Cold Email Templates for Investment Banking
The exact 5-sentence framework and 13 battle-tested email templates that get responses from Wall Street bankers. Including subject line formulas, follow-up cadence, and the 10 mistakes that get you blacklisted.
The 5-Sentence Framework That Gets Responses
Bankers receive dozens of cold emails every week. Most get deleted in under 5 seconds. The ones that get responses follow a specific structure—five sentences, each with a clear purpose. No fluff, no filler, no autobiography.
The Hook
One sentence establishing credibility and context. Who you are in 10 words or fewer.
"I'm a junior at Michigan State studying finance with a focus on healthcare."
Brief Background
One sentence on your most relevant credential. Not your life story—your single strongest signal.
"I recently completed a valuation internship at a regional boutique and built 3 DCF models."
Why Them Specifically
One sentence showing you did your homework. Reference their deals, background, or group.
"Your work on the [Company] acquisition in the healthcare space really caught my attention."
The Ask
One sentence with a specific, low-commitment request. Make it easy to say yes.
"Would you have 15 minutes this week or next for a brief phone call?"
The Graceful Exit
One sentence that gives them an easy out and shows respect for their time.
"I completely understand if you're too busy—any guidance would be greatly appreciated."
The math: 5 sentences × ~15 words each = 75 words total. That's a 30-second read. Exactly what a busy MD or VP needs.
Preview: 4 of Our 13 Templates
Each template is customizable for your specific background and target. Here are four of the most-used templates from the full playbook.
Student to Alumni Template
Best for: Reaching out to alumni from your school at target firms
Subject: [School] [Year] — Quick Question on [Their Group]
Hi [First Name],
I'm a [year] at [School] studying [major], and I came across your profile through our alumni network. Your path from [School] to [Their Firm]'s [Group] is exactly the trajectory I'm working toward.
Would you have 15 minutes for a brief call? I'd love to hear how you made the transition and any advice you'd have for someone following in your footsteps.
Completely understand if you're too busy. Either way, thanks for being such a great representative of [School] on the Street.
Best,
[Your Name]
Response rate: 20-40% (alumni connection significantly boosts open and reply rates)
Non-Target Cold Outreach Template
Best for: Cold emails when you have no alumni connection at the firm
Subject: Aspiring IB Analyst — Impressed by [Their Deal/Article]
Hi [First Name],
I'm a [year] at [School] and I recently read about [Their Firm]'s role in the [specific deal/transaction]. The [specific detail about the deal] really stood out to me.
I've been building my technical skills through [relevant experience—coursework, internship, or project] and am targeting investment banking for my career.
Would you have 15 minutes for a brief call? I'd love to hear your perspective on what makes [Their Group] unique.
I understand you're incredibly busy—any time would be greatly appreciated.
Best,
[Your Name]
Response rate: 3-7% for non-targets (volume is key — send 100-200+ of these)
Career Switcher Template
Best for: Engineers, accountants, military, or other professionals pivoting to IB
Subject: [Current Role] → IB Transition — Would Value Your Insight
Hi [First Name],
I'm currently a [Your Current Role] at [Company] and I'm preparing to transition into investment banking. I noticed you also came from a [similar/non-traditional] background before joining [Their Firm].
Your career path really resonated with me—I'd love to learn how you navigated that transition and what advice you'd give someone making the same move.
Would you have 15 minutes for a quick call? I understand you're busy and I'd be incredibly grateful for any time.
Thanks so much,
[Your Name]
Key advantage: Targeting people with similar backgrounds creates instant rapport
Headhunter Outreach Template
Best for: Getting on headhunter radars for off-cycle or lateral opportunities
Subject: [Current Role/School] — Interested in IB Opportunities
Hi [First Name],
I'm a [your background] currently [at School/at Company] and I'm actively exploring analyst-level investment banking opportunities. I understand your firm specializes in placing candidates in [their focus area].
I have [key credential: GPA, relevant experience, certifications] and am particularly interested in [industry group or type of bank].
I'd love to introduce myself and share my resume whenever you have a moment. Happy to work around your schedule.
Best regards,
[Your Name]
Pro tip: Headhunters want to place you — make their job easy by being specific about what you want
These are 4 of 13 templates in the full playbook. The complete set includes templates for lateral hires, MBA candidates, diversity outreach, follow-up sequences, thank-you notes, and more.
Get All 13 Templates — $475 Proven Subject Line Formulas
Your subject line determines whether your email gets opened or buried. These five formulas have been tested across 1,000+ cold emails with the highest open rates.
| # | Formula |
|---|---|
| 1 | [School Name] [Year] — Quick Question on [Group/Coverage] |
| 2 | [Mutual Connection] Suggested I Reach Out |
| 3 | Aspiring [Role] — Would Love Your Perspective |
| 4 | [Shared Background] → [Their Current Firm] |
| 5 | Quick Question from a [Your Background] Transitioning to Finance |
Never use these subject lines: "Seeking Advice", "Informational Interview Request", "Can We Chat?", or anything with "Please" in it. They scream mass email and get filtered out.
10 Cold Email Mistakes That Get You Blacklisted
We've reviewed thousands of networking emails. These are the mistakes that tank your response rate—or worse, get your name flagged at the firm.
#1: Writing more than 5 sentences — bankers scan emails in 5-10 seconds
#2: Leading with your life story instead of why you're reaching out to them specifically
#3: Asking for a job directly — the goal is an informational conversation, not an application
#4: Using a generic template with no personalization — "Dear Sir/Madam" is an instant delete
#5: Sending at the wrong time — Friday afternoons and Monday mornings get buried
#6: Not including a specific, easy ask — "Can we chat sometime?" is too vague
#7: Following up too aggressively — daily emails will get you blacklisted
#8: CC'ing multiple bankers at the same firm — they talk to each other
#9: Using your school email with a joke address — firstname.lastname@school.edu only
#10: Forgetting to proofread — one typo in a 5-sentence email signals carelessness
The bottom line: Every mistake above is a signal to the banker that you lack attention to detail — the #1 skill they evaluate in analyst candidates. Your cold email is your first work product.
The Optimal Follow-Up Cadence
Most people either never follow up (leaving 40-60% of potential responses on the table) or follow up too aggressively (getting blacklisted). Here's the proven cadence.
Send your initial email using the 5-sentence framework. Send Tuesday–Thursday between 7–9 AM or 5–7 PM (their time zone). Avoid Mondays and Fridays.
Short bump email: "Hi [Name], just wanted to bump this to the top of your inbox. I know you're busy — would love to connect whenever works for you." Keep it to 2 sentences max. Reply to your original thread.
Last attempt with a value-add: reference a recent deal they worked on or an industry article. "Saw [Firm] just closed [Deal] — congratulations. Would love to hear your perspective when you have a moment." If no response, move on gracefully.
No response after 3 touches = they're not interested or too busy. Do not send a 4th email. Move on to other contacts. You can try again in 3-6 months with a completely fresh approach.
+40%
More responses with proper follow-up vs. single email
3 max
Touches before you move on — never more
Tue–Thu
Best days to send — avoid Monday AM and Friday PM
What's Inside the Full Networking Playbook
The Networking & Cold Email Playbook
Everything you need to build a Wall Street network from scratch
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The difference between a 2% response rate and a 20% response rate is having the right framework. Get the templates that have helped 1,000+ candidates land informational interviews at Goldman, Morgan Stanley, Evercore, and more.
Related Resources
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Non-Target Networking 2026
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Free Cold Email Checklist
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Deep Dive: Email Templates
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How Jobs Are Filled
The data on referrals vs applications
Non-Target Networking Guide
The 100-email strategy