cover letter why this company

The 23 Best Cover Letter Examples: What They Got Right

Published: December 14, 2023

I've sent plenty of cover letters throughout my career, so I know it isn't usually fun to write one. Fortunately, the cover letter examples I painstakingly gathered below show that it’s possible to have a little fun with your job search — and maybe even make yourself a better candidate in the process.

I was shocked upon learning 45% of job seekers don't include a cover letter when applying for a job. I definitely don't recommend following the crowd on this matter because your cover letter is a chance to tell the stories your resume only outlines.

It's an opportunity for you to highlight your creativity at the earliest stage of the recruitment process.

Are you ready to showcase your unique skills and experience? Or are you looking for more tips and cover letter inspiration?

Keep reading for 20+ cover letter examples, then check out tips for cover letter formatting and what makes a cover letter great .

5 Free Cover Letter Templates

Five fill-in-the-blank cover letter templates to help you impress recruiters.

• Standard Cover Letter Template
• Entry-Level Cover Letter Template
• Data-Driven Cover Letter Template

You're all set!

Click this link to access this resource at any time.

Cover Letter Examples

• Standard Cover Letter Example
• Data-Driven Cover Letter Sample
• Entry-Level Cover Letter Example
• The Cover Letter That Explains 'Why,' Not Just 'How'
• The 'We're Meant for Each Other' Cover Letter
• The Cover Letter with H.E.A.R.T.
• Short-and-Sweet Cover Letter Example
• The Short Story
• The Bare Bones Cover Letter
• The Breezy Follow-Up
• The Administrative Assistant Cover Letter
• The Internship Cover Letter
• The Brutally Honest Cover Letter
• The Pivot Cover Letter
• The Graphic Design Cover Letter
• Consulting Internship Cover Letter Example
• Nonprofit Referral Cover Letter Example
• General Email Inquiry Cover Letter Example
• Post-Phone-Call Cover Letter Example
• Mission-Driven Graduate Cover Letter Example
• Short Recommendation Cover Letter Example
• Professor or Research Position Cover Letter Example
• Director Cover Letter Example
• Editorial Cover Letter Example
• Promotion Cover Letter Example
• Law Cover Letter Example

Customizable Cover Letter Examples

In a hurry for a cover letter example you can download and customize? Check out the ones below from HubSpot’s cover letter template kit .

1. Standard Cover Letter Example

Download a Customizable Copy of This Cover Letter Example

This standard cover letter is among my favorite approaches because it hits all the right notes: It includes a space to give a brief summary of your experience, as well as a space to delve in-depth into the specific responsibilities of your current role.

You also have the chance to describe the challenges you’ve mastered in previous roles, showing that you’re capable of facing any problem that comes your way.

Why I Love It

I love this cover letter because it allows you to describe the high points of your career while still being professional, personalized, and succinct.

2. Data-Driven Cover Letter Sample

Numbers are worth a million words — or that’s how I think the saying should go (if only we could include pictures in cover letters).

Citing data and statistics about your achievements at your current company is an assured way to capture a hiring manager’s attention.

Over the years, I've learned most hiring managers don’t read the entire letter, so a bulleted summary of your achievements can be a powerful way to increase the effectiveness and scannability of your message.

I love this cover letter because it’s adaptable to any role. Even if you don’t work in a data-centric role, you can include any enumerable achievement.

If I worked in a creative industry, for instance, I could include the number of creative assets you designed for your current company.

3. Entry-Level Cover Letter Example

Many of us have had "first job jitters" (that's what I'm calling it) when applying for our first career opportunity.

However, my experience taught me to increase my chances of getting that first interview by including a cover letter that explains how my education can help me succeed in the role I applied for.

In fact, HubSpot staff writer Erica Santiago says highlighting her education was key to snagging her first role out of college.

"When I graduated from journalism school, I only had a couple of internships under my belt and maybe some writing clips — not enough to compete with most young professionals with more experience," she recalls.

"So, I highlighted the classes I took such as 'News Reporting and Writing' or 'Electronic News Gathering," she says, "And I explained the assignments I did and how they gave me real-world experience in interviewing and reporting."

She says that's how she got her first job as a digital journalist for WSVN in Miami.

If you need help understanding how to highlight your education in a cover letter, look no further than this example from HubSpot.

While other cover letter samples give experienced professionals the opportunity to share their experience at length, this one gives you the chance to describe your personal and professional attributes.

You can then convey how you can use your knowledge to help your target company reach its goals.

I love this cover letter because it’s easy and simple to use for a student who has little experience in their target industry — including those who haven’t yet completed an internship.

Looking for more? Download the entire kit below.

5 Professional Cover Letter Templates

Fill out the form to access your templates., best cover letter examples.

What does a good cover letter look like in practice, and how can you make yours stand out? I  found six examples from job seekers who decided to do things a bit differently.

Note: Some of these cover letters include real company names and NSFW language that I've covered up.

1. The Cover Letter That Explains 'Why,' Not Just 'How'

You may already know how to talk about how you’ll best execute a certain role in your cover letter. But there’s another question you might want to answer: Why the heck do you want to work here?

The Muse , a career guidance site, says that it’s often best to lead with the why — especially if it makes a good story.

I advise against blathering on and on, but a brief tale that illuminates your desire to work for that particular employer can really make you stand out.

Image Source

Here’s another instance of the power of personalization.

The author of this cover letter clearly has a passion for this prospective employer — the Chicago Cubs — and if she’s lying about it, well, I'm sure that would eventually be revealed in an interview.

Make sure your story is nonfiction and relatable according to each job. While I love a good tale of childhood baseball games, an introduction like this one probably wouldn’t be fitting in a cover letter for, say, a software company.

But a story of how the hours you spent playing with DOS games as a kid led to your passion for coding? Sure, I’d find that fitting.

If you’re really passionate about a particular job opening, think about where that deep interest is rooted. Then, tell your hiring manager about it in a few sentences.

Why This Is A Great Cover Letter

This example shows how effective personalization can be. The writer is passionate about the employer, drawing from her own childhood experience to communicate her enthusiasm.

Further reading: Sales Cover Letter Tips

2. The 'We're Meant for Each Other' Cover Letter

This cover letter example is a special one because it was submitted to us here at HubSpot. What does the letter do well? It makes a connection with us before we've even met the letter's author.

"Content Marketing Certified" shows the applicant has taken the content marketing certification course in our HubSpot Academy (you can take the same course here ).

Our "records" indicate he/she did indeed give an interview with us before — and was a HubSpot customer.

The cover letter sang references to a relationship we didn't even know we had with the candidate.

The letter ends with a charming pitch for why, despite him/her not getting hired previously, our interests complement each other this time around.

(Yes, the applicant was hired).

This cover letter example does an excellent job of building rapport with the employer. Despite not getting hired for previous roles they applied for at HubSpot, the writer conveys exactly why they are right for this role.

Read more: Customer Service Cover Letter Tips

3. The Cover Letter with H.E.A.R.T.

HubSpot has a lot of H.E.A.R.T. — Humble, Empathetic, Adaptable, Remarkable, Transparent.

Our Culture Code is the foundation of the company's culture, the driving force behind our mission to help millions grow better , and serves as the scaffolding for our hiring practices.

Recruiters at HubSpot look for applicants that demonstrate how they embody the Culture Code and job description, paying extra attention to cover letters that are super custom to HubSpot.

In another HubSpot submission, a HubSpot applicant writes about how she found out about HubSpot, why she likes the company, and how her professional experience aligns with H.E.A.R.T.

HubSpot's recruiting team was impressed with her dedication to the company and how she went beyond what was asked for by linking her portfolio in her closing paragraph.

Featured Resource: 5 Free Cover Letter Templates

Download our collection of 5 professional cover letter templates to help you summarize your professional journey and land your dream job – whether it's at your first or fifth company.

Short Cover Letter Examples

4. the short-and-sweet cover letter.

In 2009, David Silverman penned an article for Harvard Business Review titled, " The Best Cover Letter I Ever Received. " That letter has three complete sentences, as follows:

One might argue that this particular letter is less than outstanding, and I'll also admit it's an older example.

It’s brief, to say the least, and the author doesn’t go into a ton of detail about what makes him or her qualified for the job in question.

But that’s what Silverman likes about it — the fact that the applicant only included the pieces of information that would matter the most to the recipient.

"The writer of this letter took the time to think through what would be relevant to me," writes Silverman. "Instead of scattering lots of facts in hopes that one was relevant, the candidate offered up an opinion as to which experiences I should focus on."

When you apply for a job, start by determining two things:

• Who might oversee the role — that’s often included in the description, under "reports to." Address your letter to that individual.
• Figure out what problems this role is meant to solve for that person. Then, concisely phrase in your cover letter how and why your experience can and will resolve those problems.

The key to this standout cover letter is research.

By looking into who you’ll be reporting to and learning more about that person’s leadership style, you’ll be better prepared to tailor your cover letter to focus on how you can create solutions for them.

Read here for more tips on how to land your dream job .

5. The Short Story

Basha Coleman began her cover letter with a short story. The goal of this short story is two-fold:

• Detail the experience she already has with the organization.
• Stand out to the hiring team.

I notice her short story follows a typical narrative arc: It has a conflict/obstacle, a turning point, and a positive outcome, all created with a goal to emphasize a theme or point.

In this case, Coleman is emphasizing her existing affinity with the brand and her triumphs within the program so that she can continue on her career path.

Like the second example in our list, this cover letter does an excellent job of conveying the applicant’s existing affinity for the brand. If you are applying to a company you love, don’t be shy about showing it and explaining why.

6. The Bare Bones Cover Letter

In today's job market, cover letters aren't always necessary. Even though many recruiters won't ask for or even read them, cover letters can still be effective and convey personality to a reader.

Writing a strong cover letter can help you better convey your interest in the position and company.

This template from The Balance Careers puts together the essential components of a short cover letter: excitement about the position, your qualifications, and a call-to-action for the recruiter to follow up with you.

Combining these central aspects in a well-written, compelling narrative will go a long way in convincing readers to hire you.

This letter is organized and concise. The inclusion of bullet points to highlight key skills and help the recruiter skim the document is a nice touch.

Check out this post for more useful cover letter tips .

7. The Breezy Follow-Up

In this cover letter, Amanda Edens is following the instructions the hiring manager gave by forwarding an email with resume and writing samples attached.

This short cover letter is the result. I especially admire how she uses casual and breezy language to convey personality and enthusiasm, and she keeps her paragraphs succinct.

Not only does Amanda include links to relevant writing samples that are live on the web, but she also closes with a strong final paragraph that:

• Summarizes the expertise she has relevant to the posting
• Emphasizes that she doesn't want to simply get a job but rather help the organization accomplish their goals
• The reader gets everything they need in an organized and thoughtful manner.

8. The Administrative Assistant Cover Letter

In this cover letter the candidate, Michelle, plays up her prior music industry experience to build a connection with Epic Music Group. If you have specific industry experience for the role you are applying for, be sure to highlight that.

It’s clear that she’s passionate about not only the music industry, but Epic as a whole.

She’s done so much research on the company that she knows what software programs they use, and happens to be proficient in it to help convey value to the hiring manager.

This example further illustrates the importance of research.

Make sure you understand the culture of the company to which you’re applying before you send a completely unfiltered cover letter — if you don’t, there’s a good chance it’ll completely miss the mark.

In just three short paragraphs, the applicant uses their company research to drive home why they are the perfect fit for the role — emphasizing industry experience as well as software knowledge specific to the company.

All of this communicates that she’d be able to start with very few hiccups while getting up to speed.

Further reading: 15 Cover Letter Templates

9. The Internship Cover Letter

Maybe you’re just getting started in your career and looking to land the right internship to gain experience in your field.

In this case, you’ll need to highlight more of your educational background and transferable skills since you won’t have as much professional experience to highlight.

The cover letter above is a great example of how to emphasize your skills and accomplishments when applying to internships or entry-level positions. A few things the applicant does well:

• Highlights relevant extracurriculars and affinity networks. In this case, the applicant is applying for a business analyst position, so mentioning their involvement in a FinTech group makes sense.
• Previous internships in relevant fields: Our applicant points out that they’ve interned as a Business Analyst at another firm. Pointing out that they’ve done the role before will help make their case for fit.
• Highlight other useful skills: This applicant is fluent in both English and German. If an international company or an organization needs bilingual support, knowing multiple languages is an asset.

This cover letter example illustrates how you can leverage your education and background to get the gig even when you don’t have much working experience. Highlighting previous internships or experience in related fields can go a long way in convincing hiring managers you’re the perfect candidate for the role.

Further reading for recent graduates:

• How to Find a Job After College
• Writing a Cover Letter for an Internship

Creative Cover Letter Examples

10. the brutally honest cover letter.

Then, there are the occasions when your future boss might appreciate honesty — in its purest form.

Former Livestream CEO Jesse Hertzberg, by his own admission, is one of those people, which might be why he called this example " the best cover letter " (which he received while he was with Squarespace):

As Hertzberg says in the blog post elaborating on this excerpt — it’s not appropriate for every job or company.

But if you happen to be sure that the corporate culture of this prospective employer gets a kick out of a complete lack of filter, then there’s a chance that the hiring manager might appreciate your candor.

"Remember that I'm reading these all day long," Hertzberg writes. "You need to quickly convince me I should keep reading. You need to stand out."

The applicant did their research on the company’s culture and executed this cover letter flawlessly. It’s funny and shows off the applicant’s personality all while making it clear why they are a good fit for the role.

Further reading:

• How to Stand Out and Get Hired at Your Dream Company
• How to Find Your Dream Job

11. The Pivot Cover Letter

Making a career switch? Your cover letter can be an excellent opportunity for you to explain the reasoning behind your career change and how your transferable skills qualify you for the role.

It’s clean but effective.

Since the role she is applying for is more visual, it’s important to both show and tell why you’re a good fit.

This cover letter strikes the perfect balance between creativity and simplicity in design while putting the applicant's career change into context.

The copy is clean, with a creative font choice that isn’t distracting from the content, but still demonstrates the applicant’s knack for design.

12. The Graphic Design Cover Letter

When applying for more creative roles, the design of your cover letter can say just as much as the words on the page. Take the graphic designer letter example below.

It’s got so much going for it:

• Pop of color
• Clean layout
• Interesting fonts

Besides the style elements, this example also doesn’t skimp on the key skills recruiters are looking for. Using metrics, the applicant proves their value and why they would be a great fit.

This cover letter thoroughly conveys the applicant’s skills and qualifications using a variety of visual elements and emphasizing their greatest achievements.

Pro tip: If you're applying for a graphic design job, share a link to your graphic design portfolio website , even if it's not an application requirement.

Job Cover Letter Examples

Next up, let’s go over some classic cover letter examples for jobs, especially if you’re applying to internships or only have a few years of experience.

The below cover letters follow the golden rules and don’t deviate too much from the standard — which is ideal if you’re applying to positions in more traditional industries.

13. Consulting Internship Cover Letter Example

Many internship applicants are early on in their careers or are still in college. That means they’ve yet to gather enough experience to offer tangible proof of their ability to do the job.

That means that a cover letter is the place where an internship applicant can shine.

This cover letter example highlights the applicant’s skills in a bullet-point format. That makes it easier for an overburdened hiring manager to get the essence of her points, quickly, if they’re only skimming cover letters.

Not only that, but this applicant personalized the letter in every single sentence. She shares information about her prior conversations with some of the company’s employees and mentions the company’s name at every turn.

While she only has one prior consulting job, she deftly mentions the skills she developed in that role and ties them into her desired position at Quantcast Product Group.

This cover letter example does a fantastic job advertising the applicant’s soft skills in a highly scannable format — while still going heavy on the personalization.

Don’t be shy to lightly play with formatting to get your point across and to imbue the letter with your passion for a company.

14. Nonprofit Referral Cover Letter Example

This cover letter example for a nonprofit job hits the ground running by right away inserting the name of one of the nonprofit’s Superintendents.

That’s an excellent way to get a recruiter’s attention and make you stand out from the slush pile, even if you’re only just out of school, as is the case for this applicant.

If you’ve received an internal recommendation for a position, you’d be wise to open your letter with that information. Don’t worry about it feeling too stilted or strange — remember, hiring managers only skim letters.

Your goal is to make sure they get information about you that they otherwise won’t get from your resume.

With only three full paragraphs, this cover letter example is short, sweet, and to the point. No time is wasted, and it also goes over the critical basics, such as skills and experience.

This nonprofit cover letter includes a recommendation from an internal employee at the target organization, making it more likely to stand out from the slush pile.

I  also love that it doesn’t skimp on the basics, such as skills, enthusiasm, and experience.

15. General Email Inquiry Cover Letter Example

Even if a job opportunity isn’t available at an organization yet, it doesn’t mean that there won’t be. You can always send a general inquiry cover letter, like the one in this example.

This email cover letter for a political campaign internship is short and sweet, but includes the critical information the campaign coordinator needs to consider the applicant for any new positions that may open up.

The best part about this cover letter is that it can be easily customized from one political campaign employer to the next.

While it does include a level of personalization, it’s brief and can be easily changed to address the specific political candidate.

When sending general inquiries like this one, it’s essential to make the personalization aspect as pain-free as possible for yourself. That may mean including only one sentence or two, knowing that a general inquiry might not be replied to.

This email cover letter example hits all the right notes while keeping it brief and to-the-point. While we don’t recommend choosing this format for a formal cover letter, it works if you’re sending a general inquiry to an employer over email.

It’s also a good example to follow if you’re still in college or have very little experience.

Read more: How to Write a Letter of Interest

16. Post-Phone-Call Cover Letter Example

If you get a phone call from a potential employer and they invite you to send your resume, pat yourself on the back — that is such a win. In your cover letter, be sure to mention that right away, like this example does.

A hiring manager or an executive at a company likely has a lot of tasks on their plate, which means that they may forget about your call from one week to the next.

That is totally okay, which is why this example starts with a reminder that the applicant and the letter recipient spoke back on January 31st. It also has a few more details about why they started speaking in the first place.

Aside from leveraging the phone call that’s already occurred, this cover letter also does an excellent job explaining why the applicant is an ideal choice for the job.

It goes into detail about skills and previous experience with a high level of enthusiasm, and includes a promise to follow up at the end.

This cover letter example includes two things that will immediately draw my attention: A phone call they’ve already had, and a mutual contact at their organization.

The job and internship search can be grueling; never be afraid to use everything you have at your disposal to improve your standing over other applicants.

Read more: How to Start a Cover Letter

17. Mission-Driven Graduate Cover Letter Example

This cover letter example from a recent B.A. graduate wowed me from the first sentence.

The applicant right away explains her attained degree and her specific career interests, then dives into the aspects of her experience that make her such a great candidate.

It's so personalized to the employer’s own mission that it’s difficult to stop reading it.

Even if the hiring manager isn’t a science or health professional, they would be able to effectively gauge the applicant’s suitability for the role by the expertise she shows in her cover letter alone.

The applicant explains at length why she’s excited to work for that specific hospital. The organization serves Aboriginal populations, which aligns with her own values and research interests.

In the last paragraph, she summarizes what she knows about the employer in one sentence, then describes how each of her experiences supports the employer’s mission.

That is an exceedingly clever and meaningful way to align yourself with an organization at a deeper level.

If you’re applying to a mission-driven organization, don’t be shy about showing your excitement and expertise. You don’t need a lot of experience to show that your values align with those of your target organization.

This cover letter example is especially good inspiration if you’re making a career change, have only just a few internships under your belt, or are graduating from college.

18. Short Recommendation Cover Letter Example

Referral or recommendation cover letters don’t need to be too long, and this is a great example of that. It immediately leverages a mutual connection at the company.

The mutual connection recommended that the applicant contact the hiring manager for a role, which is a piece of information I  always recommend you frontload in your letter.

This specific cover letter comes from an applicant with little experience, making it a good example to follow if you’re switching careers or just out of college.

Instead of talking about their experience, the applicant uses anecdotal evidence to convey their enthusiasm for working at that company.

The writer also goes over their most salient skills, such as being able to speak multiple languages. They also explain how their degree directly applies to the target role.

I  love that the candidate highlights their leadership abilities and makes that an effective selling point for being hired.

This cover letter doesn’t go on for too long, which we love. It’s simple and sweet and provides all the information the hiring manager needs to look more closely at the applicant’s resume and make an interviewing decision.

19. Professor or Research Position Cover Letter Example

Academic or research position cover letters might require a little more information than the typical cover letter — and this is one such example. Why is it okay to go a little longer?

Because the letter is not only a way to supplement the PhD candidate’s academic CV, but to provide a writing sample for the search committee.

I love this cover letter because it expresses the candidate’s enthusiasm for teaching and explains her instructional ethos, such as providing out-of-the-classroom opportunities, championing communication, and encouraging students to step out of their comfort zone.

