How to Cold Email for Investment Banking Informational Interviews

Cold emailing is one of the most effective tools for breaking into investment banking, especially if you're from a non-target school or don't have existing finance connections. The reality is that networking remains critical to landing IB interviews, and cold emails allow you to build relationships with bankers who can refer you, provide insider advice, and even alert you to unadvertised opportunities.

But cold emailing is also brutally competitive. Senior bankers receive dozens of networking requests weekly, and most emails get ignored or deleted within seconds. The difference between emails that get responses and those that don't often comes down to subtle details in structure, personalization, and timing.

This guide covers everything you need to know about cold emailing for investment banking informational interviews: the proven email structure that works, personalization tactics that make you stand out, realistic response rate expectations, follow-up strategies, and common mistakes that kill your chances. Master these principles and you'll dramatically improve your networking results.

Why Cold Emailing Works for Investment Banking

Cold emailing remains surprisingly effective in investment banking despite being overused, because the culture rewards hustle and bankers remember their own recruiting struggles.

The Math Behind Networking

Investment banking recruiting, particularly at bulge bracket and elite boutique banks, is highly referral-driven. Many positions are filled through employee referrals or candidates who networked their way into consideration before formal recruiting begins. If you're not networking, you're competing with hundreds of candidates for limited spots. If you are networking effectively, you're accessing hidden opportunities and getting valuable referrals.

Expected response rates for cold emails to bankers range from 10-25% for well-crafted, personalized emails. Even at the lower end, if you send 50 well-targeted emails, you should get 5-12 responses and ideally convert 3-6 of those into actual informational interviews. Those conversations can lead to referrals, interview prep help, and insider knowledge about which groups are hiring.

When Cold Emailing Works Best

Cold emailing is most effective when:

You're 6-12 months before recruiting starts - The best time to conduct informational interviews is 3-6 months before the recruiting process begins. Starting earlier (6-12 months out) allows you to build relationships over time rather than appearing transactional right before recruiting.

You target junior to mid-level bankers - Analysts and Associates (typically 1-4 years out of school) have the highest response rates because they remember recruiting recently and have more time than VPs and MDs.

You can find genuine common ground - Alumni connections (same school, same hometown, same extracurricular activities) dramatically increase response rates. High school alumni networks can achieve 85%+ response rates, while college alumni typically see 25% response rates versus 5-10% for completely cold outreach.

You're willing to play the volume game - One or two cold emails won't cut it. For off-cycle roles at bulge bracket banks, successful candidates typically contact 150-200 bankers to land opportunities. Even for on-cycle recruiting, expect to send 50-100 emails to build sufficient network coverage.

The Proven Cold Email Structure

The most effective cold emails follow a simple five-sentence structure that respects the banker's time while conveying your story and making a specific request.

The Five-Sentence Framework

Sentence 1: Personalized connection or introduction

Open with something specific that shows you researched this person individually. Reference a recent deal they worked on, an article they wrote, a shared connection, or a common background element.

Example: "I noticed you worked on [Company]'s recent $500 million acquisition in the healthcare sector, which aligns perfectly with my interest in healthcare investment banking."

Example: "As a fellow Michigan alum who competed in club tennis, I was impressed by your path from Ann Arbor to Goldman's TMT group."

Sentence 2: Who you are and why you're relevant

Briefly state your year, school, major, and one relevant credential that shows you're serious about investment banking.

Example: "I'm a sophomore at UVA studying finance with a 3.8 GPA, and I've been preparing for investment banking recruiting through financial modeling courses and a corporate finance internship last summer."

Sentence 3: Why you're reaching out specifically

Explain concisely why you want to speak with this particular person, referencing their background, group, or firm.

Example: "I'm particularly interested in learning about your experience in Evercore's healthcare group and how you transitioned from consulting to banking."

Sentence 4: The specific ask

Make a clear, low-commitment request for a brief informational call. Specify the duration and emphasize flexibility.

Example: "Would you have 15-20 minutes for a brief call in the next few weeks to share your perspective on breaking into healthcare IB?"

