Industry coverage- most complex industry?
Hi,
I am wondering, which of the industries that people cover are the most complex ones and require more IQ to cover than others?
My guess would be financial institutions, as banks and insurance companies are not as straightforward businesses than for example an industrial company, or real estates. Also it requires a stronger view / knowledge on general macro environment, as this is always a strong driver for FIGs.
What is your experience? Also, what is your view on industry specialisation early on the your career vs being a generalist (pros/ cons etc)?
Thanks for your help!
List of industries:
- Consumer
- Industrial
- Financial institutions
- Healthcare
- Natural resources
- Utilities
- Real Estate
- TMT
I think it depends on the level of depth that is expected of you in each industry. But very specialized industries seem to be harder to understand and their dynamics appear to be less intuitive (I am thinking of natural resources, utilities, figs or healthcare). Consumer, Real Estate and Industrial seem to be more straight forward and easier to grasp (at least in my opinion).
FIG (particularly insurance) and Power (especially project finance).
Relatedly, does anyone have suggestions for what industry to cover in SS ER? If not are there any you might avoid? My goal is to end up at a hedge fund and I have some choice in the matter.
Regarding which industry to choose, It really depends on what you're interested in. Usually if you like the space to begin with you'll be more inclined to take the initiative and dig deep into areas that others overlook.
To OP: I'd say FIG and Natural Resources, plus Healthcare (depending on the sub-sector).
Something like semiconductors, too if no eng background
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