For career bankers, is it better to be in a coverage group than a product group? I feel like those MDs would have closer relationships to companies due to covering a specific industry. When a healthcare company wants to do an M&A deal or raise capital what role would M&A MDs or LevFin MDs play because it makes sense that the healthcare MD in the specific vertical would source it.
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You get paid when the deal gets closed tho, not announced. Product MDs can and do win deals; think of it like a very technical sales job. The product MDs are going more off their own expertise in executing a sell-side transaction or raising the most capital for the clients.
bump
You have some senior product guys who are good to have when it comes to providing expertise if things get hairy. But EOD, coverage guys are the one keeping in touch with the company over the years at all levels, helping with everything (M&A, equity, debt). That’s where the relationship is built that lasts, not over acc/dil or leverage level of a certain deal. Lot of the transactional work by product teams can be (and is done) by a VP level guy.
Our M&A guy has maybe two accounts where he is the guy, but there are hundreds of accounts managed by coverage guys and clients prefer dealing with them. And yes coverage guy gets paid the same way - after a deal closes. And the fee (especially for M&A) is more culmination of all the work (some low $ financing, dead deals, pitch books, all the introductions) coverage guys had to deal with vs valuation/dataroom/fairness for one specific deal.
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