In order to maintain a long-term career in banking do you think that coverage bankers or M&A have a more sustainable career? And why? Additionally, at that level do you think you have to make the coverage or M&A decision?
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As a senior you want to be in a coverage group because you usually are credited for sourcing deals and maintaining relationships with clients. Product bankers are more execution-focused and from what I understand, they get lower bonuses than coverage MDs
100% correct. Execution bankers are also easier to lay off
Bump. Curious to hear from other senior bankers
For a longer term career, I'd definitely stick with being a coverage banker.
The relationships are almost always held by the coverage banker, not the product banker, and that is ultimately what drives your worth as a senior banker.
The only product group I've seen that owns the relationship over the coverage banker is DCM, but that's typically at the Treasurer level, not C-suite.
D here.
Said before. I've done both. Started in M&A and now in coverage.
Long term - coverage pays better and is safer as long as you can win some business.
Sadly product bankers are a commodity. Product groups get cut first in a downturn - not bankers who win business.
However, it's up to you. Your career and the two are different. Depends what you enjoy doing.
How was the transition from M&A to coverage? And what traits do M&A MDs have that made them successful do you think?
Transition was easy. Have to be very methodical and understand what subsectors you want to build a specialism in. I'm quite commercial but I've seen others struggle.
Coverage is about knowing your area and knowing how you can provide value to clients.
M&A is about be a great project manager and being a problem solver. The latter is the most important thing for a MD in my view in M&A. The best M&A bankers ive seen are cool under pressure and get solutions to keep the transaction ticking along.
Sector long term is always better, both for exit ops and depth. Those Healthcare Bankers who got their PHDs get great exit options at healthcare funds and biotech funds.
The best long term option is one where you bring in revenue and are responsible for the relationship. That is more likely to happen from a coverage group role. The type of product group person who can do this is few and far between.
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