The coffee chat is one of the most important touchpoints in the investment banking recruiting process, and one of the most misunderstood. It is not a formal interview, but it is not a casual hangout either. How you handle coffee chats can meaningfully influence whether a banker advocates for you internally when recruiting decisions are being made.
In this guide, we will cover everything you need to know about coffee chats for IB recruiting: how to set them up, what to talk about, what questions to ask, what to avoid, and how to follow up. Whether you are networking for the first time or refining your approach, these tips will help you make the most of every conversation.
What Is a Coffee Chat in Investment Banking?
A “coffee chat” in the IB recruiting context refers to an informal, one-on-one conversation with a banker, typically an analyst or associate, that takes place outside of the formal interview process. These conversations can happen in person (over actual coffee), over the phone, or on a video call. The format varies, but the purpose is the same: to learn about the firm, build a relationship, and demonstrate your interest and fit.
Coffee chats are especially important at banks and groups where networking plays a significant role in who gets interview invitations. At many firms, a positive impression from a coffee chat can lead to an internal referral that gets your resume moved to the top of the pile.
How to Set Up a Coffee Chat
The coffee chat starts with the outreach. Typically, you will identify bankers through LinkedIn, your school’s alumni network, or through referrals from other networking contacts. Send a concise, professional email requesting 15-20 minutes of their time. We cover the exact email templates in our networking email templates guide.
A few things to keep in mind when setting up the chat:
- Be flexible on format. Phone calls are easier for most bankers than in-person meetings. Offer a phone call as the default, and let them suggest in-person if they prefer.
- Respect their time. Ask for 15-20 minutes. If the conversation goes longer, that is great, but the initial ask should be modest.
- Avoid peak busy times. Do not suggest early Monday mornings or Friday afternoons. Mid-week tends to work best.
- Be prepared for cancellations. Bankers are frequently pulled into last-minute work. If they cancel or reschedule, be gracious and flexible. Do not take it personally.
How to Prepare for a Coffee Chat
Preparation for a coffee chat is different from preparing for a formal interview. You are not going to be asked to walk through a DCF or explain enterprise value vs. equity value. But you still need to come prepared. Here is what to research before the call:
- The person’s background. Review their LinkedIn profile. Know where they went to school, how long they have been at the firm, and what group they are in.
- The bank and group. Understand the firm’s positioning, recent deals, and what the group specializes in. If they are in tech, know the basics of tech banking. If they are in healthcare, understand the landscape.
- Your own story. Be ready to give a concise version of your background and why you are interested in investment banking. You do not need to deliver a polished “Walk me through your resume” answer, but you should be able to articulate your interest clearly.
- Thoughtful questions. Prepare 5-7 questions in advance. You will not get to all of them, but having them ready ensures the conversation flows naturally.
What to Ask During a Coffee Chat
The questions you ask matter. They signal how much research you have done, how thoughtful you are, and whether you are genuinely interested in the role or just going through the motions. Here are some categories of strong questions:
Questions About Their Experience
- “What has been the most interesting deal or project you have worked on recently?”
- “How did you decide to go into [their specific group]?”
- “What surprised you most about the job when you first started?”
- “How has your day-to-day changed from analyst to associate?” (if they are an associate)
Questions About the Group and Culture
- “How would you describe the team dynamic in [Group]?”
- “What types of transactions does the group focus on most?”
- “How much interaction do analysts typically have with senior bankers on deals?”
- “What do you think differentiates [Bank] from other firms you considered?”
Questions About Recruiting
- “Is there anything you wish you had known going into the recruiting process?”
- “What do you think helped you stand out during your own recruiting?”
- “Are there any resources or experiences you would recommend to prepare?”
What NOT to Ask or Do During a Coffee Chat
Just as important as knowing what to ask is knowing what to avoid. Here are the most common coffee chat mistakes:
- Do not ask about compensation. Asking about salary, bonuses, or hours in a networking conversation is a red flag. This information is widely available online: it signals that you have not done basic research.
