Coverage Group Pay / Hours
Read through the coverage posts but did not see this topic addressed and would appreciate any info regarding the pay/hours of coverage groups.
While it seems relationship bankers/coverage group bankers that do not model seem to have pay on par or higher than of their product counterparts, how does this fare with analysts/associates just starting.
Additionally, without the modeling/cramming pitchbooks deadlines,what are the hours like? I don't see how too many projects can come up that justify a coverage group analyst staying too much later than clients
Thanks
Additionally, this is for coverage groups in a bank that outsource all modeling/product services.
Starting salaries for are the same at least at the Analyst/Associate levels... not sure how that works further up the ladder...
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OK, coverage analysts get pages from product people and have to compile the pitchbooks. And they have to do industry pages / company profiles / comps / etc. SO yes, there are many reasons for a coverage monkey to get screwed on hours, even if they aren't modeling. I would avoid such a group, it sounds awful.
Im guessing from this you are fairly against coverage groups.
From what I've gathered its not a terrible place to be especially if you are not certain that you would like to work in a certain product absolutely, or sure that you would like to transfer into pe, or enjoy the relationship side of banking (higher up) if it ever gets there. I just wanted to get more opinions on it and I guess your against it.
I do appreciate your feedback and any more positive/negative would be great
I'm not against coverage groups at all - I'm just against coverage groups that outsource all their modeling.
I understand this absolutely. Product groups that are modeling intensive are definitely my top choice but also need backups as I am assuming M&A is the most competitive group to get into.
Considering other capital markets roles may restrict me to future roles in those jobs I am considering coverage groups in that people have told me that it provides me with a more well rounded base.
every product group sucks except M&A. ecm and dcm are not banking. levfin is just pricing and blows most of the time.
only thing left is coverage groups.
go to a boutique and u wont have this problem.
So coverage>capital markets is the general consensus?
are you retarded?
please report back to me how many ecm/dcm kids are in KKR.
Then take a look at good coverage groups like CS sponsors and MS TMT. no comparison bro.
Depends what you're into, if the only think you care about is exit opps then groups like GS TMT (and ones mentioned above are great), but DCM and ECM also have better hours (I'm not saying great) but def better than banking hours...
ops and 5th grade teacher has better hours too, whats ur point? tons of jobs with less hours and less pay than banking. (yes, cap markets confirmed to pay less bonus)
To be honest, outsourcing of all the modeling work is not necessarily the worst thing in the world. Contrary to popular belief, there is much more to life than cranking all day on LBO / accretion - dilution models.
Hours aren't a huge concentrate for me. Future opportunities and not being stuck in a product group I may dislike is what concerns me most. To clarify once again this is a MM bank with coverage and product completely split as coverage groups are mainly relationship managers.
That being said, would a coverage role in this structure make me less competitive than if I worked in a produc group outside M&A/LevFin.
In short, coverage(non product work, relationship/middleman role in a sector) vs capital market product groups (ECM/DCM/syndications)
ok if ur in a middle market bank ur already f'd so do what u want.
Any more helpful advice?
Even if your coverage group is more relationship-oriented at your bank, this does not mean the hours will be better. You could even end up working more hours if your MD is over the top with doing a lot of pitches. Bottom line is that it's very hard to generalize unless you have a very honest opinion on the inside. I would focus more on the people in each group and what you're interested in (whether that be a particular product or industry). Each bank is different.
Coverage Group Lifestyle Difference? (Originally Posted: 08/15/2014)
Stereotypes usually characterize product groups as being the most intense (read: M&A, LevFin). I'm interested in coverage groups on the other hand, and am hoping this might mean that hours in coverage groups might be a little more lax. Is this true? Better (even slightly) lifestyle? More chill management? Thanks in advance!
Completely dependent on the bank. Plenty of coverage groups that are sweatshops
Not true at all. With the exception of M&A, I think coverage groups are actually more of sweatshops that product groups. LevFin and ECM are usually not bad at all in terms of hours
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