Most of the time when you are submitting your resume or CV you will also be required to submit a cover letter. A cover letter is document which is supposed to explain your motives for applying for the role and why you are uniquely qualified for the role. Cover letters were popular back in the 80s before the advent of online recruitment and mass graduate roles, now cover letters have become more of a tradition than anything else, and they rarely help.
However, just because they can not help does not mean they can not hurt you. In fact, cover letters are one of the easiest things but its also where most candidates get wrong and end up getting rejected because of it.
What makes a great cover letter for investment banking, is also great for similar tough requirement standard roles for example; wealth management, junior private Equity roles, big 4 and pretty much any high finance role.
Download the Cover letter Template Here
Click here to download the Cover Letter Template in Word
Click here to download the Cover Letter Template in PDF
As you download the template and start adding in your details just keep in mind that this is where most of the mistake happen, because no one seems to really care about the cover letter like a resume or CV. When you make your resume and CV you double and triple check everything and even get your friends and family to check it so there is little room for errors.
Cover letters on the other hand seems to get completely ignored, many students apply to different companies or bank in the same industry will just reuse the same cove letter, and I have seen cover letters addressed to Morgan Stanley being sent to BNP Paribas with more mistakes then you can possibly count. So, be careful!
The very first thing your going to realise when you open the cover letter template is that its very short, it will be around 2 short paragraphs long. No way near a full-page article like most people. This may not be what you have been told by your professors, friends, or even career councillors but this is what works best for investment banking and high finance role.
To be honest, all you really need is one sentence stating the job you are applying for or how you heard about the role. Then mentioned you have enclosed or if via email you have attached your resume or CV.
If you want, you can add another two or three sentences describing some relevant facts about yourself indicating your interest in the position. Then sign off by thanking them and state how they can contact you or you will follow up.
That’s it.
Common cover letter mistakes which 90% of candidates make
- Do not restate your resume or CV – You do not need to repeat where you worked or state the skills you have or how you have always dreamt of working in finance.
- Why this firm or bank – If you have a real reason for why you want to work for this bank or firm then state it. But do not say something generic or vague like “I want to work at this bank because it has great deal flow and I will be surrounded by some of the smartest people.”
- Emphasising your strengths – A lot of candidates will say how hardworking, enthusiastic about the role and smart. It’s best to let the reviewer judge this by your resume and CV which will list all of your grades, institutions and experience. You do not want to say you are super smart when your resume says otherwise.
- Arrogance – If you are applying for a junior investment banking role, a graduate role or any junior role in finance and you do not have at least 1 to 2 years of experience in that role, then do not say how the firm or bank is going to benefit from your presence on day 1. As far the bank or firm is concerned you just a generic analyst or associate, and no junior staff member is going to be able to contribute significantly for months. You can easily come across as arrogance or inexperience about the industry without even knowing it and these are the things which hurts a great resume or great candidate.