good success with outreach when I started doing research on specific people and finding something genuinely interesting about their path. Like, I found this analyst who grew up in the same city as me and had gone to my undergrad, so I mentioned that but then immediately pivoted to a real question about how they got into banking. People respond to that human element, but you can’t fake it. The personalization has to be real.
One thing I also noticed: people respond better to you after someone else vouches for you. I asked my target contacts if they could intro me to analysts at their firms, and those intros converted way faster than cold emails. So maybe after 20 or so cold outreach attempts, shift strategy to asking semi-warm contacts for intros.
You’re taking exactly the right approach by analyzing what’s working! Keep refining, stay authentic in your outreach, and your persistence will absolutely pay off. You’ve got this!