What is an industry vertical
Dumb question given how common this term is, but I feel like I don't totally get what it means. People seem to use it as a synonym for industry / coverage group
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It’s just a subgroup of an industry:
e.g., oil and gas is divided into upstream, midstream, downstream. I guess you could say there are different verts. of a product group in IB (DCM, ECM, M&A, etc.)
Examples:
Coverage: Tech, Verticals: Enterprise software, consumer internet, etc.
HC, Verticals: Services, life sciences
O&G, Verticals: Upstream, OFS, Downstream
Coverage: Industrials
Verticals: Aerospace and defense, auto, building products, chemicals, diversified industries, engineering & construction, etc.
Coverage is super broad whereas the verticals are where people specialize and become experts on companies that all revolve around the same products / end markets / customers.
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