Leaving coverage team
I’ve honestly lost respect for coverage banking. Just a dumb slide building job with no technical work. MDs care more about shape format than the financials. Building a CIM is the same thing as mindless pitch work to me. I have to fight with the M&A team just to get on the model. Ridiculous. For those that have left coverage to a product team, how did you do it and how was the adjustment? Do you take a demotion? I dumped all the dumb buyer tracker and admin work on the M&A first years so I got decent modeling reps but I just want to switch to a product team asap to leave the useless slide building. Coverage banking can be done by Rogo.
Based on the most helpful WSO content, transitioning from a coverage team to a product team, such as M&A or LevFin, is a common move but requires strategic planning. Here’s how you can approach it:
1. Leverage Relationships
2. Demonstrate Technical Skills
3. Position Yourself Strategically
4. Timing and Adjustment
5. Mindset Shift
If you’re serious about making the switch, focus on building relationships, showcasing your technical skills, and positioning yourself as a strong candidate for the product team. It’s a competitive move, but with the right strategy, it’s achievable.
Sources: Roadmap for IBD Coverage Associate to Career Banker, Roadmap for IBD Coverage Associate to Career Banker, Credit Analyst Q&A
See I think M&A banking can be done with Rogo lol...most of coverage boils down to relationships / client-facing work
I disagree. As soon as AI gets more reliable in modelling (and Rogo and Claude are improving very fast) product bankers will get cooked.
The future is for those who will hold the pen on the client relationship, not on the model.
In any case, junior banking will probably be partially automated in 5 years across both coverage and M&A.
Honestly I give it 2 years before they start firing analysts. Agreed that Rogo can model. Maybe the grass isnt greener on the other side
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