The applicant also suggests courses she may be able to teach at the target institution, and expresses her interest in developing new courses as needed.

She also suggests how she can enhance the college’s extracurricular programming by offering study abroad courses, which shows not just an interest in teaching but adding to the school’s overall culture.

While this letter goes for a little longer than recommended, it serves as a fantastic writing sample and explains the applicant’s research background at length.

If you’re applying to academic or research roles, don’t be afraid to go into detail about what most excites you in terms of research interests.

20. Director Cover Letter Example

This cover letter example — for a Director of Catering position at a university — doesn’t waste any time.

The applicant right away says that they’re a strong candidate for the role, then jumps right into three salient qualifications that make him a great fit.

I love how the applicant uses bullet points and bold text to guide an overburdened hiring manager through the cover letter — and to give them permission to scan it, if needed.

If the hiring manager would like more information or actual examples of the skills, they merely need to read the rest of the bullet point paragraph.

As mentioned, light formatting can be beneficial to your cover letter, as it draws the recruiter’s eyes and prevents them from having to fish for the information they’re looking for.

This short, sweet cover letter includes the critical information a hiring manager or high-level executive needs to make an interview decision.

I  love the use of formatting that doesn’t stray too much from regular cover letter conventions, and I  like that the applicant kept all other paragraphs extremely brief.

21. Editorial Cover Letter Example

Applying for an editorial or journalistic position? Like a cover letter example I  shared earlier, you can take a more storytelling approach to capture the hiring manager’s attention.

This cover letter example does that effectively by telling an anecdote that directly mentions the newspaper where they’d like to work.

This immediately draws the reader in and tells them that this application isn’t random at all; the applicant would like to work at the newspaper because they’ve read it every morning.

Not only that, but they have a favorite reporter on the newspaper’s staff. The applicant then jumps into the specific reason they want to take an editorial position at the Baltimore Sun.

The cover letter includes all pertinent information, such as how previous positions have equipped the applicant to take on this job. It closes with enthusiasm after keeping the reader rapt every step of the way.

The applicant uses storytelling to — you guessed it — apply for a position that needs storytelling skills. If you’re applying for a data-driven position or a graphic design position, why not showcase those skills in the cover letter itself?

I  like that this letter doesn’t diverge too much from cover letter conventions while still differentiating itself.

22. Promotion Cover Letter Example

In this cover letter example, the applicant already works for the employer and wishes to apply for the next position to move up in their career.

I  like that the letter cites the applicant’s extensive knowledge of the organization, which will no doubt give them an advantage over external applicants.

Not only that, but the applicant also references their experience before they started working at the employer and uses that information to make their candidacy even more desirable.

Lastly, this letter includes a healthy level of enthusiasm for the university and the position — something that is never extra in a cover letter.

This cover letter example does an excellent job showing the candidate’s knowledge of their current organization while stating why they’re a natural fit for the promotion.

Plus, the letter includes information on the applicant’s relevant activities outside of work — if you’re involved in any organizations that might help you do your job better, be sure to include them.

23. Law Cover Letter Example

This law cover letter example jumps right into personalization, a bold move that will serve you well if you’re genuinely interested in a company and want to stand out.

The applicant cites the recipient’s recent article on bond litigation, then ties that into the role they’d like to get at the law firm.

The applicant then goes into his skills and the feedback he’s received from past managers. This is an excellent way to introduce your skills without sounding dry — or even unfounded.

By citing positive feedback you’ve received, you’ll imply that others have praised you for having those skills, and that you’re not only "tooting your own horn."

Pro-Tip: In cover letters, it’s absolutely okay to toot your own horn — that’s what they’re for. But if you can cite others’ remarks, that also helps.)

At just two and a half paragraphs, this letter is exceedingly short but no less effective. It’s an excellent example of how to personalize your letter quickly while still conveying the essentials of a cover letter.

This short cover letter example keeps it brief while still creating high impact. The applicant personalizes the letter immediately, cites external feedback, and conveys enthusiasm.

This letter proves you don’t need to write a novel about an employer to sway the hiring manager into giving you an interview.

Now that I've shown you some excellent examples, let's talk about how you can create the best cover letter for your dream job.

What is a good cover letter?

A cover letter is used to show your interest in the role, passion for the company, and the impact you've had in previous positions. Good cover letters should include a standout opening, relevant skills and qualifications, and a strong finish with a call-to-action — all within one page and unique to each application.

What’s on a cover letter?

Before you start writing your cover letter, let's cover a few basic must-haves you'll want to include. If you’re looking for more detailed instructions, check out this guide to writing a cover letter .

Add a simple, but pleasant greeting to address the recruiter or hiring manager.

Learn more:

• Dear Sir or Madam Alternatives
• Cover Letter Greetings

Write a catchy introduction that explains why you’re interested in the role.

• How to Write an Introduction
• Tips for Writing a Good Introduction Sentence

Work Experience

This is the heart of your cover letter. It outlines your relevant experience and why you’d be a great fit for the role. You can highlight special skills, experiences, professional achievements, or education to help make your case.

• How to Write About Your Professional Background
• Professional Bio Examples
• LinkedIn Bio Examples

In this paragraph, add a call-to-action by expressing interest in an interview. Offer your contact information and sign off.

• Email Closing Line Examples
• Tips for Writing Conclusions

What does a cover letter look like?

Besides showing off your skills and qualifications, cover letters give you the opportunity to present a clear, concise, and compelling writing sample. It shows off your personality and your ability to convey ideas.

That's a lot of information to include on a single page, so it can help to have a clear structure to start with.

Check out our fillable cover letter templates to see how you should organize the content of your cover letter.

What makes a great cover letter?

A cover letter is personal, but it also needs to help you reach a goal and help the hiring team understand how you could perform that role with their company. This complexity can make cover letters really tough to write.

Because cover letters are difficult to write, many come off as boring, basic, or confusing for hiring managers to read. But the tips below about the qualities that make a cover letter great can help you take your cover letter from basic to bright.

Start with this quick video, then keep reading for more tips:

Personalized Introduction

Begin with an introduction that's personal. It should capture the reader's attention and address your recipient by name. Then, add a compelling opening sentence that emphasizes your interest in the specific role.

Helpful Cover Letter Introduction:

"Dear [Hiring Manager's Name],

In an increasingly digitized world, where customer-centric strategies are vital for business success, I am thrilled to apply for the [Job Title] position at HubSpot."

Unhelpful Cover Letter Introduction:

"To Whom it May Concern,

I am applying for the [Job Title] position at HubSpot. I have some experience in marketing and can help your clients grow their businesses."

Relevant Professional Experience

It can be tempting to use the same cover letter for every job. After all, it's about your experience, isn't it? But it's not enough to rephrase the work history in your resume.

Recruiters and hiring managers are looking to fill a specific role, so you need to show how your experience translates to their unique needs.

So, the body of a great cover letter should showcase the specific professional experiences that are relevant to the job you're applying for. Emphasize your accomplishments and skills that directly relate to what the job needs.

To speed up this part of the cover letter writing process, start by creating a list of your transferable skills . Drafting this list can help you quickly focus on the skills to highlight in your cover letter.

Then, use AI tools to summarize job descriptions and narrow in on where your experience and the needs of the role you're applying for overlap. This post is full of useful AI assistant tools if you're new to AI.

Helpful Cover Letter Experience:

"At [Company Name], I had the opportunity to assist a global ecommerce retailer in enhancing their online customer experience. By conducting in-depth market research and customer journey mapping, I identified pain points and areas of improvement in their website navigation and user interface."

Unhelpful Cover Letter Experience:

"I also worked with an ecommerce retailer to improve the customer experience. We did some surveys and training, and they were happy with the results."

Useful Examples

To make your cover letter stand out, add specific examples that show how you've solved problems or gotten results in past roles.

Quantify your accomplishments whenever possible, using data to give the reader a clear understanding of your impact.

Helpful Cover Letter Example:

"I lead a team of five content writers while increasing website traffic by 18% year-over-year."

Unhelpful Cover Letter Example:

"I have a great track record of leadership and achieving fantastic results."

Research and Company Knowledge

Hiring teams aren't hiring anyone with the skills to do the job. They're hiring a person they'll work alongside at their specific company.

So, to show that you're not just looking for any job anywhere, share your knowledge of the company's industry, values, and culture in your cover letter.

Spend some time on the company website and take notes on what makes this business interesting to you and why you would want to work there.

Then, explain how your skills align with the company's mission and goals and explain how you could add to their chances of success. This will showcase your interest in the company and help them see if you are a good cultural fit.

Helpful Cover Letter Research:

"I was particularly drawn to HubSpot not only for its industry-leading solutions but also for its exceptional company culture. HubSpot's commitment to employee development and fostering a collaborative environment is evident in its recognition as a top workplace consistently. I strongly believe that my passion for continuous learning, self-motivation, and dedication to contributing to a team will make me a valuable asset to HubSpot."

Unhelpful Cover Letter Research:

"I have been inspired by HubSpot's commitment to inbound marketing and its comprehensive suite of solutions. HubSpot's dedication to providing valuable content and fostering meaningful relationships aligns with my own values and aspirations."

Clear Writing

Your cover letter needs to pack in a lot of important information. But it's also important that your cover letter is clear and concise.

To accomplish this, use professional but easy-to-understand language. Be sure to remove any grammar or spelling errors and avoid lengthy paragraphs and avoid jargon or overly technical language.

You may also want to use bullet points to make your letter easier to skim. Then, proofread your cover letter for clarity or ask a friend to proofread it for you.

• Guide to Becoming a Better Writer
• Tips for Simplifying Your Writing

Helpful Cover Letter Writing:

"In addition to my academic accomplishments, I gained valuable practical experience through internships at respected law firms.

Working alongside experienced attorneys, I assisted in providing legal support to clients. This hands-on experience helped me develop a deep understanding of client needs and enhanced my ability to effectively communicate complex legal concepts in a straightforward manner."

Unhelpful Cover Letter Writing:

"Furthermore, as a complement to my academic accomplishments, I have garnered invaluable practical experience through internships at esteemed law firms.

Throughout these placements, I actively collaborated with seasoned attorneys to conduct due diligence and furnish clients with comprehensive legal support. Notably, these experiences fostered a profound comprehension of client necessities, whilst honing my legal acumen to articulately convey intricate legal principles within a lucid and concise framework, adhering to applicable precedents and statutes of limitations."

Genuine Interest and Enthusiasm

Find ways to convey your passion for the role and how excited you are to contribute to the company you're applying to. At the same time, make sure your interest feels authentic and outline how it aligns with your career goals.

Your ultimate goal is an enthusiastic letter that feels honest and leaves a lasting positive impression.

Showing excitement in writing doesn't come naturally for everyone. A few tips that can help you boost the genuine enthusiasm in your letter:

• Record audio of yourself speaking about the role, then use voice-to-text technology to transcribe and add these sections to your letter.
• Choose your words carefully .
• Write in active voice.

Helpful Cover Letter Tone:

"I am genuinely enthusiastic about the prospect of joining [Company/Organization Name] as an accountant. My combination of technical proficiency, eagerness to learn, and strong attention to detail make me an ideal candidate for this role. I am confident that my dedication, reliability, and passion for accounting will contribute to the continued success of your organization."

Unhelpful Cover Letter Tone:

"Honestly, I can hardly contain my excitement when it comes to reconciliations, financial statement analysis, and tax regulations! Engaging in spirited discussions with professors and classmates has allowed me to foster an unbreakable bond with the fascinating world of accounting, and I'm positively bursting with enthusiasm at the prospect of applying my skills in a professional setting."

Memorable Conclusion

End your cover letter on a strong note. Summarize your top qualifications, restate your interest in the position, and express your interest in future communication.

Then, thank your reader for their time and consideration and include your contact information for easy follow-up.

To make your conclusion memorable, think about what parts of your letter you'd most like the hiring manager to keep top of mind. Then, consider your word choice and phrasing. If you're feeling stuck, this list of ways to close an email can help.

Helpful Cover Letter Conclusion:

"Thank you for considering my application. I am excited about the opportunity to further discuss how my qualifications align with the needs of Greenpeace. Please feel free to contact me at your convenience to arrange an interview.

Together, let's make a lasting impact on our planet.

[Your Name]"

Unhelpful Cover Letter Conclusion:

"Thank you for considering my application. I look forward to the possibility of discussing my qualifications further and how I can contribute to Greenpeace's mission. Please feel free to contact me at your convenience to arrange an interview.

I’d like to add another stage to the job search: experimentation.

In today’s competitive landscape, it’s so easy to feel defeated, less-than-good-enough, or like giving up your job search.

But don’t let the process become so monotonous. Have fun discovering the qualitative data I’ve discussed here — then, have even more by getting creative with your cover letter composition.

I certainly can’t guarantee that every prospective employer will respond positively — or at all — to even the most unique, compelling cover letter. But the one that’s right for you will.

So, get inspired by these examples and templates. Write an incredible cover letter that shows the hiring team at your dream job exactly who you are.

Editor's note: This post was originally published in October 2020 and has been updated for comprehensiveness. This article was written by a human, but our team uses AI in our editorial process. Check out our full disclosure to learn more about how we use AI.

Don't forget to share this post!

Related articles.

How to Write a Cover Letter for an Internship [Examples & Template]

Letter of Interest Tips, Templates & Examples [A 2023 Guide]

15 Cover Letter Templates to Perfect Your Next Job Application

The Ultimate Guide to Writing a Cover Letter

How to Start a Cover Letter to Impress Employers [+ 14 Examples]

Eight Cover Letter Greetings for Every Situation

7 Expert Cover Letter Tips to Get the Job

Marketing software that helps you drive revenue, save time and resources, and measure and optimize your investments — all on one easy-to-use platform

How to Write an Incredible Cover Letter

A comprehensive guide on the best structure for your cover letter, what to include and tips to make your application stand-out.

Cover Letter Structure

While a resume merely states facts about you, the cover letter allows you to tell the full story of why you’re the ideal candidate for the job.

This article will walk you through how to write the best cover letter to maximize your chances of getting through to the next stage of the application process. To provide a detailed example, it will focus on a cover letter for the McKinsey business analyst role.

Generally, a cover letter is structured in the following way:

• Why this company/ position
• Why you're the right candidate

Those paragraphs should make up a one-page cover letter and it’s not recommended to have anything longer than that. Remember to break the letter down into a few paragraphs so that it is easy for the recruiters to read and navigate.

Let’s get into the details of each section.

Cover Letter Header

The header is fairly straight forward. On one side you will have the recruiter’s contact details, and on the other side you’ll have yours. (See the picture below for the layout). Remember to keep the email appropriate and formal, probably best not to use the one you created when you were 12.

If you don’t know the recruiter’s information don’t worry, either put the name and address of the company, or just delete that section.

Cover Letter Opening

The first big section is the introduction, where you want to explain who you are. For example, you could be a third year student at Harvard University majoring in Economics, or a working professional in Google’s engineering team. Then, you want to mention the specific position you’re applying to and show enthusiasm.

It is also common to have a hook here to grab the attention of the recruiter. This could be mentioning an accomplishment, recent news about the company, or it’s popular to mention a mutual connection if you have one. This could be as simple as “after attending a career fair at my university and speaking with Bill Smith, a management consultant at McKinsey, I was very impressed to hear about McKinsey’s unique company culture. Specifically…” .

By writing this the person is able to demonstrate that they’ve done their homework, as they’ve gone out of their way to meet McKinsey representatives at a career fair, and even managed to talk with Bill about what the company’s culture is like. It also encourages the recruiter to keep reading in order to find out what this applicant means by McKinsey’s unique company culture.

If you can use a hook, that’s great, but it’s not going to damage your cover letter if you don’t include one.

Why this Company & Position

In this section you want to explain your motivations for applying to this role. When doing research for this part it’s useful to read the companies about page, and the job description. For example, if you were applying to McKinsey’s business analyst role, from their website you could discover that the company places a big emphasis on developing their employees, since they provide training, mentoring, and leadership opportunities.

• Why this company. Mention your findings from the website by saying “I am attracted to McKinsey as junior employees receive training, mentoring, and substantial responsibilities to continue growing their career at the company” .
• Why this role. Look at some of the bullet points that describe the tasks and requirements of the position. For the McKinsey role the description indicates a focus on problem solving, working with teams, and presenting effectively. From this you could write “the business analyst role is particularly appealing to me as it offers the challenge of solving complex problems, the opportunity to collaborate as a team, and the chance to communicate our findings effectively to senior management” .
• Bonus answer. Mention specific news articles that the company you’re applying to has been involved in. For example, in the case of McKinsey, it could be some of the strategic solutions that they proposed to a client and how that’s changed their negative dynamic into a more positive one. Also, if you name drop specific clients they’ve worked with and helped improve, that shows you’ve done your homework. This is important as you want to show that your cover letter is tailored for McKinsey, and not just a generic one.

Why you are the Ideal Candidate

This section is essentially your sales pitch. It’s where you highlight why you, this company, and this position are the perfect match.

• Look at the job description and requirements. For the McKinsey business analyst role, the description shows that they are looking for people that can break down and solve problems through quantitative analysis, and that they should be comfortable with ambiguous and ever-changing situations.
• Find relevant personal examples. For instance, this could be “this past summer, I interned at an NGO fighting poverty, where I was involved in solving the complicated logistics of delivering perishable food to people in need across the city. I created an excel model that predicted the departure and arrival times of each food container, allowing us to efficiently transport food to over 50,000 people, with savings worth $10,000 a year.”

This example is made up, but it highlights that you tackled a complicated problem that was ever-changing, by applying excel, an analytical tool to solve it. The answer also quantifies the results to give the recruiter an idea of size and detailed context.

As you can see from this example, even though McKinsey is a management consulting company and this internship was at an NGO, if presented in this way, there are quite a few transferable skills. Whilst this is an example of a job, it could be an extracurricular project or university coursework if you don’t have much work experience yet.

• Avoid this common mistake. Don't apologize for a lack of experience. People often put “although I have limited professional experience, I believe that my relevant courses in university provide the necessary knowledge to succeed in this position” . However, there’s no need to mention that you have limited professional experience as you are just highlighting your weaknesses when they haven’t even asked for it.
• Pull on the educational experience you already have. For example, “I’m excited to apply the business theory I have learned at university in a practical environment such as this business analyst position” . Now instead of highlighting your weaknesses, you’re able to show how you can transfer your theoretical skills into practical ones.

There’s no clear rule on how many paragraphs this section should be, so as long as it strengthens your application and doesn’t go over the 1-page mark, feel free to include it. However, try not repeat your resume in bulk, just highlight certain positions and skills you gained for them, and only add experiences that are relevant for the job.

Cover Letter Closing

There are two main things you want to address in the closing section. First, you want to reiterate that you’re the right candidate for the role, and then thank the recruiters for their time.

The first part could be something along the lines of “I am confident that my background, education, and work experience will yield the right set of skills for the Business Analyst role at McKinsey in NYC.” This briefly summarizes the points you’ve mentioned in the cover letter, and clearly states which role you are applying for, creating a full loop from the introduction paragraph.

For the second part, this only needs to be a brief sentence, along the lines of “thank you very much for your time and consideration in reviewing my application.”

Once you have a cover letter and a storyline that you’re happy with, then you can recycle its content. For example, you can take a portion of the cover letter when sending out a cold email asking for a job, or you can also use it to answer the “tell me about yourself” question during an interview, or even have it on your LinkedIn “about” page.

Taking the time to draft a strong cover letter is important as it can become a useful resource.

Finally, do you need to update your cover letter for each application you send?

Ideally, you would have a few different cover letter templates by industry. For example, if you’re a business student interested in finance, accounting, and consulting, you’d have three different templates. Obviously, the skills for an accounting and consulting job will differ quite a bit so it makes sense to have different templates. However, if you’re looking at two management consulting jobs at Deloitte and at EY , they probably have similar requirements, and you can getaway with using the same template and modifying a few words here and there.

Many people recommend that you tailor your cover letter to each application, but realistically if you’re applying to 50 roles, it will take you a while and it won’t necessarily be time efficient to make 50 completely different cover letters.

Additional Resources

If you want to develop the technical skills you'll need to become a stronger job applicant, take a look at our Excel for Business & Finance Course , our Complete Finance & Valuation Course and other courses using the get started button below.

Other Articles You Might Find Helpful

• How to Write the Perfect Resume
• My Goldman Sachs Investment Banking Resume
• Goldman Sachs Video Interview Tips
• Must Know Finance Interview Questions

Introduction

Building a cash flow statement from scratch using a company income statement and balance sheet is one of the most fundamental finance exercises commonly used to test interns and full-time professionals at elite level finance firms.

