Difficulty Deciding Between Specific Industry Coverage or Product (M&A)
I know that some banks have M&A and industry coverage groups separate from each other such as the one I signed at. I do have a very particular interest in a specific industry that I connected really well with the people in that group that I'm passionate about but I also would like deal experience such as M&A. Which one should be the better choice? I would maybe like to go to PE/buyside but idk yet. Thanks for the help!
Thats up to know to decide. You ask coverage bankers if its better to start your career in a specific industry group, they'll say absolutely. You ask product bankers if specializing in a particular product is better for your career and they'll also say absolutely. What I will say is that if you have an industry you're super passionate about and skilled in, then go into that coverage group for your banking years - it'll only help you. Otherwise, product groups are sometimes seen as a generalist program that doesnt pigeon hole you into a particular industry, and although I dont think this is necessarily true, many coverage bankers do continue their career(s) in the same industry after banking. Remember tho, switching groups isnt all that difficult if you are at a firm that supports internal movement - if you're at GS tho, you aint moving lmao.
Also side note, although banks have separate coverage & products teams, many banks have these groups work together frequently. If you're a healthcare banker, you'll get exposure to M&A, and vice versa - this is obviously dependent on the particular bank tho so talk with a few people and see how much of an interaction between groups there is.
I think people fixate way too much on the first 2 years of their career - regardless of if you're in a product or coverage group, you're in a perfect spot to succeed, its just up to you to do well and create opportunity.
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