Attaching Operating Model and Pitch Book to Cold Email - 1st Year Analyst Not Currently in IB
Long Story Short: You receive a cold-email from someone looking for advice on lateraling to investment banking from real estate finance (1st year analyst). He has attached a 3 statement operating he built for a REIT that is most likely looking to sell, complete with a DCF, NAV, Comps along with a short pitch book describing the opportunity.
Is this a good way to demonstrate that you're hardworking, proficient in modeling and have decent knowledge of the industry you would like to cover? Or would this be overkill and make you look like a hardo? I'm attempting this now, but it has proved very time consuming and difficult so it would be helpful to get some confirmation as I continue. Any Feedback is appreciated but would especially like to hear from people that currently work in Investment Banking and have received emails from students / laterals before. You guys will have the best idea of how this would be perceived.
As additional background, I've received positive feedback from local Investment Banks (not NYC / San Fran), so I know the move is feasible. But am considering using this to make myself more viable for more competitive positions in NYC.
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Bump anyone with an opinion? Maybe I’ll x-post this to PE forum
Wondering this as well
Well, did he have you sign an NDA first?
I have done this myself. Got 3+ interviews and interest from bankers but not yet any reasonable offer. Helped me a lot to network my way onto them though. If the model is done correctly (and you show something that differentiates you, in my case, never took a Corporate Finance Class and made that model), I think it helps.
Thanks this is good to know
my pleasure
I would not welcome any unsolicited attachments in a cold networking email.
so you wouldn't accept "please see my Resume attached"?
A resume might be a somewhat lesser sin, but I don't think it's appropriate to send either your model or your resume before your recipient indicated any interest in seeing them.
This is helpful but id also appreciate some more information. If you wouldn’t accept an unsolicited attachment, how else could one separate his profile from the hundreds of kids who claim to be able to model? Mention the model in the email?
You realize 90% of kids that graduated from half-decent programs can model right? Their models may not be the most accurate but it isn't hard to take financial metrics, forecasting, and valuation and turn them into a spreadsheet. Plus how would I know that you even made the model you sent me?
I recommend asking for brief informational calls/coffee chats and, if you are so inclined, mentioning that you are happy to share an example of your modeling.
What I do is I first cold email without any attachment or anything - talk to them and learn about their group. Follow up in a couple weeks with a model built about a company in their industry and ask for them to look over it. Good way to follow up and show you’re interested and serious
Would be reaching out to people covering REITs. If you can’t attach a model, how else could someone prove they’ve put in the time to learn how to model and aren’t just mildly curious about IB
I would 100% ignore this.
Focus your time on finding a connection with someone at the firm.
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