Coverage (industry) vs M&A groups
Not seeing as much info on this topic so figured I’d ask. What is the outlook for lower BB / MM coverage groups at banks with a separate M&A groups that are split 50/50 between origination and execution? Seems that my year at a lower BB/MM has been split this way and on live sell side M&A deals we handle about half of the work outside of operating models, data rooms, etc.
Obviously the M&A group would be preferred to exit opps, but what are the career perspective outlooks? Can you still get into a MM fund in that industry or should you lateral into an M&A group?
Bump. Curious as well.
Would not say M&A is preferred for exit opps at all, at least not at my shop. Very prestigious team within the bank but the lack of operating model expertise, valuation experience and sector knowledge mean they often don’t perform as well at interview as one might expect. Obviously this is all bank, team and individual dependent.
Appreciate the response. Obviously bank dependent, but my coverage group doesn’t run the operating models. We handle the initial valuation models in pitches and such, then bring in the M&A team when engaged. Is it recommend to stay or move into an M&A group in your opinion?
I wouldn’t say it makes a huge difference but potentially if it isn’t too difficult why not.
I would say that industry knowledge, if you are lucky enough to be placed in one that you could see yourself staying in for your career, will be much better for professional development. If you’re recruiting for an RX HF, why would they choose a generalist over an analyst who has spent 2 years engaged in the space they cover?
Nobody cares about the "industry expertise" you get as an analyst
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