An investment banking cover letter is one of the most scrutinized documents in business and finance recruiting. Banks receive thousands of applications for a handful of analyst and associate spots, so your letter needs to demonstrate genuine interest, relevant skills, and measurable results from the very first line. Unlike most industries, investment banking hiring managers expect you to reference specific deal types, technical competencies, and the firm's recent activity. If you are new to writing cover letters or want a refresher on fundamentals, start with our guide on how to write a cover letter before diving into the specifics below.
What employers look for in an investment banking cover letter
Hiring managers at bulge-bracket and middle-market banks evaluate cover letters against a narrow set of criteria. First, they want evidence of financial modeling proficiency: DCF analyses, LBO models, comparable company analyses, and precedent transactions. If you have built or contributed to these models, say so explicitly.
Second, deal experience matters. Mention any involvement in M&A advisory, capital markets transactions, IPOs, or debt offerings, even if your role was supporting rather than leading. Third, attention to detail is non-negotiable. A single typo or formatting inconsistency can end your candidacy immediately.
Banks also look for signals of work ethic and resilience. Reference situations where you managed tight deadlines, juggled multiple deliverables, or worked extended hours to close a transaction. Finally, demonstrate bank-specific fit. Show that you understand the firm's sector focus, recent deals, and culture. Generic letters that could apply to any bank are discarded quickly. Knowledge of M&A processes and capital markets structures separates serious candidates from the rest.
How to write an investment banking cover letter that gets interviews
1. Open with a specific hook tied to the firm
Avoid generic opening lines. Instead, reference a recent deal the bank closed, a sector the group specializes in, or a conversation you had with a current employee. This proves you have done your research and are not mass-applying. For example, mention a specific transaction from the firm's financial analyst or advisory team that caught your attention.
2. Quantify your technical skills and deal exposure
Hiring managers skim cover letters quickly, so lead with numbers. State how many models you have built, the aggregate deal value you supported, or the number of pitch decks you delivered. If you are coming from a finance background, highlight the overlap between your current work and investment banking deliverables. Concrete figures like "$2B in transaction value" or "15 DCF models" carry more weight than vague claims of analytical ability.
3. Show you understand the role's demands
Investment banking is not a standard nine-to-five job. Acknowledge the pace and intensity without complaining or bragging. Briefly describe a time you managed competing priorities under pressure, delivered work at a high standard on a tight timeline, or adapted quickly to new information during a live deal process.
4. Close with a clear ask and consulting-level polish
Your closing paragraph should request a specific next step, such as a phone screen or coffee chat. Keep it confident but not presumptuous. If you are also applying to consulting roles, make sure you tailor your language to banking rather than using generic professional services phrasing. Every sentence should serve a purpose.
Cover letter example
Adapt names, metrics, and achievements to your own experience.
Subject: Application for the Investment Banking position
Dear Mr. Chen,
I am writing to apply for the Investment Banking Analyst position at Moelis & Company. Your firm's advisory work on the $4.3B Meridian Healthcare acquisition exemplifies the kind of complex, high-stakes M&A transactions I want to contribute to.
During my time at Lazard as a Summer Analyst, I built 12 DCF and LBO models supporting three live sell-side mandates with a combined enterprise value of $1.8B. I prepared over 20 pitch decks for client presentations and contributed to two confidential information memoranda that helped advance transactions to the final round of buyer interest. One of these deals closed within four months of engagement, and I was responsible for maintaining the data room and coordinating due diligence across six workstreams.
At university, I led our investment club's coverage of the industrials sector, producing weekly equity research notes and presenting buy/sell recommendations to a $200K student-managed portfolio. This experience sharpened my ability to synthesize large volumes of financial data into clear, actionable analysis under tight deadlines.
I am drawn to Moelis's independent advisory model and its focus on restructuring and M&A. I would welcome the opportunity to discuss how my modeling skills and transaction experience can support your team. I am available for a call at your convenience.
Sincerely, James Whitfield
Before you send your application
Use this checklist to catch common mistakes before submitting:
- Confirm the firm name, group name, and recruiter's name are spelled correctly throughout.
- Verify that every deal reference is accurate and publicly available.
- Check that your technical claims (models built, deal sizes, deliverables) match your resume.
- Remove any generic language that could apply to a different bank or industry.
- Ensure formatting is consistent: one font, standard margins, no orphan lines.
- Ask someone outside of business and finance to read it for clarity.
- Cross-reference your letter against the role's specific requirements listed in the job posting.
For additional tips on structuring your application for related roles, see our financial analyst cover letter guide.
FAQ
How long should an investment banking cover letter be?
Keep it to one page, roughly 250 to 350 words. Hiring managers spend less than a minute on each letter, so every sentence should add new information. If you need guidance on structure and length, review our cover letter format guide.
Should I mention specific deals in my cover letter?
Yes. Referencing the firm's recent transactions shows genuine interest and proves you follow the market. Stick to publicly announced deals and be accurate with names, values, and dates. Incorrect deal references will immediately disqualify your application.
How do I write an investment banking cover letter with no experience?
Focus on transferable skills: financial modeling coursework, equity research projects, leadership in finance clubs, or relevant internships in adjacent fields. Quantify whatever you can. If you are a student, our internship cover letter guide covers how to position limited experience effectively.
Do I need a different cover letter for each bank?
Absolutely. Each letter should reference the specific firm's culture, deal flow, sector focus, and any conversations you have had with employees. Recycling the same letter across banks is one of the fastest ways to get rejected.
Should I address my cover letter to a specific person?
Whenever possible, yes. Address it to the hiring manager, recruiter, or group head by name. If you cannot find a name through the firm's website or LinkedIn, use "Dear Hiring Manager" rather than "To Whom It May Concern."