Coverage Versus Lev Fin
Can someone shed some light on what has a better exit opps? After being at my job for 3 months, I spoke with my manager about lateraling into an coverage team or Lev Fin team over lunch recently. My manager is very supportive, he's a very down to earth and easy going guy. I have no doubt I will be able to get good referral from him. He has offered to personally connect me with guys on lev fin who he has worked on deals with. I'm pretty sure I can also lateral into a coverage team with his support, can someone shed some light and provide advice on what's a better option?
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Probably PE or Corp Dev
Why can't you network with coverage and Lev fin so as to hedge your bets. Until you have an offer in your hand you don't have a decision to make.
What do you currently do? Do you have any interest in a specific sector?
No specific interest. I would like to prepare myself for PE recruiting during my second year of IB. Not necessarily recruit in my first year. Currently in ABL, and have been working along side on a good amount of FSG and Lev Fin deals.
Amazed that manager is supportive considering you've only been there for 3 months but good for you.
Yeah. My team culture is amazing, that's the only reason why I turn down a MM IB and Barclays S&T SA role last year to come here with a pay cut. I know I want to be in Lev Fin or FSG to better recruit for PE. It's still a long shot, because the analyst I have seem before all moved to a FSG role outside of the bank.
Most LevFin teams don't model as coverage holds the pen on the model. So, it depends on what you want your exit to be. Unless you're really interest in debt, I would say coverage is the better option.
I was always under the impression that M&A and Lev Fin team does more modeling and therefore have more exit opps. I know not all Lev Fin team does modeling e.g. JPM but, if I can lateral internally then my lev fin team is the few that model within the group.
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