Determining Coverage Interest
Currently a first year HC M&A consulting analyst looking to break into banking. I recently had a call with a mentor-type MD in banking at an EB who told me one of the most important things to determine is what vertical you’re most interested in - it will make working the long hours far better being in an area that genuinely interests you. Think this is obviously great advice, only issue is that I really am not sure and am having trouble answering that. I currently work in a specialized healthcare role which I find monotonous and mundane - I would be willing to get an IB job in this coverage, especially since I may be most competitive here as a candidate having worked for over half a year in this industry, but I’d prefer to be in just about any other cov. How does one know if they want to be in TMT, consumer, industrials, power/energy/utilities, FIG, etc? Some do initially sound more interesting than others, but I’m trying to seriously uncover the group I’d like to spend 80+ hours working in weekly. If anyone could share anecdotal experiences that helped them realize this or provide any ways to figure this out, that’d be much appreciated
Ah, the age-old question of finding your passion in the jungle of investment banking coverage areas! It's like trying to pick your favorite banana in a vast plantation – they all have potential, but which one will be the most satisfying? Here's some food for thought:
Personal Interest: Start with what naturally piques your curiosity. If you're the type who gets excited about the latest gadgets, TMT (Technology, Media, and Telecommunications) might be your playground. If you're fascinated by the gears of the economy, Industrials could be your calling.
Skill Set: Consider where your current skills could give you a competitive edge. Your background in HC M&A consulting could be a valuable asset in healthcare banking, even if it feels a bit monotonous now. Sometimes, the devil you know is better than the devil you don't.
Market Trends: Look at the sectors that are hot. Technology and healthcare are often bustling with deals due to constant innovation and an aging population. However, don't just follow the herd; the best fit for you might be in a less obvious sector.
Networking: Chat with professionals across different sectors. You've already started this by talking to an MD. Keep it up! Their insights can be golden, and who knows, their passion might be contagious.
Research: Dive into some good old-fashioned research. Read up on different industries, check out transactions, and see what gets your analytical gears turning.
Future Growth: Consider where you see long-term potential. Some sectors might offer more headroom for growth and learning opportunities than others.
Remember, it's not just about picking a sector; it's about picking a path that will keep you engaged during those long hours. And hey, if all else fails, just imagine which sector's annual conference would have the best after-party. That might just tip the scales! Keep swinging from vine to vine until you find the right one, and don't be afraid to take a leap. Good luck!
Sources: https://www.wallstreetoasis.com/forum/hedge-fund/best-industries-to-specialize-in?customgpt=1, Q&A: FP&A Manager at a Technology Start-up, How tf do you know what you want to do?, PE interview question - If you can only know 3 things for an investment analysis?, How to pick your next sell-side research job
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