Investment Banking Cover Letter Guide (Examples, Template, & Expert Tips)

If you're applying for an investment banking position, your resume alone isn't always enough. A well-crafted investment banking cover letter helps hiring managers understand why you're a strong fit, not just based on your skills, but on your motivation, attention to detail, and knowledge of the firm. Even if many bankers don’t read cover letters closely, the ones who do expect clear, relevant information.

In this guide, we’ll walk you through how to write a strong investment banking cover letter that makes a positive impression without wasting time. You’ll find proven templates, real examples, and expert tips to help you highlight your relevant experiences and avoid common mistakes. Whether you're just starting out or trying to break in from another field, this article will help you write a letter that supports your application and shows you're serious about the role.

Do Investment Banking Cover Letters Really Matter?

A common question from candidates is whether it’s even worth writing a cover letter for investment banking roles. The truth is: at large firms, many bankers won’t read them. Bankers glance at resumes to make quick assessments, so resumes, referrals, and interview performance usually carry more weight.

But that doesn’t mean the cover letter is pointless. A poorly written cover letter can hurt you. A well-crafted one won’t guarantee an interview, but it can help in specific situations, especially when something about your application isn’t straightforward. It’s also often required to complete the application process, so it should be treated as a basic standard of professionalism.

When a Cover Letter Can Make a Difference

1. Boutique Firms and Local Banks

These firms often have smaller recruiting teams and a more hands-on hiring process. They’re more likely to read cover letters closely. A short, tailored letter can show that you’ve done your homework, understand the company’s focus, and are genuinely interested in the specific job.

2. Non-Traditional or Unusual Backgrounds

If you're coming from a different industry, like engineering, medicine, the military, or tech, or if you’re pivoting after time away from school or work, a well-structured cover letter gives you the space to explain your path. It also shows that you've thought carefully about why you're pursuing an investment banking position now.

3. International or Cross-Border Applications

When you’re applying for roles in another country or city, the cover letter helps add context. It can explain your location preferences, your understanding of regional financial markets, or any language and visa factors that wouldn’t show up clearly on your resume.

4. Resume Gaps or Academic Concerns

If your GPA is lower than average or you took a semester off, you can briefly and professionally explain that in a cover letter. The key is not to make excuses, just state facts and focus on how you’ve grown from the experience.

Components of a Well-Crafted Cover Letter

A concise, well-structured cover letter that includes the essential components can set the right tone for your application. It gives hiring managers a quick way to understand who you are, what you’ve done, and why you’re interested in the specific investment banking position. Here’s what to focus on:

Keep It to One Page

A short cover letter signals that you respect the reader’s time and can communicate effectively. There’s no need to write more than one page; most cover letters should fall between 250–300 words.

Tips for keeping it concise:

• Focus on 1–2 relevant experiences, not your entire work history.
• Remove filler phrases and generic statements like “I am a hard worker.”
• Edit ruthlessly; every sentence should add value.

Clear, direct writing will always be more effective than trying to sound overly formal or impressive.

Use a Clear Cover Letter Format

Hiring managers glance at dozens of applications. Formatting your banking cover letter for easy reading helps it get noticed and taken seriously.

Note: Keep the design consistent with your resume. Use the same font and formatting style so your application looks like a complete, professional package. Avoid logos, color blocks, or decorative elements; this isn’t the time for graphic design.

How to Structure an Investment Banking Cover Letter

A well-structured banking cover letter helps hiring managers quickly understand your background, your motivation, and your fit for the role. Each paragraph should serve a specific purpose. Here's how to break it down:

First Paragraph: Introduce Yourself Professionally

Start by stating who you are, where you're coming from, and what role you're applying to. This is your chance to establish basic context and express clear interest without using filler language.

What to include:

• Education: Your university name, major, and expected graduation date
• Position: The specific investment banking position you're applying for (e.g., Investment Banking Analyst)
• Source: Where you found the role or how you learned about the firm (e.g., a campus event, referral, or online posting)
• Interest: Show you're genuinely interested in the company, but avoid clichés like “lifelong dream” or “top-tier firm.”

Example:

I’m a senior at Georgetown University majoring in Finance, graduating in May 2025. After speaking with your team at a recent recruiting event and learning more about your M&A work, I’m applying for the Investment Banking Analyst position at [Company Name].

Second Paragraph: Highlight Relevant Experiences

Now that you've introduced yourself, use this paragraph to explain why you're qualified. Focus on relevant skills, past experiences, and specific tasks that relate to the role.

