I will be attending an MBA program this fall that is a target for BB/EBs in NYC. I have read some threads on this page about which groups to target but they mostly are in the context of best feeders into PE for IB analysts after 2 years.
Since I will be going in as an associate, pivoting into PE is not on my radar. I was wondering if there was a recommendation on going for a product group such as M&A vs. an industry group at BBs that have industry vs product groups.
My thought is that I do not want to pigeon hole myself (I also do not have work experience that maps cleanly to an industry group) in something like industrials so I am leaning towards the banks with generalist programs (MS, Evercore, Guggenheim, etc.) but when recruiting at banks that do require you to specify a group (like Citi), what are your thoughts on the M&A product group vs TMT.
Thank you!
Congrats on your MBA admission!
From my experience, the main difference is that the networking/interview process in the M&A group will be a bit more technical. Also, I would expect that the recruiting process in the TMT group would be much more competitive.
Overall, have your 3 groups and later focus on one or two based on the traction you get.
Depends on what you're looking for.
10 years from now, do you want to be talking to clients about the strategic rationale of an acquisition, which targets make sense, when to issue debt / equity and/or what steps a client can take to maximize shareholder value 4 years down the line.
Or would you rather discuss what covenants, earn-out structures, pros/cons of various transaction structures, and what deal terms are typical in transactions for their peers?
It's really hard to add value as a generalist. At some point you'll have to focus on something more specific. Why wait another year? The downside of the pool is that you basically have to start from scratch once you're assigned to a group. If you already know you want TMT, just go for it.
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