Test hyperlink

Dolor enim eu tortor urna sed duis nulla. Aliquam vestibulum, nulla odio nisl vitae. In aliquet pellentesque aenean hac vestibulum turpis mi bibendum diam. Tempor integer aliquam in vitae malesuada fringilla.

Elit nisi in eleifend sed nisi. Pulvinar at orci, proin imperdiet commodo consectetur convallis risus. Sed condimentum enim dignissim adipiscing faucibus consequat, urna. Viverra purus et erat auctor aliquam. Risus, volutpat vulputate posuere purus sit congue convallis aliquet. Arcu id augue ut feugiat donec porttitor neque. Mauris, neque ultricies eu vestibulum, bibendum quam lorem id. Dolor lacus, eget nunc lectus in tellus, pharetra, porttitor.

• Test Bullet List 1
• Test Bullet List 2
• Test Bullet List 3

"Ipsum sit mattis nulla quam nulla. Gravida id gravida ac enim mauris id. Non pellentesque congue eget consectetur turpis. Sapien, dictum molestie sem tempor. Diam elit, orci, tincidunt aenean tempus."

Tristique odio senectus nam posuere ornare leo metus, ultricies. Blandit duis ultricies vulputate morbi feugiat cras placerat elit. Aliquam tellus lorem sed ac. Montes, sed mattis pellentesque suscipit accumsan. Cursus viverra aenean magna risus elementum faucibus molestie pellentesque. Arcu ultricies sed mauris vestibulum.

Morbi sed imperdiet in ipsum, adipiscing elit dui lectus. Tellus id scelerisque est ultricies ultricies. Duis est sit sed leo nisl, blandit elit sagittis. Quisque tristique consequat quam sed. Nisl at scelerisque amet nulla purus habitasse.

Nunc sed faucibus bibendum feugiat sed interdum. Ipsum egestas condimentum mi massa. In tincidunt pharetra consectetur sed duis facilisis metus. Etiam egestas in nec sed et. Quis lobortis at sit dictum eget nibh tortor commodo cursus.

Odio felis sagittis, morbi feugiat tortor vitae feugiat fusce aliquet. Nam elementum urna nisi aliquet erat dolor enim. Ornare id morbi eget ipsum. Aliquam senectus neque ut id eget consectetur dictum. Donec posuere pharetra odio consequat scelerisque et, nunc tortor. Nulla adipiscing erat a erat. Condimentum lorem posuere gravida enim posuere cursus diam.

Ready to Level Up Your Career?

Learn the practical skills used at Fortune 500 companies across the globe.

Skip navigation

• Spring Updates
• For Employers
• In the Know
• Make An Appointment
• Internships
• Employer Connections
• CCE Programs
• Funding Programs
• Drop-in Hours
• Career Counseling Appointments
• Practice Interviews
• Programs & Services
• Design Your Next Steps
• Resumes & CVs
• Cover Letters
• Negotiating
• Career Advancement
• Graduate School
• Premium Resources
• Communications & Media
• Engineering & Technology
• Environment & Sustainability
• Financial Services
• International Affairs
• Non-Profits & Social Justice
• Psychology, Counseling & Social Work
• Ways to Gain Experience
• Career Assessments
• Connect With Alumni
• Student Experiences
• First-Generation/Low-Income Students
• International Students
• Students with Disabilities
• Veteran Students
• LGBTQ Students
• Visiting Students
• Students of Color

How and Why to Write a Great Cover Letter

A cover letter is a one-page business letter that you submit when applying to a job, along with your resume. As a piece of persuasive writing, your cover letter will aim to convey to the employer why you’re a great candidate for the role.

What is the purpose of a cover letter?

Your cover letter complements your resume by making it easy for the employer to see how your experience and interest connect to the position. Your goal is to convince the employer to interview you.

With your cover letter, you’ll aim to:

• Highlight your qualifications:  You’ll show how your skills and experience relate to the employer’s needs for a specific position.
• Showcase your motivation: You’ll demonstrate your enthusiasm for the specific position and the organization.
• Reflect your voice and written communication skills: You’ll give the employer a sense of your personality and writing style.

When should I write a cover letter?

Not all jobs require cover letters. So, how do you decide whether to submit one?

Submit a Cover Letter when…

• The posting explicitly requests that you do so
• You’re applying to an opportunity at a mission-driven organization
• You think that doing so could provide important information to the employer that they wouldn’t get from your resume

Consider Submitting a Cover Letter when…

• It’s marked “optional” in an application, and you have the bandwidth to do so
• You have content that you can easily recycle or repurpose into a tailored cover letter

No Need to Submit a Cover Letter when…

• A posting specifically tells you not to submit one
• There’s no way to submit one in an application portal, and doing so would require a serious workaround

If you’re applying to several similar opportunities, creating a draft cover letter in advance, geared toward that type of opportunity, can be a helpful way to save time in your actual application process.

How do I write a cover letter?

Your cover letter should articulate your qualifications and motivation for the position. Read the job description closely and research the organization. As you craft your cover letter, use examples that demonstrate your relevant skills, knowledge, and interests. The cover letter should be concise, clear, and well-organized.

Before Writing

Research the employer.

Learn enough about the organization to articulate why you are a strong fit for that firm. 

• Review the firm’s website and LinkedIn page.
• Speak with current or previous employees.
• Read articles and social media for current news.

Analyze the job description

Look for skills, duties, and qualifications of the job so you can design your letter to match these as much as possible.

Reflect on your experience and motivation

Identify skills and personal qualities you have developed which will be useful in this role. Ask yourself:

• What attracts you about this role/company/industry?
• What have you have done in your work experiences, classes, internships, activities, projects, volunteer work, travel, etc., that is similar to the duties required of the job? 

Cover Letter Structure

As a business letter, the cover letter should include:

• Heading: Include your name and contact information in the same format as your resume
• Salutation: Address your letter to the specific individual who can hire you, if this is known. If the name is not included in the job description, address the letter to the Hiring Manager or title mentioned in the job description.
• Body Paragraphs:  Discuss your experiences, interests, and skills to show the employer how you can add value to their team. See the section below for more guidance.
• Signature Line: Include a closing and your name.

The cover letter should be one page, about three or four paragraphs, and single spaced. Use 10-12 point font and one inch margins. 

When applying online, upload your cover letter as a PDF file, unless another format is specified. When sending your resume and cover letter by email, you may write a short note or paste your cover letter in the body of your email (without the address header) and also attach the PDF file.

Cover Letter Content

Your cover letter should answer who, what, when, where and why you are applying for the opportunity. 

Introduction

State the position for which you are applying. If you have a referral or spoke with someone from the company, you can mention it in the introduction. Provide some basic information about yourself; this can include your class year and what you’re studying at Columbia. Briefly outline why you’re interested in the organization and what you bring in terms of relevant experience and skills. 

Body Paragraphs

These paragraphs will highlight your qualifications and strengths that are most relevant to the organization and position. Use the job posting and your research as clues to determine what the employer is seeking in a candidate. Have your resume beside you and reflect on what you want the employer to know about you. Are there experiences you want to expand upon that demonstrate your understanding of the role and ability to do the job requirements?

Structure the paragraphs based on relevance, not chronology. Lead with your most relevant skill or strongest experience.

Start each body paragraph with a clear topic sentence.  This can highlight a key skill set, a transferable experience, or a core area of knowledge you’ve built through your studies. Walk the reader through a project or experience, integrating the relevant skills you used and qualities you demonstrated. Provide details about your accomplishments and impact. Connect how these experiences have prepared you for this role and why you are motivated to do this job. There is no need to apologize if you feel you lack experience; focus on the accomplishments that you have.

Recap what you would bring to the organization and your interest in the position. Thank the employer for their consideration. Keep your tone positive and enthusiastic. 

Check out our example of how to structure your cover letter content . 

Editing Tips

Use our  Cover Letter Checklist to make sure your format and content is in line with best practices. 

• Ensure that the content reflects the requirements in the job description
• Keep the cover letter concise, at one page or less
• Correct any errors in grammar, sentence structure, and spelling
• Use the active voice
• Avoid beginning too many sentences with “I”

Privacy Policy Accessibility Notice of Non-Discrimination Terms of Use

• Side Hustles
• Power Players
• Young Success
• Save and Invest
• Become Debt-Free
• Land the Job
• Closing the Gap
• Science of Success
• Pop Culture and Media
• Psychology and Relationships
• Health and Wellness
• Real Estate
• Most Popular

Related Stories

• Work 'Ghosted' after a job interview? A sample follow-up   email to boost your chances of hearing back
• Land the Job How to get recruiters' attention   with your resume summary
• Land the Job Only write a cover letter if you're in a few   specific scenarios, recruiter says
• Work One of your red flags came up in a job   interview—here's how to respond to it
• Work The most overrated job interview   advice, says lawyer-turned-recruiter

Here's an example of the perfect cover letter, according to Harvard career experts

Found your dream job? Don't be so confident that you'll get hired: It's very likely that there are several other qualified candidates competing for that same position.

That's where the cover letter comes in. Including a cover letter to complement your resume can be an effective way to impress hiring managers: It displays your strong writing skills, sets you apart from other applicants and shows that you went the extra mile.

Linda Spencer, associate director and coordinator of career advising at Harvard Extension School, says that a solid cover letter answers two key questions :

• Why are you the right fit for the job?
• How will you add value to the organization?

"It takes the average employer about seven seconds to review these documents," says Spencer. "They're not reading, they're skimming. So you need to make it clear right off the bat how you can add value."

Here's an example of what a strong cover letter looks like, according to Harvard career experts (click here to enlarge):

Credit: Harvard University, Office of Career Services / Harvard Extension School, Career and Academic Resource Center

Don't know where to start? The career experts share tips on how to write a cover letter that stands out:

1. Address the letter to a specific person

"To whom it may concern" is one of the fastest ways to get your application deleted. Always try to address your letter to a specific person — usually the hiring manager or department head. Include their name, title, company and address at the very top below the date.

If you don't know who to address, LinkedIn is a great place to start. Simply enter the company name and some keywords into the search bar (e.g., "Google, hiring manager, sales") and a variety of related profiles will appear.

2. Clearly state the purpose of your letter

Your opening line doesn't need to be anything extravagant. In fact, it should be the complete opposite, according Harvard's career experts.

Keep it simple and straightforward: State why you're writing, the position you're applying for and, if applicable, how you found the job listing.

3. Don't rehash your entire resume

You're not writing a 1,000-word essay that summarizes your resume. The cover letter is your chance to explain why you're genuinely interested in the company and its mission.

No need to make it super formal, either. Use your own voice and add some personal flourishes to make the letter more interesting.

"If you have relevant school or work experience, be sure to point it out with one or two key examples," the career experts note . "Emphasize skills or abilities that relate to the job. Be sure to do this in a confident manner and keep in mind that the reader will also view your letter as an example of your writing skills."

4. Use action words and don't overuse the pronoun "I"

Instead of using flowery words and cliche claims like "fast thinker" and "highly creative," go for action words.

Here are a few examples of action verbs to use when highlighting specific skills:

• To demonstrate leadership skills : Accomplished, contracted, assigned, directed, orchestrated, headed, delegated
• To demonstrate communication skills : Addressed, translated, presented, negotiated, moderated, promoted, edited
• To demonstrate research skills : Constructed, examined, critique, systematized, investigated, modeled, formulated
• To demonstrate creative skills : Revitalized, redesigned, developed, integrated, conceptualized, fashioned, shaped

Avoid using too many "I" statements because it can come off as though you're mostly interested in what you can gain from the company. The focus should be on what the company can gain from you.

5. Reiterate your enthusiasm and thank the reader

The closing of your letter should:

• Reiterate your interest in the position
• Thank the reader for his or her consideration
• State that you look forward hearing back from them
• Include your signature at the very bottom

6. Be consistent in formatting

Visual consistency makes a big difference. Keep your letter to just one page and use the same font (and size) as you did for your resume. If you're converting the letter to a PDF, make sure the formatting is translated properly.

Dustin McKissen is the founder of McKissen + Company , a strategic communications firm in St. Charles, Missouri. He was also named one of LinkedIn's "Top Voices in Management and Corporate Culture." Follow him on LinkedIn here.

Like this story? Subscribe to CNBC Make It on YouTube!

Don't miss:

• Here's an example of the perfect resume, according to Harvard career experts
• 15 years ago, Google's CEO had a brilliant response to a tricky interview question — and it helped him get hired
• 6 things I loved about the most impressive resume I've ever seen—based on my 20 years of hiring and interviewing

• SUGGESTED TOPICS
• The Magazine
• Newsletters
• Managing Yourself
• Managing Teams
• Work-life Balance
• The Big Idea
• Data & Visuals
• Reading Lists
• Case Selections
• HBR Learning
• Topic Feeds
• Account Settings
• Email Preferences

How to Write a Cover Letter

Advice for tackling one of the toughest parts of the job-hunting process.

Perhaps the most challenging part of the job application process is writing an effective cover letter. And yes, you should send one. Even if only one in two cover letters gets read, that’s still a 50% chance that including one could help you. Before you start writing, find out more about the company and the specific job you want. Next, catch the attention of the hiring manager or recruiter with a strong opening line. If you have a personal connection with the company or someone who works there, mention it in the first sentence or two, and try to address your letter to someone directly. Hiring managers are looking for people who can help them solve problems, so show that you know what the company does and some of the challenges it faces. Then explain how your experience has equipped you to meet those needs. If the online application doesn’t allow you to submit a cover letter, use the format you’re given to demonstrate your ability to do the job and your enthusiasm for the role.

No one likes job hunting. Scouring through online job listings, spiffing up your résumé , prepping for grueling interviews  — none of it is fun. For many, the most challenging part of the process is writing an effective cover letter. There’s so much conflicting advice out there, it’s hard to know where to start. Do you even need one, especially if you’re applying through an online system?

• Amy Gallo is a contributing editor at Harvard Business Review, cohost of the Women at Work podcast , and the author of two books: Getting Along: How to Work with Anyone (Even Difficult People) and the HBR Guide to Dealing with Conflict . She writes and speaks about workplace dynamics. Watch her TEDx talk on conflict and follow her on LinkedIn . amyegallo

Partner Center

60+ Cover Letter Examples in 2024 [For All Professions]

No matter where you are in your career, or what job you’re applying for, submitting a cover letter with your resume is a must . 

Done right, a cover letter will effectively complement your resume and explain to the hiring manager in more detail why you’re the right person for the job.

Writing a cover letter, however, is easier said than done. 

You have to effectively demonstrate that you’ll be able to perform the responsibilities listed in the job description and that you’d be a better fit for the company compared to other candidates. 

And unless you’re a professional writer, this can be a very hard task.

Fortunately, we created these cover letter examples to inspire you and help you get started with your own cover letter!

Let’s dive in!

21 Cover Letter Examples 

#1. career change cover letter example .

Here’s what this cover letter does right:

• Has an ideal length. This cover letter includes all the relevant information for the hiring manager without getting into too much detail.
• Relevant introduction. The candidate explains that they’re changing careers and why they want to work in this new field from the get-go.
• Explains their related experience. The candidate explains how their previous experience in retail sales can help them succeed in PR.

Check out our guide video guide to learn how to write a Cover Letter that gets you HIRED!

#2. Recent Graduate Cover Letter Example 

• Personally greets the hiring manager. The candidate has taken the time to find the hiring manager’s name and address them by it, which makes the opening of the cover letter much more personal.
• Wraps up with a call to action. The candidate wraps up the cover letter by suggesting a meeting with the hiring manager, which makes them more memorable.
• Explains why the candidate is the right person for the internship. In this cover letter for an internship , the candidate explains how they’ve previously interned in a different firm, which gives them the experience to succeed in this role.

Have you just graduated from college? Make sure to check out our guide on writing an entry-level cover letter from start to finish! 

#3. Middle Management Cover Letter Example

• Use of bullet points. The candidate presents the information in a concise and reader-friendly way, making it easy for the hiring manager to find their key achievements. 
• Formal closing. The candidate has used a formal and polite tone to conclude their cover letter, which combined with a call to action makes them look professional and passionate about getting the job. 
• Explains how the company would benefit from hiring them. The candidate outlines exactly what they could do for the company, which not only highlights their skills but also shows they’ve done their research on the company’s needs. 

#4. Business Manager Cover Letter Example

• Detailed header. In addition to the must-have contact details, this candidate has also included their professional Twitter and LinkedIn profiles, making it easy for the hiring manager to look more closely into their career. 
• Concise and to the point. This candidate has used short paragraphs and bullet points to make the cover letter easy to skim through. 
• Wraps up with a call to action. By letting the hiring manager know they’ll be contacting them soon, they’re more likely to make an impression.

Check out this article for a complete writing guide and an inspiring business manager resume sample. 

#5. Ph.D. Cover Letter Example

Here’s what this cover letter does right: 

• Attention-grabbing introduction. In the opening paragraph, this candidate explains why they’re passionate about pursuing a Ph.D. in great detail. 
• Explains the candidate’s qualifications in detail. The candidate builds on their passion by explaining how they’re also qualified for the degree because of their education history and academic achievements. 

#6. Senior Executive Cover Letter Example

• Professional and minimalistic template. This senior executive has used a professional but minimalistic template that lets their work experience do the talking. 
• Achievement-oriented opening paragraph. Right from the get-go, this candidate explains what makes them so good at their job, effectively grabbing the hiring manager’s attention.  
• Wraps up with a call to action. By suggesting to have a meeting and discussing how they can help the company meet its goals, the candidate stands more chance to make a positive lasting impression. 

#7. Architect Cover Letter Example 

• Modern resume template. This architect has picked a template that perfectly matches his industry, as it is professional and modern at the same time. 
• A personal greeting to the HR. They address the hiring manager by their first name, which helps make a better first impression. 
• Measurable achievements. By quantifying their achievements, the candidate proves their achievements instead of just claiming them.

Struggling with your architect resume ? Check out our full guide!

#8. Business Analyst Cover Letter Example 

• Detailed contact information. The candidate has listed both their LinkedIn and Twitter profiles, providing the HR manager an opportunity to learn more about the candidate.  
• Mentions what the candidate can do for the company. This cover letter doesn’t just explain why the job would be great for the candidate, but also how the candidate would benefit the company. Win-win, right? 
• Error-free and reader-friendly. It’s super important for the cover letter to have no spelling or grammatical errors and be reader-friendly. This candidate made sure they did both.

Need a resume alongside your cover letter? Check out our guide on how to write a business analyst resume . 

#9. Consultant Cover Letter Example 

• Professional cover letter template. Being an experienced consultant, this candidate has picked a professional template that doesn’t steal the spotlight from their achievements. 
• Experience and achievement-oriented. The candidate has effectively elaborated on their top achievements relevant to the job. 
• Highlights the candidate’s passion. To show they want the job, this candidate has also explained how passionate they are about their profession.

For more advice on landing a job as a consultant, check out our guide to writing a consultant resume .

#10. Digital Marketing Cover Letter Example

• Creative cover letter template. This digital marketer highlights their originality by picking a creative cover letter template. 
• Lists the candidate’s awards. The candidate has taken advantage of the cover letter to list their most noteworthy awards in the industry. 
• Concludes with a call to action. As they used a call to action to conclude their cover letter, the HR manager will be more likely to remember them.

Want to take your digital marketing resume to the next level? Check out our guide!

#11. Graphic Designer Cover Letter Example 

• Detailed contact information. The candidate has included additional contact information such as their website link, as well as their LinkedIn and Twitter profiles.  
• Ideal length. This cover letter is concise, which means that the HR manager is more likely to read it from start to finish.  
• Draws attention to the candidate’s strong points. Although this candidate is a recent college graduate, they’ve managed to effectively show that they have enough knowledge and experience to do the job right.

Read this guide to write a graphic designer resume that’s just as good as your cover letter!

#12. Administrative Assistant Cover Letter Example

• Minimalistic cover letter template. The candidate picked a well-designed but minimalistic template for their cover letter. 
• Focused on skills and achievements. This cover letter is packed with the candidate’s skills and achievements, proving he can be an excellent employee. 
• Formal closing. Politeness can go a long way and the candidate has used this to their advantage to make an impression. 

Our article on how to write an administrative assistant resume can help you take your job application to the next level.

#13. Front Desk Cover Letter Example

• Modern cover letter template. This template incorporates memorable colors and clear lines, which make the cover letter very visually appealing. 
• Attention-grabbing introduction. Using an attention-grabbing intro, the candidate is more likely to make an impression. 
• Calls the HR to action. By including a call to action, the candidate is reminding the HR of their immediate availability. 

#14. Human Resources Cover Letter Example

• It is concise and to the point. The candidate doesn’t dwell on unimportant details the HR won’t be interested in. 
• Uses a traditional cover letter template. The cover letter design is more on the conventional side, which fits the industry better. 
• Highlights the candidate’s strong points. The candidate has rich work experience and they use the cover letter to elaborate on it. 

