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In this video tutorial, the speaker emphasizes the importance of a cover letter in job applications, particularly when competing for first-round interviews in management consulting and investment banking, despite the resume being crucial. They introduce three key elements from Amanda's successful cover letter that helped her secure multiple job offers. The tutorial asserts that while a good cover letter won't guarantee a job, a poorly written one can eliminate a candidate from consideration. The video promises to reveal a unique formatting tip at the end and encourages viewers to learn how to craft an effective cover letter before applying for positions.