If you join a top industry group at a BB are you pigeon-holed into that field? For example, if you join a reputable energy or tech group, are your exit opportunities limited at all to those industries?
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I know a lot of people in this forum may disagree with me (specially the ones working in industry groups, for obvious reasons), but I strongly recommend that when you are starting (junior banker) it is better to get a product group, especifically M&A. Just because it gives you a good exposure to all types of models, transaction structuring, etc; and the knowledge is easily transferable (good exits opps for HF, PE, etc)
I'm not saying that industry groups won't let you land a PE/HF job, but you could be limited to a fund that invests in that specific sector... whereas in a product group you will end up having an overview of a bunch of different sectors, which is good because being a junior banker you wouldn't develop any in-deepth knowledge of any sector anyway... Let's be realistic!
I'm also of the opinion that industry groups are more appropriate when you are senior and have developed good relationships within an industry during your career and more experienced and can REALLY contribute and undertand a certain industry dynamics, players, etc... and be able to ADVISE a CEO/CFO...
Also, with this financial crisis, there is a clear signal that we will be seeing lots of senior bankers opening up their very own boutique and generally at this initial stage these shops tend to not specialize in one field and be more general M&A type of shop.... and I do believe that boutiques will be the future for IBD, also because of these pay restrictions the US government has imposed....
Anyway, that's my own opinion on this matter...
Would you say the same thing about joining an active industry group. I've heard energy is very hot (especially with all the focus on renewable power etc. that seems to be a long-term world priority). Wouldn't an analyst get all different type of valuation and other training in such an active group?
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