This HR resume guide can help you get your resume just right.

#15. Sales Agent Cover Letter Example 

• Attention-grabbing cover letter template. As a salesperson, this candidate knows how important first impressions are, so they’ve picked a catchy cover letter template. 
• Has an ideal length. At the same time, they’ve also made sure to keep their cover letter at just the right length. 
• Lists the candidate’s career highlights. The candidate has made perfect use of the space by mentioning their most impressive professional achievements. 

Check out this sales agent resume guide to create an attention-grabbing sales resume .

#16. Receptionist Cover Letter Example

• Modern but minimalistic cover letter template. The template’s design hints the candidate is creative but professional at the same time. 
• Uses a catchy introduction. The candidate has used an attention-grabbing opening paragraph to catch HR’s attention. 
• Concludes the cover letter formally. The candidate proves that they’re polite and well-spoken, a quality very much important for the role they’re applying for. 

Take your receptionist resume to the next level with this receptionist resume guide .

#17. Information Technology Cover Letter Example

• Mentions measurable achievements. Numbers make an impact, which is why this candidate has included measurable achievements. 
• Lists both soft and hard skills. The candidate has mentioned a great mix of soft and hard skills, showing how well-rounded they are. 
• Contains relevant contact information. The candidate’s GitHub, website name, LinkedIn, and Twitter profiles are all great additions to the resume. 

Looking for tips to help you write a great IT resume ? Check out our guide!

#18. Real Estate Cover Letter Example

• Ideal length. Short and to the point, this cover letter is bound to get noticed by the HR manager. 
• Wraps up with a call to action. This candidate reinforces the HR to call them back through a final call to action. 
• Mentions the right skills. On top of their sales accomplishments, the candidate touch upon important soft skills such as customer service and communication . 

This real estate resume guide will help you take your resume from good to great.

#19. Teacher Cover Letter Example

• Mentions relevant contact information details. This candidate has included optional (but relevant) contact information details, such as their LinkedIn, Quora, and Medium profiles. 
• Achievement-oriented. The candidate has elaborated on their achievements in more detail throughout their cover letter. 
• Highlights the candidate’s passion. For some jobs, being passionate is much more important than for others. Teaching is one of these jobs, which is why this candidate explains their passion for the job. 

Our guide on how to write a teacher resume has all the tips you need to land the job.

#20. Project Manager Cover Letter Example

• Leverages a catchy introduction. Through a catchy introductory paragraph, this candidate is sure to grab the HR’s attention and get them to read the rest of their cover letter.
• Lists measurable accomplishments. This candidate explains exactly what they’ve achieved using numbers and hard data. 
• Personally greets the HR. A personal greeting sounds much better than “Dear Sir/Madam,” and the candidate knows this. 

This guide on how to write a project manager resume can help you perfect your appication.

#21. Paralegal Cover Letter Example

• Minimalistic cover letter template. This cover letter design looks good but doesn’t steal the show from the candidate’s abilities.
• Mentions the candidate’s academic achievements and extracurricular activities. Although the candidate is a recent graduate, they’ve used the cover letter to explain they have enough skills and achievements to do the job.
• Lists measurable achievements. The candidate proves they did well in their internship by mentioning quantifiable achievements.

Check out this paralegal resume guide to perfect yours.

40+ More Cover Letter Examples and Guides 

Couldn’t find a cover letter example for your field? Do not worry.

Below you can find a number of other cover letter examples for different fields and industries:

• Acting Cover Letter Examples
• Accounting Cover Letter Examples
• Administrative Assistant Cover Letter Examples
• Architecture Cover Letter Examples
• Attorney Cover Letter Examples
• Barista Cover Letter Examples
• Bartender Cover Letter Examples
• Business Cover Letter Examples
• Business Analyst Cover Letter Examples
• College Student Cover Letter Examples
• Computer Science Cover Letter Examples
• Construction Cover Letter Examples
• Consultant Cover Letter Examples
• Customer Service Cover Letter Examples
• Data Analyst Cover Letter Examples
• Data Entry Cover Letter Examples
• Dental Assistant Cover Letter Examples
• Digital Marketing Cover Letter Examples
• Elementary Teacher Cover Letter Examples
• Engineering Cover Letter Examples
• Executive Assistant Cover Letter Examples
• Finance Cover Letter Examples
• Graphic Design Cover Letter Examples
• Healthcare Cover Letter Examples
• Human Resources Cover Letter Examples
• IT Cover Letter Examples
• Law Cover Letter Examples
• Management Cover Letter Examples
• Marketing Cover Letter Examples
• Mechanical Engineering Cover Letter Examples
• Medical Assistant Cover Letter Examples
• Nurse Practitioner Cover Letter Examples
• Physician Cover Letter Examples
• Project Manager Cover Letter Examples
• Receptionist Cover Letter Examples
• Retail Cover Letter Examples
• Sales Cover Letter Examples
• Social Work Cover Letter Examples
• Software Engineer Cover Letter Examples
• Substitute Teacher Cover Letter Examples
• Teacher Assistant Cover Letter Examples
• Team Leader Cover Letter Example

What is a Cover Letter? 

A cover letter is a one-page document that you submit as part of your job application, alongside your resume . 

Its purpose is to introduce you and briefly summarize your professional background. On average, your cover letter should be from 250 to 400 words long .

A good cover letter can give the hiring manager more insight into what makes you a good candidate and help them make up their mind about whether they should invite you for an interview. A bad cover letter, though, will get ignored (at best) and lose you the job (at worst).

So, to make sure this doesn’t happen, it’s essential to know how to write a convincing cover letter.

The first thing to remember is that a cover letter is a supplement to your resume, not a replacement. Meaning, you shouldn’t just repeat whatever is mentioned in your resume and call it a day. 

Optimally, you should use your cover letter to shed more light on your skills and qualifications, as well as explain anything you didn’t have space for in your resume (e.g. a career gap or why you’re changing careers).

If you’re writing a cover letter for the first time, though, putting all this together might seem pretty tough. 

Fortunately, you can follow our tried-and-tested format to make the experience much easier:

• Header - Input your contact information.
• Greeting the hiring manager - Open the cover letter with a “Dear Sir or Madam,” or use the hiring manager’s name if you know what that is.
• Opening paragraph - Grab the hiring manager’s attention by getting straight to the point. Mention what your professional experiences are, and what role you’re applying for.
• The second paragraph - Explain why you’re the perfect candidate for the job. Mention your top 2-3 achievements, your top skills, why you want to work in that specific industry, and whatever else is relevant.
• The third paragraph - End your cover letter with a call to action. E.g. “I would love to meet personally and discuss how I can help Company X.”
• Formal closing - Something like this: “Thank you for your consideration. Best, John Doe.”

Here’s what this looks like in practice:

9 Tips to Write a Cover Letter (the Right Way)

Now that we've covered the basics, let's talk about cover letter tips . Below, we'll give you all the knowledge you need to take your cover letter from "OK" to "great."

#1. Pick the right template

A good cover letter is all about leaving the right first impression.

And what’s a better way to leave a good impression than through a professional, well-formatted, and visual template?

You can simply pick one of our tried-and-tested cover letter templates and you’ll be all set!

#2. Add your contact details on the header

The best way to start your cover letter is through a header. 

Here’s what you want to include there:

• Phone Number
• Name of the hiring manager / their professional title
• Name of the company you’re applying to

Optionally, you can also include the following:

• Social Media Profiles - Any type of profile that’s relevant to your field. Social Profiles on websites like LinkedIn, GitHub (for developers), Medium (for writers), etc.
• Personal Website - If you have a personal website that somehow adds value to your application, you can mention it. Let’s say you’re a professional writer. In that case, you’d want to link to your content portfolio site or blog.

#3. Greet the hiring manager the right way

Once you’ve listed all your relevant contact information, it’s time to address the hiring manager reading your cover letter. 

A good practice here is to find the hiring manager’s name and address them directly instead of using the traditional “dear sir or madam.” This shows that you’re really invested in the company and that you took your time to do some research about the job.

So, how can you find out the hiring manager’s name?

One way to do this is by looking up the head of the company’s relevant department on LinkedIn. Let’s say you’re applying for the position of Communication Specialist at Novoresume. The hiring manager is probably the Head of Communications or the Chief Communications Office.

Or let’s say you’re applying for the position of server at a restaurant. In that case, you’d be looking to find out who the restaurant manager is.

If this doesn’t work, you can also check out the “Team” page on the company website; there’s a good chance you’ll at least find the right person there.

If you still can’t find out the hiring manager’s name, here are several other greetings you can use:

• Dear [Department] Hiring Manager
• Dear Hiring Manager
• To whom it may concern
• Dear [Department] Team

#4. Create an attention-grabbing introduction

Recruiters get hundreds, sometimes even thousands, of applications. Chances are, they’re not going to be reading every single cover letter end-to-end.

So, it’s essential to catch their attention from the very first paragraph.

The problem with most cover letter opening paragraphs, though, is that they’re usually extremely generic, often looking something like this: 

Hey, my name is Jonathan and I’d like to work as a Sales Manager at XYZ Inc. I’ve worked as a sales manager at MadeUpCompany Inc. for 5+ years, so I believe that I’d be a good fit for the position.

As you can probably tell, this opening paragraph doesn’t tell the hiring manager anything other than that you’ve worked the job before - and that’s not really helpful in setting you apart from other candidates. 

What you want to do, instead, is start off with 2-3 of your top achievements to really grab the reader’s attention. Preferably, the achievements should be as relevant as possible to the position. 

For example:

My name’s Michael and I’d like to help XYZ Inc. hit and exceed its sales goals as a Sales Manager. I’ve worked with Company X, a fin-tech company, for 3+ years. As a Sales Representative, I generated an average of $30,000+ in sales per month (beating the KPIs by around 40%). I believe that my previous industry experience, as well as my excellence in sales, makes me the right candidate for the role of X at Company Y.

The second example shows how the candidate is a top performer. The first just shows that they’ve worked a sales job before.

Which one are YOU more likely to invite for an interview?

#5. Show you’re the perfect person for the job

One great thing about cover letters is that they allow you to expand more on the top achievements from your resume and really show the hiring manager that you’re the right person for the job. 

A good way to do that is to first read the job ad and really understand what skills/experiences are required, and then to ensure that your cover letter touches upon the said skills or experiences.

In my previous role as a Facebook Marketing Expert at XYZ Inc. I handled customer acquisition through ads, managing a monthly Facebook ad budget of $20,000+. As the sole digital marketer at the company, I managed the ad creation and management process end-to-end. This means I created the ad copy and images, as well as picked the targeting, ran optimization trials, and so on.

Other than Facebook advertising, I’ve also delved into other online PPC channels, including:

• Google Search

#6. Explain why you’re a great company fit

The HR manager doesn’t only look at whether you’ll be good at the job or not. They’re looking for someone that’s also a good fit for the company culture.

After all, employees that don’t fit in are bound to quit, sooner or later. This ends up costing the company a ton of money, up to 50% of the employee’s annual salary . 

To convince the hiring manager that you’re a great company fit, do some research on the company and find out what it is you like about them, or about working there. You want to know things like:

• What’s the company’s business model?
• What’s the company's product or service? Have you used it?
• What’s the culture like? Will someone micro-manage your work, or will you have autonomy on how you get things done?

Then, turn your top reasons for liking to work there into text and add them to your cover letter! 

#7. Wrap up with a call to action

To make the end of your cover letter as memorable as possible, you want to:

• Wrap up any points you couldn't in the previous paragraphs. Mention anything you’ve left out that you think could help the hiring manager make up your mind.
• Thank the hiring manager for their time. After all, it never hurts to be polite. 
• Finish the cover letter with a call to action. A call to action is a great way to make your cover letter ending as memorable as possible. 

#8. Write a formal closing

Once you’re done with the final paragraph, all you have to do is write down a formal “goodbye” and you’re good to go.

Feel free to use one of the most popular conclusions in a cover letter:

• Best Regards,
• Kind Regards,

#9. Proofread your cover letter

Last but not least, make sure to always proofread each and every document that you’ll be including in your job application - cover letter included. 

The last thing you want is to be claiming you’re a great candidate for the job with a cover letter full of typos! 

For an even more comprehensive guide on how to write an impactful cover letter , check out our article ! 

Cover Letter Writing Checklist 

Frequently Asked Questions

Do you still have some questions about cover letters? Check out the answers below:

1. How do I write a simple cover letter? 

To write a cover letter that’s simple but also professional, make sure to include a header with your personal information, a formal greeting to the hiring manager, an attention-grabbing opening paragraph, a second paragraph explaining why you’re a good candidate for the job, and a formal closing (preferably with a call to action). 

2. What are the 3 parts of a cover letter? 

The three parts of a cover letter are: 

• The introduction , namely the header, the greeting to the hiring manager, and the opening paragraph. 
• The sales pitch is usually the body of the cover letter. 
• The conclusion involves a formal closing and a signature line.

3. What makes a great cover letter?

A great cover letter should be personalized for each job you’re applying for, instead of being overly generic. It’s also preferable to address the hiring manager by their name and not use the overly-used “Dear Sir/Madam.”

To make a great first impression, you should mention 1-2 of your top achievements in your opening paragraph - the more job-specific they are, the better. Also, don’t stop at showing the hiring manager why you’re a great candidate for the job. Make sure to also talk about how you’re a good culture fit for the company.

Last but not least, wrap up your closing paragraph with a call to action to give the hiring manager a little extra something to remember you by. 

4. When is a cover letter necessary?

Unless the job ad specifically states otherwise, you should always include a cover letter with your job application .

Even if the hiring manager doesn’t read it, you will look more professional simply by including one.

And that’s a wrap! We hope our cover letter examples and writing tips will inspire you to write a cover letter that will land you your next job.

If you’re looking for more invaluable career advice and articles, make sure to check out our career blog , or any of these related articles: 

• How to Write a Resume
• Cover Letter Mistakes to Avoid at All Costs
• Cover Letter Format (w/ Examples & Free Templates)

To provide a safer experience, the best content and great communication, we use cookies. Learn how we use them for non-authenticated users.

What does a cover letter really show a prospective employer?

My phone rang.  “Ms. Blackwood?” the person asked. 

“This is she.” 

“Hi!  This is Shelly.  I’ve just read the most incredible cover letter, submitted by you, for our marketing position.  Did you actually write it yourself?”

My mind whirled.  Most beautiful cover letter?  Why was she asking if I wrote it?  Of course I did!  I had spent the last 4 years earning my degree in marketing, spending countless hours writing, rewriting and tweaking individual sentences and picking the perfect words to convey the messages I wanted to portray.

“Yes, I did.”

“Wonderful!  I’d love to have you come in for an interview and talk with us about our job.  And while you’re here, I’d like you to do a writing sample to see if you really can write.”

This was just over 20 years ago, but I remember the phone call.  It was a high compliment on my cover letter and followed by a bit of a blow by asking me to “prove myself”.  The impact of that is a conversation for another day (especially when tools like ChatGPT weren’t around).  For now, let’s focus on the highlight!

There will forever be a hot debate on whether cover letters are needed, important, wanted or warranted.  My answer:  it depends.  There are some positions where I can get behind the idea that they aren’t worth it.  For the vast majority, however, even if a letter isn’t required, I argue that it’s your chance to really show and tell the screener why you’d be the best candidate for the position.

To dig deeper into this answer:  cover letters show initiative.  A well written letter takes some effort, even when writing may be a honed skill already.  There’s some research involved, so you’d need to see what you can learn about the position.  Yes, the job ad and job description are primary sources of that and can allow you to write about your qualities which match criteria; but there’s also a chance for you to explain why you’re so interested in the position.  There may be some additional info you can glean into the open job through the company’s social media; talking to someone you may know who has that position (maybe within that company even); or doing a search on the web for videos of what the job entails.  When you have this understanding, you can better explain why you’re so interested and how it fits your wants as well as your skills. Trust me, the extra effort in writing a cover letter does not go unnoticed by HR and hiring managers.

Cover letters also allow you to get personal, in a professional way.  In your resume, where space is tight, aspects of your skills and experience are very sterile, showing facts and data.  The cover letter is an opportunity to put some context around what you’ve done to get you to this place now.  You’re able to share, through your writing style and the words chosen, a little bit of your personality and the way you approached various occasions. Demonstrate positive qualities about yourself, like leadership or self-motivation, among others.  Elaborate on previous roles, where you have had successes and challenges, and reasons for seeking new challenges.

In a time where many employers are willing to teach skill, and therefore hire for “soft skill,” writing a cover letter shows that you can be effective in communicating.  And we know communication is one of the top soft skills sought after! Regardless of the position you seek, employers value the ability to articulate thoughts and ideas, collectively pull them together in proper flow, and make them easy to understand in writing.

A solid cover letter accompanying your resume becomes a first step in building a relationship with HR and the hiring manager reviewing your submission. When providing context for the data in your resume, reviewers begin to see you as a whole and gain insight into your accomplishments and motivations. Reviewers see how your career goals align with the role to fill, and even more, with the company’s interests. Reading about your experiences and what you choose to highlight about your journey provides character to the information, helping to visualize you as part of the team early on. 

Ready to write? Here are some quick tips on things to include in your letter:

• Make it personal – this time not about you, but about the reviewer. If you know who the hiring manager is, address the letter specifically to that person, or to the team! It shows that you took that extra little step to know a bit more about the job than what was posted on the job board.
• Grab attention! Open the letter with a powerful sentence that will have the reader wanting to know more.  Immediately emphasize your best-selling points and the traits which make you the best fit as an example of what can catch their eye quickly.
• Concise is key. You’ll have a lot you want to say, but keeping things straightforward and brief is important. The letter is intended to put a little bit of color into the information on your resume, but make sure to save some content for your interview!
• Incorporate proper lingo. Use job specific language, such as key words from the job description. This will be helpful should the company be using an ATS system on the front end of their screening and shows that you understand a bit about the position.
• Use action verbs where you can. Instead of writing about your responsibility for a task, tell what you did to accomplish it. An example: “I was responsible for the marketing department” could be “I spearheaded a team of three highly creative team members in the marketing department.”
• Close with a promise. Make sure to tell them you are looking forward to talking with them throughout this process to help them understand how your experience and knowledge can further the company’s goals as a team member.
• Keep the closing salutation formal, but you can be creative. I personally try to avoid using “sincerely” (although there’s nothing wrong with using it) and choose to use words or phrases like “kindly” or “best regards” before I sign off.
• Most importantly, don’t forget your contact information!

Whether you love writing or despise it, making the effort to craft a cover letter is a step worth taking, regardless of the position for which you’re applying. It can, really, be the deciding factor between you and another applicant at any point in the hiring process.

Monica Blackwood is CEO of Westsound Workforce, a staffing agency with offices in Gig Harbor and Poulsbo. She writes a regular column for the Kitsap Sun on human resource issues in the workplace.

This article originally appeared on Kitsap Sun: What does a cover letter really show a prospective employer?

• Manage communications
• Mutual Fund & 529 accounts

I invest on behalf of my clients.

I consult or invest on behalf of a financial institution.

I want to learn more about BlackRock.

Larry Fink’s 2024 Annual Chairman’s Letter to Investors

Time to rethink retirement.

When my mom passed away in 2012, my dad started to decline quickly, and my brother and I had to go through my parents’ bills and finances.

Both my mom and dad worked great jobs for 50 years, but they were never in the top tax bracket. My mom taught English at the local state college (Cal Northridge), and my dad owned a shoe store.

I don’t know exactly how much they made every year, but in today’s dollars, it was probably not more than $150,000 as a couple. So, my brother and I were surprised when we saw the size of our parents' retirement savings. It was an order of magnitude bigger than you’d expect for a couple making their income. And when we finished going over their estate, we learned why: My parents' investments.

My dad had always been an enthusiastic investor. He encouraged me to buy my first stock (the DuPont chemical company) as a teenager. My dad invested because he knew that whatever money he put in the bond or stock markets would likely grow faster than in the bank. And he was right.

I went back and did the math. If my parents had $1,000 to invest in 1960, and they put that money in the S&P 500, then by the time they’d reached retirement age in 1990, the $1,000 would be worth nearly $20,000. 1 That’s more than double what they would have earned if they’d just put the money in a bank account. My dad passed away a few months after my mom, in his late 80s. But both my parents could have lived beyond 100 and comfortably afforded it.

Why am I writing about my parents? Because going over their finances showed me something about my own career in finance. I had been working at BlackRock for almost 25 years by the time I lost my mom and dad, but the experience reminded me — in a new and very personal way — why my business partners and I founded BlackRock in the first place.

