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in this video we are going to be talking about the differences between industry groups and product groups within the investment banking division what is going on YouTube welcome back to the channel for those of you that are new here my name is Osso Sain you can find out a bit more about me through the social media links below or you can check out my website which is www.hyken.com in last week's video we spoke about the different areas within the investment banking division so M&A equity capital markets debt capital markets leveraged finance and restructuring if you haven't seen that video make sure you check out here and in today's video we're gonna be talking a bit more about those areas but specifically focusing on industry and product groups which will make more sense as we go along in this video okay so as an internal and analyst when you join the investment banking division you will either for the most part work or start in an industry group or a product group now what that means is you're going to be a specialist in either M&A or equity capital markets or DCM or leveraged finance or restructuring you're going to be specifically working in one of these area if you're an industry group and list if you work in the industry groups you're gonna be a specialist in yva of the various industries that are available such as healthcare TMT which is technology marketing and telecommunications industrials financial institutions so on and so forth and so that's the key difference there's industries industry groups and there's products or product groups if you start out in the product group as opposed to the industry group let's say you work in M&A out of all M&A ECM DCM leveraged finance restructuring let's say you become an MLA person you're going to be doing M&A across the industries so if there's a deal in the healthcare industry you might work on that if there's a deal in the tech industry you might work on that industrials financial institutions whatever it might be you might work on those so you're quite varied in your industries but all the work you do is strictly M&A similarly if you're an ECM person all you're gonna do is ECM there and it might be across industries on the flip side if you're a industry person if you're in healthcare every deal you see is gonna be healthcare specific however it might be an M&A deal that you work on it might be a ECM DCM leveraged finance restructuring the deals will vary in terms of the product but your industry healthcare will stay the same and so that's something for you to be aware of before going into your applications or before going into interviews because they might ask you you know as an intern you probably do a lot of different things they just want to give you an insight into what is available but it's important to know going into the interviews and your you know internship for example what you're most interested in leveraged finance and M&A for the most part people want to go into those because they have good exit opportunities into private equity but private equity firms they take over companies they do a lot of leveraged buyouts so the working leveraged finance and M&A is relevant for private equity companies and so if you've worked in M&A or leveraged finance it's usually easier for you to move into a private equity firm and typically it's harder to move from equity capital markets into private equity firms compared to if you worked in M&A or DCM or leveraged finance and that's primarily because of the nature and the crossover of the work that you do so it's important to know these differences so once again if you work in a product group within the investment banking division you will be specific to one product whether it's M&A ECM DTM leverage finance or restructuring but you will have access across industries and if you're an industry person you are focused on one industry let's say healthcare or tech however you will have access across products so it's important to choose between the two distinguish which one is more interesting to you now this isn't a perfect science it's not exactly like that there are three other key roles that are very important within the investment banking division and naturally you will slot into one of these now there is origination this is where you are prospecting you're trying to get clients you're pitching to clients your ideas and potential deals secondly there is advisory so this is where you are advising companies on what to do with what to do with their equity or their how to do a takeover how to do a merger etc and then third which is a combination of both of these is the coverage groups so you do a bit of prospecting you do pitching and you also do advisory now that's a lot of information to take in but it's important for you to know especially if you're a university student because when it comes to you investment banking division interviews and internships all of this will make a lot more sense but it's good to know it now so you're aware of it going in if you found this video useful or insightful make sure you give it a thumbs up if you are subscribed to the channel make sure you turn on post notifications if you aren't subscribed already make sure you subscribe to the channel leave any comments or questions in the comments below and I will see you in the next video peace