How did you discover that your group was the right one for you?
I'm an incoming intern and was curious as to how those of you who have established yourselves at the analyst level and upwards went about discovering how your industry/product group was the right fit.
I've been following the markets, reading the news and doing other basic things but was hoping to figure out what the best way to go about finding where I would actually be a good fit at would be. It's easy to say that I want to be in TMT because tech news is interesting but should there be more depth in my thinking process than that? If so, what worked for you when you were deciding?
Based on the most helpful WSO content, finding the right group in investment banking, whether it's an industry or product group, often comes down to a combination of personal interest, skill set, and the opportunities available within the firm. Here are some strategies that have worked for others in your position:
Personal Interest and Passion: It's essential to have a genuine interest in the sector or product you're considering. While an interest in tech news is a good start for TMT, delve deeper into understanding the business models, key players, and trends within the tech industry. This deeper understanding will not only help you decide if TMT is right for you but also assist in interviews and networking.
Skill Set Alignment: Assess your skills and how they align with the requirements of different groups. For example, if you have a strong quantitative background, you might be well-suited for a group like LevFin. If you enjoy storytelling and understanding what makes a company tick, M&A or a sector-specific group like Healthcare might be a better fit.
Networking: Talk to professionals in various groups to get a sense of the day-to-day work and the culture within those groups. This can provide invaluable insights into what it's actually like to work in those areas and help you gauge where you might fit best.
Internship Experience: Use your internship as an opportunity to explore different areas. Express your interest in learning about various groups to your mentors and HR. If possible, try to get staffed on projects across different groups to gain firsthand experience.
Market Trends and Opportunities: Consider the market trends and where the industry is headed. Some sectors may offer more growth opportunities and deal flow, which can be attractive for your career development.
Cultural Fit and Group Dynamics: The culture within the group and how well you mesh with the team can significantly impact your job satisfaction and success. During your internship, observe the dynamics and culture of different groups to see where you might thrive.
Remember, there's no one-size-fits-all answer, and it's okay if your interests evolve over time. The key is to start with a broad perspective, gather as much information as possible, and then refine your focus based on what resonates with you the most.
Sources: JPM SA/FT IBD GROUPS and Analyst Program, Q&A - Tiger Cub Analyst, Did on cycle just start?, Move from one group to another (as an analyst) within IBD? P&U -> Consumer/Retail, How did you transition from an analyst/support role to a sourcing/production role?
Obviously besides what type of deals you are working on the people you also need to like. I'm also and intern the other day late at night me and another analyst were venting taking a breather and throwing a foam football around. And my whole group is pretty chill like that which is nice. So people is very important cause you spend so much time in an IB office compared to a normal office job that it helps so much more to be actual friends with them. Being actual friends within your group is so over looked and can make the job 1000% easier imo, mainly talking about intern to VP level. MD is a lil different although a good bank the MDs are nice too and actual humans not just fee robots.
Now for actual coverage. Reading is definitely a good start but make sure to read news about all types of industries not just like tech or healthcare. I work in power, energy, project finance type deals and quite frankly that was just the option I was given but I do love it tbh. Thought about doing engineering before finance in high school so I find all of the deals we do very interesting and stimulating so also take a look at groups that may have things your hobbies or interests align with.
But honestly, people is more important imo. By the time you are an Associate or VP you'll probs be bored of all the work anyway regardless of what your coverage sector is so might as well enjoy the people.
I knew the group was right for me when they gave me an offer
This. Although, I do like my group.
Generally people who I could learn from.
I wanted higher ups that were passionate ab teaching people, and pushing them forward
When they started paying me money.
We all compared cocks and we were all about the same(8.7 inches)
I asked all the MDs which group had the most prestige and exit opps. They looked at me funny but they must not get it.
As important as the deals are and your firms rep.. what makes or breaks your time in banking IMO is the team you are a part of and your analyst class at the junior level. I think it’s really important to be in a team where people value you and there is a supportive culture for you to grow.
Back then, number was bigger than other numbers.
also the rest of the people around my age hated it as much as I did and were still friends that see each other a few times a month all these years later.
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