Obviously, we were ambitious entrepreneurs, and we wanted to build a big, successful company. But we also wanted to help people retire like my parents did. That’s why we started an asset manager — a company that helps people invest in the capital markets — because we believed participating in those markets was going to be crucial for people who wanted to retire comfortably and financially secure.

We also believed the capital markets would become a bigger and bigger part of the global economy. If more people could invest in the capital markets, it would create a virtuous economic cycle, fueling growth for companies and countries, which would, in turn, generate wealth for millions more people.

My parents lived their final years with dignity and financial freedom. Most people don’t have that chance. But they can. The same kinds of markets that helped my parents in their time can help others in our time.  Indeed, I think the growth- and prosperity-generating power of the   capital markets will remain a dominant economic trend through the rest of the 21 st  Century.

This letter attempts to explain why.

I had been working at BlackRock for almost 25 years by the time I lost my mom and dad, but the experience reminded me — in a new and very personal way — why my business partners and I founded BlackRock in the first place.

A brief (and admittedly incomplete) history of U.S. capital markets

In finance, there are two basic ways to get or grow money.

One is the bank, which is what most people historically relied on. They deposited their savings to earn interest or took out loans to buy a home or expand their business. But over time a second avenue for financing arose, particularly in the U.S., with the growth of the capital markets: Publicly traded stocks, bonds, and other securities.

I saw this firsthand in the late 1970s and early 1980s when I played a role in the creation of the securitization market for mortgages.

Before the 1970s, most people secured financing for their homes the same way they did in the Christmas classic It’s a Wonderful Life — through the Building & Loan (B&L). Customers deposited their savings into the B&L, which was essentially a bank. Then that bank would turn around and lend out those savings in the form of mortgages.

In the movie — and in real life — everything works fine until people start lining up at the bank’s front door asking for their deposits back. As Jimmy Stewart explained in the film, the bank didn’t have their money. It was tied up in somebody else’s house.

After the Great Depression, B&Ls morphed into savings & loans (S&Ls), which had their own crisis in the 1980s. Approximately half of the outstanding home mortgages in the U.S. were held by S&Ls in 1980, and poor risk management and loose lending practices led to a raft of failures costing U.S. taxpayers more than $100 billion dollars. 2

But the S&L crisis didn’t cause the American economy lasting damage. Why? Because at the same time the S&Ls were collapsing another method of financing was getting stronger. The capital markets were providing an avenue to channel capital back to challenged real estate markets.

This was mortgage securitization.

Securitization allowed banks not just to make mortgages but to sell them. By selling mortgages, banks could better manage risk on their balance sheets and have capital to lend to home buyers, which is why the S&L crisis didn’t severely impact American homeownership. 

Eventually, the excesses of mortgage securitization contributed to the crash in 2008, and unlike the S&L crisis, the Great Recession did harm home ownership in the U.S. The country still hasn’t fully recovered in that respect. But the broader underlying trend — the expansion of the capital markets — was still very helpful for the American economy.

In fact, it’s worth considering: Why did the U.S. rebound from 2008 faster than almost any other developed nation? 3

A big part of the answer is the country’s capital markets .

In Europe, where most assets were kept in banks, economies froze as banks were forced to shrink their balance sheets. Of course, U.S. banks had to tighten capital standards and pull back from lending as well. But because the U.S. had a more robust secondary pool of money – the capital markets — the nation was able to recover much more quickly.

Today public equities and bonds provide over 70% of financing for non-financial corporations in the U.S. – more than any other country in the world. In China, for example, the bank-to-capital market ratio is almost flipped. Chinese companies rely on bank loans for 65% of their financing. 4

In my opinion, this is the most important lesson in recent economic history:  Countries aiming for prosperity don’t just need strong banking systems — they also need strong capital markets.

That lesson is now spreading around the world.

Replicating the success of America’s capital markets

Last year, I spent a lot of days on the road, logging visits to 17 different countries. I met with clients and employees. I also met with many policymakers and heads of state, and during those meetings, the most frequent conversation I had was about the capital markets.

More and more countries recognize the power of American capital markets and want to build their own.

Of course, many countries do have capital markets already. There are something like 80 stock exchanges around the world, everywhere from Kuala Lumpur to Johannesburg. 5  But most of these are rather small, with little investment. They’re not as robust as the markets in the U.S., and that’s what other nations are increasingly looking for.

In Saudi Arabia, for example, the government is interested in building a market for mortgage securitization, while Japan and India want to give people new places to put their savings. Today, in Japan, it’s mostly the bank. In India, it’s often in gold.

When I visited India in November, I met policymakers who lamented their fellow citizens’ fondness for gold. The commodity has underperformed the Indian stock market, proving a subpar investment for individual investors. Nor has investing in gold helped the country’s economy.

Compare investing in gold with, let’s say, investing in a new house. When you buy a home, that creates an economic multiplier effect because you need to furnish and repair the house. Maybe you have a family and fill the house with children. All that generates economic activity. Even when someone puts their money in a bank, there’s a multiplier effect because the bank can use that money to fund a mortgage. But gold? It just sits in a safe. It can be a good store of value, but gold doesn’t generate economic growth.

This is a small illustration — but a good one — of what countries want to accomplish with robust capital markets. (Or rather, of what they  can’t accomplish without them.)

Despite the anti-capitalist strain in our modern politics, most world leaders still see the obvious: No other force can lift more people from poverty or improve quality of life quite like capitalism. No other economic model can help us achieve our highest hopes for financial freedom — whether we want it for ourselves or our country.

That’s why the capital markets will be key to addressing two of the mid-21 st Century’s biggest economic challenges.

• The first is providing people what my parents built over time — a secure, well-earned retirement. This is a much harder proposition than it was 30 years ago. And it’ll be a much harder proposition 30 years from now . People are living longer lives. They’ll need more money. The capital markets can provide it — so long as governments and companies help people invest.
• A second challenge is infrastructure. How are we going to build the massive amount the world needs? As countries decarbonize and digitize their economies, they’re supercharging demand for all sorts of infrastructure, from telecom networks to new ways to generate power. In fact, in my nearly 50 years in finance, I’ve never seen more demand for energy infrastructure. And that’s because many countries have twin aims: They want to transition to lower-carbon sources of power while also achieving energy security. The capital markets can help countries meet their energy goals, including decarbonization, in an affordable way.

[Retirement] is a much harder proposition than it was 30 years ago. And it’ll be a much harder proposition 30 years from now .

Asking the old age question: How do we afford longer lives?

Last year, Japan passed a demographic milestone. The country’s population has been aging since the early 1990s as the pool of working-age people has shrunk and the number of elderly has risen. But 2023 was the first time that 10% of their people exceeded 80 years old, 6 making Japan the “oldest country in the world” according to the United Nations. 7

This is part of the reason the Japanese government is making a push for retirement investment.

Most Japanese keep the bulk of their retirement savings in banks, earning a low interest rate. It wasn’t such a bad strategy when Japan was suffering from deflation, but now the country’s economy has turned around, with the NIKKEI surging past 40,000 for the first time this month (March 2024). 8

Most aspiring retirees are missing out on the upswing. The country didn’t have anything resembling a 401(k) program until 2001, but even then, the amount of income people could contribute was quite low. So a decade ago, the government launched the Nippon Individual Savings Accounts (NISA) to encourage people to invest even more in retirement. Now they’re trying to double NISA’s enrollment. The goal is 34 million Japanese investors before the end of the decade. 9 It will require the Japanese government to expand their capital markets, which historically had very little retail participation.

Japan isn’t alone in helping more of its citizens invest for retirement. BlackRock has a joint venture — Jio BlackRock — with Jio Financial Services, an affiliate of India’s Reliance Industries. Over the past 10 years, India has built a huge digital public infrastructure network that connects nearly one billion Indians to everything from healthcare to government payments via their smartphones. Jio BlackRock’s goal is to use the same infrastructure to deliver retirement investing (and more).

After all, India is aging, too. The whole world is, albeit at different speeds. Brazil will start seeing more people leave its workforce than enter it by 2035; Mexico will reach peak workforce by 2040; India sometime around 2050.

As populations age, building retirement savings has never been more urgent

Source: Working-age population (ages 15-64): UN “medium trend 10

By the mid-century mark, one-in-six people globally will be over the age of 65, up from one-in-11 in 2019. 11 To support them, governments are going to have to prioritize building out robust capital markets like the U.S. has.

But this isn’t to say the U.S. retirement system is perfect. I’m not sure anybody believes that. The retirement system in America needs modernizing, at the very least.

Rethinking retirement in the United States

This was particularly clear last year as the biotech industry pumped out a rush of new, life-extending drugs. Obesity, for example, can take more than 10 years off someone’s life expectancy, which is why some researchers think that new pharmaceuticals like Ozempic and Wegovy can be life-extending drugs, not just weight-loss drugs. 12 In fact, a recent study shows that semaglutide, the generic name for Ozempic, can give people with cardiovascular disease an extra two years of life where they don’t suffer a major condition like a heart attack. 13

We focus a tremendous amount of energy on helping people live longer lives. But not even a fraction of that effort is spent helping people afford those extra years.

These drugs are breakthroughs. But they underscore a frustrating irony: As a society, we focus a tremendous amount of energy on helping people live longer lives. But not even a fraction of that effort is spent helping people afford those extra years.

It wasn’t always this way. One reason my parents had a financially secure retirement was CalPERS, California’s state pension system. As a public university employee, my mom could enroll. But pension enrollment has been declining across the country since the 1980s. 14 Meanwhile the federal government has prioritized maintaining entitlement benefits for people my age (I’m 71) even though it might mean that Social Security will struggle to meet its full obligations when younger workers retire.

It’s no wonder younger generations, Millennials and Gen Z, are so economically anxious. They believe my generation — the Baby Boomers — have focused on their own financial well-being to the detriment of who comes next. And in the case of retirement, they’re right.

Today in America, the retirement message that the government and companies tell their workers is effectively: “You’re on your own.” And before my generation fully disappears from positions of corporate and political leadership, we have an obligation to change that.

Maybe once a decade, the U.S. faces a problem so big and urgent that government and corporate leaders stop business as usual. They step out of their silos and sit around the same table to find a solution. I participated in something like this after 2008, when the government needed to find a way to unwind the toxic assets from the mortgage crisis. More recently, tech CEOs and the federal government came together to address the fragility of America’s semiconductor supply chain. We need to do something similar for the retirement crisis. America needs an organized, high-level effort to ensure that future generations can live out their final years with dignity.

What should that national effort do? I don’t have all the answers. But what I do have is some data and the beginnings of a few ideas from BlackRock’s work. Because our core business is retirement.

More than half the assets BlackRock manages are for retirement. 15 We help about 35 million Americans invest for life after work, 16 which amounts to about a quarter of the country’s workers. 17 Many are educators like my mom was. BlackRock helps manage pension assets for roughly half of U.S. public school teachers. 18 And this work — and our similar work around the globe — has given us some insight into how a national initiative to modernize retirement might begin.

We think the conversation starts by looking at the challenge through three different lenses. 

• What’s the issue from the perspective of a current worker , someone who’s still trying to save for retirement?
• What about someone who has already retired? We have to look at the problem from the retiree’s point of view­­­­­­­­­­ — an individual who has already saved enough to stop working but is worried the money will run out.
• But first it’s important to look at retirement in America like you’d look at a map of America — a high-level picture of the problem, the kind a national policymaker might look at. What’s the issue for the population as a whole? (It’s demographics.)

[Young people] believe my generation — the Baby Boomers — have focused on their own financial well-being to the detriment of who comes next. And in the case of retirement, they’re right.

The demographics don’t lie

There’s a popular saying in economics: “You just can’t fight demographics.” And yet, when it comes to retirement, the U.S. is trying anyway.

In wealthy countries, most retirement systems have three pillars. One is what people invest personally (my dad putting his money in the stock market). Another is the plans provided by employers (my mom’s CalPERS pension). A third component is what we hear politicians mostly talking about – the government safety net. In the U.S., this is Social Security.

You’re probably familiar with the economics behind Social Security. During your working years, the government takes a portion of your income, then after you retire, it sends you a check every month. The idea actually originates from pre-World War I Germany, and these “old-age insurance” programs gradually became popular over the 20 th Century largely because the demographics made sense.

Think about someone who was 65 years old in 1952, the year I was born. If he hadn’t retired already, that person was probably getting ready to stop working.

But now think about that person’s former colleagues, all the people around his age who he’d entered the workforce with back in the 1910s. The data shows that in 1952, most of those people were not preparing for retirement because they’d already passed away .

This is how the Social Security program functioned: More than half the people who worked and paid into the system never lived to retire and be paid from the system. 19

Today, these demographics have completely unraveled, and this unraveling is obviously a wonderful thing. We should want more people to live more years. But we can’t overlook the massive impact on the country’s retirement system.

It’s not just that more people are retiring in America; it’s also that their retirements are increasing in length. Today, if you’re married and both you and your spouse are over the age of 65, there’s a 50/50 chance at least one of you will be receiving a Social Security check until you’re 90. 20

All this is putting the U.S. retirement system under immense strain. The Social Security Administration itself says that by 2034, it won’t be able to pay people their full benefits. 21

What’s the solution here? No one should have to work longer than they want to. But I do think it’s a bit crazy that our anchor idea for the right retirement age — 65 years old — originates from the time of the Ottoman Empire.

Humanity has changed over the past 120 years. So must our conception of retirement.

One nation that’s rethought retirement is the Netherlands. In order to keep their state pension affordable, the Dutch decided more than 10 years ago to gradually raise the retirement age. It will now automatically adjust as the country’s life expectancy changes. 22

Obviously, implementing this policy elsewhere would be a massive political undertaking. But my point is that we should start having the conversation . When people are regularly living past 90, what should the average retirement age be?

Or rather than pushing back when people receive retirement benefits, perhaps there’s a more politically palatable idea: How do we encourage more people who wish to work longer with carrots rather than sticks? What if the government and the private sector treated 60-plus year-olds as late-career workers with much to offer rather than people who should retire?

One way Japan has managed its aging economy is by doing exactly this. They’ve found new ways to boost the labor force participation rate, a metric that has been declining in the U.S. since the early 2000s. 23 It’s worth asking: How can America stop (or at least, slow) that trend?

Again, I’m not pretending to have the answers. Despite BlackRock’s success helping millions retire, these questions are going to have to be posed to a broader range of investors, retirees, policymakers, and others. Over the next few months, BlackRock will be announcing a series of partnerships and initiatives to do just that, and I invite you to join us.

For workers, make investing (almost) automatic

When the U.S. Census Bureau released its regular survey of consumer finances in 2022, nearly half of Americans aged 55 to 65 reported not having a single dollar saved in personal retirement accounts. 24 Nothing in a pension. Zero in an IRA or 401(k).

Why? Well, the first barrier to retirement investing is affordability.

Four-in-10 Americans don’t have $400 to spare to cover an emergency like a car repair or hospital visit. 25 Who is going to invest money for a retirement 30 years away if they don’t have cash for today? No one. That’s why BlackRock’s foundation has worked with a group of nonprofits to set up an Emergency Savings Initiative. The program has helped mostly low-income Americans put away a total of $2 billion in new liquid savings. 26

Studies show that when people have emergency savings, they’re 70% more likely to invest for retirement. 27 But this is where workers run into another barrier: Investing is complex even if you can afford it.

No one is born a natural investor. It’s important to say that because sometimes in the financial services industry we imply the opposite. We make it seem like saving for retirement can be a simple task, something anyone can do with a bit of practice, like driving your car to work. Just grab your keys and hop in the driver’s seat. But financing retirement isn’t so intuitive. The better analogy is if someone dropped a bunch of engine and auto parts in your driveway and said, “Figure it out.”

At BlackRock, we’ve tried to make the investing process more intuitive by inventing simpler products like target date funds. They only require people to make one decision: What year do they expect to retire? Once people choose their “target date,” the fund automatically adjusts their portfolio, shifting from higher-return equities to less risky bonds as retirement approaches. 28

In 2023, BlackRock expanded the types of target date ETFs we offer so people can more easily buy them even if they don’t work for employers offering a retirement plan. There are 57 million people like this in America — farmers, gig workers, restaurant employees, independent contractors — who don’t have access to a defined contribution plan. 29 And while better investment products can help, there are limits to what something like a target date fund can do. Indeed, for most people, the data shows that the hardest part of retirement investing is just getting started.

Other nations make things simpler for their part-time and contract workers. In Australia, employers must contribute a portion of income for every worker between the ages of 18 and 70 into a retirement account, which then belongs to the employee. The Superannuation Guarantee was introduced in 1992 when the country seemed like it was on the path to a retirement crisis. Thirty-two years later, Australians likely have more retirement savings per capita than any other country. The nation has the world’s 54 th largest population, 30 but the 4 th largest retirement system. 31

Of course, every country is different, so every retirement system should be different. But Australia’s experience with Supers could be a good model for American policymakers to study and build on. Some already are. There are about 20 U.S. states — like Colorado and Virginia — that have instituted retirement systems to cover all workers like Australia does, even if they’re gig or part-time. 32

It’s a good thing that legislators are proposing different bills and states are becoming “laboratories of retirement.” More should consider it. The benefits could be enormous for individual retirees. These new programs could also help the U.S. ensure the long-term solvency of Social Security. That’s what Australia found — their Superannuation Guarantee relieved the financial tension in their country’s public pension program. 33

But what about workers who do have access to an employer retirement plan? They need support too.

Even among employees who have access to employer plans, 17% don’t enroll in them, and the hypothesis among retirement experts is this is not a conscious choice. People are just busy.

It sounds trivial, but even the hour or so it takes someone to look through their work email inbox for the correct link to their company’s retirement system, and then select the percentage of their income they want to contribute can be the unclearable hurdle. That’s why companies should make a conscious effort to look at what their default option is. Are people automatically enrolled in a plan or not? And how much are they auto-enrolled to contribute? Is it a minimum percentage of their income? Or the maximum?

In 2017, the University of Chicago economist Richard Thaler won the Nobel Prize, in part, for his pioneering work around “nudges” — small changes in policy that can have enormous impact in people’s financial lives. Auto-enrollment is one of them. Studies show that the simple step of making enrollment automatic increases retirement plan participation by nearly 50%. 34

As a nation, we should do everything we can to make retirement investing more automatic for workers. And there are already bright spots. Next year, a new federal law will kick in, requiring employers that set up new 401(k) plans to auto-enroll their new workers. Plus, there are hundreds of major companies (including BlackRock) that have already taken this step voluntarily.

But firms can do even more to improve their employee’s financial lives, such as providing some level of matching funds for retirement plans and offering more financial education on the tremendous long-term difference between contributing a small percentage of your income to retirement versus the maximum. I also think we should make it easier for workers to transfer their 401(k) savings when they switch jobs. There is a menu of options here, and we need to explore all of them.

For retirees, help them spend what they saved

In 2018, BlackRock commissioned a study of 1,150 American retirees. When we dug into the data, we found something unexpected — even paradoxical.

The survey showed that after nearly two decades of retirement, the average person still had 80% of their pre-retirement money saved. We’re talking about people who were probably between the ages of 75 and 95. If they had invested for retirement, they were likely sitting on more than enough money for the rest of their lives. And yet the data also showed that they were anxious about their finances. Only 32% reported feeling comfortable about spending what they saved. 35

This retirement paradox has a simple explanation: Even people who know how to save for retirement still don’t know how to spend for it.

In the U.S., this problem’s roots stretch back more than four decades when employers began switching from defined benefit plans — pensions — to defined contribution plans like 401(k)s.

In a lot of ways, pensions were much simpler than the 401(k). You had a job somewhere for 20 or 30 years. Then when you retired, your pension paid you a set amount — a defined benefit — every month.

When I entered the workforce in the 1970s, 38% of Americans had one of these defined benefit plans, but by 2008 the percentage had been cut almost in half. 36 Meanwhile, the fraction of Americans with defined contribution plans almost quadrupled. 37

This should have been a good thing. Beginning with the Baby Boomers, fewer and fewer workers spent their entire careers in one place, meaning they needed a retirement option that would follow them from job to job. In theory, 401(k)s did that. But in practice? Not really.

Anyone who’s switched jobs knows how unintuitive it is to transfer your retirement savings. In fact, studies show that about 40% of employees cash out their 401(k)s when they switch jobs, putting themselves back at the starting line for retirement savings. 38

The real drawback of defined contribution was that it removed most of the retirement responsibility from employers and put it squarely on the shoulders of the employees themselves. With pensions, companies had a very clear obligation to their workers. Their retirement money was a financial liability on the corporate balance sheet. Companies knew they’d have to write a check every month to each one of their retirees. But defined contribution plans ended that, forcing retirees to trade a steady stream of income for an impossible math problem.

