Choosing between product groups (M&A, ECM, DCM) and coverage groups (industry-focused teams) as a junior banker at Goldman Sachs or JPMorgan profoundly shapes your career. ๐๐ซ๐จ๐๐ฎ๐๐ญ ๐๐ซ๐จ๐ฎ๐ฉ๐ฌ (๐๐๐๐ฅ ๐๐ฑ๐ฉ๐๐ซ๐ญ๐ฌ) Specialise deeply in one deal type (e.g., mergers or IPOs), across multiple industries. โข Pros: Technical excellence, intense financial modelling, deal structuring mastery. Ideal for roles at buy-side firms (private equity, hedge funds) demanding rigorous analytics. โข Typical Day: Execute detailed financial models, valuation analyses, and deal negotiations. You become a technical expert (e.g., complex LBO modelling in LevFin). โข Exit Opportunities: Highly favoured by mega-funds like KKR or Blackstone due to heavy transaction and modelling experience. ๐๐จ๐ฏ๐๐ซ๐๐ ๐ ๐๐ซ๐จ๐ฎ๐ฉ๐ฌ (๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ ๐๐ฑ๐ฉ๐๐ซ๐ญ๐ฌ) Focus deeply on one industry (e.g., TMT, Healthcare), across multiple deal types. โข Pros: Deep sector expertise, earlier client interaction, broader strategic understanding. Excellent for sector-focused investing or corporate roles. โข Typical Day: Industry research, operating models, client relationship management. You'll cover equity raises, debt financings, and M&Aโall for one industry. โข Exit Opportunities: Ideal for roles valuing industry expertise, such as sector-specific hedge funds, VC, or corporate strategy. ๐๐๐ฒ ๐๐ข๐๐๐๐ซ๐๐ง๐๐๐ฌ ๐ญ๐จ ๐๐จ๐ง๐ฌ๐ข๐๐๐ซ: 1๏ธโฃ Technical Skill Development: โข Product: Intensive, specialised financial modelling (e.g., M&A valuations, LBO structures). โข Coverage: Broader industry and strategic business insight, holistic financial analyses. 2๏ธโฃ Client Interaction & Network Building: โข Product: Intermittent, deal-specific interactions, technical specialist role. โข Coverage: Frequent, ongoing client relationships, strong early network development. 3๏ธโฃ Exit Opportunities: โข Product: Clear path to PE (especially from M&A, LevFin). ECM/DCM is more challenging for PE but suitable for credit roles or hedge funds. โข Coverage: Excellent for sector-focused funds (VC, growth equity, hedge funds), corporate roles, or industry-specific strategy positions.