Cold Calling and Cold Emailing

The first (and most important) rule when reaching out to a stranger is to BE CONCISE! No professional
wants to feel his or her BlackBerry vibrate during a meeting, look down, and find a page and a half from
some college sophomore begging for an internship. You won’t make it past the first few lines before they
hit delete.

If you don’t have someone’s email address, use the WSO Company Database which has email formats
of thousands of firms to see if you can piece together a working email address. The cold email has a few
main parts, so read on for a few tips.

Email Guidelines and Samples

Subject Line: This should be very short (remember, many business professionals are likely to be
reading it on an iPhone or Blackberry screen) and should include your connection with the person if you
have one. Any connection will increase the likelihood they open it.

Intro: Always begin with “Dear Mr. /Ms. ____.” If (and only if) their response uses only their first
name, you may consider using it. However, you can’t go wrong by staying formal and conservative and
continuing to use their last name. Then you should then identify yourself and state the purpose of your
email in the first line or two.

Background and connection: Pick people you have something in common with and not solely alumni.
If you go to UCLA, email alums from other California schools. If you’re non-target, email other non-
targets and ask them how they succeeded. (Note: A school is considered a target when a large number of
Wall Street firms conduct on campus recruiting (“OCR”) for "front office" positions.) There are no set
rules here, but by emailing someone with a connection, you can potentially create a personal bond. This
will make them more likely to help you, which is always the most important thing.

Content: As we said above, keep it short. Explain who you are and what your goal is. Ask them if you
could arrange a time that works for them to speak with you briefly. A short paragraph explaining your
story in more detail can come in a later email.

Thank you: Thank them in advance for their time, and tell them you hope to hear back from them soon.
We have provided a few sample emails below.

If you send an email and don’t hear back from them after a couple of days, it’s okay to assume that they
were busy and send a follow-up. If they “miss” a second email, they likely don’t want to be bothered or
are not interested in helping you. However, if you want to be very persistent, you could follow up one
more time with a phone call one week later. We have included guidelines on how to do this in the cold
call section. Be ready to get rejected if you do this, but don’t let that get you down… on to the next one!

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SAMPLE #1:
Subject: Buckeye interested in investment banking

Dear Mr. Johnson,

My name is Clyde Walton and I am a junior finance major at Ohio State, who is very interested in a
career in investment banking. I found your name in the alumni directory and was hoping we could set up
a time to speak briefly about your job and the industry so I could gain some insight from your
experiences.

I know you must be busy, so I appreciate any time you can spare. Thank you in advance, and I hope to
hear from you soon.

Best,
Clyde Walton

Campus Box 25864

The Ohio State University
Columbus, OH 43210
[email protected]
733.394.2857
____________________________________________________________________________________
SAMPLE #2:
Subject: Interested in Private Equity

Dear Mr. Smith,

My name is John Jones and I am a fellow Michigan alumnus. I’m currently an Analyst in investment
banking with [XYZ firm] and I am interested in pursuing a career in private equity. I read an article
about you in [XYZ Publication] and it mentioned that you were an alumnus of Michigan, so I was
hoping you would be willing to speak with me briefly about your success and what I can do to position
myself for private equity recruiting.

I appreciate any time you can spare and I hope to hear from you soon. Thanks in advance.

Regards,
John Jones

124 Water Street, Apt 24K

New York, NY 10004
[email protected]
646.111.1111

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SAMPLE #3:
Subject: Johnny Walker referred me to you

Dear Mr. Morgan,

My name is Jack Daniels, and I am a student of Johnny Walker, who suggested I reach out to you. I am a
rising junior at the University of Pennsylvania and I am interested in pursuing a career in finance. Mr.
Walker mentioned that you might be a good resource given your expertise in [x industry]. I was hoping
we could set up a time to speak so that I could ask you a few questions about the different areas I am
considering.

Thanks in advance, Mr. Morgan.

