Does anyone know how the coverage role works at TD? I've heard the M&A team holds the pen on the model, and I don't want to join a coverage group that lacks technical work. I'm deciding between a few offers and would greatly appreciate some help.
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Based on the most helpful WSO content, the dynamic between coverage and M&A teams can vary significantly across firms. While there isn't specific information about TD's coverage role in the provided context, here's a general insight into how coverage and M&A roles often interact:
M&A Team's Role: In many firms, the M&A team typically takes the lead on technical aspects like modeling, especially for complex transactions. This includes creating the financial models, teasers, and CIMs, as well as running due diligence processes.
Coverage Team's Role: Coverage teams are often more focused on relationship-building with clients and providing industry-specific insights. They may contribute to preliminary modeling and provide input on the transaction, but the heavy technical lifting is often left to the M&A team.
Technical Work in Coverage: If you're concerned about the lack of technical work in a coverage role, it's worth noting that some coverage teams do get involved in modeling, especially if they can demonstrate strong technical skills. In certain cases, deal teams might bypass the M&A group for specific parts of a transaction or pitch.
If you're deciding between offers, it might be helpful to directly ask about the division of responsibilities between coverage and M&A teams at TD during your decision-making process. This will give you a clearer picture of the technical exposure you can expect in the coverage role.
Sources: How are JPM PE exits, Credit Analyst Q&A, Day in the Life--Middle Office (Risk), Technology IB Coverage Group - Exits, Interview Preparation, etc.
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M&A def doesnt hold pen on model in top groups such as HC, Tech, CMT
Avoid Capital Markets for culture reasons
They don’t hold the pen for P&U either
Do you know to what degree the m&a team is involved? I’m just trying to get a better picture of how much of the deal process I’d own in one of the coverage groups you mentioned.
Levfin has decent culture and dealflow
Can you expand on what you mean on the cap markets part?
If you are PoC, only entertain teams that have at least 1 PoC at VP and above.
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