Coffee chats are one of the most underrated parts of investment banking recruiting. Most students either skip them entirely or treat them as a formality — a box to check before applying. That’s a massive missed opportunity.
Done right, a coffee chat with a banker can be the single most valuable recruiting activity you do. It can fast-track your resume to the top of the pile, give you insider knowledge that sharpens your interview answers, and build a relationship that results in a direct referral to a recruiter.
I’ve helped hundreds of students use coffee chats to break into bulge brackets and elite boutiques. In this post, I’ll walk through everything you need to know — how to set up coffee chats, how to prepare, what questions to ask, and how to leave a lasting impression.
What Is a Coffee Chat in Investment Banking?
A coffee chat (also called an informational interview) is an informal conversation with a banker — typically 20 to 30 minutes — where you ask questions, learn about their experience, and start building a relationship. It’s not an interview, but it can absolutely influence whether you get one.
Coffee chats can happen over Zoom, phone, or (less commonly these days) in person. They’re almost always initiated by the student reaching out cold via LinkedIn or through a school alumni network.
Why Coffee Chats Matter More Than You Think
Here’s the reality: at most banks, especially middle market and elite boutique firms, referrals matter enormously. A banker who tells a recruiter “I had a great chat with this student — you should look at their resume” carries real weight. At some smaller banks, that’s the primary recruiting channel.
Even at bulge brackets where recruiting is more structured, coffee chats help you in multiple ways:
- You learn about the group’s culture, deal flow, and team dynamics — which makes your “why this bank” answer in interviews far more specific and compelling.
- You demonstrate initiative and genuine interest, which many interviewers will know about before they sit down with you.
- You build a network that you can tap for advice throughout recruiting and your career.
In short: coffee chats are recruiting. Don’t treat them as anything less.
How to Find Bankers for Coffee Chats
The three best sources for finding bankers to reach out to:
1. Your School’s Alumni Network
Start here. Alumni at banks are far more likely to respond to a student from their alma mater than to a cold LinkedIn message from a stranger. Most university alumni portals list graduates by industry and company — use them. If your school has a finance club, that’s another direct source.
2. LinkedIn
LinkedIn is the most scalable way to reach bankers at specific firms. Search for people with titles like “Investment Banking Analyst,” “Associate,” or “Vice President” at your target banks. Filter by school if you have a mutual connection. A personalized connection request with a short note typically converts better than a cold InMail.
3. Referrals from Existing Contacts
Once you’ve had a few coffee chats, start asking bankers if they can introduce you to colleagues in other groups or at other firms. This is one of the fastest ways to expand your network — a warm intro has a much higher response rate than a cold outreach.
For a full breakdown of how to structure your networking outreach, check out our investment banking networking guide.
How to Request a Coffee Chat
Your outreach message needs to be short, specific, and flattering (without being sycophantic). Here’s a template that works well:
“Hi [Name], I’m a [year] at [school] studying [major] and I’m very interested in a career in investment banking, particularly in [coverage area/group]. I came across your profile and was really impressed by your work at [bank]. Would you be open to a 20-minute call to share some of your experiences? I’d love to hear your perspective on [specific aspect of their work or the group]. Thank you so much for considering it.”
Keep it under five sentences. Reference something specific about them. Make the ask clear and low-commitment.
How to Prepare for a Coffee Chat
Even though a coffee chat is informal, preparation is what separates students who get referrals from those who get a polite 20-minute conversation and nothing more.
Research the Person
Know their school, what groups they’ve worked in, any deals they’ve been involved in that are publicly announced, and any career moves they’ve made. Reference something specific early in the conversation — it shows you did your homework.
Research the Bank and Group
Know the bank’s recent notable deals, its positioning in the market, and — if you can find it — specifics about the group you’re interested in. M&A groups at Goldman are very different from M&A groups at Jefferies. Sector coverage groups have distinct cultures and deal flows. The more specific you are, the more impressive you’ll come across.
Prepare Your Two-Minute Story
Even though a coffee chat isn’t technically an interview, every banker is going to ask you some version of “so tell me about yourself.” Have a tight, compelling narrative about who you are, why you’re interested in banking, and what makes you a strong candidate. Practice it until it sounds natural.
Prepare Your Questions
This is the most important part of your prep. Your questions determine the quality of the conversation. Good questions get the banker talking about things they care about and position you as a genuinely curious, thoughtful person — not just another student running through a checklist.
The Best Questions to Ask in a Coffee Chat
Here are categories of questions that consistently generate great conversations:
About Their Path
- “How did you end up in [group/bank]? Was this always the plan or did it evolve?”
- “What did you find most surprising about banking when you started?”
- “Looking back, what would you have done differently in recruiting?”
About the Group and Culture
- “How would you describe the culture in your group? What kinds of people thrive there?”
- “What does the deal flow look like — are you mostly doing M&A, debt, equity? Any particular sectors you’re focused on lately?”
- “How does your group compare to similar groups at other banks, from what you’ve seen?”
About Day-to-Day Work
- “What does your average week look like right now?”
- “What’s been the most interesting deal you’ve worked on — what made it complex or exciting?”
- “What do analysts spend the most time on in your group?”
About Recruiting Advice
- “What do you think recruiting at [bank] is specifically looking for in candidates?”
- “What mistakes do you see students make most often in interviews?”
- “Is there anything you’d recommend I do to prepare for the recruiting process?”
The Ask
Toward the end, it’s completely appropriate to make a direct — but gracious — ask:
- “Is there anyone else at [bank] or in another group you’d recommend I speak with?”
- “When recruiting opens up, would it be okay if I followed up with you?”
Don’t be shy about this. Bankers were students once and most of them genuinely want to help — if you’ve been respectful of their time and made the conversation enjoyable.
Questions to Avoid
There are also questions that can kill the vibe or make you seem unprepared:
- “What do you do at [bank]?” — You should already know this from their LinkedIn profile.
- “What’s the salary?” — Far too transactional for a first conversation.
- “Can you refer me for a job?” — Asking directly for a referral in a first conversation is too forward. Build the relationship first.
- Generic questions from a list. — Questions like “what’s the most challenging part of your job?” are fine, but they’re also forgettable. Tailor your questions to the specific person.
During the Conversation
A few things to keep in mind while you’re in the actual chat:
- Listen actively. Don’t just wait for your turn to ask the next question. Engage with what they say, ask natural follow-ups, and show genuine curiosity.
- Be concise. When they ask about you, don’t ramble. Keep your answers tight and leave room for them to talk.
- Don’t dominate with your own story. The goal is to learn from them, not to deliver a monologue about your credentials.
- Watch the time. If you asked for 20 minutes, respect that. It’s fine to go a bit over if they seem engaged, but don’t overstay.
After the Coffee Chat
Send a thank-you email within 24 hours. Keep it short — three to four sentences. Reference something specific from the conversation to show you were paying attention. Express appreciation for their time. And if relevant, mention that you’ll be in touch as recruiting progresses.
Add them to your contact list and follow up periodically — when you have a meaningful update (you got an interview, you landed an offer) or when there’s a natural reason to reconnect (a deal their firm announced, something from the industry). The relationship compounds over time.
And make sure your resume is polished before any of these conversations — use our IB resume template as your starting point.
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