The financial industry is one of the most competitive industries out there. Millions of people strive to land a job in the financial industry without success. Writing a good cover letter is an incredibly important way of differentiating yourself from the crowd and gaining a foot in the door to land that all-important interview.
Of course, before you start, you need to have a firm understanding of the basic principles that make a good cover letter generally, no matter what industry you wish to go in. For more help with this, I would suggest consulting one of the many sites out there that offer very good basic guidance into what makes a successful cover letter.
Once you think you have understood the basics of what makes a good general cover letter, it is time to move on to a more finance-geared cover letter. Here are the basics:
1) Show them that you have done your research
Part of the reason why so many people fail in getting a job in finance is that they don't actually understand what the job is about! If you do your research, not only will it help you make a more informed decision, but it shows them that you really want the job. So drop in a couple of sentences about why you enjoy the field they are in, and maybe even focus it on a sub-category of what they do to show that you really have done your research. Mention why you believe you would enjoy the aspects of the job (this ties in with point number 3 - see below). So for instance, if you want to work in investment banking, you could say that you enjoy the idea of analysing companies because you are a very analytical person.
2) Show them that you know their institution
The ABSOLUTE worst mistake you can make, is showing them that you have written one cover letter, and just changed the name of the institution. So try and personalise each cover letter slightly to show them that you understand what their institution does and what makes them different. Just do a quick google search and see what comes up. If they have done some important deals recently, mention them in the resume. If they are particularly strong in one area then include some small commentary about that. You get the gist. Doesn't have to be too extensive (you shouldn't waste too much space just talking about their company, they work their, they don't need you to tell them what they do!)
3) Show them that you match the criteria
People who work in finance are different (perhaps notorious!). Common traits of financial industry workers are: driven, determined, motivated, results-focused, but also intelligent, sociable, hard-working, etc. If you believe that you fit the bill, then make sure you display some of these traits in your cover letter. Have you worked on any projects recently that showed that you could work in team, or that you are results driven? Have gotten any education (or other) awards that show that you are intelligent/capable enough? Again, keep it concise, no need to wax lyrical about your position as treasurer in the university investment club.
So, there are three very simple guidelines on how to tailor your CV for a job in finance. I CANNOT STRESS ENOUGH THAT BEFORE JUMPING IN TO THIS, YOU MUST UNDERSTAND THE BASICS OF WHAT MAKES A COVER LETTER WORK GENERALLY. Two sites that I personally found to be very useful are: Amazing Cover Letters, and Guerrilla Resumes
I will be writing a 5-part series with a more in-depth look at some of the points touched upon in this article. But until then, this should get you started!
Good luck
