Hi,
I am struggling to determine how to rank my teams for my upcoming SA strategically. Currently deciding between Industrials or M&A. I am leaning towards a sector team as they are less process-driven; however, at this point in my career, I want to receive exposure to everything.
Are there any things I should DD specifically that are usually missed/overlooked by interns?
Thanks
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When deciding between Industrials and M&A for your SA program, here are some key considerations and due diligence (DD) points to help you make a strategic choice:
Exposure to Deals and Skill Development:
Team Dynamics and Culture:
Exit Opportunities:
Geographic and Deal Flow Considerations:
Overlooked DD Points:
Your Career Goals:
Ultimately, both teams have their merits, and your decision should align with your interests, career aspirations, and the specific dynamics of the teams at your bank. Good luck with your SA program!
Sources: Mining Private Equity Firms, https://www.wallstreetoasis.com/forum/investment-banking/week-4-of-ibd-internship-initiation?customgpt=1, Q&A: Emerging markets investment analyst, 10 Friendly Reminders While Networking for SA Programs (from a BB Analyst Perspective), How to identify strong management team?
Between those two teams, there isn't a huge amount between them in terms of any doors it might close / limiting your exposure. You can argue that a sector team will give you exposure to products that an M&A team might not show you, but you're also likely to learn more technical skills in an M&A team.
For me this comes down to (1) what you're interested in, (2) deal flow (you DO need to learn and get reps in), and (3) culture / team dynamics.
So it's really the usual things that you want to diligence, but do try to get yourself into a top and busy team with ideally reasonable people and where you'll be given the right level of coaching and opportunity to step up
Thank you, that is great advice.
Main caveat I have seen from the product teams is that they do not 'hold the model', is this that big of a factor that I should be considering?
I have sectoral interest; however, in my head, I would much prefer a generalist role to try everything, then I can specialise after AN2 knowing I have at least a brief understanding of some sectors.
Additionally, when networking, how do I ensure I am asking as high a question as possible to understand the team culture/things that I can't read about or infer from anywhere?
Product teams don't hold the model? Are you sure? For M&A and LevFin at least, they typically hold models. It depends a lot on the bank and team dynamics on how work is split, but I'd be surprised if you didn't pick up technical skills in a product team.
That said, my personal view is that models are not that hard. If you make you to keep up reps, you'll know the basics enough for moves to new roles if you're unlucky and not exposed to models.
Your last question is a very good one, and honestly quite hard for you to unpick in an interview. It's better to ask specific questions (e.g. instead of "do juniors get to model?", ask to the analysts "how many hours have you spent modelling this week?"; don't ask generic questions which give people a chance to do a speech - they're trying to market their team to you). And the questions you ask should lean into what matters to you most (culture means different things to different people)
I'd go industrials team here, at my BB (European), M&A was only takeover code as mentioned above, so would not say you lose any technical dimension (assuming the set up is the same but that's kind of what I've seen in other banks too), and you gain industry exposure which I think is simply more engaging. It does also raise the chance to approach other types of work, though I wouldn't overestimate the chances of that, my team's work turned out to be all M&A over the summer. Obv this is random, maybe some other stuff comes in, just that these days public mkts are dry af so generally saw less of that come into the door for my sector.
The issue is, yes, I think Industrials is cool and interesting, but, having exposure and knowledge of many sectors then specialising down the road gives me more optionality, no?
Thinking longer term, hypothetically, if I wanted to do L/S (where Tech and C&R dominate), would I not be constrained coming from an Industrials background vs an M&A background where I have a broader, more malleable skill set?
Thank you for your advice.
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