Because most defined contribution accounts don’t come with instructions for how much you can take out every month, individual savers first must build up a nest-egg, then spend down at a rate that will last them the rest of their lives. But who really knows how long that will be?

Put simply, the shift from defined benefit to defined contribution has been, for most people, a shift from financial certainty to financial un certainty .

That’s why around the same time we saw the data that retirees were nervous about spending their savings, we started wondering: Was there something we can do about it? Could we develop an investment strategy that provided the flexibility of a 401(k) investment but also the potential for a predictable, paycheck-like income stream, similar to a pension?

It turns out, we could. That strategy is called LifePath Paycheck™, which will go live in April. As I write this, 14 retirement plan sponsors are planning to make LifePath Paycheck™ available to 500,000 employees. I believe it will one day be the most used investment strategy in defined contribution plans.

We’re talking about a revolution in retirement. And while it may happen in the U.S. first, eventually other countries will benefit from the innovation as well. At least, that is my hope. Because while retirement is mainly a saving challenge, the data is clear: It’s a spending one too.

Fear vs. hope

Before I conclude this section on retirement, I want to share a few words about one of the largest barriers to investing for the future. In my view, it’s not just affordability or complexity or the fact that people are too busy to enroll in their employer’s plan.

Arguably the biggest barrier to investing for retirement — or for anything — is fear.

In finance, we sometimes think of “fear” as a fuzzy, emotional concept — not as a hard economic data point. But that’s what it is. Fear is as important and actionable a metric as GDP. After all, investment (or lack thereof) is just a measure of fear because no one lets their money sit in a stock or a bond for 30 or 40 years if they’re afraid the future is going to be worse than the present. That’s when they put their money in a bank. Or underneath the mattress.

This is what happens in many countries. In China, where new surveys show consumer confidence has dropped to its lowest level in decades, household savings have reached their highest level on record — nearly $20 trillion — according to the central bank. 39 China has a savings rate of about 30%. Nearly a third of all money earned is socked away in cash in case it’s needed for harder times ahead. The U.S., by comparison, has a savings rate in the single digits. 40

America has rarely been a fearful country. Hope has been the nation’s greatest economic asset. People put their money in American markets for the same reason they invest in their homes and businesses — because they believe this country will be better tomorrow than it is today.

This big, hopeful America has been the one I’ve known my whole life, but over the past few years, especially as I’ve had more grandchildren, I’ve started to ask myself: Will they know this version of America, too?

As I was finishing this letter, The Wall Street Journal published an article that caught my attention. It was titled “The Rough Years that Turned Gen Z into America’s Most Disillusioned Voters,” and it included some eye-catching — and really disheartening — data.

The article showed that from the mid-1990s through most of the early 21 st Century, most young people — around 60% of high school seniors, to be specific — believed they’d earn a professional degree, would land a good job, and go on to be wealthier than their parents. They were optimistic. But since the pandemic, that optimism has fallen precipitously.

Compared with 20 years ago, the current cohort of young Americans is 50% more likely to question whether life has a purpose. Four-in-10 say it’s “hard to have hope for the world.” 41

I’ve been working in finance for almost 50 years. I’ve seen a lot of numbers. But no single data point has ever concerned me more than this one.

The lack of hope worries me as a CEO. It worries me as a grandfather. But most of all, it worries me as an American.

If future generations don’t feel hopeful about this country and their future in it, then the U.S. doesn’t only lose the force that makes people want to invest. America will lose what makes it America. Without hope, we risk becoming just another place where people look at the incentive structure before them and decide that the safe choice is the only choice. We risk becoming a country where people keep their money under the mattress and their dreams bottled up in their bedroom.

How do we get our hope back?

Whether we’re trying to solve retirement or any other problem, that is the first question we have to ask, although I readily admit that I do not have the solution. I look at the state of America — and the world — and I am as answerless as everyone else. There’s so much anger and division, and I often struggle to wrap my head around it.

What I do know is that any answer has to start by bringing young people into the fold. The same surveys that show their lack of hope also show their lack of confidence — far less than any previous generation — in every pillar of society: In politics, government, the media, and in corporations. Leaders of these institutions (I am one) should be empathetic to their concerns.

Young people have lost trust in older generations. The burden is on us to get it back. And maybe investing for their long-term goals, including retirement, isn’t such a bad place to begin.

Perhaps the best way to start building hope is by telling young people, “You may not feel very hopeful about your future. But we do. And we’re going to help you invest in it.”

Young people have lost trust in older generations. The burden is on us to get it back. And maybe investing for their long-term goals, including retirement, isn’t such a bad place to begin.

The new infrastructure blueprint: Steel, concrete, and public-private partnership

I started traveling to London in the 1980s, and back then, if you had a choice between the city’s two major international airports — Heathrow or Gatwick — you probably chose Heathrow. Gatwick was farther from the city. It was also in a comparative state of disrepair.

But things changed in 2009 when Gatwick was purchased by Global Infrastructure Partners (GIP). They increased runway capacity and instituted commonsense changes, like oversized luggage trays that cut security screening times by more than half.

“The thing about infrastructure businesses... is a lot of them tend not to focus on customer service,” GIP’s CEO Bayo Ogunlesi told the Financial Times . GIP wanted to make Gatwick different. In the process, they also turned the airport into a prime example of how infrastructure will be built and run in the 21 st Century — with private capital. 42

In the U.S., people tend to think of infrastructure as a government endeavor, something built with taxpayer funds. But because of one very big reason that I’ll dive into momentarily, that won’t be the primary way infrastructure is built in the mid-21 st Century. Rather than only tapping government treasuries to build bridges, power grids, and airports, the world will do what Gatwick did.

The future of infrastructure is public-private partnership.

Debt matters

The $1 trillion infrastructure sector is one of the fastest growing segments of the private markets, and there are some undeniable macroeconomic trends driving this growth. In developing countries, people are getting richer, boosting demand for everything from energy to transportation while in wealthy countries, governments need to both build new infrastructure and repair the old.

Even in the U.S., where the Biden Administration has signed generational infrastructure investments into law, there’s still $2 trillion worth of deferred maintenance. 43

How will we pay for all this infrastructure? The reason I believe it’ll have to be some combination of public and private dollars is that funding probably cannot come from the government alone. The debt is just too high.

From Italy to South Africa, many nations are suffering the highest debt burdens in their history. Public debt has tripled since the mid-1970s, reaching 92% of global GDP in 2022. 44 And in America, the situation is more urgent than I can ever remember. Since the start of the pandemic, the U.S. has issued roughly $11.1 trillion of new debt, and the amount is only part of the issue. 45 There’s also the interest rate the Treasury needs to pay on it.

Three years ago, the rate on a 10-year Treasury bill was under 1%. But as I write this, it’s over 4%, and that 3-percentage-point increase is very dangerous. Should the current rates hold, it amounts to an extra trillion dollars in interest payments over the next decade. 46

Why is this debt a problem now? Because historically, America has paid for old debt by issuing new debt in the form of Treasury securities. It’s a workable strategy so long as people want to buy those securities — but going forward, the U.S. cannot take for granted that investors will want to buy them in such volume or at the premium they currently do.

Today, around 30% of U.S. Treasury securities are held by foreign governments or investors. That percentage will likely go down as more countries build their own capital markets and invest domestically. 47

More leaders should pay attention to America’s snowballing debt. There’s a bad scenario where the American economy starts looking like Japan’s in the late 1990s and early 2000s, when debt exceeded GDP and led to periods of austerity and stagnation. A high-debt America would also be one where it’s much harder to fight inflation since monetary policymakers could not raise rates without dramatically adding to an already unsustainable debt-servicing bill.

But is a debt crisis inevitable? No.

While fiscal discipline can help tame debt on the margins, it will be very difficult (both politically and mathematically) to raise taxes or cut spending at the level America would need to dramatically reduce the debt. But there is another way out beyond taxing or cutting, and that’s growth. If U.S. GDP grows at an average of 3% (in real, not nominal terms) over the next five years, that would keep the country’s debt-to-GDP ratio at 120% – high, but reasonable.

I should be clear: 3% growth is a very tall order, especially given the country’s aging workforce. It will require policymakers to shift their focus. We can’t see debt as a problem that can be solved only through taxing and spending cuts anymore. Instead, America’s debt efforts have to center around pro-growth policies , which include tapping the capital markets to build one of the best catalysts for growth: Infrastructure. Especially energy infrastructure.

Energy pragmatism

Roads. Bridges. Ports. Airports. Cell towers. The infrastructure sector contains multitudes, but the multitude where BlackRock sees arguably the greatest demand for new investment is energy infrastructure.

Why energy? Two things are happening in the sector at the same time.

The first is the “energy transition.” It’s a mega force, a major economic trend being driven by nations representing 90% of the world’s GDP. 48 With wind and solar power now cheaper in many places than fossil-fuel-generated electricity, these countries are increasingly installing renewables. 49 It’s also a major way to address climate change. This shift – or energy transition – has created a ripple effect in the markets, creating both risks and opportunities for investors, including BlackRock’s clients.

I started writing about the transition in 2020. Since then, the issue has become more contentious in the U.S. But outside the debate, much is still the same. People are still investing heavily in decarbonization. In Europe, for example, net-zero remains a top investment priority for most of BlackRock’s clients. 50 But now the demand for clean energy is being amplified by something else: A focus on energy security.

Governments have been pursuing energy security since the oil crisis of the 1970s, (and probably as far back as the early Industrial Revolution), so this is not a new trend. In fact, when I wrote my original 2020 letter about sustainability, I also wrote to our clients that countries would still need to produce oil and gas to meet their energy needs. 

To be energy secure, I wrote, most parts of the globe would need “to rely on hydrocarbons for a number of years.” 51

I’m hearing more leaders talk about decarbonization and energy security together under the joint banner of what you might call “energy pragmatism.”

Then in 2022, Putin invaded Ukraine. The war lit a fresh spark under the idea of energy security. It disrupted the world’s supply of oil and gas causing massive energy inflation, particularly in Europe. The UK, Norway, and the 27 EU countries had to collectively spend 800 billion euros subsidizing energy bills. 52

This is part of the reason I’m hearing more leaders talk about decarbonization and energy security together under the joint banner of what you might call “energy pragmatism.”

Last year, as I mentioned, I visited 17 countries, and I spent a lot of time talking to the people who are responsible for powering homes and businesses, everybody from prime ministers to energy grid operators. The message I heard was completely opposite to what you often hear from activists on the far left and right who say that countries have to choose between renewables and oil and gas. These leaders believe that the world still needs both. They were far more pragmatic about energy than dogmatic. Even the most climate conscious among them saw that their long-term path to decarbonization will include hydrocarbons, albeit less of them, for some time to come.

Germany is a good example of how energy pragmatism is still a path to decarbonization. It’s one of the countries most committed to fighting climate change and has made enormous investments in wind and solar power. But sometimes the wind doesn’t blow in Berlin, and the sun doesn’t shine in Munich. And during those windless, sunless periods, the country still needs to rely on natural gas for “dispatchable power.” Germany used to get that gas from Russia, but now it needs to look elsewhere. So, they’re building additional gas facilities to import from other producers around the world. 53

Or look at Texas. They face a similar energy challenge – not because of Russia but because of the economy. The state is one of the fastest growing in the U.S., 54 and the additional demand for power is stretching ERCOT, Texas’ energy grid, to the limit. 55

Today, Texas runs on 28% renewable energy 56 – 6% more than the U.S. as a whole. 57 But without an additional 10 gigawatts of dispatchable power, which might need to come partially from natural gas, the state could continue to suffer devastating brownouts. In February, BlackRock helped convene a summit of investors and policymakers in Houston to help find a solution.

Texas and Germany are great illustrations of what the energy transition looks like. As I wrote in 2020, the transition will only succeed if it’s “fair.” Nobody will support decarbonization if it means giving up heating their home in the winter or cooling it in the summer. Or if the cost of doing so is prohibitive.

Since 2020, economists have popularized better language to describe what a fair transition actually means. One important concept is the “green premium.” It’s the surcharge people pay for “going green”: for example, switching from a car that runs on gas to an electric vehicle. The lower the green premium, the fairer decarbonization will be because it’ll be more affordable.

This is where the power of the capital markets can be unleashed to great effect. Private investment can help energy companies reduce the cost of their innovations and scale them around the world. Last year, BlackRock invested in over a dozen of these transition projects on behalf of our clients. We partnered with developers in Southeast Asia aiming to build over a gigawatt of solar capacity (enough to power a city) in both Thailand and the Philippines. 58 We also invested in Lake Turkana Wind Power, Africa’s largest windfarm. It’s located in Kenya and currently accounts for about 12% of the country’s power generation. 59

There are also earlier-stage technologies, like a giant “hot rock” battery being built by Antora Energy. The company heats up blocks of carbon with wind or solar power during parts of the day when renewable energy is cheap and abundant. These “thermal batteries” reach up to 2,400 degrees Celsius and glow brighter than the sun. 60 Then, that heat is used to power giant industrial facilities around-the-clock, even when the sun isn’t shining, or the wind isn’t blowing.

BlackRock invested in Antora through Decarbonization Partners, a partnership we have with the investment firm, Temasek. Our funding will help Antora scale up to deliver billions of dollars worth of zero-emission energy to industrial customers. 61 (One day, their thermal batteries might help solve the kind of dispatchable power problem that Texas and Germany are facing – but without carbon emissions.)

The final technology I’ll spotlight is carbon capture. Last year, one of BlackRock’s infrastructure funds invested $550 million in a project called STRATOS, which will be the world’s largest direct air capture facility when construction is completed in 2025. 62 Among the more interesting aspects of the project is who’s building the facility: Occidental Petroleum, the big Texas oil company.

The energy market isn’t divided the way some people think, with a hard split between oil & gas producers on one side and new clean power and climate tech firms on the other. Many companies, like Occidental, do both, which is a major reason BlackRock has never supported divesting from traditional energy firms. They’re pioneers of decarbonization, too.

Today, BlackRock has more than $300 billion invested in traditional energy firms on behalf of our clients. Of that $300 billion, more than half – $170 billion – is in the U.S. 63 We invest in these energy companies for one simple reason: It’s our clients’ money. If they want to invest in hydrocarbons, we give them every opportunity to do it – the same way we invest roughly $138 billion in energy transition strategies for our clients. That’s part of being an asset manager. We follow our clients’ mandates.

But when it comes to energy, I also understand why people have different preferences in the first place. Decarbonization and energy security are the two macroeconomic trends driving the demand for more energy infrastructure. Sometimes they’re competing trends. Other times, they’re complementary, like when the same advanced battery that decarbonizes your grid can also reduce your dependence on foreign power.

The point is: The energy transition is not proceeding in a straight line. As I’ve written many times before, it’s moving in different ways and at different paces in different parts of the world. At BlackRock, our job is to help our clients navigate the big shifts in the energy market no matter where they are.

BlackRock’s next transformation

One way we’re helping our clients navigate the booming infrastructure market is by transforming our company. I began this section by writing about the owners of Gatwick Airport, GIP. In January, BlackRock announced our plans to acquire them. 

Why GIP? BlackRock’s own infrastructure business had been growing rapidly over the past several years. But to meet demand, we realized we needed to grow even faster.

It’s not just debt-strapped governments that need to find alternate pools of financing for their infrastructure. Private sector firms do too. All over the world, there’s a vast infrastructure footprint that’s owned and operated entirely by private companies. Cell towers are a good example. So are pipelines that deliver the feedstocks for chemical companies. Increasingly, the owners of these assets prefer to have a financing partner, rather than carrying the full cost for the infrastructure on their balance sheet.

I had been thinking about this trend and called an old colleague, Bayo Ogunlesi.

Both Bayo and I started our careers in finance at the investment bank First Boston. But our paths diverged. I lost $100 million on a series of bad trades at First Boston and…well, nobody needs to hear that story again. But it led me (and my BlackRock partners) to pioneer better risk management for fixed income markets. Meanwhile, Bayo and his team were pioneering modern infrastructure investing in the private markets.

Now, we plan to join our forces again. I think the result will be better opportunities for our clients to invest in the infrastructure that keeps our lights on, planes flying, trains moving, and our cell service at the maximum number of bars.

More about BlackRock’s work in 2023

In this letter, I’ve shared my view that the capital markets are going to play an even bigger role in the global economy. They’ll have to if the world wants to address the challenges around infrastructure, debt, and retirement. These are the major economic issues of the mid-21st Century. We’re going to need the power of capitalism to solve them.

The way BlackRock figures into that story is through our work with clients. We want to position them well to navigate these trends, which is why we’ve tried to stay more connected to our clients than ever.

Over the past five years, thousands of clients on behalf of millions of individuals have entrusted BlackRock with managing over $1.9 trillion in net new assets. Thousands also use our technology to better understand the risks in their portfolios and support the growth and commercial agility of their own businesses. Years of organic growth, alongside the long-term growth of the capital markets, underpin our $10 trillion of client assets, which grew by over $1.4 trillion in 2023.

In good times and bad, whether clients are focused on increasing or decreasing risk, our consistent industry-leading organic growth demonstrates that clients are consolidating more of their portfolios with BlackRock. In 2023, our clients awarded us with $289 billion in net new assets during a period of rapid change and significant portfolio de-risking.

BlackRock’s differentiated business model has enabled us to continue to grow with our clients and maintain positive organic base fee growth. We’ve grown regardless of the market backdrop and even as most of the industry experienced outflows.

I think back to 2016 and 2018 when uncertainty and cautious sentiment impacted investment behavior among institutions and individuals. Many clients de-risked and moved to cash. BlackRock stayed connected with our clients. We stayed rigorous in driving investment performance, innovating new products and technologies, and providing advice on portfolio design. Once clients were ready to step back into the markets more actively, they did it with BlackRock – leading to new records for client flows, and organic base fee growth at or above our target.

Flows and organic base fee growth accelerated into the end of 2023. We saw $96 billion of total net inflows in the fourth quarter and we entered 2024 with great momentum.

In 2024, I plan to do what I did in 2023 – spend a lot of time on the road visiting clients. I’ve already taken several trips in the U.S. and around the world, and it’s clearer than ever that companies and clients want to work with BlackRock.

For companies where we are investing on behalf of our clients, they appreciate that we typically provide long-term, consistent capital. We often invest early, and we stay invested through cycles whether it’s debt or equity, pre-IPO or post-IPO. Companies recognize BlackRock’s global relationships, brand, and expertise across markets and industries. This makes us a valuable partner, and in turn supports the sourcing and performance we can provide for clients.

Over the past 18 months, we’ve sourced and executed on a number of deals for clients. In addition to the STRATOS direct air capture project, our funds partnered with AT&T on the Gigapower JV to build out broadband in communities across the U.S. We also made investments globally, including in Brasol (Brazil), AirFirst (South Korea), Akaysha Energy (Australia), and the Lake Turkana Wind Farm (Kenya).

Our ability to source deals for clients is a primary driver of demand for BlackRock private markets strategies. These strategies saw $14 billion of net inflows in 2023, driven by infrastructure and private credit. We continue to expect these categories to be our primary growth drivers within alternatives in the coming years.

Our active investment insights, expertise and strong investment performance similarly differentiate BlackRock in the market. We saw nearly $60 billion of active net inflows in 2023, compared with industry outflows.

In ETFs, BlackRock generated an industry-leading $186 billion of net inflows in 2023. Our leadership in the ETF industry is another testament to our global platform and connectivity with clients.

What we have seen in market after market is that if we can make investing easier and more affordable, we can quickly attract new clients. We are leveraging digital wealth platforms in local markets to provide more investment access and accelerate organic growth for iShares ETFs.

In EMEA, BlackRock powers ETF savings plans for end investors, partnering with many banks and brokerage platforms, including Trade Republic, Scalable Capital, ING, Lloyds, and Nordnet. These partnerships will help millions of people access investments, invest for the long-term, and achieve financial well-being.

In 2023, we also announced our minority investment in Upvest, which will help drive innovation in how Europeans access markets and make it cheaper and simpler to start investing.

Then there is our work with Britain’s leading digital bank, Monzo, to offer its customers our products through its app, with minimum investments as low as £1. Through these relationships, we’re evolving our iShares ETF franchise to meaningfully increase access to global markets.

Let me also say a few words about Aladdin. It remains the language of portfolios, uniting all of BlackRock, and providing the technological foundation for how we serve clients across our platform. And Aladdin isn’t just the key technology that powers BlackRock; it also powers many of our clients. The need for integrated data and risk analytics as well as whole portfolio views across public and private markets is driving annual contract value (ACV) growth.

In 2023, we generated $1.5 billion in technology services revenue. Clients are looking to grow and expand with Aladdin, reflected in strong harvesting activity, with over 50% of Aladdin sales being multi-product.

