Why most cold emails fail in the first three words
The subject line is the entire game. Bankers get 200+ emails a day. A subject line that reads "Informational Interview Request" gets deleted before it opens. A subject line that reads "[Shared School] alum — question about your path to GS TMT" gets opened.
The rule: your subject line should contain something that is specific to them — not generic. Their firm, a deal they worked on, a shared connection, or a program you both went through. Generic subject lines signal generic people.
The 100-word rule
Every cold email should be under 100 words. Not because bankers are rude — because they are busy and respect candidates who can communicate concisely. A 300-word cold email signals you don't understand the audience.
Your email needs: one sentence about who you are, one sentence about why you're reaching out to them specifically, and one clear ask. That's it. Everything else is noise.
The follow-up cadence that gets responses
Send the first email. Wait 5 business days. Send one follow-up: "Hi [Name], just wanted to resurface this in case it got buried. Happy to work around your schedule." Wait 7 more days. Send one final follow-up: "Last email on this — I understand if timing is off. Would love to connect if the calendar ever opens up."
Three emails total. No more. Anything beyond three damages your reputation, which in IB is small and long-memored.
What to do when you get a response
When someone responds, reply within one hour if possible. Never within 30 seconds (looks desperate) and never more than 4 hours (signals you aren't serious).
If they offer a call: confirm immediately, send a calendar invite if they don't, and come with 4–5 specific questions prepared. Do not ask questions you could have Googled. Ask about their specific group, a deal they worked on, or something nuanced about the firm's culture or coverage strategy.
The Templates
The Direct Ask
Subject: Quick question — [Your School] → [Their Firm]
Hi [Name],
I came across your profile while researching [Firm]'s TMT coverage. I'm currently at [Current Role/School] and targeting IB for [Timeline].
I know your time is limited — would you be open to a 15-minute call in the next few weeks? I have specific questions about how [Firm] approaches [something specific about their group].
[Your Name]
Best for: direct outreach to associates and VPs. Keep it under 100 words.
The Alumni Angle
Subject: [Shared School] alum — quick question about [Firm]
Hi [Name],
I found your profile through the [School] alumni network. I'm a [Year] in [Major] and have been following [Firm]'s work on [recent deal or coverage area].
I'd love to learn about your path from [School] to [Firm] and how you'd approach recruiting if you were in my position today. Would you have 15 minutes in the next few weeks?
[Your Name]
Best for: any shared school, program, or organization. Response rates jump 15–20% with a real connection.
The Deal Reference
Subject: Question about [Firm]'s advisory on [Deal]
Hi [Name],
I've been following [Firm]'s work on [specific deal] and had a question about how [Firm] thought about [specific angle — valuation, synergies, structure].
I'm targeting [Group] at [Firm] for [Timeline]. Would you have 15 minutes to talk? I'd come prepared with specific questions.
[Your Name]
Best for: groups with recent publicly announced deals. Shows you did real research.
The Background Pivot
Subject: From [Your Background] to IB — question for you
Hi [Name],
I found your profile while researching [Firm]. I have a [law/tech/medicine] background and am targeting IB — specifically groups where [my specific experience] is a genuine differentiator.
I'd appreciate 15 minutes to hear how you'd approach this transition if you were in my position. I have specific questions about positioning that I haven't been able to find answers to.
[Your Name]
Best for: non-traditional candidates. Lead with the differentiator, not the apology.
The Warm Intro Reference
Subject: [Mutual Contact] suggested I reach out
Hi [Name],
[Mutual Contact] recommended I reach out to you. I'm targeting [Group] at [Firm] for [Timeline] and [he/she] thought you'd be a particularly good person to speak with given your path.
Would you have 15 minutes in the next few weeks? I'll come prepared.
[Your Name]
Best for: when you have any mutual connection. Even a weak tie outperforms cold by 3–4x.
The Reactivation
Subject: Following up — [Your Name]
Hi [Name],
I reached out a few months ago about [Firm]. A lot has changed since then — I've [specific update: closed a deal, earned a cert, started a new role].
I'd still love to connect if you have 15 minutes. No pressure if timing is still off.
[Your Name]
Best for: contacts who went cold. New context gives them a reason to respond.
Want a custom outreach strategy?
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