What to include:

• Internships or part-time roles in finance, accounting, or strategy
• Finance-related qualifications such as Excel modeling, working with financial data, or preparing client presentations
• Relevant experiences in corporate finance, wealth management, or business development
• Professional tone with no outrageous claims, grammatical errors, or overly technical language

Example:

During my internship at Deloitte’s financial advisory group, I worked on a project evaluating a distressed asset sale. I built valuation models, analyzed financial statements, and contributed to a client pitch deck. That experience gave me hands-on exposure to corporate finance concepts and strengthened my financial modeling skills.

Third Paragraph: Show Why You’re a Strong Fit

This is your opportunity to connect your background with the specific company. You’ve talked about your skills, now explain how they match the job description and firm culture.

What to include:

• Skill alignment: Tie your analytical skills, financial modeling experience, or leadership qualities to what the company looks for
• Firm-specific points: Mention a recent deal, industry focus, or something in the company’s mission that aligns with your goals
• Genuine interest: Keep the language straightforward. Avoid repeating buzzwords from the company’s website unless you're adding context

Example:

I’m especially interested in working at [Company Name] because of your focus on cross-border transactions in the healthcare sector. With my experience analyzing healthcare investments and my interest in strategic advisory work, I believe I could contribute meaningfully to your analyst team.

Final Paragraph: Close in a Professional Manner

Wrap up by summarizing your interest, offering availability, and referencing any attached documents.

What to include:

• Reiteration of your interest in the role and the firm
• Availability for interviews or further conversation
• Professional closing like “Sincerely” or “Best regards”
• Contact details if not listed elsewhere
• Mention of attachments, usually your resume

Example:

I’ve attached my resume and would welcome the chance to speak further about the analyst opportunity at [Company Name]. I can be reached at [Your Email] or [Phone Number]. Thank you for your time and consideration.

Sincerely,[Your Name]

Investment Banking Cover Letter Examples (With Commentary)

Example #1 – Undergraduate Applying for Summer Analyst Role

Dear Hiring Manager,

I’m a junior at the University of Southern California studying Business Administration with a focus in finance. I’m applying for the Summer Investment Banking Analyst position at Moelis & Company. I had the opportunity to speak with one of your analysts during a campus event and was impressed by the firm’s deal volume and collaborative environment.

Last summer, I interned at a regional wealth management firm, where I conducted equity research and helped prepare investment reports for client portfolios. I also completed a student-led investment fund course where I built financial models and pitched two public equities to our faculty board. These experiences helped develop my analytical skills and my interest in corporate transactions.

I’m especially drawn to Moelis because of your focus on advising middle-market clients and the responsibilities your junior bankers take on early. I believe my academic background and exposure to real-world finance challenges have prepared me well for this position.

Thank you for your time and consideration. I’ve attached my resume and can be reached at 310-555-0123 or [email protected].

Sincerely,Jennifer Lee

Highlights:

• Relevant Skills: Tie coursework and internship experience to financial modeling and equity research
• Past Experiences: Includes both a formal internship and a student-run investment activity
• Fit: Mentions direct interaction with the firm and provides a reason for wanting to join

Example #2 – MBA with Non-Traditional Background

Dear Hiring Manager,

I’m currently an MBA student at the University of Chicago Booth School of Business, graduating in 2025. I’m applying for the Investment Banking Associate position at Evercore. Before business school, I spent six years in operations and supply chain at a consumer goods company, where I led cross-functional teams and helped redesign logistics processes that cut costs by 18%.

During my MBA, I’ve focused on corporate finance and financial modeling. I interned with a middle-market private equity firm last summer, where I analyzed acquisition targets and supported the due diligence process on a software investment. These experiences have helped me apply my quantitative skills and better understand the capital side of business growth.

I’m particularly interested in Evercore’s work advising founder-led companies and your commitment to mentorship and professional development. My experience in operational leadership, paired with new technical skills, gives me a unique lens on business value and strategic planning.

I’ve attached my resume and would appreciate the opportunity to speak with your team. You can reach me at [email protected] or 312-555-7890.

Sincerely,Kiran Patel

Highlights:

• Career Shift: Clearly explains the movement from operations to investment banking
• Specific Examples: Cites measurable outcomes in previous roles and relevant MBA experience
• Clarity: Uses direct, jargon-free language to show alignment with the role

Example #3 – Professional With Previous Roles in Finance

Dear Hiring Manager,

I’m writing to apply for the Investment Banking Analyst position at Houlihan Lokey. I graduated from Indiana University in 2022 with a degree in Finance and currently work as a financial analyst at a Big Four firm in the transaction advisory group.

