Curious about coverage groups that don't do their own modeling and outsource it to m&a team. How big of a deal is it for exits? Is it better to be at a worse firm/group with less prestige and deal flow but does its own modeling?
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When it comes to coverage groups outsourcing modeling to M&A teams, the impact on exit opportunities largely depends on your ability to demonstrate technical skills and deal understanding during interviews. Based on the most helpful WSO content, here are some key insights:
Outsourcing Modeling:
Some coverage groups rely on dedicated M&A or product teams for modeling. While this might limit your hands-on exposure to technical modeling, it doesn't necessarily hinder your exit opportunities if you can articulate your understanding of deal strategy and key business drivers.
Exit Implications:
Key Takeaway:
It's not necessarily better to be at a less prestigious group that does its own modeling. Instead, focus on building a strong understanding of deal mechanics, honing your technical skills (even outside of work), and preparing for interviews effectively. The WSO Elite Modeling Package or similar resources can help bridge any gaps in technical knowledge.
Ultimately, your ability to market your skills and experience during the recruiting process will play a significant role in determining your exit opportunities.
Sources: For those of you who worked at a BB that has a separate modeling group (M&A), do you feel like you gain less technical skills?, On Exit Ops, Advice for New Analysts Seeking PE Exits, Leveraged Finance – 2017 Update, Lev Fin Outlook & Best Groups 2020
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