Sentence 5: Thank them and show flexibility

End politely, acknowledge their time constraints, and make it easy to say yes.

Example: "I understand you have a demanding schedule and would be happy to work around your availability. Thank you for considering my request."

Complete Example Email

Subject: Michigan Alum Seeking Healthcare IB Advice

Hi [Name],

I noticed you worked on Encompass Health's recent $1.2 billion acquisition, which aligns perfectly with my interest in healthcare investment banking. I'm a sophomore at Michigan studying finance with a 3.7 GPA, and I've been preparing for IB recruiting through Wall Street Prep courses and a summer analyst role at a regional corporate advisory firm. I'm particularly interested in learning about your experience in Jefferies' healthcare group and how you evaluated different banks during recruiting. Would you have 15-20 minutes for a brief call in the next few weeks to share your perspective on breaking into healthcare IB? I understand you have a demanding schedule and would be happy to work around your availability. Thank you for considering my request.

Best regards, [Your Name] [Your School] '26 [LinkedIn URL] [Phone Number]

Master networking fundamentals: Learn proven strategies for building your IB network effectively—download our iOS app to access comprehensive recruiting preparation resources.

Personalization Tactics That Actually Work

The single biggest factor determining response rates is personalization quality. Generic copy-pasted emails are immediately obvious and get deleted. Here's how to personalize effectively without spending hours per email.

Research Strategies for Quick Personalization

LinkedIn profile deep dive (3-5 minutes per person)

Deal tombstones and press releases (2 minutes)

Visit the bank's website and check recent deal announcements. If the person you're emailing works in a specific group, find a recent deal that group completed and reference it specifically with dollar amounts and company names.

The "hidden gems" approach

Personalization Levels That Work

Tier 1: Strong connection (highest response rate)

Tier 2: Good connection (solid response rate)

Tier 3: Weak connection (lower response rate, but better than nothing)

Even for Tier 3 connections, never send a completely generic email. Always reference something specific about their background or recent work, even if the connection is thin.

The Common Background Opener Formula

When you find genuine common ground, use this formula:

"As a fellow [connection], I was [impressed by / interested in / inspired by] your path from [point A] to [point B]."

Examples:

Managing Response Rates and Volume

Understanding realistic expectations and playing the numbers game strategically is essential for cold email success.

Realistic Response Rate Expectations

Complete cold emails (no connection): 5-10% response rate College alumni: 20-30% response rate High school alumni or hometown connection: 50-85% response rate Warm introduction from mutual contact: 70-90% response rate

These rates assume well-written, personalized emails. Generic, poorly written emails see response rates below 2%.

Even with strong response rates, expect that only 60-70% of positive responses will convert into actual calls. Some people express willingness to chat but never find time, schedules don't align, or they ghost after initially responding.

Volume Strategy by School Tier

Target schools (Wharton, Harvard, Ross, etc.):

Send 30-50 emails focusing on alumni from your school at target firms and groups you're most interested in. Your strong alumni network should generate 8-15 informational interviews, which is sufficient coverage.

Semi-target schools (Indiana, Wisconsin, Emory, etc.):

Send 50-100 emails mixing alumni connections and non-alumni at target firms. Cast a wider net because your alumni network is smaller and you need to build relationships across multiple banks. Target 10-20 informational interviews.

Non-target schools:

Send 100-200 emails to build sufficient coverage. You'll need higher volume because both response rates and conversion to interviews will be lower. Focus heavily on any alumni working in IB (even at smaller banks) and look for creative connections. Target 15-25 informational interviews across banks of various tiers.

Batching and Tracking System

Don't send 100 emails in one day. Batch your outreach into manageable groups:

Weekly batches of 10-15 emails sent Monday-Thursday mornings (avoid Friday afternoons and weekends). This allows you to manage responses and follow-ups without getting overwhelmed.

This tracking is essential because you'll forget who you've contacted and when to follow up, especially once you're managing 50+ outreach attempts.

Get the complete framework: Our comprehensive guide covers all recruiting timeline strategies including when to start networking—access the IB Interview Guide for detailed preparation resources.