In my current role, I help evaluate buy-side opportunities for clients by performing valuations, analyzing financial data, and preparing investment memos. I’ve worked on five engagements in the industrial and consumer sectors over the past year and recently led the financial modeling workstream on a $40M carve-out.

I’m especially interested in Houlihan Lokey’s leadership in restructuring and your firm’s strong track record in mid-market advisory. I’m looking to build on my transaction experience and expand into full-service deal execution.

I’ve attached my resume and would be glad to discuss this opportunity further. You can reach me at [email protected] or 646-555-9981.

Sincerely,Minh Nguyen

Highlights:

• Leadership: Mentions leading part of the deal process, not just assisting
• Financial Data Analysis: Provides direct examples of valuation and modeling work
• Industry Awareness: Shows understanding of the firm’s niche and how it aligns with career goals

Common Mistakes in Investment Banking Cover Letters

Incorrect Company Name

This is one of the easiest ways to disqualify yourself. If you’re applying to multiple banks, it’s easy to copy and paste the wrong company name into your letter. Before submitting, check that the company name is accurate in both the greeting and body of your letter. Reading the letter out loud can help catch these errors.

Using a Generic Template

Many candidates use the same cover letter template for every firm and just swap out the name. Recruiters can tell. A well-crafted cover letter should be tailored to each bank and role, highlighting key points that are relevant to the specific application. Mention something specific about the firm, such as a recent deal, industry focus, or company value, that connects with your background or goals.

Writing Too Much

Investment banking hiring managers have limited time. If your cover letter is more than one page, they’re unlikely to read it. Keep it to 250–300 words. Focus on your most relevant experiences, and don’t try to explain your full career history. You’ll have other chances to go into more detail during interviews.

Tone That Doesn’t Fit the Industry

Investment banking is formal. A professional tone is expected. Avoid casual phrases or jokes, and don’t try to sound “different” by being overly creative. Your cover letter should reflect the same tone you'd use when emailing a managing director: clear, respectful, and professional.

Relying on Filler and Fluff

Statements like “I am a hardworking and passionate individual” don’t add value. Instead of listing traits, show them through specific examples. Focus on measurable outcomes, past experiences, and relevant skills that relate to the job description. Avoid any exaggerated or unsupported claims about your qualifications.

Work With an Investment Banking Coach to Perfect Your Application

Want feedback on your cover letter, resume, or interview prep from someone who’s worked on the inside? Leland coaches include former bankers from firms like Goldman Sachs, Morgan Stanley, and Evercore. They’ve helped hundreds of candidates land interviews and offers at top firms. Browse Investment Banking Coaches and get personalized help to strengthen your application.

Coaches can also provide bonus tips to further enhance the application process and improve your chances of success.

Special Cases: What If You Have No Experience?

1. Highlight Academic Projects With Real Finance Application

Mention specific coursework or research projects that reflect technical skills. Focus on classes like corporate finance, accounting, or investment analysis, and describe the work you did in plain, practical terms.

2. Use Leadership Roles That Involve Accountability

If you held a leadership role in a student club, team, or volunteer project, choose one where you managed deadlines, worked in a team, or had measurable results. Think about responsibilities that mirror the demands of banking: long hours, managing deliverables, working under pressure.

3. Mention Competitions or Certifications That Signal Interest

Competitions like the CFA Research Challenge, Wall Street Prep bootcamps, or even Excel/modeling challenges can help provide early exposure to the industry. Even if you didn’t win, participation shows initiative and effort to learn outside the classroom.

4. Focus on Transferable Skills and Quantitative Ability

Use clear examples that demonstrate your ability to analyze data, make structured decisions, and communicate clearly, especially under time constraints.

How Cover Letters Fit into the Application Process

1. Online Portals Often Require or Suggest One

When you apply through a bank’s online system, you’ll usually see a field to upload a cover letter. Sometimes it’s required, sometimes it’s marked “optional.” Even if it’s not mandatory, uploading a clean, well-written cover letter shows attention to detail and gives you a small edge, especially when other applicants skip it.

2. HR Screens Applications First, Not Bankers

In most cases, HR professionals manage the early stages of the application process. They often glance at cover letters to look for professionalism, grammar, and alignment with the job description. While many investment bankers won’t read the letter unless something stands out, HR may use it to flag inconsistencies or to clarify your background.

