Which group is better and more interesting I know power and utilities can pigeonholed you due to the quant heavy modeling, but industrials is too broad. Which group is the best especially in New York and a lot of banks don’t have very specialized power in utility groups.
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The modeling isn't what pigeonholes you in P&U. In fact, if you can build a full rate case model, you have the skills to do at least 95% of all the other corporate modeling. The thing that pigeonholes one in P&U is the industry itself. There just are not many industries that are like P&U. Virtually no other field has to deal with the layers of regulatory oversight that you get in P&U.
For example, there is not just stuff like construction regulations which are incredibly local in nature. That is somewhat unique to deal with but there are other spaces like real estate and oil and gas that have similar considerations. But on the regulated side you literally have to ask the government if you want to charge your customers. You literally need laws to be passed in order for you to be able to charge your customers for certain things. If you want to create a JV to offload some risk, you may literally need the state to pass a law to allow that.
The business of P&Us is relatively unique too, especially on the utility side. In order to be allowed to charge your customers, you literally have to spend money. Fundamentally, profits are determined based on how much capital you invest. You literally have to invest money to make money.
It isn't like you build one factory and just crank products out like you do at a Tesla plant. In fact, that's probably a good analogy for the utility space. It is like Tesla only being able to charge their car buyers based on how many manufacturing plants they have. Now compare that to how the car industry actually works.
Tagging along on this. For someone interested long-term in infrastructure PE/PC/project finance would P&U or Industrials be better?
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