Why is M&A better than Coverage?
Why is M&A the better group? For coverage, you get a broader set of experiences including M&A deals, equity, and debt deals - so wouldn't that be more favorable than just pidgeonholing yourself in M&A
Why is M&A the better group? For coverage, you get a broader set of experiences including M&A deals, equity, and debt deals - so wouldn't that be more favorable than just pidgeonholing yourself in M&A
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Cant tell if this is a troll or not.
M&A is more meaningful experience. Debt and equity are good to do like once. You aren’t doing the really meaningful piece of cap markets deals in coverage, LevFin/ECM/DCM are.
Basically, what you’re saying is you’ve never been lead left on an initial HY issuance or IPO.
Agree for IPO but not for HY. All the most interesting work on HY is done by LevFin.
It's the "best" in that it positions you the best for PE recruiting, since buying companies is what you would be doing as a PE Associate. If a coverage group is more in line with the experience that you are looking for, then go for that bro. Just because most on this forum want to go the PE route doesn't mean you have to make your decisions based on their preferences.
Depends if you're exiting as an analyst or staying in banking. Good coverage MDs tend to make more than anyone else in terms of seniors. Because if you don't pay them, they will leave and take their relationships with them.
Another reason you might choose M&A over coverage is that M&A groups usually "hold the model". They do the majority of the excel work and because of this are generally more technically sound
M&A generates higher fees as percentage of transaction
Do you even bother to think before you speak, or do you just babble unfiltered BS that pops into your mind, as if your caved-in skull that holds a seriously undeveloped brain due to being dropped on your head at childbirth is the source of your being so mentally unfit that, everytime you talk, others are forced to patiently listen and wait for you to stop talking, as if they were stuck in the house due to a passing storm that is just strong enough that they have to wait for the storm to pass so they can go back to living their lives?
$5 says I could throw a brick at your head, damage your brain, but no one would be able to identify a difference in your cognition because you're so stupid to begin with.
It's a lot easier to collect equity/debt fees than M&A fees. So you might get 1-2 M&A deals as an experienced M&A banker vs. ~10 deals as an experienced equity banker. Not saying I could collect those fees, but for your average MD it's a lot easier to collect financing fees.
While M&A and financing is very interesting, you want to do M&A on a day-to-day basis as a junior since you learn so much more from those processes
Yes I agree - I just say what I want. Debt and equity fees are getting compressed and execution is relatively commoditized. M&A advice is more differentiating and negotiation outcomes are much more distinct bank to bank. Fuck off dick
Don't know if the aggressiveness was necessary but this was funny af to read hahah
It's more like Non-IG DCM > M&A > ECM > IG DCM.
M&A > coverage
always
People think sending around diligence trackers and scheduling calls all day is exciting for some reason.
This is such a second derivative age old question. People who feel strongly about M&A due to technical aspects of it are def barking up the wrong tree. There's some inferiority complex of actually having never been an engineer but still wanting to be "technical" and "quantitative" like them.
Hard to describe but it is what it is. You'll be running a billion "what - if" scenarios in your model till the cows come home just to have none of them actually matter.
Just call it what it is, all analysts are glorified slide producers and number crunchers. The models are pre-made, the slides are pre-populated with templates.
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