Follow-Up Strategy That Actually Works

Most people give up after one email. Strategic follow-up can double or triple your effective response rate.

The Two-Follow-Up Rule

First follow-up: 5-7 days after initial email

Send a brief follow-up (2-3 sentences) that assumes they missed your first email due to busy schedule. Don't be apologetic or pushy.

Example:

"Hi [Name],

I wanted to follow up on my email from last week about a brief informational interview regarding healthcare investment banking at Jefferies. I understand things get busy, but I'd still love the opportunity to learn from your experience if you have 15 minutes in the coming weeks. Please let me know if your schedule allows.

Best, [Your Name]"

Second follow-up: 5-7 days after first follow-up

Send one final brief follow-up acknowledging this is your last attempt and offering extreme flexibility.

Example:

"Hi [Name],

I wanted to reach out one last time to see if you might have time for a brief conversation about your experience in healthcare IB. I'd be happy to work around any schedule constraints, including early mornings, evenings, or weekends. If now isn't a good time, I completely understand and wish you all the best.

Thanks for your consideration, [Your Name]"

After two follow-ups with no response: move on. Don't send additional emails. It's not personal; they're busy, not interested, or your email got lost in their inbox chaos.

When Follow-Ups Work

Follow-ups are most effective when:

Follow-ups are less effective when:

The Soft Decline Response

Sometimes people respond with vague "maybe in the future" messages. How you handle these determines whether they're genuine or soft declines.

Response: "Thanks so much for getting back to me. I completely understand you're busy right now. Would it work better if I followed up in [4-6 weeks] when things might have calmed down? I'm flexible on timing and would love to connect whenever works for you."

If they don't respond to this or give another vague response, it's a soft decline. Move on professionally and focus your energy elsewhere.

Common Cold Email Mistakes That Kill Your Chances

Avoiding these critical mistakes will immediately improve your response rates.

Mistake 1: The Generic Blast Email

Sending the same email to 50 people without changing anything beyond the name is the fastest way to get zero responses. Bankers can instantly tell when they've received the same email everyone else got.

How to avoid: Even if you use a template structure, customize at least the first sentence and one other detail for each person based on your research.

Mistake 2: Writing a Novel

Emails longer than 6-7 sentences rarely get read completely. Bankers are scanning their inbox quickly and will skip long emails unless they already know you.

How to avoid: Edit ruthlessly. Every sentence should serve a clear purpose. If you're over five sentences, look for places to cut or combine.

Mistake 3: Asking for a Job or Referral Immediately

Cold emails that open with "I'm looking for an internship" or "Can you refer me?" come across as transactional and self-serving. You haven't built any relationship yet.

How to avoid: Ask for an informational interview first. Build the relationship. Only after a successful call should you consider asking about opportunities or referrals, and even then, let them offer rather than asking directly.

Mistake 4: Using Non-Professional Email Address

If you're a student, always email from your .edu account. If you're not a student, use a professional Gmail address with your actual name, not nicknames or numbers.

How to avoid: Set up firstname.lastname@gmail.com if your school email isn't available. Never use partyguy420@gmail.com or similar.

Mistake 5: Not Attaching Your Resume

Including your resume as an attachment makes it easy for interested bankers to learn more about you and potentially forward your information to recruiters immediately.

How to avoid: Always attach a one-page, well-formatted resume. Name it "Firstname_Lastname_Resume.pdf" so it's easy for them to save and forward.

Mistake 6: Poor Timing

Sending emails late Friday afternoon, Sunday evening, or during known busy periods (earnings season, year-end) reduces response rates significantly.

How to avoid: Send emails Monday-Thursday mornings between 8-10am in the banker's time zone. Emails sent during this window are more likely to be seen and read before the day gets chaotic.

Mistake 7: Typos and Formatting Errors

Nothing kills credibility faster than misspelling the person's name, their bank's name, or including obvious grammar mistakes. These signal lack of attention to detail.

How to avoid: Read every email three times before sending. Better yet, write it in the morning, then review it before sending in the afternoon. Use Grammarly or similar tools to catch errors.

