Format Of Cover Letter For Bank Job Vacancy


Banking Cover Letters

In this section you will find sample banking cover letters. Cover letters in this section are focused on banking jobs.

Cover letters are important as they give a summary of your career in brief before the employer looks for your information. Accompanied by resumes, these cover letters can be quite a task to write if one does not have any clue on the methods of writing these letters. You need to build a rapport with the employer who reads the cover letter with the aid of your language and writing style of the cover letter. Banking is a field that is very dynamic and is developing daily. There are many new opportunities that are coming up in the banking field. Thus banking cover letters have to be equally dynamic and optimistic, which can give you a good chance for creating a good impression. A good cover letter attached to your banking resume will win you a good job in this sector.

The cover letters in the field of banking need to have few things specifically, as it is very important to show your knowledge and know-how about things related to the banking sector. As there are new developments taking place in the same sector, you can also add the experience and the knowledge of these developments if you have any, creating wider scope for the acquisition of the job. The cover letter should be in a specific format, with a header followed by the introduction, the body, ending with the conclusion. It is a typical business style letter that should be written in a simple language that is easy to comprehend. The banking cover letter should include the following things:

  • Your letter should be in a business letter format and it should be in a good flow without unwanted information. This increases the readability of the content and makes the cover letter a perfect one.
  • Write the letter with correct grammar. Incorrect grammar can be a turnoff for the reader and he might not consider you for the position you have applied for.
  • Your letter should contain all the action verbs in active voice. This makes your letter interesting to read and also attracts attention without any effort.
  • Use uncomplicated vocabulary and simple language. This can make the person understand your letter well and increase your chances of getting the job.
  • Try to write the letter in a positive and optimistic note. Using a lot of negative words, brooding and expressing regret for anything in the letter can create a negative impression in the letter.
  • Write the letter in small paragraphs instead of long ones and keep it apt and precise. This can work well in making the letter not too short or not too long.
  • Stick to your point. Construct a paragraph on the main point and do not deviate from the point. This can make the letter crisp and easy to read.
  • Make sure that you include some information about the organization in which you are applying, along with mentioning the position of your interest if there are multiple vacancies.
  • Your interests and hobbies should be included in the cover letter if they are of any help to your career and the company. Be precise and apt about mentioning your hobbies and other curricular activities in the cover letter.

We have banking cover letters for job acceptance, letter of recommendation, reference letter, salary negotiation, thanking letter, resume cover letter and follow up letter in the banking cover letter section. You can get the samples off the cover letters of all the categories stated above that can aid you in writing a cover letter to perfection. Make sure that you make the necessary changes in the cover letters according to your requirements to make the letter apt and suitable for your profile and resume.

A Sample Cover Letter to Personal Referral for Banking JobsAcceptance Job Offer Cover Letter for Banking JobsAcknowledging Job Offer Cover Letter for Banking JobsBank Customer Service Representative Cover Letter for Banking JobsBank Note Designer Cover Letter for Banking JobsBank Teller Cover Letter for Banking JobsBanker Cover Letter for Banking JobsBanking Senior Cover Letter for Banking JobsFollow Up of Telephone Call for Banking JobsInvestment Banking Cover Letter for Banking JobsLetter of Recommendation [Negative] for Banking JobsLetter of Recommendation for Banking JobsReference Letter for Suggestion Senior or Alumni for Banking JobsReference Letter for Suggestion for Banking JobsResume Cover Letter for Banking JobsSalary Negotiation Before Joining for Banking JobsThank You Cover Letter After Interview for Banking JobsThank You Cover Letter To Referrer for Banking JobsTop 10 Cliches To Avoid On Your Banking Cover Letter for Banking Jobs

https://news.efinancialcareers.com/uk-en/185046/much-earn-now-investment-banker-30s/

Do you really need to write a cover letter when you’re applying for a job in an investment bank? These days, it’s surely all about the skills in your CV – who’s got the time to read that extra blurb saying how perfect you are for the role?

