I was wonder, within the investment banking division, which group models the most? I know M&A does a lot but is there any other one after that? also what about equity capital markets?
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Leveraged Finance is traditionally known as a modelling heavy group given the round the clock deal work and LBO transactions that frequently arise
Not necessarily true. For a lot of BB a lot of lev-fin groups are more capital markets hence not as much modeling
I've seen work that JPM and BAML have done at least- both know how to model extensively even though the work is shared between themselves and FSG (sometimes FSG will "tee up" the model and then send it to Lev Fin which might alter it). Can't speak to other banks
Generally M&A > LevFin if non-CapMarkets > Coverage > LevFin CapMarkets > ECM/DCM
Note though that some Coverage groups ie FIG/NatRes, will do all their modeling in-house thus you'd surely get the most well rounded modeling skillset, although in a nice industry/sector.
also goldman, barclays, blair, and others do modeling in house for every coverage group
That still holds, lets take GS for instance:
M&A (They don't have it) > LevFin if non-CapMarkets (they are CapMarkets)> Coverage > LevFin CapMarkets > ECM/DCM
So the actual ranking looks like this at GS:
Coverage > LevFin CapMarkets > ECM/DCM
Which is exactly what you described.
isn’t FIG under the industry sector though? wouldn’t that mean they do less modeling?
they’re saying fig is more specialized and thus more likely to do their modeling vs outsourcing it to another group
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