Sincerely,
Jack Daniels

62 5th Ave, Apt 162

New York, NY 10022
[email protected]
646.123.4567
____________________________________________________________________________________
SAMPLE #4:
Subject: Fellow Bostonian seeking advice

Dear Mrs. Moore,

My name is Katie James, and I am a fellow Bostonian who found your contact information on LinkedIn.
I just graduated from Boston University, and while I have spent all of my life in Boston, I am
considering a move to New York to pursue a career in finance.

I see that you have successfully made this transition so I was hoping you might be willing to spare a few
minutes to discuss how you made the most of it.

Thanks, Mrs. Moore – I look forward to connecting.

Best,
Emily James

6235 Commonwealth Ave, Apt 3b

Boston, MA 02114
[email protected]
617.337.9933

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SAMPLE #5:
Subject: Professor Ennis suggested I reach out

Dear Miss Thomas,

My name is Julie Bigelow and I am a senior in Professor Ennis’s finance class. I expressed my interest
in sales and trading, and he recommended I speak with you since you are one of his most successful
students that went into S&T. I was hoping I could speak with you for a few minutes and ask some
questions about the industry.

Thanks, Miss Thomas. Please let me know if there is a time that is most convenient for you. I hope to
hear from you soon.

Regards,
Julie Bigelow

122 King George Rd.

Houston, TX 12548
[email protected]
321.321.1234

These emails are short, to the point, and mobile friendly. If you can make a connection to your potential
contact in the subject line, consider that a plus. A professional receiving hundreds of emails a day may
not bother to even open a generic email with “I am interested in finance” in the subject line. However, if
you can make a connection to your school, your hometown, where you live, a mutual friend—anything
—the person will be much more likely to open the message and help you.

Here are some additional suggestions for your email:

 If you don’t know the person’s email address, check out the WSO Company Database, which has
email formats as well as company reviews, interview insights, and compensation data on
thousands of firms. If you know the person’s name and firm, you can hopefully use the database
to figure out their email.
 As we have mentioned, you should use a professional email address. In fact, it’s helpful to create
a free Gmail account that you only use for your job search. Think about using something like
[email protected] rather than [email protected]. This makes it very unlikely to
overlook any incoming message, and since you don’t have to delete anything, you can easily find
archived messages. The program allows you to tag emails for follow-up and to assign labels to
sort by firm, industry, priority level, or any other category important to you, making it easy to
stay organized. Additionally, you can use it to manage your contacts, keeping track of their
names, employers, phone numbers, emails, and even notes on any specific details that you want

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 to remember about them, and you can also create a Google calendar specifically for your work
search and sync everything to your iPhone, Outlook, or whatever service you use.
 Always proofread your emails, no matter how short. Make sure your message is succinct, clear,
and does not use any slang.
 Always remember to sign your full name and include all of your contact information at the
bottom of the email.
 Do not attach your resume. If all goes well, you will hopefully be asked for it at the end of your
informational interview.

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 Using LinkedIn with Success
If you’re already using LinkedIn but haven’t been having much luck, then this section is for you. For
those of you not using LinkedIn, you need to start NOW!

LinkedIn is a professional social network that allows you to search for people by name or company and
“connect” with them. Think of LinkedIn as a grown up version of Facebook—but without the pictures of
the frat party from a couple of weeks ago. The site is so highly respected in the workplace that (unlike
Facebook and MySpace) it usually isn’t blocked by employers.

Literally thousands of recruiters search LinkedIn every day, trying to find the perfect fit for their clients.
You need to have your virtual resume polished so you present yourself in the most positive light when
recruiters find you online.

The site was founded in 2002 and launched in 2003. The purpose of the site is to allow users to maintain
a list of contact details for those with whom they have a “relationship.” You have the ability to “invite”
people into your network, which allows you to send messages and keep track of them, while letting them
to do the same with you.

Specifically, users can:

 Build and maintain their contact network.