Not recruiters working with experienced hires. Most of the banking recruiters we speak to treat the cover letters (or ‘cover emails’) they receive from experienced candidates as an irrelevance. “For experienced roles, we rarely look at cover letters,” says Logan Naidu, CEO of London-based financial services recruitment firm Dartmouth Partners. “I don’t really read the cover letter, I just go for the CV,” agrees Richard Hoar, director of banking and financial services at Goodman Masson. “I look at the CV and then I phone them. – If the CV is relevant, I’ll get everything that would have been in the cover letter from that call.”

Before you start sending CVs and resumes for banking jobs without any preamble whatsoever, though, it’s worth bearing in mind that there are some situations in which cover letters can make all the difference.  

These include:

  • When you’re applying for graduate jobs in banking.
  • When you’re applying to banks directly (without going through external recruiters),
  • And… when you happen to be using a recruiter who simply likes cover letters (hard to tell!).

“For graduate hires, cover letters are very important,” says Naidu. Just how important is reflected by the fact that some banks specify them as a must-have in their graduate recruitment process.Banks like Goldman Sachs, Citigroup, Barclays, Morgan Stanley and Macquarie all demand that their would-be analysts in Europe write cover letters or something very similar, says Victoria McLean, a former Goldman Sachs recruiter and founder of banking CV specialists, City CV. 

Goldman Sachs is particularly demanding – it requests that graduate applicants write a personal statement which is effectively a cover letter in 300 words or less.  In theory, Goldman Sachs is ditching its cover letter process and will soon be using HireVue digital interviews to select all its student hires, but for the moment the 300 word killer cover letter is still an integral part of the Goldman recruitment process. A former recruiter at the firm told us it’s very important. “Some students were excellent until they got to the cover letter,” – those 300 words let them down.

What makes a good banking cover letter? Mai Le, a former Goldman Sachs investment banking associate runs CoverLetterLibrary, a community which houses a collection of cover letters that have enabled juniors to get jobs at banks in the past. Le says the best cover letters have two things in common: narrative structure (they emphasize your story and show the choices that brought you here) and facts and figures that underscore your background and achievements. By comparison, Le says the worst banking cover letters suffer from key-word stuffing, irrelevant information and spelling and grammatical mistakes.

It can help to follow a general template… 

You need to tailor your cover letters for each job you apply to. But this doesn’t mean that you can’t write a cover letter that follows a template. It does mean that each time you apply for a new job, you will need to fill in the template all over again.

McLean suggests your template follows the following format: Introduction. Why me? Why you? Why this job? In total, the text within the template should be no more than 750 words, or one A4 page, long. Le says some candidates also use a format that’s ordered as, Why this job? Why this bank? Why me? “It’s a matter of personal preference,” she says. Ultimately, you want all these elements in the cover letter and should go with which ever you feel comfortable with.

Either way, here’s what to include.

The easy introductory paragraph

The first paragraph is all about explaining why you’re writing. If you’re applying for a graduate job in a bank, keep it short and sweet.

“The first paragraph is just to say who you are and why you’re writing the letter,” says McLean.

This paragraph might read something like. “I am an X with X year history of X at global banking firms including X as well as X. I have been working for X for the past X years.”

If you’re writing a Goldman Sachs cover letter that’s 300 words or less, you can ditch this style of opening paragraph. – There’s just no space for it.

If you’re writing to a recruiter, there’s less need to be quite so brief with your introduction. Say who you are, and explain why you’ve approached that recruiter in particular: “If someone says they’ve been referred to me by someone I know and respect, I will sit up and pay attention,” says Branthover. “The same applies if they say they’ve learned that I mentor women and that this is something they’re interested in too.”

In other words, when you’re writing a cover letter to a recruiter, you need to know who you’re writing to. Use this introductory paragraph to address them in person. Flattery will get you everywhere.

The selling yourself paragraph. ‘Why you?’