- Do not ask questions you could easily Google. “What does your bank do?” or “How many employees does [Bank] have?” wastes their time and makes you look unprepared.
- Do not turn it into a technical quiz. This is not the time to show off your knowledge of WACC or unlevered free cash flow. Save the technical discussions for the actual interview.
- Do not dominate the conversation. A good coffee chat is a dialogue, not a monologue. Aim for a ratio of roughly 60-70% them talking and 30-40% you.
- Do not ask them to pass along your resume (at least not immediately). Let the relationship develop first. If the conversation goes well, the referral may happen naturally, or you can ask in a follow-up after building more rapport.
- Do not badmouth other banks. Even if you had a negative experience at another firm, keep it to yourself. The banking world is small.
How to Handle the “Tell Me About Yourself” Moment
At some point during most coffee chats, the banker will ask something like “So tell me about yourself” or “What are you interested in?” This is your chance to give a concise, 60-90 second overview of who you are and why you are interested in IB.
Keep it structured: your academic background, any relevant experience (internships, clubs, projects), and what drew you to investment banking. End with something specific about their bank or group that you would like to learn more about: this naturally transitions back to asking them questions.
Do not recite your entire resume. Hit the highlights and keep it conversational. For more on structuring your personal pitch, check out our guide on how to answer “walk me through your resume”.
In-Person vs. Phone Coffee Chats
In-person coffee chats are ideal when possible because face-to-face interactions tend to be more memorable. However, the reality is that most coffee chats in IB recruiting happen over the phone or on video calls, especially during the initial networking phase.
For phone calls, a few extra tips apply:
- Find a quiet location with good cell service before the call.
- Have your notes and questions in front of you: one advantage of phone calls is that you can reference them without the other person knowing.
- Smile while you talk. It sounds strange, but it genuinely affects your tone and energy.
- Stand up during the call if you tend to sound low-energy sitting down.
For in-person meetings, dress business casual, arrive a few minutes early, and offer to pay for their coffee (though they will likely decline or insist on paying).
How to Follow Up After a Coffee Chat
Always send a thank-you email within 24 hours. Reference something specific from the conversation to show that you were engaged and listening. Keep it brief: 3-4 sentences is enough.
We have a detailed template for post-networking follow-ups in our networking email templates guide, and you can find broader follow-up advice in our guide on following up after IB interviews.
Beyond the immediate thank-you, try to maintain the relationship over time. Send a brief update when something relevant happens: you completed an internship, you are moving forward in the recruiting process, or you simply want to wish them well during a busy deal season. These periodic touches are what turn a one-time coffee chat into a lasting professional relationship.
How Many Coffee Chats Should You Do?
Aim for 3-5 conversations at each bank you are seriously targeting. This gives you enough data points to speak intelligently about the firm in interviews and increases the probability that someone will advocate for you internally. If you are targeting 5-8 banks, that means roughly 15-40 total networking conversations over the course of your recruiting process.
Quality matters more than quantity. Five genuine, well-prepared conversations will help you more than 20 superficial ones. For a comprehensive guide to structuring your networking outreach, check out our networking guide.
Final Thoughts
Coffee chats are where relationships are built in investment banking recruiting. Approach each one with genuine curiosity, thorough preparation, and professional follow-through. The bankers who end up helping you most during recruiting are the ones who feel a personal connection to you, and that connection is built in these informal conversations, not in formal interviews.
If you are early in your IB recruiting journey and want a structured approach to networking, interview prep, and overall strategy, explore our free course for a solid foundation.
Want Personalized Interview Coaching?
If you are serious about breaking into investment banking, the best thing you can do is work with someone who has been through the recruiting process and knows exactly what top banks are looking for. At Wall Street Mastermind, we have helped over 2,500 students land offers at every bulge bracket and elite boutique bank on Wall Street. Book a free strategy call to learn how we can help you prepare for your interviews and maximize your chances of landing the offer.
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