What to say, what to ask, how to follow up, and the moves that turn a 30-minute call into an interview referral. For semi-target students who need every coffee chat to count.
Everyone tells you coffee chats are informal. They're not wrong — no one is grading your answer to "where do you see yourself in 5 years?" But they're not wrong in a way that gives you permission to be unprepared either. A coffee chat is a pre-interview with plausible deniability. The person on the other end is deciding whether they'd be comfortable vouching for you to their team. That's it. Everything else is context.
When a process opens up at a fund and a recruiter asks the analysts and associates if they know anyone worth talking to, the names that come up are people who made a good impression on coffee chats. People who didn't — who asked generic questions, who didn't follow up, who couldn't articulate why they wanted to do this — don't get flagged. They get forgotten.
You have 20–30 minutes to become memorable in a positive way. That's the frame. Everything in this guide follows from it.
You should spend at minimum 30 minutes preparing before any coffee chat. Here's exactly how to use that time:
Here is a structure that works for a 20-minute call:
| Segment | Duration | What Happens |
|---|---|---|
| Opening | 2 min | Brief thank-you, one sentence on who you are and what you're working toward. Keep it tight — you're not pitching yet. "I'm a junior at [school], targeting IB for next summer and PE longer-term. Really grateful you had time." |
| Their story | 8–10 min | Ask your prepared questions. Let them talk. This is the bulk of the call — you learn more and they like you more when they're doing the talking. Occasionally reflect what they said back to show you were listening: "So the group selection decision was more about the deal flow than the exit opps — that's interesting, because I'd assumed it was the opposite." |
| Natural pitch moment | 3–4 min | Wait for them to ask about you — "What's your background?" or "What are you hoping to do?" — then deliver your concise story. 4–5 sentences: where you are now, what you've done, what you're targeting, why PE specifically. Prepared but conversational, not rehearsed-sounding. |
| Closing | 2–3 min | Ask your final question (ideally one that invites their honest advice). Thank them. Mention you'll follow up. End at or slightly before the agreed time — don't let it run long unless they clearly want to keep talking. |
| Good Question | Bad Question | Why the Bad One Fails |
|---|---|---|
| "How did group selection at your bank shape your PE recruiting — specifically, did the deal exposure matter or was it more about the name?" | "What does a typical day look like?" | Google answers this. It signals zero preparation. |
| "I noticed [Fund] has been active in [sector] — is that a thesis-driven concentration or coincidence?" | "What sectors does your fund invest in?" | It's on their website. You're asking them to read you their own materials. |
| "What do you look for in a junior hire that you can't tell from a resume?" | "What are the best parts about working there?" | Vague. Gets a PR answer. Tells you nothing useful. |
| "If I'm targeting your fund in 18 months, what would make my profile meaningfully stronger than a comparable candidate?" | "Any advice for someone in my position?" | Too open-ended. They give generic advice. You learn nothing specific. |
Don't force your pitch. If the first 60 seconds are you summarizing your background unprompted, you've turned a coffee chat into a monologue. Wait for an opening — they'll usually ask. When they do, keep your story to 4–5 sentences and structure it as a logical sequence, not a list of accomplishments:
Example: "I'm finishing my junior year at Indiana, Finance. I did an investment banking internship at William Blair this past summer in their healthcare group — worked on two live sell-side processes, one of which closed in September. I'm targeting a full-time return offer there and then PE recruiting once I'm in banking. I've been focused on healthcare and consumer funds in the $500M–$2B range, and [Firm] has been on my list because of [specific reason tied to something they said or something you researched]."
That's specific, honest, and shows that you've thought about the path — not just "I want to do PE." It's also short enough that they can respond to it.
Subject: Thanks for the time — [one specific thing from the call]
Hi [First Name],
Really appreciated the time today. What you said about [specific thing — e.g., "choosing LevFin over M&A because of the debt structuring exposure"] was genuinely useful — I've been going back and forth on that exact question and your framing helped me think about it more clearly.
I'm going to act on your suggestion to [specific action — e.g., "reach out to a couple of people on Harris Williams' healthcare team before I finalize my group ranking"]. I'll follow up in a few weeks and let you know how it goes.
Thanks again — I'll stay in touch.
[Your Name]
Why this works: it's specific (you referenced something real from the call), it shows you listened (you're acting on their advice), and it sets up the next touchpoint without being needy about it. Every word is load-bearing. Don't pad it.
Subject: Quick update — [something concrete]
Hi [First Name],
Wanted to send a quick update. I took your advice on [X] — [short outcome, 1–2 sentences]. The recruiting picture is starting to come together more clearly.
Also came across [something relevant to them — an article about their portfolio company, a deal announcement in their sector, something related to what you talked about]. Thought you might find it interesting given what you said about [reference to the call].
Hope things are going well on your end.
[Your Name]
The key addition in the check-in: bring something to them. A relevant article, a deal announcement, a piece of news about their sector. You're not just updating them on yourself — you're being useful. That's the difference between a networking contact and someone who just wants something from you.
At the end of every coffee chat that went well — when you've had a real conversation and the person seemed to enjoy it — ask this. The exact language matters:
This works because it's humble (you're asking for a recommendation, not a favor), specific about what you want (a name), and framed around your process rather than pestering them specifically. About 40% of the time, you get a name. When you do, open your next email with "So-and-so from [Firm] suggested I reach out to you" — and your cold email just became a warm one.
A thank-you email sent three days after a coffee chat is worse than no thank-you email. By day three, the person has forgotten the details of your conversation. Your "specific reference" to something they said will feel hollow because they can't remember saying it. Worse, sending it late signals that the call wasn't important enough to prompt immediate follow-through. Send the email the same day. One paragraph. Reference something specific. Done in 5 minutes. That email, sent at 6pm the day of the call, does more work than a beautifully written email sent 72 hours later.