The second paragraph is usually harder. This is where you need to start selling yourself, expressing your personality, and explaining why you’re such a hot catch. It’s here that you can add in some of the narrative explaining how you came to apply for this role, plus some of the substantiating figures that Le says make successful cover letters so effective. Don’t use bland and empty phrases like, “I am a determined, motivated person.” Do look at the key words and skills used to describe the job you’re applying for and (without too obviously reiterating the ad) explain how you match them. Focus on the results and on outcomes you’ve achieved in similar situations in the past.  You need to be specific and you need to bring yourself to life.

If you’re writing a cover letter to accompany a graduate application, McLean says you can use the second paragraph to talk about what you’ve studied and how it’s relevant. If you’ve studied finance and know how to do a DCF, now’s the time to mention that. If you haven’t studied finance but have good relationship management skills and you want to work in M&A (a relationship-focused business), say that here. Provide EVIDENCE for the skills you’re claiming to have.- List any awards you’ve won. Never, ever, make empty statements. “Many successful trading cover letters feature the candidate’s trading return profile and their rationales for their success or failure,” says Le. ” – Cover letters for sales positions highlight the candidate’s track record that evident their ability as a natural salesperson.”

The motivational paragraph. ‘Why thisjob (in this sector?)’

If you’re an experienced hire applying through a recruiter or applying directly to a bank, this is where you explain why you want the job you’re applying for. If you’re a student applying for a first job, this is why you need to explain why you want this job and why you want to work in this sector. Be specific – you’ll need to know about the job and the sector before you start this section.

As a student, you’ll need to link your skills back to your motivation for working in that area of banking above others, says McLean. Why M&A? Why not sales and trading? Why not compliance? – If you want to work in operations, for example, explain how you have a passion for building systems and improving efficiency, as evidenced by your system for serving customers in your weekend job…

The flattering paragraph. ‘Why this bank?’

The fourth paragraph is all about explaining why you want to work for that particular bank. Again, you need to be specific. McLean says graduates often copy and paste from banks’ own websites. For example, it’s not unheard of for them to write, “I want to work for Goldman Sachs because you have 170 locations across 90 cities in over 30 countries.”  This will get you nowhere.

The other ex-Goldman Sachs recruiter we spoke to said she particularly looked for, “creativity and effort and writing about Goldman Sachs,” when running through students’ cover letters. People were expected to say exactly why they wanted to work for Goldman rather than, say, J.P. Morgan.

Instead of just reiterating what you’ve read on banks’ websites, therefore, you need to cite some unusual reasons for choosing that bank that will make you stand out. If you’re a student, it helps to say that you’ve met some of the banks’ staff and were impressed by them.  Citigroup, for example, suggests that student cover letters reference encounters with the bank’s staff at recruitment events. – Make a note of the staff you meet and explain what they said or did that impressed you, and what made you think you’d like to work with them.

Mark Hatz, a former M&A associate at Goldman Sachs and Perella Weinberg Partners who now helps people get jobs in banking, says stressing your rapport with people you’ve met from the firm is particularly important when you’re applying for a job in M&A or capital markets: “These are advisory businesses and they want to see that you can build a rapport and work in a team. If you get the job, you’ll also be spending a lot of hours in the office with these people, so showing you like them is very important.”

It also helps to reference the bank’s strategy, to mention any awards the bank won, and to cite any conversations you’ve had with or comments you’ve read from other industry professionals and analysts who’ve given concrete reasons why it’s good place to work. Everything in this section needs to be positive. – You need to explain why you want to work for Deutsche Bank specifically without writing anything that denigrates its rivals. The more senior you are, the more you will need to reference solid strategy points at this stage.

“Show a grasp of where they are going, what the plan is and why this appeals to you,” says McLean. Show that you know their strategy and that you agree with the way they’re addressing challenges.

The call to action

Finally, you need to end the cover letter with a call to action. McLean suggests completing the letter with the following sentence: “I really look forward to hearing from you. I am available for interview and contactable by X.’

Simple. Except all of this has to be written in 750 words – or just 300 if you’re a student applying to Goldman Sachs. It’s not so easy after all.

Follow @MadameButcher

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