O&G is the hardest cov group to work in day to day, change my mind
Little to no support from M&A (or any other group), extremely technical & unique workflow, sweaty AF, no love from NYC HQs. Not talking bank specific, but in general, what other groups compare?
Just did an internship in NR in a BB in London and we were always the group staying the latest, sometimes with infra but mostly interns. We had analysts and an associate staying.
Little support from M&A. Workflow is pretty good, it is the second biggest cov team in this bank after TMT, mostly relationships deals so workflow always pretty high
I don’t know if NR is the hardest but is one for sure
Mf spitting. Where the rest of my O&G boi's grinding out the NAV on a Saturday lets hear it yuhhhhhhh
No end in sight
Mining is up there. Same shit. Not even my coverage and here I am pumping away on a Saturday. Sitting here looking at pounds in the ground. Mining can kick rocks.
Sometimes maybe good, sometimes maybe shit.
much higher # of chads per capita than other groups in. Very, very few women even by banking standards so groups are more likely to have fratty cultures
Sweaty. Volatile macro. Highly technical. Companies run by both Phd's and high school dropouts. Erratic sponsors. Guaranteed you'll see one headcount reduction in your stint. Hostile investor environment. Depleting assets.
You have to being either brave or stupid to do O&G banking and baby I am the dumbest of them all.
Also very limited exit opps outside of O&G/Texas
Couldn’t be further from the truth imo. I work at a middle of the pack Houston IB and I got looks from a ton of generalist funds. Lots of neat infrastructure opportunities as well.
It’s not that hard to exit to NYC (or anywhere else for that matter).
Why not just start in a non-OG/NY group in the first place though
Were they generalist funds in Texas or NYC though? And did you get initial looks or all the way to an offer?
Infra is definitely an option, but generalist NYC is a VERY hard move and has been for at least 3-4 years.
source: multiple years in Houston.
It's more effective to make a thread about worst IB groups rather than asking best groups. With that in mind, I'd say NR (similiar attributes to O&G). But at least a good future given the demand for EVs and what not.
Yup. O&G and Mining are prob two of the toughest groups in the industry
The 2 years I spent in an oil and gas coverage role post MBA represents the low point of my career. Felt like I was barreling headfirst into a brick wall. Would not recommend
Thank God for the A&D engineers. No way I could do the normal pitch/deal load AND run a bunch of type curves for specific basins and wells.
11/10 true. Never met an O&G team that wasn’t sweaty (& proud of it)
Don’t forget that O&G also has the biggest prima donnas at the VP and MD levels…
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