 Upload their resume and design their own profile or “virtual resume.”
 Post a profile picture of themselves (tip: keep it professional).
 Search for jobs or companies that may fit their interests.
 Search for people by name, firm, school, etc.
 Showcase specific skills, certifications, accomplishments, etc.
 Recommend or endorse other users that they have worked with in the past.
 Be viewed by recruiters or other users looking for candidates with certain characteristics.
 List job openings (companies can have a LinkedIn page and list open positions on that page).
 Follow different companies to be alerted when jobs open up.
 Receive email alerts for jobs they may be interested in.

Here are a few general guidelines to keep in mind while creating and maintaining your LinkedIn profile:

 Connect with everyone you know and meet. Every classmate, former classmate, alumni,
Facebook friend, neighbor, neighbor’s dog, 2nd grade math tutor’s grandmother…. Everyone

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 should be in your relationship network. There really is no downside to this. Studies have shown
that the fewer ties one has in a community, the fewer opportunities arise. So yes, you should
connect with your sister’s boyfriend on LinkedIn… even if you hate him.
 Do NOT connect with an interviewer prior to interviewing with them. This could make you look
like a bit of a stalker, which is never what you want. While some may not be offended by it,
there is almost no upside. In fact, even after an interview, as a rule of thumb you should most
likely not connect with your interviewers until after they have informed you of their decision.
Again, there is nearly no upside to reaching out early. Send them a brief thank you note over
email (discussed in detail later in this guide) and wait for their decision. If you get the job, you
connect because you could be working together in the future. If you don’t get the job, you
connect so you can keep them updated and potentially use them as a networking contact in the
future.
 Be specific… or general. After you’ve determined what specific field of finance you’re targeting,
you should start reaching out to set up informational interviews with people that work in these
specific roles. If you are just starting out and are unsure which specific group you want to join,
pick a few people in different areas and explain to them you are looking to better understand
what roles you are best suited for and most interested in. See the “Contacting Your Network”
section for more information on how to appropriately reach out.
 Invest in a premium LinkedIn account. This is especially important if you attend a lesser-known
university or can’t find enough alumni from your school that work in your target industry. Doing
so will allow you to send messages to people you aren’t naturally connected with. Even if you
are at a school with strong connections, a premium account will allow you to “Cold Email”
people on LinkedIn, increase the scale of your network, and improve your odds at landing an
interview or meeting. While this may not be the most efficient way to arrange informational
interviews, and you may get rejected or ignored many times, it shows a level of dedication and
enthusiasm many employers may appreciate and could open some doors which may otherwise
remain closed. Don’t get discouraged by rejection or just flat out being ignored. Finance
professionals get hundreds if not thousands of emails per day and could very easily miss your
message. Remember, it only takes one positive response to make a difference.

As you go through your job search and progress through your professional career, making sure people
find YOU on LinkedIn is probably more important than you being able to find others. Just like your
resume needs to highlight your skills in the best possible way, your LinkedIn profile should do the same.
You want to ensure that your profile accurately describes your skills and experiences, so those who view
it will be incentivized to reach out to you.

As mentioned, recruiters are constantly using the site, searching for keywords that are relevant for the
jobs they are looking to fill. There are millions and millions of potential hires on LinkedIn. You need to
make sure your profile is ready once it’s found!

Each LinkedIn profile has a few sections which you need to fill in to complete your “e-resume.”

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Summary: Here you can list your “specialties.” These are all of the skills you believe you can provide
to a potential employer. As mentioned above, focus on the skills needed in the jobs for which you are
searching. Keywords like “modeling, valuation, stocks, finance, Excel, PowerPoint, research, due
diligence, etc.” are all possibilities, but be ready to demonstrate how you have used your specialties in
the past.

Experience: List all of the jobs you have held in the past (well, at least the relevant ones, which should
be the same as those included on your resume) and a brief description of each in this section. When
writing the description, keep in mind the types of skills that are needed for the jobs you are interested in.
If you are looking to go into investment banking, emphasize any time you used Excel or PowerPoint. If
you are trying to break into sales and trading, focus on any positions you had that involved the stock
markets or investing. If you were a member of an investing club in college, mention it!

Skills and Expertise: This is similar to the specialties section mentioned above. The site has a
predefined set of words which are allowed into this field, and as you begin typing, it will provide you
with options.

