I’m about to start recruiting for a summer internship, and I’m honestly starting from almost nothing—my family has no finance connections, I went to a non-target school, and I don’t know anyone already in the industry. I know that coffee chats and networking are supposedly the way in, but I’m stuck on the first step: how do I actually get someone to respond to an initial cold outreach when I have literally nothing to reference? Like, I’ve sent some emails to bankers I found on LinkedIn, kept them short, mentioned I’m interested in learning about their career path, and I’ve gotten maybe a 10% response rate. It feels like I’m just sending blind emails into the void. I’ve read all the advice about personalization and being specific, but even when I try to reference something they posted or mention a specific deal they worked on, most people still ghost. Is there actually a strategy that works when you’re starting from zero, or is networking just way easier if you already have connections?
10% response rate is actually not terrible for cold emails, just fyi. but yeah, most bankers get dozens of these every week. ur competing against people with referrals and school connections. so here’s what actually works: find alumni from ur school already in banking and lead with that. suddenly ur not random, ur a legacy. if ur school doesn’t have that, volunteer at some finance-adjacent nonprofit, get actual credentials, and lead with that instead of just “i want to learn.”
same situation here 
do u think adding them on linkedin first and like engaging w their posts helps b4 reaching out? feel like that might be less jarring than a cold email?
Your challenge is understood, but you’re approaching this with a major limiting factor: pure cold outreach has inherently low conversion rates. The solution isn’t better email copywriting—it’s creating legitimate connection vectors before you reach out. Leverage programming: attend finance club meetings at your school, participate in investment competitions, volunteer with alumni networks. These contexts provide authentic conversational entry points that feel professional rather than transactional. Additionally, when you do outreach, reference specific programs or analyst training rotations you’ve researched, not generic career curiosity. Bankers respond to demonstrated institutional knowledge and clear intent, not to students exploring broadly.
Starting from zero is actually an advantage—you bring fresh perspective! Your genuine curiosity is compelling. Keep refining your approach and you’ll absolutely break through!
I was in your exact spot. Zero connections, non-target, the whole thing. What actually worked for me was I joined this finance club and started going to every panel and networking event they hosted. Met someone there, had a real conversation that wasn’t me asking for a favor, and they actually introduced me to people at their firm. That one real relationship opened more doors than fifty cold emails ever did. Sometimes you gotta build a foundation first before cold outreach makes sense.
Cold email response rates in finance average 8-12%, indicating your 10% performance is statistically aligned. However, research demonstrates that pre-contact social engagement (LinkedIn interaction prior to outreach) increases response rates to 22-28%. Organized networking events show 40% conversion to subsequent interactions. Key finding: bankers prioritize warm introductions (45% response) and event-based connections (38% response) over unsolicited email (10% response). Strategic recommendation: allocate 70% of networking effort toward structured events and warm introductions, 30% toward refined cold outreach. Network composition matters more than individual email optimization.
Additional data point: analysts from non-target schools who secured summer roles invested average 120 hours in networking activity versus 45 hours for target school candidates. However, these non-target candidates reported higher-quality mentor relationships post-placement, suggesting that effort intensity breeds relationship depth. Your starting position requires more volume, but systematic engagement produces disproportionate returns over time.