3. It Adds Context That Your Resume Doesn’t Cover

In the competitive world of investment banking, your resume shows what you did, but your cover letter explains why it matters. If you’re switching careers, applying with limited finance experience, or want to explain a specific detail (like a gap in experience, a low GPA, or a regional preference), your cover letter is the right place.

Good uses of a cover letter:

• Explaining why you’re applying to a specific group or region
• Showing genuine interest in a boutique or specialized firm
• Clarifying a career switch or non-traditional academic path

Expert Tips for Writing a Great Cover Letter That Gets Read

1. Lead With a Line That Shows You Did the Work

Don’t start with “I’m writing to apply for…” Instead, begin with a sentence that immediately signals you know the firm. Reference a recent deal, a conversation with a team member, or something specific about their group structure.

For example: “After reviewing your advisory work on the [Company A – Company B] merger and learning about your consumer retail focus during a recent alumni panel, I’m excited to apply for the Investment Banking Analyst role at [Firm Name].”

• Networking to gain insights about the firm and role can be invaluable. Connect with alumni or industry professionals who can offer valuable advice or referrals.

2. Use the Job Description as a Keyword Checklist

Pull up the actual job description and highlight 4–6 key terms they mention (e.g., “financial modeling,” “valuation experience,” “client presentations,” “team leadership”). Use these exact terms in your letter where relevant. This tactic:

• Helps your application pass applicant tracking systems (ATS)
• Signals align with the role at a glance
• Shows you read the job post closely

3. Use Parallel Sentence Structure in Your Body Paragraph

When describing past experiences, structure 2–3 sentences using the same pattern: [Action] + [Project/Task] + [Result]

Example: Built a DCF model to value a logistics acquisition target and supported a $75M transaction.Conducted comparable company analysis for a buy-side client in healthcare services.Created client-ready presentation materials for a cross-border M&A deal.

4. Insert a “Soft Skills in Action” Sentence

Most candidates say they have soft skills like leadership, communication, or time management, but few show how they’ve used them under pressure. Add one line like this to show you can operate in high-stakes environments:

“With two pitchbooks due within 48 hours, I coordinated across teams in two time zones and led a peer review that caught three key valuation errors before submission.”

5. Run a “Print Test” to Catch Format and Detail Issues

Before submitting your final PDF, print it out and read it on paper. Errors are easier to spot in hard copy. Look for:

• Formatting issues (uneven spacing, margins off, inconsistent font size)
• Spelling of the company name and job title
• Awkward phrasings you missed on screen

The Bottom Line

A strong investment banking cover letter doesn’t need to be flashy; it needs to be clear, relevant, and tailored. While it may not carry the same weight as your resume or networking efforts, it’s still part of the application package that reflects your professionalism and attention to detail. Use it to add context, show genuine interest, and connect your experiences to the specific firm and role. Whether you’re an undergraduate, an MBA, or a career switcher, a well-structured cover letter can quietly reinforce why you deserve a closer look. Focus on precision, tone, and relevance, and let your work speak for itself.

Related Resources

To learn more about investment banking, explore additional resources on wealth management, corporate finance, and career preparation in this lucrative field:

• Wealth Management vs. Investment Banking: Key Differences and Career Prospects
• Top Ten Investment Banks
• The Best MBA Programs for Investment Banking
• How to Break Into Investment Banking–What to Do From Freshman to Senior Year
• 35+ Free Resources to Break into Investment Banking
• How to Prepare for a Career in Investment Banking

Frequently Asked Questions (FAQs)

Do investment bankers actually read cover letters?

• At larger firms, most bankers don’t read them closely, if at all. But smaller firms, boutique banks, and HR teams are more likely to review them. A clean, well-written cover letter won’t win you the job, but a careless one can hurt your chances.

Should I mention someone I met at the company?

• Yes, if you spoke with a specific person at a recruiting event, info session, or through networking, include their name in the first paragraph. It shows initiative and makes your application more memorable.

What font and size should I use?

• Stick to standard fonts like Times New Roman, Arial, or Calibri in 10–12 point size. Avoid creative or hard-to-read fonts. Consistency and readability are more important than design.

Should I still send a cover letter if it’s optional?

• Yes. If the application portal gives you the option to upload one, do it. It’s a chance to show you’ve prepared and gives you space to add context that might not fit on your resume.

How do I write a cover letter with no finance experience?

• Focus on academic projects, leadership roles, and extracurriculars that show analytical thinking, attention to detail, and interest in financial markets. Use specific examples that relate to the job description.