Topic: Is it better for a junior banker to begin their career in an industry coverage or product / execution group?
bigbrother99 (3/15/09): Thanks for all the useful information everyone. This is a great site.
bankingorbust (12/30/08):benjaminbutton2: There are a couple of ways to prepare. One, you should leverage any industry expertise that you have outside of finance. For example, if you worked for years in the retail industry, you can leverage that into an equity research position in the retail sector. With that, make sure to follow the industry and know it well (e.g. industry drivers, major players, trends, etc). Two, make sure you are very sound technically. Know how to create earnings projections models and DCF’s. Three, network. Take advantage of the free info on this site.
benjaminbutton2 (12/28/08): Subject: Equity Research; For someone that is interested in interviewing for this type of position but has never had the background what do you recommend as the best way to prepare?
benjaminbutton (12/27/08): i have interviews coming up in Jan-Feb. what groups do you guys recommend interviewing for?
wolverine870 (10/30/08): It depends on what you might want to do after banking, your interests, and which industry group you’re going to at each bank Some PE shops like to see individuals with experience in Financial Sponsors group or Lev Fin (probably now Restructuring) group FIG is very strong at JP and GS (and will probably be extremely busy the next few years) whereas CS has one of the best, if not the best, Energy practice on the street It is also important to note that some boutiques or middle-market firms offer generalist programs (though Jefferies is moving away from a generalist program)
holygrail (10/25/08): coverage groups you’re stuck in powerpoint all day. product groups you’re mostly in excel. choose one.
bobroy (10/23/08) : I worked in M&A for two years at a middle market firm. The transaction experience I got really helped me move into private equity.
wallstreetguru (10/20/08): product group is definitely better if you wantto move into private equity.
bankerforlife (10/20/08): Product group
exlehmanbros (10/20/08): You see more types of transactions in an industry group
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