Education: In this section you will want to include the same educational information you include on
your resume. You do not need to include high school, but should include any study abroad programs,
honors, interesting groups or activities, etc. Also, if you played a varsity sport in college, be sure to
include it; many employers love athletes.

Recommendations: This section is more applicable to those who are in the working world. Here, your
connections can write recommendations on your behalf, which can potentially entice employers to
consider bringing you in for an interview since you have the endorsement of a former business contact
or colleague.
Additional Information: This section is relatively optional. If you have a website that is associated
with your job, you can list that. Any interests that you have which you feel make you unique should be
included. For example, if you are a certified sky-diver and have completed over 100 jumps, that could be
a good topic of conversation and something that helps you stand out. Include any relevant groups or
associations that you are or were involved with, honors you graduated with, sports you played, etc.
Obviously, if you already mentioned something under education, don’t repeat it here.

Personal Information: We recommend you include a personal email address rather than one associated
with your school or employer, but make sure that it’s a professional-looking address, preferably one
from Google. Think [email protected] or [email protected] instead of
[email protected]. Also include the city in which you are living, because this will allow
employers to find you by location. Other information, like phone number, address, and birthday, is all
optional.

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Contact Settings: This section lets you indicate what you’re searching for at quite a high level. If you’re
just out of school or haven’t graduated yet, you may not want to check some of the boxes, but definitely
check the box for career opportunities.

There are also some additional features that can be incredibly useful in your job search.

Degrees of Separation: With this feature, whenever you search for someone, it will show you if you are
connected to them in any way. For example, say I connect with Andy; we are 1st degree connections.
Since Andy shares a connection with Harrison, Harrison and I are 2nd degree connections (think of a 2nd
degree connection like someone you have mutual friends with on Facebook). Since Harrison is
connected with Julie, I share a 3rd degree connection with Julie. Any time you search for someone who is
within three degrees of separation, it will show as an icon next to their name, and you can trace that
connection, potentially giving you a way to introduce yourself. As you build your network, you will
soon realize that you have MILLIONS of people within three degrees of separation.

Get Introduced: If you are a 2nd degree connection and don’t want to reach out with a cold email or
cold InMail, LinkedIn gives you an easy way to get introduced through your mutual connection. The
website allows you to “ask” your connections to “introduce” you to their connections! Using the
example above, say I searched for Harrison. When he pops up in the search results, there will be a “2nd”
icon next to his name. To the right of the “connect” button, there is a small dropdown menu with a “get
introduced” option. Once you click that, it brings you to a screen which allows you to select which of
your 1st degree connections you would like to have make the e-introduction (if you have more than one
mutual connection). You can also compose a message to that person, briefly explaining why you would
like to be introduced. This is a great way to build your network, since people are much more likely to
connect with you if they get a warm introduction from a mutual connection.

Photo Feature: We encourage you to include a picture, because it can help those you have met before to
connect your name with your face. Just make sure that it is professional! The photo feature is also a
great way to refresh your own memory. Before you head out to an event, you can check the attendees’
pictures on their profiles. If you are able to walk up to someone that you have previously met and say,
“Chad, great to see you again. How have you been?” it can make a very positive impression. However,
DO NOT look up people you have never met before and stalk them at the event. If you walk up to a
powerful exec and say, for example, “Hi, you’re Mark Stein, head of the leveraged finance group. I’m
Tom Cain, and I wanted to introduce myself,” chances are that it’s going to come across as a bit creepy.
If you know someone by their face and want to actually meet them, play dumb. Introduce yourself, and
once they say who they are, then you can make the connection. Being able to walk up and introduce
yourself to a stranger (or so they think) is more impressive than targeting the big-shots in the room.

LinkedIn Message Templates

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On the next few pages, there are samples of how to reach out to “cold call”—or, rather, “cold
message”—potential contacts on LinkedIn. These are different from the cold emails shared earlier,
because they’re LinkedIn-specific and are the appropriate length for the site. As with any connection you
make with professionals, always triple-check your work and make sure their name and the name of the
firm are spelled correctly in your correspondence.

