anyone know which is the worst industry group? i'm referring to the worst exit opportunities, not necessarily lifestyle. possibly real estate? latin america (because of smaller deals)?
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I think most people here would say FIG. My personal pick is natural resources, the industry seems boring as shit, and not too many interesting deals (except TXU), since a majority of the major players are all AAA-rated, and the rest have ridiculous asset coverage that they might as well be rated that high.
I think FIG is. However a lot of people enjoy it. The same applies for natural resources. While I could care less about it, many people consider power/natural resources as an industry of choice. Part of reason is since it's been doing really well for the past few years.
Some sectors have extra dimentions which can make them more/less interesting for some. The power/natural resources sector mentioned by scott for instance has quite a bit of politics (special rules, regulations and business models for utilities, political risks around ownership/use of reserves...). Other sectors (eg. consumer goods) can be a lot simpler.
What makes an industry group have good exit opps? What characteristics of groups appeal to PE and HFs (or any alternative industry, like corp dev)?
Also, if you are going to be working in an industry group that has its different types of models, rules, specifcs, you might be limiting yourself to that one industry, therefore somewhat limiting your future possibilities/opportunities. On the other hand you get to focus on that industry and learn it pretty well.
Telecom
I actually like M&T the best, there's a good amount of sponsor activity and there's not a single company with a plain-vanilla structure. Try doing 12x Total in industrials.
that may very well be true, i just don't like it.
Doesn't FIG have way less hours than other groups ?
Doesn't the media group suck the most ?
Seanc, really depends on bank/city.
As for limiting exit opps, you'll always be trying to reach your ideal balance between depth and breadth of knowledge. There is no "ideal" balance. Generally speaking the guys who have the best knowledge of their sector are passionate about it. If you're good at what you do, even if it's highly specialised you'll get good "exit opps". So go for what seems more interesting, surely you have some kind of idea. For instance, which are the companies/products/brands you admire the most?
At my bank FIG has some of the rougher hours, but they also make up a much higher percentage of revenues.
Automotive has the most boring details and the least attractive exit opportunities. I've been seen my fair share of it. Would never want to see it again.
Haha, I know what you mean... it's not only working on Porsches buying into Lamborghinis. Behind the scenes you have to differentiate between camshaft, corner unit, chassis suppliers etc. That's Not why you get into banking!
In the US, there's like 3 automakers. In the world, there's maybe 30. There's all sorts of suppliers to them, but each supplier exhibits huge customer concentration, making buyouts exceedingly difficult. For bankers, this means there's very few places you can sell some automotive outfit to.
didn't someone say in another post that FIG builds really indepth modeling skills because it is much more complex?
and if FIG has higher percentage of revenue => more bonus for group?? or it doesn't matter at all on the analyst level
An analyst I know said that industrials is the worst group.
Who wants to read a IM about a plastics or supplier of auto parts company? I've consumer/retail the best in my experience. Most companies are fairly straightfoward and are interesting companies that you've heard of or can at least relate to.
Industrials is actually old economy. If you look at PE firms, they do a lot of traditional industry deals, because hot industries tend to be too expensive for buyouts. Industrials are a good path to PE.
Well I'm definitely not interested in Tech/Media/Telecom/Industrial/Energy/Healthcare. I guess that doesn't leave me too many options does it ?
What about Consumer/Retail?
You're pretty picky at such a young age.
Sabrine: read your comment too fast didn't see "exit opps". Maybe this also shows analysts can lose focus of the bigger picture when they get bogged down in the detail.
Seanc: how about "diversified"?
Exactly what I was thinking, I think I would find something like Consumer/Retail/Business services interesting.
I guess I am pretty picky but it's just because I am easily bored.
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