VANDERBILT INVESTMENT BANKING Meeting 3: Cover Letters

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VANDERBILT INVESTMENT BANKINGMeeting 3 Cover
Letters
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Pre-reading Discussion

• Cover Letters
• Are cover letters important?
• Why do you write a cover letter?
• What makes a good cover letter?

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Cover Letter vs. Resume

• Cover Letter is about what you can do for a
  particular employer in a particular, known
  position
• Resume is more about you, your experience and
  your skills in general

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Cover Letter

• Who are you?
• Why are you writing to me?
• What do you want?
• Why do you want it?

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Cover Letter Overview

• Opening Paragraph
• Middle Paragraph
• Closing Paragraph
• Keep it short

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The First Step

• What do you want?
• to be on the interview list
• Refer to the job description and/or other
  information you have about a particular company
  or position
• Network, network, network!
• Research, research, research!

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Opening Paragraph

• I will graduate in May 2006 with a B.S. in
  Economics and Computer Science from Vanderbilt
  University. I am interested in applying for the
  Summer Analyst position at Drexel Burnham.
• My interest in investment banking was developed
  from a previous internship doing equity research
  at UBS Financial Services. I would like to go
  into investment banking because I want to
  actually build companies as an investment banking
  analyst rather than just observe companies. I am
  particularly interested in Drexel Burnham because
  of their tremendous deal flow and the great
  future in the universal banking platform. In my
  experience talking with Chuck Roan, Drexel
  Burnham has a collegial atmosphere that will be
  conducive to my professional growth.

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Why you?

• What skills, attributes, and experience are the
  firms looking to see in this position?
• Are you highly qualified for the job, or are you
  taking a long shot?
• Is the organization seeking someone with your
  background, or will you be appearing from out
  of the blue?

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If you

• Have specific background,
• then argue from experience
• Have right general background but havent done
  exactly same thing or have done it at a lower
  level,
• then argue from skills and analogy
• Have no previous experience and an unrelated
  background,
• then argue from interests transferable skills

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Answer These Questions

• How will your interest, skills, attributes, and
  experiences enable you to contribute to the
  position?
• How do these illustrate your understanding of the
  role, the business, etc.?
• How motivated dedicated are you to working in
  investment banking?

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What differentiates you?

• Unique feature of your candidacy
• What makes you distinct from all others?
• Is this a particular skill, attribute, or
  experience?
• Is this a composite of your background?
• Otherwise you will be forgotten

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Middle Paragraph

• I can contribute to this position previous
  financial analysis experience, attention to
  detail, and strong analytical ability. At UBS, I
  was able to assess and value companies with DCF
  and comparable company modeling. I also wrote
  many research reports on many middle-market
  healthcare companies. From my analysis of various
  companies in the healthcare industry, I was able
  help institutional investors make investment
  decisions.

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How will you be compelling?

• Make it interesting/personal
• What is interesting to the reader?
• RESULTS!!!
• How have you
• Made/saved money or increased productivity
• What have you learned
• Skills useful for XYZ Bank

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How will you be compelling?

• From my experience at Vector Marketing, I was
  able to exhibit teamwork and communication
  skills. During that time, I led the region in
  sales and helped my district team lead the state
  in sales for three months straight.

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How will you be compelling?

• My interest in the finance dates back to high
  school and college when I would manage my
  parents investment portfolio and gained solid
  returns when the market was down.

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Whats not compelling?

• Laundry lists of skill sets, attributes, etc.
• I have strong analytical skills that I continue
  to strengthen at an institution known for its
  academic rigor. I am very team-oriented, with
  leadership, oral, and written communication
  skills as well.

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Whats not compelling?

• Letters that focus on the benefits that exist for
  the candidate.
• The world class reputation combined with the
  great opportunities that would be offered to me
  make your firm a great fit with my skills and
  aspirations.

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Whats not compelling?

• Mass produced letters
• The I phenomenon
• Too long too much
• Poor writing with mistakes
• Negativity/Apologetic tone

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Whats Next?

• Reiterate your interest
• Outline next steps be specific
• Follow-up!!

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Closing Paragraph

• I would enjoy speaking with you further about the
  possibility of a Summer Analyst position at
  Drexel Burnham. The opportunity to learn more
  about the firm, its structure, and your
  experiences would be tremendous. Thank you for
  your time. Thank you for your consideration.

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QA/DISCUSSION