These templates make it relatively easy to craft an effective, professional LinkedIn message to people,
even those you have never met! Always remember that these are just templates though. Feel free to
follow the suggestions we give you here, but be sure to change them to fit your industry, school, firm,
etc. If you have a personal connection with someone, definitely bring that up, but always keep any
correspondence short, sweet, and to the point.

To Connect with Alumni on LinkedIn

This is a simple cold message that you can send to an alumni over LinkedIn. The first line should be a
brief description of who you are, followed by how you found them. Simply say it would be great if you
could connect with them and possibly speak at some point in the future.

SAMPLE:
Subject: [Clemson] student looking to enter finance

Hi Mr. Smith—

I am currently in my sophomore year at [Clemson University] majoring in [Economics]. I found your

name through LinkedIn as a Clemson Alumni, and I am messaging you because I am interested in
pursuing a career in [investment banking/consulting/sales and trading/etc.] and saw that you work for
[XYZ firm]. It would be great to connect so we might be able to speak in the future as I learn more
about [investment banking/consulting/sales and trading/etc.].

Thank you,
Andrew Jones
[email protected]
123-456-7890

To Set Up an Informational Interview or Phone Call over LinkedIn

In this message, make sure you show your appreciation. This could simply be a connection through a
cold email like the one above or a connection made at a networking event or through a professor.
However you initially connected, thank them so they can remember who you are. Follow up with why
you are looking to meet with them in person or speak on the phone. It could be that you are going to be
in their city or that you have an interview coming up at their firm and would like to hear a bit more
about the culture of the place. Ask them if they can meet you briefly at a time of their convenience or

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schedule a time to speak with you on the phone. Even if you would prefer an in-person meeting, it’s
always polite to offer to simply speak on the phone if that’s easier for them.

SAMPLE:
Subject: I will be in [NYC, BOS, CHI] Jan 15 and 16

Mr. Smith—

Thank you for connecting with me a few weeks ago. I am going to be in [New York, Boston, Chicago]
on [January 15th and 16th] for some interviews and was hoping you might have 15 minutes to get some
coffee one of those two days. I’ve been doing more research into entry-level positions in [investment
banking/consulting/sales and trading/etc.] and would appreciate hearing about your experiences at [XYZ
firm].

If those dates don’t work for you, would you be able to set up a short call?

Regards,
Andrew Jones
[email protected]
123-456-7890

To Say Thank You After a Meeting or a Call

Note: You should normally have a contact’s direct email address by this stage, and if possible should use
that to contact him or her. A LinkedIn message should be a second option.

In this message, the goal is to quickly thank your contact for taking the time to speak with you. After
you’ve done this, follow up with one line making it personal so that the person can connect this email to
your face or the conversation you had. Finish up by saying that you would like to keep them posted on
your progression through the job search process and ask if they mind.

SAMPLE:
Subject: Thank you

Mr. Smith—

I just wanted to send you a quick note to say thank you for taking the time to speak with me earlier
today. I know you’re very busy, so it is much appreciated. Your detailed description of [what I can
expect as an analyst at XYZ firm / the current trading environment in XYZ market / etc.] was
particularly helpful. I hope you don’t mind if I keep you posted with my progress as I approach [summer
analyst / intern applications / full time recruiting]. Thanks again.

Regards,
Andrew Jones
[email protected]
123-456-7890

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To Follow Up/Stay in Touch

In this message, you should address your contact by their first name ONLY if they specifically tell you
to; otherwise, continue to address them as Mr., Mrs., Ms., or Miss _________. Follow it up with the
reason you are contacting them out of the blue. This could be an article you read, an interview you saw
on television, or something you learned about in a class. Whatever it is, use it to make a connection to
the individual, their industry, or their firm. Then, move on to what you have accomplished since you
spoke with them last.

