Hey guys,
I'm currently thinking about what the easiest sector for M&A is.
Specifically, I mean a sector that requires little intellectual effort or one that involves little modeling and qualitative work. Infrastructure, for example, would not be an option.
What would you say is the sector in which it is easiest to get started in the first few years?
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thx bro
this is why you will forever be mediocre
C&R is the easiest to understand and Industrials for most companies have pretty simple modelling. Tech is also fairly standard, but tech has more tech-only things that gets looked at than C&R and Industrials. Most of HC outside of biotech isn't particularly complex, but biotech is super specialized. Energy/Infra and FIG are the most specalized.
A good way to think about this: if your group has various people exiting into PE firms focused on other sectors predominantly or corporate roles in other sectors = fairly standarized. Industrials and C&R probably have the most people go into other sectors, energy/FIG the least with HC/Tech somewhere in the middle. Might be a bit of an over-indexed to both HC and tech given how many large tech and HC focused-investors there are compared to other sectors, but think results still end up fairly reflective.
I also do not think that Infrastracture is particularly intellectually challenging, business models are some of the simplest. Modeling is complex because there is so much more visibility into Infrastracture revenues vs. something like tech. Tech and HC can really get complex if you go super deep into trying to understand the businesses because US HC is just a screwed up system and Tech has so many constantly moving parts.
From a business model and financial modeling perspective, Real Estate is also pretty simple.
Realistically they are all the same. This is IB lmao no real intellectual effort required. Just updating existing templates + ER models to supplement
I am assuming question being asked is not at junior level but rather at the stage where you work on being the senior talking to clients. Agreed that analyst job is mostly non-intellectual, only semi-intellectual thing is doing first-draft of CIM's and bakeoffs but even that get's heavily edited by your mid-levels and seniors. Modelling as a banker is inherently un-intellectually stimulating, but I think some of the qualtative stuff is interesting to think through what to put on a page.
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