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Product > coverage, typically, but your WLB will be shit. Product here means M&A / RX / LevFin.
Coverage work involves a ton of pitch work and group support that is not conducive to PE. That being said, a BB / EB strong coverage group is still an excellent placement (obviously GS TMT > most product groups at other banks, doubly so since GS does modelling in house at coverage groups).
If coverage is your only choice, try to go for a group with as broad a mandate as possible (Business Services, TMT, Industrials) and not a group with more bespoke analysis (Natural Resources, FIG, Infrastructure).
Thank you for your response and insights. Assuming I have all options on the table, which group positions me best for lateraling to another bank?
Or, would you recommend shooting for MM/LMM PE as a path to lateral to MF/UMM PE instead of shooting for a different bank?
If very early in IB career try lateraling to strong product or coverage group as I laid out.
If your bank isn’t that bad and not having luck with IB lateraling (you’ll likely add a year to your analyst career), aim for best PE shop you can get and yes you can lateral upward when junior, but it is difficult).
Why do you need a “differentiated” skillset? You’re entering a job where thousands of other people your age do the exact same work. If you want to do private equity, then you can’t beat an m&a skillset.
Imo it doesn’t matter if you go product or coverage as long as you don’t mind doing PE in that same coverage and you like it. Also assuming there is m&a deal flow and that group has a decent deal close rate. Otherwise, m&a groups will give you broad exposure to industries and you could pick and choose what PE seat you would want a bot more freely than if you were say a pharma ib analyst.
This is gold, thanks a lot.
Good advice.
You want as broad a skillset as possible to be most marketable and then shine as an individual. It’s a cool story to have a different background but firms want to make sure you have the table stakes technical abilities.
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