Hi everyone. When reading some threads to learn about product vs. coverage groups, I noticed some talk about how sometimes coverage groups “don’t touch the model”. Could someone explain briefly what that means in terms of work responsibilities, etc. Also, I think I read about some banks having integration between product and coverage teams i.e. a group does their own M&A. What does that mean from a practical standpoint?
| +222 | UBS Accused of Favoring H-1B Workers While Cutting U.S.-Born Employees | 54 | 6h |
| +123 | ONLY THESE BANKS OR YOU STRUCK OUT | 34 | 10h |
| +111 | IB Energy Drink Tier List / Ranking | 73 | 10h |
| +91 | PJT M&A Group Selection 2026 | 14 | 1d |
| +59 | Firm Thinks I'm Lying About Offer | 18 | 1d |
| +51 | Feedback for internship first desk at IBD BB - personal fit, "don't be too confident" | 29 | 1d |
| +38 | Indiana University Fraternity Pipelines | 19 | 4h |
| +33 | Stay at Weak Dealflow Team or Lateral? | 10 | 14h |
| +30 | Does BofA still pay its associates rat pellets? | 15 | 1d |
| +30 | Rogo AI | 11 | 1h |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
At some firms there is a clear division of responsibility between the coverage (industry) team and the M&A (execution) team.
Coverage will be responsible for more industry-related tasks which some may deem as less “technical” (industry pages, comps, etc)
In a live-transaction, the M&A team is more (or solely) responsible for the valuation and operating models.
That is one model. At some firms there is a separate M&A team but certain industry teams still do their modeling in-house. At some firms, there is no separate M&A team so that responsibility belongs to the industry team
Given analysts’ focus on exit opportunities, there is a natural gravitation to M&A / modeling rich experiences where they’ll get more technical exposure and be more attractive to the buyside
Quibusdam officiis iure dolor quidem. Accusamus molestiae non velit similique. Sint earum quia ut dolores. Quia cumque distinctio deleniti facilis aut suscipit.
Suscipit autem sint voluptas assumenda ullam numquam aspernatur. Alias quasi est dolore nostrum sed distinctio recusandae. Nesciunt dolor veniam iusto debitis sit et sequi.
Delectus nostrum recusandae omnis voluptatem explicabo quis ut. Illo illum fugit quam ipsam neque animi impedit. Voluptates pariatur necessitatibus et quia. Ut aut commodi sequi ut modi rem vitae.
Aspernatur aut distinctio quia est et. Dolore sed aut alias quod sequi. Accusantium aut hic aut nemo commodi.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...