Finance Internship Cover Letter Example
If you are an undergraduate applying for an internship in the finance industry, you'll likely need to write a cover letter. Find out what information to include in your letter and review a sample.
What to Include in a Finance Internship Cover Letter
Start with the basics: The first paragraph of your letter should mention the specific internship you hope to get. (Note: Many financial companies have large-scale internship programs, with opportunities ranging across departments and divisions.
Specifics help!) As well, mention the name of your school if you are an undergrad or in graduate school. If you have a personal connection — for instance, if you know someone at the company or met the recruiter at a job fair — be sure to mention it in the first paragraph.
In the body of your email, include details on relevant coursework or projects, as well as previous finance-related work experience, volunteer positions, or prior internships. Your letter should demonstrate your familiarity with the company and its goals, and make it clear why you would be a good candidate for the internship. Read through the internship description carefully, and make sure to connect your experience with the responsibilities and qualifications laid out.
If this is your first internship, you may feel like you don't have any relevant experience to highlight. If that's the case, look for the qualities and responsibilities mentioned in the internship description, and come up with examples of how you've demonstrated those abilities in the past.
Make sure to format your cover letter properly. And, before sending your cover letter off, proofread it carefully. Paying attention to these details can make a big difference in how your message is perceived.
The following is an example of a cover letter written for a finance internship program. Use this for inspiration when writing your own cover letter.
Finance Internship Cover Letter Example
Your Contact Information
City, State, Zip Code
Cell Phone Number
Employer Contact Information
City, State, Zip Code
Dear Mr./Ms. LastName
Through ABC Financial Group's website, I learned about your bank's present career opportunities.
I am extremely interested in securing a position in the ABC Financial Group's Global Equity Summer Internship Program.
I am currently in my second year at the Smith Business School of the State University and am concentrating in finance, accounting, and real estate. Over the summer I completed an internship with First National Bank, and am currently interning with the University's Student Federal Credit Union.
My experiences have provided me with a detailed knowledge of financial institutions and have enhanced my interest in pursuing a financial career. I feel that an internship with ABC Financial Group would be a logical next step in my development as an investment banker.
My main interest in joining ABC Financial Group stems from its impressive reputation.
The prestige of the firm is best captured through its recent decoration as "America's Most Trusted Corporation" for the second consecutive year.
I feel the firm's diverse clientele, large market capitalization, and well established summer internship program would provide me with an invaluable experience to complement my studies at Business School.
I believe that I would succeed in the firm's exciting and motivated environment and that my strong work ethic, ability, and passion would make me a valuable asset to your firm.
I would prefer to work in global equity, however I am willing to consider any position that you offer me. Thank you for your consideration and I look forward to speaking with you in the near future.
Your Signature (Hard Copy Letter)
Your Typed Name
Sending an Email Cover Letter
If you are sending your cover letter via email, list your name and the job title in the subject line of the email message:
Subject: Finance Internship - Your Name
Include your contact information in your email signature, and do not list the employer contact information or the date. Instead, begin your email message with the salutation.
Aside from these relatively minor differences, an email cover letter is very similar to a printed-out version. The body of your email — from salutation to sign-off — will remain the same.
More About Cover Letters: How to Write a Successful Cover Letter | Cover Letter Samples for Students
Investment Banking Cover Letter Template
NOTE FROM WSO:
Attached at the bottom of this post is an investment banking cover letter template that is sometimes used for WSOcover letter review clients. WSO has decided to make it free in order to help those of you that can't afford a more tailored service.
This particular cover letter template uses bullets to keep the points succinct and the format easy to read. You'll also notice that the header matches the WSOinvestment banking resume template format.
IB Cover Letter Advice from the WSO Community
Here's what you need to know about the cover letter, courtesy of @CompBanker.
The cover letter holds almost no weight, other than to put you at risk for being dinged. Make it very simple, very bland, and just say all the usual things. If you have mistakes in it or make outrageous claims, your cover letter will be circulated and laughed at.
Why Does it Matter?
Like @CompBanker said, you won't get the interview with your cover letter. Your goal for your cover letter isn't to single-handedly land you an interview with your eloquence and grandiose; it's to check the box and make sure it's proper enough that it doesn't get you dinged.
Less Is More
Great input on why 'less is more' from @bkm125.
What you really want people to be looking at is the resume. The longer your cover letter is the larger the chance that you'll have a typo or say something stupid. Just tell them what job you're applying for, who you've been in touch with at the firm, and maybe a few sentences about your qualifications and lock up the deal with a solid resume.
K.I.S.S: Keep It Simple Stupid. Mention who you've talked to at the firm, your interest in the job, your qualifications, and briefly (very briefly) explain any gaps in your resume. (Avoid excuses, more on this later). Two or three paragraphs is all you need for that. Any more than that, and you're giving them potential reasons to ding you.
Here's some great advice from @blackice.
The best thing you can do is name drop people you have talked to. That way I know you have done your homework, and I can ask the person you talked to how your chat was. I think cover letters are better when they are focused on your past work experience as opposed to general and arbitrary sentiments about how you are a "hard worker and team player with a strict attention to detail".
If you've talked to someone at the firm and they'd remember you, DO namedrop them in your cover letter.
Common Cover Letter Mistakes
Here are mistakes I have seen:
1) Using phrasing like: "After my summer analyst stint, I learned the entire deal execution process..."; "I am extremely proficient in Excel and financial modeling...". You get the idea. Be confident, but don't over-emphasize anything out of the scope of your ability to speak to it.
