Best IB RE/PU&I/FIG Vertical?

Based on the most helpful WSO content, here's a breakdown of the Real Estate, PU&I, and FIG verticals to help you decide:

Real Estate

• Strengths:
  • Strong groups at DB, MS, and BAML.
  • Solid deal flow and exit opportunities.
  • RBC's Real Estate group is also strong due to its relationship with Brookfield.
• Considerations:
  • Competes well with other BBs in this area.
  • High demand for banking services in real estate.

PU&I (Power, Utilities & Infrastructure)

• Strengths:
  • Covers a broad spectrum of the industry, including large utility debt issuance and corporate M&A.
  • Well-respected groups at Macquarie, Evercore, and RBC.
• Considerations:
  • High demand for infrastructure projects and utility services.
  • Opportunities for large-scale, impactful deals.

FIG (Financial Institutions Group)

• Strengths:
  • Top groups include Goldman, KBW, Piper Sandler, Barclays, and Lazard.
  • Citi FIG is also highly regarded and has been poaching top analysts from other BBs.
  • Specialization in sub-sectors like insurance brokers, which have significant PE interest.
• Considerations:
  • FIG can pigeonhole you, but there are pockets within FIG that aren't 100% balance sheet focused.
  • High demand for financial services and complex deal structures.

Recommendations

• Real Estate: If you are looking for a vertical with strong deal flow and solid exit opportunities, Real Estate is a good choice. The demand for banking services in this sector is high, and the deals are relatively easier to win.
• PU&I: This vertical offers a broad range of opportunities and is well-respected. If you are interested in large-scale infrastructure projects and utility services, this could be a great fit.
• FIG: While FIG can pigeonhole you, it offers high demand for financial services and complex deal structures. If you are interested in specializing in financial institutions and enjoy working on intricate deals, FIG is worth considering.

Given your aim for a long-term career in banking, focusing on a vertical with high demand and relatively easy-to-win deals, Real Estate and PU&I might be the best options. Both sectors have strong demand for banking services and offer significant opportunities for impactful deals.

Sources: Why Should I Work in FIG Investment Banking?, Best Investment Banks for FIG (Financial Institutions Group), Top groups at BOFA London, Top Real Estate IB groups, Best groups at RBC