SAMPLE:
Subject: Keeping in Touch

Hi Mr. Johnson –

I came across this interesting article on [topic A] and it reminded me about the discussion we had on
[topic A related]. [insert link]

I am also in final rounds at XYZ firm and ABC firm coming up next week, so I’m very excited. Thank
you again for the insight you gave me [a few] months ago. It has really helped me understand the
differences between the various [firms / markets / groups] I was initially interested in pursuing.

Best,
Andrew Jones
[email protected]
123-456-7890

The following several messages are examples of how to cold email people in specific industries or
positions that interest you. Generally speaking, it follows the format of the original cold email. You
introduce and describe a bit about yourself in the first line, then follow that up with the specific reason
why you chose to contact them – for example, they went to a small school like you, work at the
company or in the position you want, or come from a similar background. It can also be helpful to
include specific information or terminology that relates to the position or industry to let them know that
you’re serious and that you’ve done your homework.

To an Investment Banking Contact on LinkedIn

SAMPLE:
Subject: Why did you choose investment banking?

Hi Mr. Wilson –

I am currently in my [senior] year at [St. Lawrence] majoring in [economics]. I am sending you a

message because I am interested in pursuing a career in investment banking and saw that [you are
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originally from non-target like me]. It would be great to connect, and if you would be willing to speak
with me a bit more about why you chose investment banking and how you were able to break into the
industry from a non-target, I would greatly appreciate it.

Best,
Andrew Jones
[email protected]
123-456-7890

To a Hedge Fund Contact on LinkedIn

SAMPLE:
Subject: Best path to becoming a PM

Hi Mr. Dawes—

I am currently a second year investment banking analyst at [Firm XYZ]. I am sending you a message
because I am interested in learning more about hedge funds and see that you work at [XYZ Hedge
Fund]. I was hoping you could spare a few minutes to speak with me about how you’ve gotten to where
you are and what you feel is the best “path” for me to take in order to break into [an event driven / long-
short equity fund like [XYZ]? Thanks in advance.

Best,
Andrew Jones
[email protected]
123-456-7890

To a Private Equity Contact on LinkedIn

SAMPLE:
Subject: Advice needed on pursuing an MBA

Hi Mr. Cuppernell—

I am currently a second year investment banking analyst at [Firm XYZ]. I am sending you a message
because I am interested in pursuing a career in private equity. While I see that you have achieved success
in the field, you do not have your MBA. I am considering going back to school and was wondering if
you would be willing to speak with me about your perspective on working in PE without an MBA?
Thanks in advance.

Best,
Andrew Jones
[email protected]
123-456-7890

To a Venture Capital Contact on LinkedIn

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SAMPLE:
Subject: Generalist breaking into VC

Hi Mrs. Felenstein—

I am currently a first year investment banking analyst at [Firm XYZ]. I am sending you a message
because I am very interested in [XYZ industry related to his/her fund] and venture capital. I see that you
also made the transition from investment banking, so was hoping you could spare a few minutes to talk
about how you positioned yourself to land in VC successfully? Thanks in advance, and I look forward
to hearing from you soon.

Best,
Andrew Jones
[email protected]
123-456-7890

To an Unconnected Prospective Contact on LinkedIn

This may be the most challenging message to write, but also the one with the least downside. If a
completely random professional on LinkedIn doesn’t respond or says they don’t have time to speak with
you, there is little lost. You simply say “thank you anyway” and move on to the next person. Even better,
the message below is a relatively easy template to follow. You should try to mention at least some
connection between the two of you in your message, whether it’s the fact that you share the same
hometown, that you currently live in the same place, an interest you both share, etc. Doing this will
make it more likely that they will respond.

SAMPLE:
Subject: Keeping in Touch

Hi Mr. Smith—

I am currently in my [freshman] year at [Clemson University] majoring in [economics]. I am sending

you a message because I am interested in pursuing a career in [investment banking/consulting/sales and
trading/etc.] and saw that [you are originally from Boston like me]. It would be great to connect so we
might be able to speak in the future as I learn more about [investment banking/consulting/sales and
trading/etc.].

Thanks,
Andrew Jones
[email protected]
123-456-7890

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