2) Not enough emphasis on teamwork. This is important. People should know that you are able to work with others. This is easy to incorporate, just give a brief two sentence overview of what your team structure was and why it made sense.
Some additional analysis from @SirTradesaLot on cover letter mistakes:
I received a cover letter, resume, and some other related collateral (a supposed 'research' report) relatively recently from a cold emailer that I thought was worth highlighting. It has some prime examples of what not to say/write to anyone ever. I'll post some excerpts below that will preserve the anonymity of the applicant:
"I realize my professional experience is more in technology and lacks in finance. I believe that was just bad luck due to graduating from my MBA program at the height of the "Great Recession". However, I am 100% committed and motivated to prove myself in a finance position."
Bad luck? No, it's the shitty and difficult-to-read resume, cover letter, and 'research reports' that are the issue. I'm almost certain you would be a terrible employee just by the quality of the work you sent me in a cold email. You graduated from college 10 years ago, by the way. I remember at least a few of those as being pretty good years. If you were halfway decent, you could have squeaked in the industry in more than a few of those years.
Please do not pin all of your circumstance on luck, especially in a cover letter. Even if the reader is a big believer in luck, you're telling him you're unlucky. Who wants to hire someone who's unlucky? It seems the bad luck streak started in utero, if you ask me.
Revealing Your Ignorance:
Even worse than just plain ignorance, the below quote was from an attached research report that this guy wrote. Since he thought it was worth including, I assume the report was something he was proud of, but it was cringe-worthy.
"I am placing a STRONG BUY recommendation on [company]. ("ticker") and believe that [the company], at the current price of $10.00, trades at a 123% discount to my estimated fair market value of $22.30" (Both made up numbers to scale to the actual numbers listed in the 'report').
123% discount? C'mon man. Don't you think about the stuff you write before you blast it out to hundreds of potential employers? Anyone that reads it will certainly never hire you.
The report should have never been attached. It made a weak applicant look even worse. He's clearly never done anything but 'book learn' on these subjects. It's painfully obvious by reading the report. He uses four valuation methodologies on the stock with the sole intention of showing that he knows more than one valuation method.
If you're thinking of including a research report on a company when you're cold emailing people, it's a high risk strategy. Your research probably sucks unless you've been doing it professionally. If there is any doubt at all about including a 'research report', do not do it.
(Side note: The research report had a lot of opinions and not a lot of facts, and it lacked connections between really basic facts about the current state of the business to the 'projections'.)
"Dear Hiring Manager,
I am an inquisitive mind that loves to use this innate trait towards evaluating the economy, markets, and stocks. Those skills are collecting data and analyzing the data."
Face palm. This is how the cover letter starts. So much is wrong with this, I hope it does not require an explanation.
"Computer skills" is mentioned in both the resume and cover letter. In general, if you are listing "computer skills" as one of your strengths, it probably isn't. You should probably be more specific or focus on something else.
"CORE COMPETANCIES" -- listed as a major category on the resume. If your "computer skills" are so strong, you should probably know how to use spellcheck.
John Public, MBA"
You're not a medical doctor. You do not put "MBA" in your god damned signature. Seriously, wtf is wrong with you?
Don't pin your lack of finance experience, poor GPA, mediocre university, etc., on dumb luck. Yes, explain any major gaps in your resume. No, don't make excuses. Avoid discussing things you don't understand.
The Hail Mary Cover Letter
If you don't think you have a chance to get the job, you can toss a Hail Mary with your cover letter. Here's a cover letter an audacious undergrad used in an effort to stand out and grab the attention of its reader. A big swing that's either a hit or miss. We don't recommend using this cover letter unless you lack the slightest chance of getting the interview in the first place.
My name is (BLOCKED), and I am an undergraduate finance student at (BLOCKED). I met you the summer before last at Smith & Wollensky's in New York when I was touring the east coast with my uncle, (BLOCKED). I just wanted to thank you for taking the time to talk with me that night.
I am writing to inquire about a possible summer internship in your office. I am aware it is highly unusual for undergraduates from average universities like (BLOCKED) to intern at (BLOCKED), but nevertheless, I was hoping you might make an exception. I am extremely interested in investment banking and would love nothing more than to learn under your tutelage. I have no qualms about fetching coffee, shining shoes, or picking up laundry, and will work for next to nothing. In all honesty, I just want to be around professionals in the industry and gain as much knowledge as I can.
I won't waste your time inflating my credentials, throwing around exaggerated job titles, or feeding you a line of crap (sic) about how my past experiences and skill set align perfectly for an investment banking internship. The truth is I have no unbelievably special skills or genius eccentricities, but I do have a near perfect GPA and will work hard for you. I've interned for Merrill Lynch in the Wealth Management Division and taken an investment banking class at (BLOCKED), for whatever that is worth.
I am currently awaiting admission results for (BLOCKED) Masters of Science in Accountancy program, which I would begin this fall if admitted. I am also planning on attending law school after my master's program, which we spoke about in New York. I apologize for the blunt nature of my letter, but I hope you seriously consider taking me under your wing this summer. I have attached my resume for your review. Feel free to call me at (BLOCKED) or email at (BLOCKED). Thank you for your time.
Do you guys know of any solid cover letter templates (and/or examples)? Feel free to link your own if you think it's good, or you could just tell me to PM you and I'll send you my email address. I'm trying to figure out what it should look like, so I can hopefully start getting some interviews. Also, I'm not only applying to IB jobs (or even finance jobs, for that matter), so feel free to recommend/link stuff for a variety of jobs/industries; it'll all be helpful to me. Thanks in advance, guys.
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