Cover Letter Examples Banking Internship

Hello everyone! It’s that time of the year again when all LSE kids are rushing for Goldman Sachs openings.

Not to worry, not all of us want to work in GS or sell our souls to Investment Banks. However, Cover Letter writing skills are an important skill to have and it might prove to be an asset sometime when you actually do need to apply for jobs in the future.

Cover Letter structure

Dear Sir/Madam,

I am currently in my second year reading BSc XXX at the London School of Economics (LSE) and would like to apply for the XXX internship at [name of firm].

[Company specific paragraph/ Paragraph stating why you want to join the firm]

XXX is notable as one of the leading [industry] firms and constantly sets the bar for innovation and performance … The strength of XXX in the XXX sectors will provide an optimal training ground for interns in [division] and ample opportunities to develop my career. Furthermore, I would like to work at a firm that has a strong customer focus and I believe that my skills and abilities would be well suited for work in this division.

You can also include:
–       Awards/ Recognition
–       Areas of specialisation (Hence your application to this firm)
–       The values they uphold
–       Company events you attended; who you met, and what you learnt
–       Current affairs (related to the division you’re applying to)
–       Other firm-related details (Example: Corporate Social Responsibility)

[Selling yourself/ Paragraph stating how you are perfect for the role]

I am able to work effectively in a fast-paced environment with a steep learning curve. As the [Position] of LSE SUXXX I organised … [what you did]. Through this, I improved my time management skills and developed essential public speaking skills, which would be beneficial while working in [division] as [mould the skills you learnt to the role you’re applying for].

You normally include:
–       A maximum of 3-4 different examples/roles
–       Skills/ attributes you’ve learned or possess
–       How those skills/ attributes can add value to the firm
–       Participation in societies
–       Work experience
–       Volunteering work
–       Others (Example: Hobbies)

This internship programme would be a fantastic learning opportunity. I hope my qualities and skill sets can be of value to [name of firm].

Yours faithfully,

XXX

Notes:

  1. There is no one-way of writing a cover letter- the above is just an example of how you can go about writing it.
  2. Emphasise why you are perfect for the job throughout the entire cover letter- not just in the second paragraph.
  3. Never state – always elaborate your points. It is better to write 1 or 2 points really well than to write 5 points fleetingly.
  4. Remember to address the cover letter to the correct firm consistently throughout the entire cover letter– it will be really awkward it you wrote how much you want to work for JP Morgan in the second paragraph, end with saying you’ll be an ideal fit for Goldman Sachs, and send the cover letter to Morgan Stanley! Not a good way to make first impressions.
  5. Keep it under one page– HR doesn’t want a dissertation!

Before I end this post, did you know that LSE Careers provides:

–       Career-related guides such as: How to write a cover letter
(You can pick them up in their office or read it online)
–       CV checking services: 15 minute, face-to-face session with a CV consultant
–       Practice interviews:  One to one, 30 minute mock interview sessions

Find out more about the services LSE Career provides and how to book an appointment here.

Signing off,

Clarissa

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A long time ago I said that we would never post a cover letter template here:

“I was tempted to post a Word template, but I don’t want 5,000 daily visitors to copy it and to start using the same exact cover letter.”

But hey, we already have resume templates that everyone is using, so why not go a step further and give you a cover letter template as well?

Plus, “investment banking cover letter” is one of the top 10 search terms visitors use to find this site – so you must be looking for a template.

The Template & Tutorial

Let’s jump right in:

And here’s the video that explains everything:

(For more free training and financial modeling videos, subscribe to our YouTube channel.)

And if you’d rather read, here’s the text version:

Do Cover Letters Actually Matter?

At bulge bracket banks, people barely read cover letters.

Cover letters matter 10x less than resumes and 100x less than networking.

But there are a few special cases where they’re more important:

  • Boutiques and Local Banks – Sometimes they actually read cover letters.
  • Unusual Backgrounds – If you’re NOT in university or business school at the moment, you may need to explain yourself in more detail.
  • Outside the US – In Europe, for example, some banks pay more attention to cover letters, online applications, and so on.

Similar to grades and test scores, a great cover letter won’t set you apart but a poor one will hurt you – so let’s find out how to avoid that.

Overall

Keep your cover letter compact and avoid 0.1″ margins and size 8 font.

With resumes you can get away with shrinking the font sizes and margins if you really need to fit in extra information, but this is questionable with cover letters.

Go for 0.75″ or 1″ margins and at least size 10 font.

With resumes there were a couple different templates depending on your level – but with cover letters that’s not necessary and you can use the same template no matter your background.

1 Page Only

Ok, maybe they do things differently in Australia (just like with resumes) but aside from that there is no reason to write a multi-page cover letter.

If you actually have enough experience to warrant multiple pages, do it on your resume instead and keep the cover letter brief.

Contact Information

List your own information – name, address, phone number, and email address – right-aligned up at the top.

Then, below that you list the date and the name and contact information for the person you’re writing to, left-aligned on the page.

If you don’t have this information you can just list the company name and address and use a “Dear Sir or Madam” greeting.

That’s not ideal – especially if you’re applying to smaller firms where cover letters actually get read – but it’s all you can do if you can’t find a person’s name.

If you’re sending the cover letter via email as the body of the email, you can omit all this information and just include the greeting at the top.

Paragraph 1: Introduction

This is where you explain who you are, where you’re currently working or studying, and how you found the bank that you’re applying to.

