I realize that M&A/Restructuring/Lev Fin/Sponsors are often the top groups at many banks and set you up for exit opps well. Obviously, this depends on the bank and some of these groups either don't exist or aren't great at certain banks. I also realize that industry group analysts often try to get on M&A, LBO, RX and HY deals so their can list them on their buyside resumes, and that IPOs are less advantageous in this regard.
However, for those in product groups (not talking DCM/ECM), do you feel that you're missing out at all on learning other key parts of banking, i.e. other products? (I'm lumping Sponsors in with the products, even though it's not technically a product group) While I hear that industry groups are sometimes less technical and sometimes pass off models to product groups, isn't there something to be said for being exposed to all of the products? Obviously, I'm talking about banks that don't have the GS model. I haven't started my analyst program yet so I don't have an opinion either way
I can't comment on being exposed to all of the products but I will say that there are top firms whose industry groups execute their own M&A as a rule. Obviously there are exceptions in each, but people really overestimate the size of M&A groups to sincerely believe that there is an M&A analyst on every deal that goes through the bank. Simply not true.
Some people actually want to do ECM/DCM...
It really depends on the bank ... I am in an industry group (tech) and we do all of our own modeling. I have friends in M&A that do not know some really elementary things that are outside of M&A modeling because that's all they do (for example a 2nd year analyst at a top shop did not know what surprise in earnings meant but I am sure could run circles around me on different M&A techniques / models). I think it depends on what you want to do long term. LBO funds like kids in M&A because they are learning a skill set that is directly correlated to what you will be doing at a LBO fund, modeling. Growth equity and other funds like industry guys that build lots of profiles and create industry slides and such because that is applicable there. From my own experience at my firm, the product guys have an easier life because if shit hits the fan it gets blamed on the industry analysts 100% of the time. They do not pitch as much and tend to do more execution work (which is better experience IMO).
skills that could be built in a product group (Originally Posted: 05/24/2009)
Folks,
If I get a job in M&A banking (product group) (for the full time) what skills will I build in 3 years ? (Apart from pitching).
Thanks a lot,
V
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Analyst years: Would you rather focus on one product group or embrace an opportunity to work across M&A, ECM and DCM? and why (Originally Posted: 01/21/2016)
Would you rather focus on one product group or embrace an opportunity to work acrosss M&A, ECM and DCM? and why
will prefer working across all 3 if I'm a SA, probably sticking to one if I'm FT
I know some banks actually have cross training programs (usually done at the Associate or VP level). Helps you develop product knowledge and contacts in other groups. Good to be a more robust coverage banker, especially if your shop has more of a "platform" (vs. pure advisory).
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