Best group for a career banker

Can someone help make a basic list of the best groups (e.g. industrials, healthcare, M&A, LevFin) for someone considering a long-term career in investment banking - In terms of pay and job security, if any.

 

Whatever one that interests you the most, because that's the one your most likely to succeed in. But, if that wasn't a factor, I would be long healthcare groups if we are taking about over the course of a career. So much structural change in the industry, huge percent of GDP that will always need to exist, need for consolidation, shift in population demographics, regulatory changes, and niche knowledge base and experience will create demand for sell side bankers (which drives your criteria, pay and job security).

 

This is the complete opposite of my experience. At my bank, the coverage officers are the ones maintaining the relationships, and thus, not only do they have to be sharp but they also have to be personable and able to continue relationships with clients.

If somebody isn't good with clients/can't cut it as a director or MD in our coverage group, but we still like them and think they're sharp, we don't push them out per se, but rather give them the opportunity to join the M&A group or leave. So a coverage banker can become an M&A banker, but we don't take any M&A bankers as coverage officers in my group.

 
Best Response
Candor:

This is the complete opposite of my experience. At my bank, the coverage officers are the ones maintaining the relationships, and thus, not only do they have to be sharp but they also have to be personable and able to continue relationships with clients.

If somebody isn't good with clients/can't cut it as a director or MD in our coverage group, but we still like them and think they're sharp, we don't push them out per se, but rather give them the opportunity to join the M&A group or leave. So a coverage banker can become an M&A banker, but we don't take any M&A bankers as coverage officers in my group.

Clearly every firm and group is different to some extent, but if you look at the senior ranks at the top banks, most of the leading group heads have an M&A background, or even if they built their careers in an industry team, were primarily focused on M&A.

The only way you build consistent CEO relationships is by working on important M&A transactions (and to some extent IPOs but M&A much more).

But I do see that many firms are deemphasizing M&A groups, so what you say may hold increasingly more true over time. I personally think this is a strategic error..

 

If you're making a career out of banking, then the key criteria for "best group" should be what you are most interested in. It's one thing to, say, pick a group for an analyst stint based on exit opps, and it's not that big of a deal if you love it because you'll only be there 2 years anyway. But to succeed long-term in a field, you have to have a passion for it.

I would be in RX because I find it most interesting. Doesn't hurt that there are always companies in distress in any part of the cycle.

 

Some esoteric DCM/ECM sub-group... better hours and you develop a skillset that makes you irreplaceable. No exit ops but you'll climb the ladder and pay scale quicker than anyone in a coverage group most likely and won't be working as hard.

 

At least in my bank, product side has limited upward mobility post VP. Basically two to three MD from M&A partners with 10+ coverage MDs in each group. Coverage guys also have better options to go find their own business (e.g. go after small accounts) vs. M&A guys are kind of waiting to be asked to join accounts. That makes it even tougher given existing M&A gets called into everything before his director (even for the smallest thing).

 

Nihil nemo cum est expedita voluptatem eos et. Sint ut minus odit doloribus accusantium. Dolore possimus ut aliquid ullam alias.

"Oh the ladies ever tell you that you look like a fucking optical illusion" - Frank Slaughtery 25th Hour.
 

Fuga quo ab exercitationem aut molestias. Quis aliquam sint voluptatibus ut. Optio nesciunt odit debitis occaecati sit nihil quis voluptatum.

Adipisci quos aliquid et iusto doloremque eum sit maxime. Nostrum minima error minus autem vel molestiae reprehenderit sequi. Corrupti ut omnis quaerat est fuga beatae qui.

Vel molestiae incidunt quia minima. Illum aut culpa ut. Nostrum numquam quia sit reprehenderit. Officiis explicabo animi qui fugit quidem tempore dolores impedit. Esse esse perspiciatis ratione sed officia nobis.

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
kanon's picture
kanon
98.9
6
CompBanker's picture
CompBanker
98.9
7
dosk17's picture
dosk17
98.9
8
DrApeman's picture
DrApeman
98.9
9
GameTheory's picture
GameTheory
98.9
10
bolo up's picture
bolo up
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”