Breaking into Investment Banking: Understanding Sector Coverage Groups vs Product Groups
Description
In this episode of the Market Maker Podcast, Anthony is joined by M&A expert Silvia Magni to break down one of the most common questions in investment banking:
👉 What’s the difference between sector coverage and product teams?
Whether you're prepping for investment banking interviews, navigating your M&A career path, or deciding between technical vs client-facing roles, this episode covers everything you need to know to make an informed decision.
🔍 What You’ll Learn:
- Sector coverage vs product teams: key differences
- What each team actually does day-to-day
- How career paths vary between execution and industry focus
- How to switch teams internally (and what banks look for)
- Why industry knowledge is critical for winning M&A mandates
- Interview tips to speak confidently about team structures
Perfect for students, graduates, and career switchers targeting analyst or associate roles at bulge bracket banks, elite boutiques, or M&A advisory firms.
⏱️ Timestamps:
(00:00 ) Intro
(00:30 ) What is sector coverage?
(02:39 ) Can you change sectors?
(04:14 ) Sector differences
(05:18 ) Understanding product teams
(07:13 ) Choosing the right path in IBD
(08:42 ) Switching between teams
(10:15 ) Why industry knowledge is an edge
(13:13 ) Key takeaways
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