Facts about Banking Cover Letters

There are tons of banking cover letter tips out there, along with templates that guarantee to earn interviews for you. If you analyse these tips and templates, they are all in and around a few points. Let’s take a fast track going through them.

Your cover letter won’t gain any attention. HR people may read it, but they don’t make hiring decisions. Analysts may read but for a very different reason: They simply want to look for mistakes.

Short is better than long.  Bear in mind your objective is ZERO MISTAKE. The less you write, the fewer chances you’ll make mistakes.

Get a Second Pair of Eyes to do Proof-Reading. Attention to detail is one of the earliest differentiators between an underperformer and a rockstar. If you misspell “investment” as “investmetn” without caring to do a spell-check, then you may probably also forget to convert Canadian dollars into US dollars. As a matter of fact, analysts & associates are harsh gatekeepers, and cover letters are an excellent way to sort applicants into “In” and “Out” piles.  You may not find any mistakes on your cover letter after reading it a hundred times. However a fresh pair of eyes may spot something immediately.

What Exactly to Write on Your Banking Cover Letter?

It’s a matter of [3 Why’s].

  1. Why this company?
  2. Why this particular role and business area?
  3. Why you?

According to Citi, these are what they expect from student cover letters.

  1. Demonstrate your enthusiasm for the program you are applying to;
  2. Mention the networking events you might or have attended with Citi. However, ensure they are referenced professionally and have relevance to your application;
  3. Remember to highlight the achievements that have made you exceptional;
  4. Demonstrate your commercial awareness by showing your understanding of the financial news and current affairs. However, avoid copying and pasting the information from the internet;
  5. Make sure to double check for spelling and grammar mistakes. Attention to detail is vital;
  6. Formal writing style is best, not exceeding 1 page in length.

Try to weave these 6 points into the 3 [Why’s] and make it half page or 300 words.

Bottom line:  Spend time in improving your GPA, rather than spend time in improving your cover letter. Your GPA is guaranteed to be the first thing people look at on your resume.