I wanted to know if anyone could elaborate on the positive and negative aspects of being a generalist analyst versus an analyst in a specific industry (more specifically Energy)

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It pretty much comes down to the fact that one will give you a more broad industry exposure while the other will make you very well versed in one sector -- so the pros and cons depend on what you want to do longterm. All things equal, it would be more difficult for a generalist to compete with a tech banker when interviewing for a technology focused PEG. On the other hand, a generalist will likely be able to tailor his or her resume to various opportunities outside of one sector focus slightly easier.

You will likely find though that even shops with generalists tend to focus on certain sectors, with each MD having somewhat of a specialty area. As an analyst, once you get staffed on a few similar deals in one sector you will likely get staffed on the next similar deal. That's not always the case, but it's fairly common.

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