Making the Most of Informational Interviews Once You Get Them

Getting the call is just the first step. You need to convert informational interviews into valuable relationships and potential referrals.

Pre-Call Preparation

Research the person thoroughly - Review their LinkedIn, recent deals, and any articles or interviews. Prepare 5-7 thoughtful questions that show you've done homework. Don't ask questions easily answered by Google.

Prepare your story - Have a crisp 2-minute version of your background, why you're interested in IB, and why you're reaching out to them specifically. Practice this until it's natural, not memorized.

Test your technology - If it's a video call, test your camera, audio, and lighting. If it's a phone call, find a quiet location with good reception.

During the Call

Start by thanking them and confirming time - "Thanks so much for making time for this. I know you're busy, so I'll be respectful of your schedule. Is [20 minutes] still okay?"

Listen more than you talk - This is an informational interview, not a pitch. Aim for a 70/30 listening-to-talking ratio. Ask follow-up questions based on what they share.

Take notes - Shows you're taking this seriously and helps with follow-up. Jot down key advice, group names, or other contacts they mention.

Ask for next steps naturally - If the call goes well, you can ask: "This has been incredibly helpful. Would it be okay if I stayed in touch and updated you on my recruiting progress?" or "Are there others you'd recommend I speak with to learn more?"

Post-Call Follow-Up

Send thank you email within 24 hours - Reference something specific from your conversation to show you were engaged. Keep it brief (3-4 sentences).

Update them on milestones - If you land an interview at their firm, let them know and thank them for their advice. If you're deciding between offers and they helped, update them. These updates keep the relationship warm and show you value their input.

Don't ask for referrals prematurely - Let them offer. If you've built genuine rapport and they mention "let me know if you need an introduction" or "keep me posted on your progress," those are openings. Don't push for referrals after one conversation unless they explicitly offer.

For more guidance on making strong impressions during informational conversations, review best practices for coffee chat etiquette and learn how to answer "walk me through your resume" since this often comes up in informal networking settings.

Timing Your Cold Email Campaign

Strategic timing of your outreach dramatically affects both response rates and the value you get from conversations.

Ideal Timeline for On-Cycle Recruiting

12-18 months before target start date: If you're a freshman targeting sophomore year internships, start building broad IB knowledge and reaching out to a few contacts to learn about the industry.

9-12 months before recruiting: Begin systematic cold email outreach to build a network of 15-20 banker contacts across different firms and groups. Focus on learning and building relationships, not asking for referrals yet.

6-9 months before recruiting: Intensify outreach and begin mentioning your upcoming recruiting timeline. Ask for advice on preparation. This is when you might start seeing referral opportunities emerge naturally.

3-6 months before recruiting: Final push to fill gaps in your network coverage. Focus on firms and groups you're most interested in. At this point, you can be more direct about recruiting timelines.

During recruiting season: Leverage your existing network for referrals and interview prep help, but continue some limited outreach to firms still hiring or groups you newly become interested in.

Timing for Off-Cycle or Lateral Recruiting

Off-cycle roles require even more volume and persistence. Start your cold email campaign 6+ months before your target start date and plan to contact 150-200+ people because opportunities are less predictable and positions open sporadically.

For students from non-target schools or those looking to break in from non-traditional backgrounds, understanding the full recruiting landscape is critical. Review comprehensive guidance on breaking into IB from a non-target school and the full IB recruiting timeline to plan your networking strategy within the broader recruiting context.

Key Takeaways for Cold Email Success

To maximize your cold email effectiveness, remember these essential principles:

Cold emailing for informational interviews is a high-effort, high-reward activity that requires discipline, personalization, and persistence. Most candidates give up too early or never reach sufficient volume to see results. Those who commit to systematic outreach, genuine personalization, and strategic follow-up build networks that open doors others never access.

The bankers who respond to your emails and spend time helping you aren't just being nice—they're investing in you because they see genuine interest, preparation, and hustle. Show them they made the right decision by preparing thoroughly for calls, following up professionally, and ultimately succeeding in recruiting. Your network will be one of your most valuable assets throughout your investment banking career and beyond.