As we look ahead, the re-risking of client portfolios will create tremendous prospects for both our public and private markets franchises. And integrated technology will be needed to help clients be nimble while operating at scale.

These are the times where investors are making broad changes to the way they build portfolios. BlackRock is helping investors build the “portfolio of the future” – one that integrates public and private markets and is digitally enabled. We view these changes as big catalysts. With the diversified investment and technology platform we’ve built, we’ve set ourselves up to be a structural grower in the years ahead.

Positioning our organization for the future

Just as we continually innovate and evolve our business to stay ahead of our clients, we also evolve our organization and our leadership team.

Earlier this year we announced changes to reimagine our business and transform our organization to better anticipate what clients need – and shape BlackRock so clients can continue to get the insights, solutions, and outcomes they expect from us.

For years, BlackRock has worked with clients across the whole portfolio, albeit with distinctions between product structures for ETFs, active mutual funds, and separate accounts.

Now the traditional lines between products are blurring. Clients are building portfolios that seamlessly combine both active and index strategies, including liquid and illiquid assets and spanning public and private markets, across ETF, mutual fund, and separate account structures.

BlackRock has been critical in expanding the market for ETFs by making them accessible to more investors and delivering new asset classes (like bonds) and investment strategies (like active). As a result of that success, the ETF is no longer just an indexing concept – it is becoming an efficient structure for a range of investment solutions.

We always viewed ETFs as a technology, a technology that facilitated investing. And just as our Aladdin technology has become core to asset management, so too have ETFs. That’s why we believe embedding our ETF and Index expertise across the entire firm will accelerate the growth of iShares and every investment strategy at BlackRock.

We’ll be nimbler and more closely aligned with clients through our new architecture with the aim of delivering a better experience, better performance, and better outcomes.

Voting choice

Healthy capital markets depend on a continuous feedback loop between companies and their investors. For more than a decade, BlackRock endeavored to improve that feedback loop for our clients.

We’ve done it by building an industry-leading stewardship program, one that’s focused on engaging investee companies on issues impacting our clients’ long-term economic interests. This requires understanding how companies are positioned to navigate the risks and opportunities they face – for example, how geopolitical fragmentation might rewire their supply chains or how higher borrowing cost might impact their capacity to deliver sustained earnings growth.

To do that, we built one of the largest stewardship teams to engage with companies, often alongside our investment teams, because we never believed in the industry’s reliance on the recommendations of a few proxy advisors. We knew our clients would expect us to make independent proxy voting decisions, informed by our ongoing dialogue with companies – a philosophy that continues to underpin our stewardship efforts today. For our clients who have entrusted us with this important responsibility, we remain steadfast in promoting sound corporate governance practices and financial resilience at investee companies on their behalf.

And for our clients who wish to take a more direct role in the proxy voting process, we continue to innovate to provide them with more choice. In 2022, BlackRock was the first in our industry to launch Voting Choice, a capability that enabled institutional investors to participate in the proxy voting process. Today, about half of our clients’ index equity assets under management can access Voting Choice. And in February, we launched a pilot in our largest core S&P 500 ETF, enabling Voting Choice for individual investors for the first time.

We welcome these additional voices to corporate governance and believe they can further strengthen shareholder democracy. I believe that more asset owners can participate in this important process effectively if they are well-informed. We are encouraged by their engagement and the continued transformation of the proxy voting ecosystem but continue to believe that the industry would benefit from additional proxy advisors.

Strategy for long-term growth

For 36 years, BlackRock has led by listening to our clients and evolving to help them achieve long-term outcomes. That commitment has been behind everything we’ve done as a firm, whether it’s unlocking new markets through iShares, pioneering whole portfolio advisory, launching Aladdin on the desktops of investors and so much more. Clients have been at the foundation of our mindset and our growth strategy, informing the investments we’ve made across our businesses.

The combination of technology and advisory, alongside ETFs, active and private markets capabilities, enables us to deliver a better client experience – leading to clients consolidating more of their portfolios with BlackRock or engaging us for outsourcing solutions. We believe this in turn will drive continued differentiated organic growth into the future.

As we do each year, our management team and Board spent time assessing our strategy for growth. We challenge ourselves to think: What opportunities will this economic environment create for BlackRock and our clients, what more can we do to meet and anticipate their needs? How can we evolve our organization, operating structure, investment capabilities, and service models and, in doing so, keep leading the industry?

We have strong conviction in our strategy and our ability to execute with scale and expense discipline. Our strategy remains centered on growing Aladdin, ETFs, and private markets, keeping alpha at the heart of BlackRock, leading in sustainable investing, and advising clients on their whole portfolio.

We have continually made internal investments for organic growth and efficiency, investing ahead of client opportunities in private markets, ETFs, technology, and whole portfolio solutions.

In private markets, we are prepared to capitalize on structural growth trends. Whether it’s executing on demand for much-needed infrastructure, or the growing role of private credit as banks and public lenders move away from the middle market, private capital will be essential. BlackRock is poised to capture share through our scale, proprietary origination, and track record. And we believe our planned acquisition of GIP will meaningfully accelerate our ability to offer our private markets capabilities to our clients.

In ETFs, we will continue to lead by expanding investment access globally and through innovation. The ETF is an adaptable piece of financial technology, and over time we’ve been able to do more with it than just making investing more affordable. We’ve been able to bring better liquidity and price discovery to more opaque markets. One recent example is offering people exposure to Bitcoin through ETFs.

ETFs have been an incredible growth story in the U.S., with iShares leading the way. We believe global ETF adoption is set to accelerate as catalyst trends that we saw in the U.S. years ago like the growth of fee-based advisory and model portfolios are just beginning to take root. Nearly half of 2023 iShares net inflows were from our ETFs listed internationally in local markets, led by European iShares net inflows of $70 billion.

Active asset allocation, security selection and risk management have consistently been key elements in long-term returns. Our active teams across multi-asset, fixed income and equities are well-positioned to seize on broad opportunities arising out of this new interest rate and potentially more volatile regime. We are particularly excited about the opportunity in fixed income and how artificial intelligence is propelling performance in our systematic investing businesses.

Fixed income is going to be increasingly relevant in the construction of whole portfolios with higher yields and better return potential compared to the low-rate environment of the last 15 years. Now that the rate on 10-year U.S. Treasuries is near long-term averages, clients are reconsidering bond allocations.

BlackRock is well-positioned with a diversified fixed income platform. It’s not going to be just about index, where we manage nearly $1.7 trillion. Or just about active where we manage over $1 trillion. Some of the most interesting portfolio conversations are with allocators who are blending ETFs with active or using innovations like our active ETFs for professionally managed income solutions.

Across asset classes, the need for integrated data, technology and risk management will continue to drive demand for Aladdin. Through its dynamic ecosystem of over 130,000 users, the Aladdin platform is constantly innovating and being improved. Investments in Aladdin AI copilots, enhancements in openness supporting ecosystem partnerships, and advancing whole portfolio solutions are going to further augment the value of Aladdin.

We are honored that our clients entrusted us with $289 billion of net new assets in 2023. And over the past few months, we’ve seen a decidedly more positive sentiment and tone in markets and among clients that I'm very optimistic will carry into the rest of 2024.

Our ability to adapt, evolve, and grow has generated a total return of 9,000% for our shareholders since our IPO in 1999. That is well in excess of the S&P 500 return of 490% and representative of a business model serving all our stakeholders.

Total return since BlackRock’s IPO through December 31, 2023

S&P Global. The performance graph is not necessarily indicative of future investment performance.

Our Board of Directors

BlackRock’s Board plays an integral role in our strategy, our growth and our success.

The diverse experiences and backgrounds of our Directors enable us to have rich discussions and debates. At each meeting, our Directors review components of our long-term strategy and foster constructive dialogue with our leadership team on strategic opportunities, priorities and risks facing BlackRock’s business. This dialogue ultimately pushes us to make the sometimes tactical and sometimes transformational moves to build a better BlackRock. This includes the two transformational moves we made in January: The strategic re-architecture of our organization and our agreement to acquire GIP.

These two transformational changes are the largest since our acquisition of Barclays Global Investors nearly 15 years ago.

Following the closing of the GIP transaction, we plan to have Bayo Ogunlesi join our Board of Directors. We will continue to evolve our Board over time to reflect the breadth of our global business and to guide us as we evolve ahead of our clients’ needs.

A final note

Over the past 36 years, BlackRock has grown from a company of eight people in a tiny Manhattan office into the largest asset manager in the world. But our growth is just a small part of a much larger success story.

It’s part of the same story that includes my parents retiring comfortably after 50 years of hard work. The same story where America was able to endure the 1980s S&L crisis and 2008 financial crisis – and rebound quickly and with growing strength.

And it’s the story that, hopefully, will include more people around the world. Nations that can outgrow their debt. Cities that can afford to power more homes and build more roads. Workers who can live out their golden years with dignity.

All of these stories are only possible because of the power of the capital markets and the people who are hopeful enough to invest in them.

Laurence Fink Chairman and Chief Executive Officer

Income solutions that empower your retirement

Map an easier route to retirement.

• Mutual funds
• iShares ETFs
• Closed-end funds
• Cash alternatives
• Commodity funds
• Stock funds
• Multi-asset funds
• Real estate funds
• Science and Technology Trust
• Resources & Commodities Strategy Trust
• Global Allocation Fund
• LifePath Index Retirement Fund
• Technology Opportunities Fund
• iShares Core S&P 500 ETF
• All funds All funds
• 529 College Savings Plan 529 College Savings Plan
• Alternatives
• Fixed Income
• Fundamental Equities
• Multi-Asset Strategies & Solutions
• Systematic Investing
• Cash management
• Factor-based investing
• Investing for retirement
• LifePath® target date funds
• All active investment strategies All active investment strategies
• Weekly commentary
• Global investment outlook
• BlackRock Investment Institute
• Investment stewardship
• Our approach to sustainability
• Portfolio management views
• Education center
• Retirement volatility strategies
• Planning for retirement
• What is a 401(K)?
• Document library
• Shareholder reports
• Regulatory documents
• Share classes and loads
• Tax information
• Forms & Applications
• LifePath spending tool
• LifePath selector tool
• iShares core builder
• College saving estimator
• All insights All insights
• The Bid podcast The Bid podcast
• About BlackRock
• BlackRock retirement
• Customer service

As a global investment manager and fiduciary to our clients, our purpose at BlackRock is to help everyone experience financial well-being. Since 1999, we've been a leading provider of financial technology, and our clients turn to us for the solutions they need when planning for their most important goals.

1 Based on a $1,000 investment from January 1960 to December 1990. Assumes reinvestment of all dividends. Past performance is not indicative of future results.

2 Federal Reserve History , Savings and Loan Crisis

3 OCED Economic Surveys: United States (2016)

4 Securities Industry and Financial Markets Association , Capital DMarkets Fact Book (2023), p.6

5 World Federation of Exchanges , Market Statistics-February 2024, (2024)

6 World Economic Forum , Ageing and Longevity, (2023)

7 United Nations , World Population Ageing, (2017), p.8

8 The Wall Street Journal , Japan’s Nikkei Tops 40000 for First Time, Driven by AI Optimism, ( 2024)

9 Cabinet Secretariat of Japan , Doubling Asset-based Income Plan, ( 2022), p.2

10 Note: 1. Format adapted from Adele M. Hayutin, New Landscapes of Population Change: A Demographic World Tour (Hoover Press, 2022). Data from United Nations Population Division, World Population Prospects. (latest refresh 2022), Medium Fertility Projection. 2. Peak year is defined as the year in which working age population reaches its maximum for a country. Sources: United Nations Population Statistics (as of 2022). OECD (as of 06/2023). World Bank (as of 2022).

11 United Nations , UN DESA releases new report on ageing , (2019)

12 The New York Times Magazine , Can We Live to 200? ( 2021)

13 National Library of Medicine , Estimated Life-Years Gained Free of New or Recurrent Major Cardiovascular Events With the Addition of Semaglutide to Standard of Care in People With Type 2 Diabetes and High Cardiovascular Risk, ( 2022)

14 Source 1: Bureau of Labor Statistics , Employee Benefits in the United States , (2023), p.1; Source 2: Bureau of Labor Statistics , Employee Benefits in Industry , (1980), p. 6

15 BLK Estimates based on AUM as of December 31 st , 2021 and Cerulli data as of 2020. ETF assets include only qualified assets based on Cerulli data, and assumes 9.5% of institutionally held ETFs are related to pensions or retirement. Institutional estimates includes assets defined as “related to retirement” and are based on products and clients with a specific retirement mandate (e.g., LifePath, pensions). Estimates for LatAm based on assets managed for LatAm Pension Fund clients, excluding cash.

16 BlackRock as of Dec. 31, 2021. The overall number of Americans is calculated based on estimates of participants in BlackRock’s Defined Contribution and Defined Benefit plan clients. The Defined Contribution number is estimated based on data from FERS as well as ISS Market Intelligence BrightScope for active participants across 401(k) and 403(b). Defined Contribution includes plans with over $100M+ in assets where participants have access to one or more BlackRock funds; some may not be invested with BlackRock. The Defined Benefit number is estimated based on data from public filings and Pension & Investments for the total number of participants across the 20 largest U.S. Defined Benefit plans that are not also Defined Contribution clients of BlackRock.

17 U.S. Bureau of Labor Statistics , Labor Force Statistics from the Current Population Survey, (Feb. 2023)

18 Represents the total number of active public schoolteachers enrolled in defined benefit plans with assets managed by BlackRock. Excludes Virginia, Alaska and Pennsylvania pension clients, as the states’ DB plan is not the default plan for its participants. Public school teachers count from the National Center for Education Statistics, projection for 2022 school year. Pensions participation rate based on data from the U.S. Bureau of Labor Statistics: 89% as of March 2022.

19 Social Security , Life Tables for the United States Social Security Area 1900-2100, Figure 3a

20 Social Security , When to Start Receiving Retirement Benefits, (2023), p.2

21 Social Security , Summary: Actuarial Status of the Social Security Trust Funds, (2023)

22 Dutch Government , Why is the state pension age increasing? (translated from Dutch)

23 U.S. Bureau of Labor Statistics , Civilian labor force participation rate, (2000-2024)

24 U.S. Census Bureau , Survey of Income and Program Participation (SIPP) , (2022)

25 Federal Reserve , Economic Well-Being of U.S. Households in 2022, (2023), p.2

26 BlackRock , Emergency Saving Initiative: Impact and Learnings Report, (2019-2022), p.2

27 BlackRock, Emergency Savings Initiative: Impact and Learnings Report, ( 2019-2022), p.12

28 BlackRock , What are target date funds?

29 AARP, New AARP Research: Nearly Half of Americans Do Not Have Access to Retirement Plans at Work, (2022)

30 CIA: The World Factbook , Country Comparisons: Population (2023 est.)

31 OECD , Pensions at a Glance 2023 , (2023), 222

32 Georgetown University Center for Retirement Initiatives , State-Facilitated Retirement Savings Programs: A Snapshot of Program Design Features, (2023)

33 Parliament of Australia , Superannuation and retirement incomes

34 Human Interest , The power of 401(k) automatic enrollment, (2024)

35 BlackRock , To spend or not to spend? (2023), p. 2-5

36 Source 1: The Wall Street Journal, The Champions of the 401(k) Lament the Revolution They Started, (2017); Source 2: Social Security Office of Retirement and Disability Policy, The Disappearing Defined Benefit Pension and Its Potential Impact on the Retirement Incomes of Baby Boomers , (2009)

37 U.S. Chamber of Commerce , Statement of the U.S. Chamber of Commerce, (2012), p. 3

38 Harvard Business Review , Too Many Employees Cash Out Their 401(k)s When Leaving a Job, ( 2023)

39 The Wall Street Journal , Why China’s Middle Class Is Losing Its Confidence, (2024)

40   The Wall Street Journal , Covid-Era Savings are Crucial to China’s Economic Recovery , (2023)

41 The Wall Street Journal , The Rough Years That Turned Gen Z Into America’s Most Disillusioned Voters , (2024)

42 Financial Times , How Adebayo Ogunlesi’s contrarian bet led to $12.5bn BlackRock tie-up , (2024)

43 American Society of Civil Engineers (ASCE ), 2021 Report Card For America’s Infrastructure, (2021), p. 5

44 International Monetary Fund , Global Debt Is Returning to its Rising Trend, (2023)

45 Fiscal Data: U.S. Treasury , Debt to the Penny, ( Debt was $23.4T in March 2020 and $34.5T in March 2024)

46 The Wall Street Journal , A $1 Trillion Conundrum: The U.S. Government’s Mounting Debt Bill, ( 2024)

47 US Department of Treasury , Table 5: Major Foreign Holders of Treasury Securities

48 As of March 2024. Net Zero Tracker, https://zerotracker.net (last visited March 18 th , 2024)

49 Associated Press News , The year in clean energy: Wind, solar and batteries grow despite economic challenges, (2023)

50 BlackRock iResearch Services global survey, sample size n=200, May-June 2023. Survey covered institutional investors’ attitudes, approaches, barriers, and opportunities regarding transition investing. 83% of EMEA respondents surveyed have net zero by 2050 or other date as a transition objective across their portfolio. https://www.blackrock.com/corporate/literature/brochure/global-transition-investing-survey.pdf

51 BlackRock’s 2020 Letter to Clients , Sustainability as BlackRock’s New Standard for Investing, (2020)

52 Reuters , Europe’s spend on energy crisis nears 800 billion euros, (2023)

53 The New York Times , Germany Announces New L.N.G. Facility, Calling It a Green Move from Russian Energy, (2022)

54 Texas Fall 2023 Economic Forecast

55 Federal Reserve Bank of Dallas, Texas electrical grid remains vulnerable to extreme weather events, (2023)

56 U.S. Energy Information Administration : Electricity Data Browser

57 U.S. Energy Information Administration , Solar and wind to lead growth of U.S. power generation for the next two years, (2024)

58 BlackRock Alternatives, CFP, 2023

59 Kenya Power , Annual Report & Financial Statements, (2022)

60 Reuters , BlackRock, Temasek-led group invest $150 mln in thermal battery maker Antora, (2024)

61 Business Wire , Antora Energy Raises $150 Million to Slash Industrial Emissions and Spur U.S. Manufacturing, ( 2024)

62 Oxy, Occidental and BlackRock Form Joint Venture to Develop STRATOS, the World’s Largest Direct Air Capture Plant, (2023)

63 As of June 30, 2022. “Energy companies” refers to corporations classified as belonging to the GICS-1 Energy Sector.

MKTGH0324U/M-3470283

• Cast & crew
• User reviews

Wicked Little Letters

When people in Littlehampton--including conservative local Edith--begin to receive letters full of hilarious profanities, rowdy Irish migrant Rose is charged with the crime. Suspecting that ... Read all When people in Littlehampton--including conservative local Edith--begin to receive letters full of hilarious profanities, rowdy Irish migrant Rose is charged with the crime. Suspecting that something is amiss, the town's women investigate. When people in Littlehampton--including conservative local Edith--begin to receive letters full of hilarious profanities, rowdy Irish migrant Rose is charged with the crime. Suspecting that something is amiss, the town's women investigate.

• Thea Sharrock
• Jonny Sweet
• Olivia Colman
• Jessie Buckley
• Timothy Spall
• 67 User reviews
• 63 Critic reviews
• 56 Metascore

• Rose Gooding

• Edward Swan

• Mr. Treading

• Nancy Gooding

• Constable Papperwick

• Victoria Swan

• Police Officer Gladys Moss

• Father Ambrose

• Chief Constable Spedding

• Jury Foreman
• All cast & crew
• Production, box office & more at IMDbPro

More like this

Did you know

• Trivia Although the actual events occurred in Littlehampton, the filming did not take place there. Instead nearby Arundel and Worthing were used. Arundel was used for town and street events. All the seaside filming was carried out in Worthing.
• Goofs There are references to Rose's daughter been taken off her by the CPS; a modern organisation that begun in the 1980s.

[to her daughter, looking at the words Die Slut on her door]

Rose Gooding : It's German.

• Connections Referenced in Amanda the Jedi Show: I ALMOST Walked Out | The Best and Worst of TIFF 2023 (2023)

User reviews 67

• deanosuburbia
• Feb 29, 2024
• How long is Wicked Little Letters? Powered by Alexa
• April 5, 2024 (United States)
• United Kingdom
• Pequeñas cartas indiscretas
• Arundel, West Sussex, England, UK
• Blueprint Pictures
• People Person Pictures
• See more company credits at IMDbPro
• Mar 31, 2024
• $12,565,975

Technical specs

• Runtime 1 hour 40 minutes
• Dolby Digital

Related news

Contribute to this page.

• See more gaps
• Learn more about contributing

More to explore

Recently viewed

What to Know About Donald Trump’s New $60 Bible

“all americans need a bible in their home, and i have many. it’s my favorite book.”.

