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Investment Banking Industry Groups
An Overview of the Key Industry Coverage Groups In Investment Banks
What Are Industry Groups?
Definition: Industry Groups (also known as “Coverage Groups” or “Industry Coverage Groups”) are teams in the corporate finance division of an investment bank that advise on all deal types but only within specific industries.
In other words, an industry group such as Healthcare advises companies in that industry on mergers, acquisitions, debt and equity issuances, IPOs, spin-offs, divestitures, and restructuring deals – but it does not advise technology or energy companies (for example).
This definition contrasts with Product Groups, which are the opposite: they only advise on a specific deal type, such as M&A deals or equity issuances, but they do so across a wide variety of industries (e.g., technology, healthcare, real estate, consumer/retail, etc.).
Examples of Industry Coverage Groups:
- Real Estate
- Healthcare
- Technology, Media & Telecom (TMT)
- Financial Sponsors Group (FSG)
- Financial Institutions Group (FIG)
- Technology
- Public Finance
- Industrials
- Sports
- Oil & Gas
- Consumer Retail
- Infrastructure
- Renewable Energy
- Power & Utilities
- Business Services
- Digital Media
- Chemicals
- Food & Beverage
- Transportation
- Metals & Mining
- Maritime & Shipping
Industry Coverage Groups Hours & Pay
The working hours and salary and bonuses in Industry Groups are broadly in line with the investment banking industry as a whole.
Deciding which group to join based on hours and pay is borderline insane – you’re in the wrong industry if you’re thinking about where you would get the “best lifestyle.”
You could potentially get better hours by joining a group such as equity capital markets (ECM), but that is a product group, not an industry group, choice.
Comparison with Product Groups
We put together this detailed article on Industry Groups vs Product Groups to highlight the differences between the two. Spoiler: the practical differences are smaller than you might think.
Further Training For Investment Banking
Investment banking has become a highly competitive and sought-after field.
Banks have shifted from hiring raw graduates and “training them on the job” to expecting new hires to hit the ground running and add value from day one.
That’s why many future investment bankers invest in specialized courses and training to help them get noticed, get hired, and get promoted.
If you want to learn about specific industries, our advanced training is more appropriate in most cases. Here’s what we recommend:
- Core Financial Modeling – Provides an overview of financial modeling in different industries via the 10+ global case studies
- Advanced Financial Modeling – Offers a “deep dive” into industries like healthcare/pharmaceuticals, airlines, solar power, building materials, tech/media, and more
- Venture Capital & Growth Equity Modeling – This one is great if you want to advise startups or tech/biotech companies or work in one of these industries
- Real Estate & REIT Modeling – Comprehensive training for individual properties and real estate investment trusts (REITs)
- Bank & Financial Institution Modeling – In-depth case studies on commercial banks and a brief overview of insurance
Completing these courses will help you win interviews and job offers for roles that pay $150K+, and position you for top-tier exit opportunities such as private equity.
