How to Network Into Investment Banking: Cold Emails, Coffee Chats & LinkedIn

Why Networking Is Non-Negotiable

Here is a number that should get your attention: at most banks, over 50% of interview invitations come through networking and referrals, not online applications. At some elite boutiques like Evercore and Centerview Partners, that number is closer to 80%.

If you are applying to investment banking jobs by submitting your resume online and waiting, you are playing the game wrong. Networking is not a "nice to have" — it is the single most important activity in your recruiting process.

Cold Emails: The Foundation

Cold emailing is the most scalable way to build relationships with bankers. Here is how to do it effectively.

Finding the Right People

• Target analysts and associates — they are closest to your level and most likely to respond
• Use LinkedIn to find people at your target banks, filtering by school, hometown, or shared interests
• Check your school's alumni database — shared alma mater is the strongest connection you can lead with

The Perfect Cold Email Template

Keep it short. Bankers get hundreds of emails. Here is a template that works:

Subject: [Your School] Student — Quick Question About [Bank] [Group]

Hi [First Name],

My name is [Name] and I am a [year] at [School] studying [Major]. I came across your profile on LinkedIn and saw that you are in the [Group] at [Bank] — I have been particularly interested in [specific thing about the group or a recent deal].

Would you have 15 minutes for a quick phone call sometime in the next week or two? I would love to hear about your experience and any advice you might have.

Thanks so much for your time.

Best, [Name]

Key Rules for Cold Emails

• Never ask for a job directly — you are asking for advice and information
• Reference something specific — a deal they worked on, a shared connection, or a news article about their group
• Follow up once after 5-7 days if you do not hear back, then move on
• Send 10-15 per week — this is a volume game, and response rates of 15-25% are normal

Coffee Chats and Phone Calls

When someone agrees to talk, your goal is to build a genuine relationship — not to immediately ask for a referral.

Preparation Checklist

• Research their background on LinkedIn (school, prior experience, career path)
• Read about 2-3 recent deals their group has worked on
• Prepare 5-7 thoughtful questions

Questions That Impress

• "How has deal flow in [sector] changed over the past year?"
• "What surprised you most about the culture at [Bank] compared to what you expected?"
• "What do you think separates the analysts who get top-bucket rankings from the rest?"
• "I noticed [Bank] advised on the [specific deal] — can you share what that process was like?"

Questions That Kill Your Chances

• "So what exactly do you do?"
• "How much do you make?"
• "Can you refer me?"
• "What are the hours like?" (as your first question)

LinkedIn Outreach

LinkedIn messages work well as a supplement to cold emails, especially when you do not have someone's email address.

Tips for LinkedIn Messages

• Personalize your profile first: Professional headshot, detailed experience section, relevant coursework
• Connect with a note: Always include a short message explaining why you are reaching out
• Keep it shorter than email: 2-3 sentences max in a LinkedIn message
• Engage with their content: If they post articles or comment on deals, like and comment thoughtfully before reaching out

Building Long-Term Relationships

The biggest networking mistake is treating it as transactional. The people who succeed in IB recruiting build genuine relationships over months:

• Send a thank-you email within 24 hours of every call
• Follow up every 4-6 weeks with a relevant article, deal update, or brief progress update
• Let them know when you apply so they can flag your resume internally
• Thank them again after you receive an offer — and stay in touch for the rest of your career

Networking gets you in the door, but you still need to nail the technical interview. Read our complete guide to breaking into investment banking for the full picture, and our IB interview prep guide for what to expect on superday. Target firms like Goldman Sachs, Morgan Stanley, and JP Morgan with our firm-specific prep guides. IB Flash helps you prepare for the questions that come after the introduction — try our Question Bank, IB Quiz, and Readiness Check to get started.