Hey guys, so I wanted to know what everyone thinks about working in the M&A product group of an investment bank for the long haul (ie career banker).

I've heard from various sources that as one progresses to VP and beyond, coverage bankers tend to make more money than their M&A product counterparts. Is this true? And if so, is this also true at a bank like Morgan Stanley?

I know MS M&A is heralded as one the most prestigious groups on the street, but is this simply because of the modeling experience/exit opportunities available to Analysts or do MS M&A career bankers make the comparable bonuses to other top MS coverage teams?

Comments (2)


At least in my bank, product side has limited upward mobility post VP. Basically two to three MD from M&A partners with 10+ coverage MDs in each group. Coverage guys also have better options to go find their own business (e.g. go after small accounts) vs. M&A guys are kind of waiting to be asked to join accounts. That makes it even tougher given existing M&A gets called into everything before his director (even for the smallest thing).

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