Every year, my inbox as a Managing Director was flooded with generic "I'd love to pick your brain" emails. Most went straight to the trash (MDs have developed the ability to have zero empathy to protect their limited time).
But every so often, a student would send an email so precise, so professional, and so respectful of my time that I had to say yes. In investment banking, networking isn't just a "nice to have"—it is the unofficial first round of the interview.
If you want to move from "Online Applicant #4,000" to "Internal Referral," you need to master the coffee chat. Here is the playbook once you've exhausted all of your 1st, 2nd and 3rd level connections.
1The Cold Email: The "3-Sentence Rule"
As an MD, I usually had 15 seconds to look at a student's email between meetings. If I had to scroll, I didn't read it.
The MD Secret
Your subject line is your resume. Use: [University] Student seeking 15 min advice - [Your Name].
The Template:
Dear Mr. Robinson,
I am a sophomore at [University] and have been following your recent work on the [Specific Deal] in the ITAD space. I am preparing for the upcoming recruiting cycle and would greatly appreciate 10–15 minutes of your time to hear about your transition from Guggenheim to FMI. I am happy to work around your schedule.
2The 5 Best Questions to Ask (And 1 to Avoid)
Don't ask questions Google can answer. Ask questions that show you understand the "Analyst Gauntlet" (a concept I dive deep into in Crack the Street).
"How do you distinguish a 'good' Analyst from a 'great' one in your group?"
(Shows you care about performance, not just getting the job).
"What is the most common mistake you see candidates make during the Superday debrief?"
"How has the current interest rate environment changed the way your team approaches M&A deal dynamics?"
"I'm working on my 'Mouse-Free' Excel skills—what are the 3 functions you expect an intern to know on Day 1?"
"Looking back at your time at CPPIB, what was the biggest culture shock moving from a Bank to the Buy-Side?"
The "Do Not Ask" Question
"Can you give me an internship?" Never ask for the job. Ask for the advice; the job comes as a result of the relationship.
3Passing the "Airport Test"
In my book, I talk about the Airport Test: If I were stuck in an airport with this student for 6 hours, would I want to jump out a window?
During a coffee chat, I'm not just testing your technicals; I'm testing your "Vibe." Are you a human? Can you talk about something other than DCFs?
Mentioning a shared interest in golf or a local Dallas sports team can be the difference between a referral and a polite "good luck."
4The "Golden" Follow-Up
90% of students forget to follow up. 5% send a generic "Thank you." The top 1% send a Value-Add Follow-up.
The Strategy
One week after the chat, send a brief note referencing something you discussed.
Example:
"Mr. Robinson, thank you again for the advice on the 'Technical Trap.' I just finished reading the sector report on Vertiv you mentioned—your point about AI cooling systems was spot on."
Ready to Crack the Street?
Networking is only half the battle. Once you get the referral, you have to survive the technicals and the "Fit" questions. I wrote the definitive guide to navigating the entire process—from high school to MD—based on my decades in the deal room.
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