I'm in a product group covering a certain industry (FIG M&A - for example) and I want to move into a coverage group of the specific industry (to continue the example - FIG coverage) ideally at a different institution. How easy is this? Would my experience be considered too niche/skills too different? I've been in my group for almost a year but looking to get more exposure to the industry I cover as a whole. Thanks!
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You would have no issues moving from FIG M&A to FIG coverage. Now moving from FIG DCM to FIG coverage is a different story...
Can you expand?
Ha spotted - no one in FIG M&A would ask this question, it obviously has to come from someone in DCM.
In M&A you need to have a good understanding of the drivers of a company, its outlook, its capital structure. In DCM, all you do is look at relative value versus peers in the debt market and price you instrument on that basis, relatively little will be done on the operating side.
In FIG "coverage" (you never have M&A guys dipping their toes into FIG M&A other than maybe for process considerations) you will be doing moslty M&A and chatting to C-levels folks to sell them all the products of you bank and delegate for these other products.
Thanks! This is what I thought so are there any smaller steps/moves I could make to get from something like a non-M&A product role into coverage? If I had modelling experience would this help? Is lack of technical skills in most product groups the only reason this move into coverage is hard?
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