We have gotten a lot of emails about this, before we begin here are the reasons why your cover letter does not matter. We will give you a template below if you don’t want to believe us but lets begin.
1) We receive thousands of resumes every recruiting season. That alone is 1,000+ pages to review.
2) We have automated computers to search for key words and GPA’s (3.5+ GPA, Top Schools, Investment Banking, Research, Trading, Private Equity, Venture Capital, Hedge Fund, etc…)
3) We have no time to read 1,000+ three paragraph essays
4) We don’t know your name until you walk in the door, if you have friends who received jobs on Wall Street they will tell you every interviewer will ask you to “walk you through your resume” (hint we did not even bother reading your entire resume either)
5) We know that people who are hired just out of college are bottom barrel on the importance scale, as a reminder no one cares about you.
The above is harsh truth but really think about it. If you were trying to generate millions of dollars for your firm, the last thing on your mind is an introductory cover letter from a 20 year old college graduate. With that said, your resume is extremely important as it outlines what you can actually bring to the firm. This compares to your cover letter should be coherent, error free and to the point.
Think of your cover letter as your “elevator pitch” on why they should hire you and why you would like to work for the firm. Along with everything else you do on Wall Street, keep it short to the point and valuable.
Cover Letter
Thanks! Been waiting for this!
Thanks. Great help!
Great post.
In terms of the “insert skills learned” part of paragraph 2, is it acceptable to put generic skills here (ie. hardworking, methodical etc)?
Also, I had a look at the resume template and it seems a bit clumped up. Is it not better to use the M&I template, thus leaving more spaces and making it easier to read?
Insert skills: example would be “having previously worked for Bloomberg running screens for XYZ” or “Having spread comps for XYZ sector when working at XX internship”, “Having built a XX model for XX reason at XXX asset management company”
Never a good idea to be generic: Hard working, dedicated, methodical, team player etc… Show do not tell. It’s taboo but its the truth.
Hard working = You did an IBD internship
Methodical = You organized a large data base
Dedicated = You worked 4 jobs and got a 4.0 (don’t write that of course but the resume will show)
Team Player = Win a case competition in accounting/Wall Street
M&I has a generic template, it looks to be written by someone applying from an MBA perspective. We believe our template is better but that’s an opinion. (we have tested multiple formats through resume screens with fake applications if that means anything). If you use our template it is clear you know the functions of excel (golden ratio, small versus large caps, perfect alignment, bold, italics, no periods on bullet points etc)
Attention To Detail = “ATD”
Thanks, great advice.
It looks like WSPs strategy is to impress with the resume and use a template for the cover letter. As a note I’m a second year analyst and the resume template here is much more intense and professional. It would be looked at closely but looks much better than a generic version.
Note: I interview first years and interns, never read a cover letter.
Thanks, this was very helpful.
For an experienced analyst spot at a MM if you are in a BB Ops spot how would you handle this:
If interested send your cover letter and resume to recruiting@whatevermmbank.com.
Would you even go to the extent of putting this template in the email body? I came across the position through the bank’s website. I know its not the best way to break in – but worth a shot.