Most Technical Groups Ranked
I was wondering on average where people would rank different product and coverage groups based on difficulty/technicality?
I know RX is probably number 1, and then maybe special situations M&A, then regular M&A product groups. But where do you guys think certain coverage groups (tech, healthcare, FIG, and infrastructure would likely be in the higher end, with others lower on the ladder) land in that stack? What about niche product groups like an esoteric product origination group?
What about capital markets groups?
I know a lot of this is firm dependent and there are a lot of other factors. But intersted to see if people actually would put that much more weight on somone who’s an analyst at a M&A group vs someone who’s an analyst in a transportation coverage group (no diss on transportation, just using it as example as I think the precedent is that it is generally less technical) at the same bank.
Probably Infra, FIG, Natres, Oil & Gas, Telecoms are the most technical. The reasons range from generally long granular models, or very niche specific modelling.
Other sector coverage like TMT, Industrials, healthcare, C&R would fall afterwards.
But technicality does not equal how difficult the job will be
It is Infra. Rx is not that technical. The drivers are the lawyer
I don’t think it’s unreasonable to say biotech is more technical than any product group (barring rx) if you consider the breadth of actual diligence
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