• Share on Facebook
• Share on Twitter

Mother Jones illustration; Shealah Craighead/White House/ZUMA

One month after releasing a line of gilded high-tops for $399, Donald Trump revealed on Tuesday a new item: the Bible. “All Americans need a Bible in their home, and I have many,” the former president explained in a video promoting the country singer Lee Greenwood’s version of a King James translation, the “God Bless the USA Bible.”

“It’s my favorite book,” Trump added.

Throughout the rest of the clip, as if daring us into a collective disgust, Trump swerved through random opportunities to rail against bureaucrats and a country under threat—all while hawking a holy text.

But his latest sales pitch also prompted some legitimate questions. Such as: What the hell is going on? And: Excuse me? Here, we try to answer some of the queries.

So, that first question—what the hell—but more formally: What exactly is Trump promoting and how much will it cost me to shell out for this? 

Trump is encouraging his supporters to buy a Bible endorsed by himself and Lee Greenwood. It costs $59.99, without taxes or shipping included. That seems to sit on the more expensive end of Bibles on sale at Barnes & Noble . But those books presumably don’t include copies of the Constitution, the Bill of Rights, and the handwritten lyrics to the chorus of Greenwood’s “God Bless the USA.”

The “God Bless the USA Bible” does include these items .

Trump is in a serious cash crunch . So is he going to make money with this Bible?

According to the book’s official site , the God Bless the USA Bible has nothing to do with Trump’s campaign. It is “not owned, managed, or controlled by Donald J. Trump, The Trump Organization, CIC Ventures LLC, or any of their respective principals or affiliates.” Instead, Trump’s “name, likeness, and image” are being used “under paid license from CIC Ventures LLC.”

Wait, what is CIC Ventures LLC, though?

Okay, so CIC Ventures LLC is, according to the  Washington Post , basically a pipeline to Trump:

In [Trump’s] financial disclosure released last year, he’s identified as the [CIC Ventures LLC’s] “manager, president, secretary and treasurer” and the Donald J. Trump Revocable Trust is identified as a 100 percent owner of the business. The same entity also receives royalties from his book “A MAGA Journey” and speaking engagements.

In case it’s not already obvious: if you look at the company’s documents, you’ll find the principal address for CIC Ventures LLC is 3505 Summit Boulevard, West Palm Beach, Florida. That is a Trump golf course . Moreover, in a 2022 disclosure, Nick Luna is listed as a manager. Luna was Trump’s personal assistant and body man.

So, I’m sorry, but let me ask again: Is Trump making money off this?

The New York Times reports that “according to a person familiar” (classic) Trump will receive royalties from sales.

You could have just said that.

I wanted to tell you about the other stuff I found. Any other questions?

Yes. Who is Lee Greenwood?

The country singer who wrote “God Bless the USA.” Greenwood is a fierce MAGA guy who otherwise made news after pulling out of an NRA concert in response to the Uvalde, Texas, mass shooting.

Does Greenwood have a Christmas album with an oddly sexual cover?

Yes. Look at this .

Perfect sweater. Anyway, I feel like I’m experiencing deja vu. Hasn’t Trump made headlines before with a Bible?

You’re probably recalling that despicable photo-op when Trump held up a Bible in front of St. John’s Church, which had been a location of racial justice protests in the days prior. There was a complicated saga, afterward, about whether or not Trump deployed the police to clear protesters to get to the church. An Inspector General’s report ultimately concluded that he did not.  

Man, it’s pretty rough remembering all the awful shit we went through with him as president.

Yep. If you ever want to wallow in political depression, check out this quick compilation .

But wait. Wasn’t there another time Trump and the Bible made waves for something far more stupid?

Christian nationalists adore Trump, so there have probably been many times that Trump has referenced the Bible. But you might also be thinking of this incredible clip of Trump attempting to name his favorite verse .

Has a presidential candidate ever partnered on a holy text sale with a country musician?

Not to my knowledge. But this is from a dude who just last week seemed to compare his current legal jeopardy with the persecution of Jesus Christ. Happy Easter!

Florida Supreme Court Approves a Six-Week Ban—And Lets an Abortion Rights Ballot Measure Move Forward

Julianne McShane

Trump’s Truth Social Lost $58 Million Last Year!

She Has Investigated Allegations of Sexual Violence in War Around the World. Here’s What She Wants You to Know.

The Invisible Work of America’s Domestic Workers

Chloe Aftel

We Recommend

Republicans Are Suing to Block Another Biden Plan to Provide Student Debt Relief

Hannah Levintova

Disabled Drivers Can’t Use Many Electric Car Chargers. It Doesn’t Have to Be This Way.

Julia Métraux

An Academic’s Grand Unified Theory on Why Things Are Getting Worse

Ali Breland

Protesters Are Shutting Down Traffic Over Gaza. Lawmakers Are Calling It Terrorism.

Nia t. evans

This Easter, “Egg Math” Is the Only Form of TikTok Math I’ll Endorse

Jackie Flynn Mogensen

No One Can Parody Donald Trump Better Than Himself

Amid “Rewilding” Trend, a 2,800-Acre English Farm Will Turn to Grassland

Patrick Barkham

Easter Falls on Trans Day of Visibility This Year. The Right Blames Biden.

Sign up for our free newsletter.

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

By signing up, you agree to our privacy policy and terms of use , and to receive messages from Mother Jones and our partners.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Support our journalism

Help Mother Jones ' reporters dig deep with a tax-deductible donation.

Independent. In print. In your mailbox.

Inexpensive, too! Subscribe today and get a full year of Mother Jones for just $14.95.

Bold. Brave. Beautiful.

Award-winning photojournalism. Stunning video. Fearless conversations.

Looking for news you can trust?

We noticed you have an ad blocker on..

Can you pitch in a few bucks to help fund Mother Jones' investigative journalism? We're a nonprofit (so it's tax-deductible), and reader support makes up about two-thirds of our budget.

We noticed you have an ad blocker on. Can you pitch in a few bucks to help fund Mother Jones' investigative journalism?

Don't let an algorithm decide what news you see.

Sign up for the free Mother Jones Daily newsletter and follow the news that matters.

• Share full article

Advertisement

Supported by

AT&T Resets Millions of Passcodes After Customer Records Are Leaked

Nearly eight million customers and 65.4 million former account holders were affected by the data breach, the company said.

By Aimee Ortiz

The telecommunications giant AT&T announced on Saturday that it had reset the passcodes of 7.6 million customers after it determined that compromised customer data was “released on the dark web.”

“Our internal teams are working with external cybersecurity experts to analyze the situation,” AT&T said . “To the best of our knowledge, the compromised data appears to be from 2019 or earlier and does not contain personal financial information or call history.”

The company said that “information varied by customer and account,” but that it may have included a person’s full name, email address, mailing address, phone number, Social Security number, date of birth, AT&T account number and passcode.

In addition to those 7.6 million customers, 65.4 million former account holders were also affected.

The company said it would be “reaching out to individuals with compromised sensitive personal information separately and offering complimentary identity theft and credit monitoring services.”

AT&T said it reset the passcodes for those affected and directed customers to a site with details about how to reset them. It also said that it was starting a “robust investigation supported by internal and external cybersecurity experts.”

A company representative did not address specific questions about how the breach happened or why it went unnoticed for so long.

TechCrunch, which first reported on the passcode reset , said it informed AT&T on Monday that “the leaked data contained encrypted passcodes that could be used to access AT&T customer accounts.”

TechCrunch said it delayed publishing its article until the company “could begin resetting customer account passcodes.”

In its report, TechCrunch said that “this is the first time that AT&T has acknowledged that the leaked data belongs to its customers, some three years after a hacker claimed the theft of 73 million AT&T customer records.”

AT&T had previously denied a breach of its systems but how the leak happened was unclear, TechCrunch reported.

AT&T said that it did not know whether the leaked data “originated from AT&T or one of its vendors” and that it “does not have evidence of unauthorized access to its systems resulting in theft of the data set.”

The episode comes after AT&T customers experienced a widespread outage last month that temporarily cut off connections for users across the United States for several hours. The Feb. 22 outage affected customer in cities including Atlanta, Los Angeles and New York.

At its peak, there were around 70,000 reports of disrupted service for the wireless carrier, according to Downdetector.com , which tracks user reports of telecommunication and internet disruptions.

A few days later, AT&T offered customers affected by the outage a $5 credit in an effort to “make it right.”

Aimee Ortiz covers breaking news and other topics. More about Aimee Ortiz

Explore Our Business Coverage

Dive deeper into the people, issues and trends shaping the world of business..

Phoenix  Housing Crunch:  A swelling population coupled with development restrictions have contributed to  a dire shortage of affordable housing in the biggest city in Arizona , one of the six states likely to determine the U.S. presidential election.

A Billionaire Online Warrior:  Bill Ackman, an obstinate hedge-funder who loves a public crusade, has used X to push himself into a new realm of celebrity .

Cancel Smartphones: The N.Y.U. professor Jonathan Haidt became a favorite in Silicon Valley for his work on what he called the “coddling” of young people. Now, he has an idea for fixing Gen Z .

Landline Pride: Traditional phones may seem like relics in the iPhone era, but a recent AT&T cellular service outage  had some landline lovers extolling their virtues.

C.E.O. Dreams: Fresh business school graduates are raising “search funds”  from willing investors to buy companies they can lead.

Nelson Peltz Wants Respect: The longtime corporate agitator feels misunderstood . Maybe his fight with Disney could change that.

California’s home insurance crisis: What went wrong, how it can be fixed and what owners can do

• Show more sharing options
• Copy Link URL Copied!

Climate change and extreme weather have contributed to catastrophic fires that destroyed thousands of California homes in recent years — and an insurance crisis that could result in the biggest set of regulatory changes since the passage of Proposition 103 in 1988.

Insurers have pulled back from the homeowners market, leading to a flurry of activity in Sacramento aimed at making coverage available and affordable for at-risk residents in places like the Santa Monica Mountains and Malibu. Here’s what’s going on — and some steps homeowners can take now to lessen the blow.

State Farm won’t renew 72,000 insurance policies in California, worsening the state’s insurance crisis

State Farm announced this week it will not renew 72,000 policies in California amid a tight insurance market.

March 23, 2024

How big a deal is this really?

The crisis reached new heights last week when leading insurer State Farm General announced that it wouldn’t renew 72,000 property owner policies statewide, joining Farmers, Allstate and other companies in either not writing or limiting new policies or tightening underwriting standards. The companies are blaming wildfires, inflation that raised reconstruction costs, higher prices for reinsurance they buy to boost their balance sheets and protect themselves from catastrophes, as well as outdated state regulations — claims disputed by some consumer advocates.

How is this pullback affecting homeowners?

“It’s really a tale of two states,” said Michael Soller, a spokesperson for the state Department of Insurance. If you are an owner, say, in the San Fernando Valley, you likely still have many insurance companies from which to buy a policy. But if you live in what is called the “wildland urban interface” — a hillside, canyon or other neighborhood close to nature — your options are likely limited and costly, if you can even get a policy. That has forced thousands of homeowners into the California FAIR Plan , an insurer of last resort funded by the industry that offers policies with limited coverage.

What is going on in Sacramento to resolve this?

There was an attempt last year to reach a fix in the Legislature but it fell apart , leading Insurance Commissioner Ricardo Lara to announce in September a package of executive actions called the Sustainable Insurance Strategy to reform the market by the end of this year, while getting buy-in from insurers. He got political backing for the move from Gov. Gavin Newsom, who issued an executive order asking Lara to take “prompt regulatory action,” noting how the crisis could freeze critically needed new housing development.

So how would this plan help policy holders?

The commissioner wants to speed up the review process for insurers seeking rate hikes and allow them to consider the projected costs of future catastrophes into their rates, as well as their costs for reinsurance that they can attribute to their California operations. The package also aims to move homeowners back onto the roles of commercial insurers and off the FAIR Plan, while improving the finances and coverage of the state’s insurer of last resort. “We are at a major crossroads on insurance,” said Lara, in introducing his reform package.

Will the commissioner’s reforms fly?

In February, Lara introduced draft regulations to streamline the rate approval process for insurers in the homeowners, auto and other markets, rules originally created by Proposition 103, the state’s landmark insurance reform law. Lara says the regulations were established in an “age of pagers and pay phones” and don’t precisely specify the materials and information for a timely review.

Some in Sacramento thought the reforms were straightforward, but they ran into stiff opposition from the Personal Insurance Federation of California, a lobbying group for property and casualty insurers, which claims they actually muddle the process while giving regulators too much authority. “They want to be able to say, ‘Well, if you want us to process your rate filing, you have to give us all this other stuff,’ which has nothing, nothing to do with the calculation,” said Federation President Rex Frazier.

His proposals to include so-called “catastrophe modeling” for future fires, storms and big insurance events, as well as the cost of reinsurance in premiums, are controversial among consumer advocates.

Lara has not yet released draft proposals for incorporating insurer reinsurance costs in rate reviews, nor exact proposals for getting insurers back into high wildfire-risk areas and getting homeowners off the FAIR Plan. However, insurers and the department reached a general framework last year that would require them to write no less than 85% of their statewide market share in those areas in exchange for his reforms. That means, for example, if an insurer has a 20% market share statewide, it would have to insure 17 out of 100 homes in such neighborhoods. Consumer Watchdog says both catastrophe modeling and reinsurance consideration in rate-making have worsened problems in Florida’s troubled homeowners insurance market, which has been battered by storm damage.

In the meantime, what can I do now if I live in high wildfire risk neighborhoods?

In 2022, Lara released draft regulations now in effect that require insurers to give discounts to homeowners who take steps to improve the wildfire resilience of their homes and property. They include installing a Class-A fire-rated roof, better vents, enclosed eaves and defensible spaces, among 10 specific actions that qualify for a discount. The department has already approved about 140 insurer rate applications that take the program into account.

What if I have trouble getting a rate quote?

The Insurance Department has a tool that allows homeowners to find out which insurers are writing coverage in their neighborhoods. It also will talk directly with distressed homeowners who call 800-927-4357 or access an online chat through insurance.ca.gov . The consumer group United Policyholders has worked extensively in this area and has its own online resources at uphelp.org .

More to Read

California insurer of last resort says it’s not prepared for a big disaster

March 15, 2024

California’s home insurer of last resort sees enrollment surge, raising concerns over its finances

He claims to have saved California homeowners billions. The insurance industry hates him

March 1, 2024

Laurence Darmiento covers wealth and dealmakers in Southern California for the Los Angeles Times. He joined the paper in 2015 as an assistant business editor and has overseen finance, real estate and Washington business coverage. Darmiento previously had been the managing editor of the Los Angeles Business Journal and was a reporter for the Los Angeles Daily News and other outlets. A New York native, he is an alumnus of Cornell University.

More From the Los Angeles Times

Trump Media stock falls more than 21% after company discloses $58-million loss for 2023

April 1, 2024

More than $150 in credits coming to Southern Californians’ utility bills this month

World & Nation

Israel clears way to shutter Al Jazeera, described by Netanyahu as a ‘terror channel’

Wall Street slips as bond yields jump on surprisingly strong manufacturing data

Here's who could be responsible for paying for the Baltimore bridge disaster

• The Francis Scott Key Bridge in Baltimore collapsed after a container ship collided with it.
• Several entities could be on the hook to foot the bill in the aftermath of the disaster.
• The maritime insurance industry will likely be saddled with the highest costs. 

The Francis Scott Key Bridge in Baltimore collapsed on Tuesday after a large container ship ran into it, leading to six presumed deaths and millions of dollars in possible damage.

It's still too early to estimate the total economic impact of the disaster, but between the cost of rebuilding the decades-old bridge, compensating the victims' families , and paying out damages for disruptions to the supply chain, the eventual cost of the disaster is expected to be significant.

Who will pay to rebuild the bridge?

President Joe Biden said on Tuesday the federal government should be responsible for paying to reconstruct the damaged Francis Scott Key Bridge.

"It is my intention that the federal government will pay for the entire cost of reconstructing that bridge, and I expect Congress to support my effort," Biden said.

The bridge was built in the 1970s for about $60 million, but the cost of rebuilding it could be 10 times its original price tag, an engineering expert told Sky News. 

Baltimore is among the busiest ports in the nation , with more than a million shipping containers passing through each year. The collapse — which closed the port to all maritime and most road traffic until further notice — is already beginning to wreak havoc on the supply chain.

The cost of building the bridge back fast enough to offset diversions as much as possible could saddle the government with a more than $600 million bill, David MacKenzie, the chair of the engineering and architecture consultancy COWIfonden, told Sky News.

Who will pay for damages to the ship and its cargo?

The container ship, the Dali , is owned by a Singapore-based firm. The ship's charterer, Maersk, confirmed to Business Insider that vessel company Synergy Group operates the ship. 

However, the companies with cargo aboard the Dali could ultimately be responsible for some of the ship's damages and cargo costs, according to Ryan Petersen , the CEO of the supply-chain-logistics company Flexport, which had two containers on the ship.

Related stories

The Dali was carrying 330 containers that must now be rerouted, Petersen said in an X thread.

An ancient maritime law known as " general average " dictates that companies with even a single container aboard a ship split certain damages pro rata based on the number of containers they had on board, ensuring all the stakeholders benefiting from the voyage are splitting the risk, Petersen said.

General average situations can occur when a ship is stranded or when cargo is damaged or thrown overboard to save the vessel, according to Flexport . The concept helps ensure that all parties who have a vested interest in the vessel share the cost and concern of protecting it.

It's too soon to know whether damages incurred to free the Dali in the coming days will qualify as a case of general average.

Who will pay for everything else?

The majority of the financial fallout is likely to lay primarily with the insurance industry, according to media reports.

Industry experts told the Financial Times that insurers could pay out losses for bridge damage, port disruption, and any loss of life.

The collapse could drive "one of the largest claims ever to hit the marine (re)insurance market," John Miklus, the president of the American Institute of Marine Underwriters, told Insurance Business.

He told the outlet that the loss of revenue from tolls while the bridge is being rebuilt will be expensive, as will any liability claims from deaths or injuries.

The Dali is covered by the Britannia Steam Ship Insurance Association Ltd., known as Britannia P&I Club, according to S&P Global Market Intelligence.

In a statement to Business Insider, Britannia said it was "working closely with the ship manager and relevant authorities to establish the facts and to help ensure that this situation is dealt with quickly and professionally."

Britannia is one of 12 mutual insurers included in the International Group of P&I Clubs, which maintains more than $3 billion of reinsurance cover, sources familiar with the matter told Insurance Business.

Britannia itself is liable for the first $10 million in damages, both FT and Insurance Business reported. Whatever remains is dealt with by the wider mutual insurance group and Lloyd's of London, a reinsurance market in the UK, the FT reported.

Update: March 28, 2024 — This story has been updated to include additional information about general average and clarify that it is too soon to know whether general average will apply in the case of the Dali.

Watch: The container ship that destroyed the Francis Scott Key Bridge has crashed before

• Main content

Baltimore bridge collapse: What happened and what is the death toll?

What is the death toll, when did the baltimore bridge collapse, why did the bridge collapse, who will pay for the damage and how much will the bridge cost.

HOW LONG WILL IT TAKE TO REBUILD THE BRIDGE?

What ship hit the baltimore bridge, what do we know about the bridge that collapsed.

HOW WILL THE BRIDGE COLLAPSE IMPACT THE BALTIMORE PORT?

Get weekly news and analysis on the U.S. elections and how it matters to the world with the newsletter On the Campaign Trail. Sign up here.

Writing by Lisa Shumaker; Editing by Daniel Wallis and Bill Berkrot

Our Standards: The Thomson Reuters Trust Principles. , opens new tab

Thomson Reuters

Lisa's journalism career spans two decades, and she currently serves as the Americas Day Editor for the Global News Desk. She played a pivotal role in tracking the COVID pandemic and leading initiatives in speed, headline writing and multimedia. She has worked closely with the finance and company news teams on major stories, such as the departures of Twitter CEO Jack Dorsey and Amazon’s Jeff Bezos and significant developments at Apple, Alphabet, Facebook and Tesla. Her dedication and hard work have been recognized with the 2010 Desk Editor of the Year award and a Journalist of the Year nomination in 2020. Lisa is passionate about visual and long-form storytelling. She holds a degree in both psychology and journalism from Penn State University.

Major Russian refinery hit by Ukrainian drone 1,300 km from the front lines

Ukraine struck one of Russia's biggest refineries on Tuesday with a drone 1,300 km (800 miles) from the front lines in Ukraine and said it had inflicted significant damage on a military target.

Three children were injured in a shooting at a primary school in Finland early on Tuesday, and a suspect, who was also a minor, was later apprehended, Finnish police said.