Are resume cover letters still relevant in today’s electronic world? Many experts think so. In fact, a memorable cover letter can boost the chances that your resume gets noticed and gets singled out from the pile that crosses a private equity executive’s desk.
Think of your cover letter as a “billboard” for your resume. It should offer something creative and relevant to capture the reader’s attention. Your cover letter can pull out key experience from your resume. It can explain things your resume can’t. For example, if you have large gaps in your work experience, or are changing career directions. Your cover letter can put a positive spin on these circumstances.
Whatever you do, keep the letter short, no more than four paragraphs on one page. Keep your descriptions concise. Here’s a step-by-step format to follow:
Your first paragraph should introduce yourself and state your reason for writing. If you are responding to a particular job posting, say so. If you are following up on a chance encounter with a person or being referred by someone else, by all means mention their name. Then mention, in one sentence, what attracts you to this position or company. Be sure to keep your first paragraph short; no more than 2-3 sentences.
Your second paragraph describes what you are doing now, 2-3 key elements of your background, and why they should be interested in you. In other words, what you bring to their firm and why they should hire you.
As with your resume, your cover letter should focus on your investment banking experience that is most relevant to a private equity job. This includes the number of deals you’ve worked on, the type of deals (M&A, IPOs, Convertibles, etc.), and the key skills you gained working on these deals (such as modeling, valuation, and others).
Your final paragraph mentions that you’ve enclosed your resume, and describes what action will happen next. You might be proactive and say that you’ll follow up with a call within 10 days. Or mention that you look forward to hearing from them soon, and thank them for taking the time to look over your resume.
Some other tips include letting others sing your praises. If you have a one-sentence quotation or recommendation from someone else (especially someone from a well-known firm), you might want to include that. You can also use research to differentiate yourself, by including a fact about their organization that ties in with your experience.
Above all, always keep the interests of your prospective employer in mind. Try to slant your letter towards what they want and need. What’s in it for them and what you can bring to their organization.
Next time, we’ll look at the importance of cover letters for venture capital jobs and venture capital compensation.
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