Name-drop as much as possible:

  • Impressive-sounding university or business school? Mention it. Even if it’s not well-known, you still need to mention it here.
  • Your company name, especially if it’s recognizable, and the group you’re working in, especially if it’s something relevant to finance like business development.
  • How you found them – specific peoples’ names, specific presentations or information sessions where you met them, and so on.
  • The position you’re applying for (Analyst? Associate?) – especially for smaller places that are not well-organized.

This first paragraph is all about grabbing their attention.

Example 1st Paragraph:

“My name is John Smith and I am currently a 3rd year economics major at UCLA. I recently met Fred Jackson from the M&A group at Goldman Stanley during a presentation at our school last week, and was impressed with what I learned of your culture and recent deal flow. I am interested in pursuing an investment banking summer analyst position at your firm, and have enclosed my resume and background information below.”

Paragraph 2: Your Background

You go through your most relevant experience and how the skills you gained will make you a good banker right here.

Do not list all 12 internships or all 5 full-time jobs you’ve had – focus on the most relevant 1-2, once again name-dropping where appropriate (bulge bracket banks / large PE firms / Fortune 500 companies).

Highlight the usual skills that bankers want to see – teamwork, leadership, analytical ability, financial modeling and so on.

If you worked on a high-impact project / deal / client, you can point that out and list the results as well.

This may be your longest paragraph, but you still don’t want to write War and Peace – keep it to 3-4 sentences.

Example 2nd Paragraph:

“I have previously completed internships in accounting at PricewaterhouseCoopers and in wealth management at UBS. Through this experience working directly with clients, analyzing financial statements, and making investment recommendations, I have developed leadership and analytical skills and honed my knowledge of accounting and finance. I also had the opportunity to work with a $20M net-worth client at UBS and completely revamped his portfolio, resulting in a 20% return last year.”

Paragraph 3: Why You’re a Good Fit

Now you turn around and link your experience and skills to the position more directly and explain that leadership + quantitative skills + accounting/finance knowledge = success.

There is not much to this part – just copy the template and fill in the blanks.

Example 3rd Paragraph:

“Given my background in accounting and wealth management and my leadership and analytical skills, I am a particularly good fit for the investment banking summer analyst position at your firm. I am impressed by your track record of clients and transactions at Goldman Stanley and the significant responsibilities given to analysts, and I look forward to joining and contributing to your firm.”

Paragraph 4: Conclusion

This part’s even easier: remind them that your resume is enclosed (or attached if sent via email), thank them for their time, and give your contact information once again so they don’t have to scroll to the top to get it.

Example 4th Paragraph:

“A copy of my resume is enclosed for your reference. I would welcome an opportunity to discuss my qualifications with you and learn more about Goldman Stanley at your earliest convenience. I can be reached at 310-555-1234 or via email at johnsmith@fake.com. Thank you very much for your time and consideration.”

Unusual Backgrounds

These examples cover how to apply to a bank if you’re in university, business school, or you’ve been working for several years.

If you have a more unusual background (e.g. you went to med school, graduated, started your residency, but then decided you wanted to be an investment banker), then you might need to add a few sentences to paragraph #2 or #3 explaining yourself.

Resist the urge to write your life story because no one will read it – interviews are a much better venue to prove how committed you are.

Email vs. Attachments

If you’re emailing your cover letter and resume, do you create a separate cover letter attachment?

Or do you make the body of your email the cover letter?

I think it’s redundant to create a separate cover letter and attach it, so don’t bother unless they ask specifically for a separate cover letter.

If you’re making the body of your email the cover letter, make it even shorter (4-5 sentences total) and cut out the address bits at the top.

Optional Cover Letters?

If you’re applying online and it says “Optional Cover Letter” should you still upload one?

You might as well because it takes 2 minutes once you have a good template – it’s not the end of the world if you don’t include one, but you never know what everyone else is doing and it’s not terribly time-consuming.

Cover Letter Mistakes

Remember the role of cover letters: great ones don’t help much, but poor ones get you dinged.

The biggest mistakes with cover letters:

  • Making outrageous claims (“I’m a math genius!”) or trying to be “creative” with colors, pictures, fonts, and so on.
  • Going on for too long – 10 paragraphs or multiple pages.
  • Listing irrelevant information like your favorite ice cream, your favorite quotes from Wall Street or Boiler Room, and so on.

If you think this sounds ridiculous, remember the golden rule: do not overestimate the competition.

For every person reading this site, there are dozens more asking, “What it’s like to be an investment banker?” at information sessions.

Sometimes you hear stories of people who write “impassioned” cover letters, win the attention of a boutique, and get in like that…

…And I’m sure that happens, but you do not want to do that at large banks.

If you do, your cover letter will be forwarded to the entire world and your “career” will be destroyed in 5 minutes.

More Examples

As with resumes, there are hardly any good examples of investment banking cover letters online.

Most of the templates are horribly formatted and are more appropriate for equities in Dallas than real investment banking.

Here’s a slightly different but also good templates you could use:

More questions? Ask away.

Still Need More Help?

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When we’re done, your resume will grab bankers by the lapels and not let them go until they’ve given you an interview.

Specifically, here’s what you’ll get:

  • Detailed, line-by-line editing of your resume/CV – Everything that needs to be changed will be changed. No detail is ignored.
  • Your experience will be “bankified” regardless of whether you’ve been a student, a researcher, a marketer, a financier, a lawyer, an accountant, or anything else.
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About the Author

Brian DeChesare is the Founder of Mergers & Inquisitions and Breaking Into Wall Street. In his spare time, he enjoys memorizing obscure Excel functions, editing resumes, obsessing over TV shows, traveling like a drug dealer, and defeating Sauron.

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