Industry Deep Dive


College junior here, Im currently trying to learn about different industries and was wondering how IP learn about an industry if you get assigned one? Where do you start and do you have something like a framework you follow or do you just start reading book after book?

Im especially interested about „normal“ ways since I don’t have access to industry primers from ER or other industry research.

Thanks for all types of insights.

Google the top news sources for the sector, subscribe, and read everything. Look up consulting reports, read books, watch YouTube videos, conferences, etc.

Just use Google

Sell side industry primers help massively for summarizing the basics pretty quickly - but obviously the best way is just going through the companies themselves. Investor days will tend to give breakdowns of their end markets, growth rates, TAM, products, sales cycles, competitiveness, etc. As well as with 10ks. Just gotta grind through a lot of companies, their investor days and 10ks, and earnings calls. Compare and contrast the models, margins, blah, blah... 

You can definitely learn from books about the industry and stuff, but if the end goal is going to be covering these companies... well, might as well cover the companies...

For high-level introductory info, often VC firms will have useful industry reports that do a good job outlining trends that they are looking at, who the major players are, etc. a16z, Bessemer and Lightspeed have good ones, at least for the tech industry off the top of my head.

I'm not in HF, but I believe the best way to understand industry basics is to read books. 

For example, I cover semiconductor as a banker, and I need to/want to understand my clients deeply. Therefore, I read the following book:

Silicon Earth : Introduction to the Microelectronics and Nanotechnology Revolution 

It is a great book to know beyond primer basics. With this book, I am now capable of holding a meaningful conversation with hardware engineer friends. You just get a much, much deeper understanding of products and services companies offer. In comparison, VC/Consulting reports can get really shallow/have a hard time explaining things clearly. I think this is also a reason why pure finance folks are out of favor now. 

Most Helpful

Facilis eum optio in necessitatibus ea repellendus. Asperiores ut eos ducimus quaerat aliquid deserunt aut. Quo voluptatem omnis nemo eaque. Autem iusto molestias soluta. Ducimus nihil dolorem accusantium consequatur et recusandae non. Velit odit doloribus quasi architecto corrupti assumenda.

Ut debitis officiis dolores nemo facere sint nam. In labore laudantium aut ipsam reiciendis. Hic exercitationem omnis sint ipsam. Saepe soluta voluptas sed fuga dolores saepe ut. Tempora in voluptas eum est sed voluptatem. Doloremque qui recusandae et est enim.

Debitis est aperiam asperiores voluptatem. Architecto facilis reprehenderit in mollitia odit. Ut est blanditiis molestiae officiis.

Career Advancement Opportunities

September 2023 Hedge Fund

  • Point72 98.9%
  • D.E. Shaw 97.9%
  • Magnetar Capital 96.8%
  • Citadel Investment Group 95.8%
  • AQR Capital Management 94.7%

Overall Employee Satisfaction

September 2023 Hedge Fund

  • Magnetar Capital 98.9%
  • D.E. Shaw 97.8%
  • Blackstone Group 96.8%
  • Two Sigma Investments 95.7%
  • Millennium Partners 94.6%

Professional Growth Opportunities

September 2023 Hedge Fund

  • D.E. Shaw 99.0%
  • AQR Capital Management 97.9%
  • Point72 96.9%
  • Magnetar Capital 95.8%
  • Citadel Investment Group 94.8%

Total Avg Compensation

September 2023 Hedge Fund

  • Portfolio Manager (9) $1,648
  • Vice President (22) $464
  • Director/MD (11) $434
  • NA (6) $322
  • 3rd+ Year Associate (24) $287
  • Manager (4) $282
  • Engineer/Quant (67) $273
  • 2nd Year Associate (30) $251
  • 1st Year Associate (72) $191
  • Analysts (222) $178
  • Intern/Summer Associate (21) $134
  • Junior Trader (5) $102
  • Intern/Summer Analyst (243) $85
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...”

From 10 rejections to 1 dream investment banking internship

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