September 22, 2025 • 14 mins
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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Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:00):
Hello and welcome back to the Market Maker podcast.
And I'm joined once again by Sylvia for us to do a bit of a a
dive into a specific subject around M&A.
And this one is about how sectorcoverage works in mergers and
acquisitions, namely explaining the sector coverage versus
product teams, how they're different, why it matters and
(00:20):
implications for your potential future career.
So Sylvia, where would you like to begin?
In fact, thank you, Anton. Hi, everyone.
I think that's actually really good topic to cover because
reality is one of the previous episodes we were talking about,
OK, how do you approach your interview if you're interviewing
for a banking role? Reality is another of those
questions that could pop up are,OK, what's a product team you
(00:43):
are specifically interested in, for example?
And the reality is that if you don't really know, because
basically you've never had some experience and so you just don't
know what's the difference between sector coverage, product
teams, you may be starting like,Oh yeah, I really love tech
products, so I would love to work for the tech team.
And really that's not really thea good way to start because when
(01:06):
bankers would think about product teams, they're not
thinking about about sectors andthey are like something totally
different. So yeah, I think it's worth like
dissecting what one team focus on and like what instead Like
product teams do our day-to-day business as well.
OK. So let let let's start with
sector coverage. So often see these listed with
different banks. So what exactly are we talking
(01:28):
about? Yeah.
So as the name says, we you willhave some specialists in a
single industry vertical. So you can work for the
healthcare team or you can work for the TMT team.
In that case, for example, you will be focusing on hardware,
software, bills like media, telecom companies.
You can have natural resources and energy, you can have real
(01:49):
estate. So really it's just a division
in terms of industries or sectors.
So basically, if you would be working on such a team, you
become an expert in that specific field.
You are not just the generalist,but instead you know everything
about like who are all the key players?
What are the most recent market trends or market developments?
And like how to value a specificcompany?
(02:12):
And like what are the key drivers for a specific company
based on the fact that it is in that industry and not just like
as a kind of more general matter?
Given what you said then, would it be a case of I joined 1
sector and I get known for beingthe the coverage person for that
(02:33):
sector. I'm like that guy, I'm the
energy guy, for example, who youcome to.
So so how much do you did your early career define your sector
or can you change sectors early in your career and then get a
bit more fixed later? What's the typical path?
Yeah, that's a good question. This depends a bit of the
programs from the investment bank you are starting working
(02:54):
for some time. There are some rotational type
of programs so that maybe you can do six months in a specific
sector team and then other six months in another one.
And you just understand on your side and also on your team side,
like where there is a good match.
And then you can start really focusing on that sector and
building up the type of technical knowledge up to the
point in which you're really themaster in that industry.
(03:16):
I can, you can really be like soknowledgeable that you can be
like generate ideas, go out and pitch them to your clients
because you can really understand, OK, what they may
need and what is something that might be really interested for
them. Just like not as a general
transaction, but because there is like a specific trend in the
market or like something that ishappening, like it's from a
(03:38):
regulatory perspective that would benefit the company with
the transaction. With those sectors you mentioned
there's like a wide variety, would it only be the bulge
bracket banks that cover all of them?
So let's say I don't even know how many there are.
I'm sure you do, but so so is iteach bank will have slightly
(04:00):
different sector coverage. And how would boutiques fit into
this? Like so from a non bulge bracket
from working at a Lazard or an Evercore?
Am I just focusing on a couple of different areas?
Yeah, I would say that. So there are two aspects.
So first of all again and something that might be like
important when you're thinking about interviews, the wood banks
(04:21):
that are like extremely strong for some of these sectors, these
are deaths like their go to. You can see that are all key
players in the market are selecting the advisors from that
bank when they want to do a transaction.
They are the top bank for what regardless sector.
Then in terms of like what you can find in one bank versus
another versus maybe a boutique,it really depends.
(04:41):
Usually what you will find is making a really big bull
bracket. Banks.
You can have a sector just focuson natural resources and then
another team focused on energy. And then maybe instead when
you're looking at it from a boutique type of bank, you will
have them put together in a unique team.
So that single team will be looking at energy companies,
will be looking at like renewable energy companies will
(05:04):
be looking at mining companies as well.
You just have a different type of spread and division, let's
say. So you would have like fewer
teams in that case? OK.
So we'll, we'll move on to product team.
What's the What's the definitionof a of a product team?
Yeah. So if you're working for a
product team instead, which again thinking about product,
maybe it's not that straightforward, it's not that
(05:25):
obvious. But the product for a bank at
the end of the day is what they're helping their clients
on. So this can be M and a
transaction, this can be an IPO.So basically you are an
execution expert in that case instead of being industry
expert. So you will be helping no matter
what is the industry with a specific type of transaction.
So you will have the M and A execution team, you will have
(05:48):
the leveraged finance teams, theequity capital markets teams.
In case it is an IPO, that's capital markets restructuring
for each specific team will focus just on one type of
transaction and will be able to step in in the deal process and
help out no matter what the industry is.
Do do you think young people go into this profession then?
(06:09):
No, I think I'm a sector person.Oh, I'm a product person.
Yeah, I think, I think it's hardto know.
I think like many young studentsmaybe might be a little bit more
drone to the sector coverage just because it's a bit more
tangible. Like you can think about it as,
OK, there's this sector I'm really interested in, so I want
(06:30):
to work for this team. But reality is that there is a
good implication in terms of like what is your day-to-day job
looking like and like what are the skills that you need to
have? So I think that really what
should guide your idea when you are starting thinking about, OK,
do I want to work for a product team or for sector coverage
team? OK, how do I decide between
(06:51):
them? You can think about what is the
type of job that you would be going to do.
It's like the role and tasks of each will be quite different and
can start shaping a little bit how your career will look like.
So what? Superficially it's what?
More modeling on one side and then more interpersonal skills,
(07:11):
client facing on the other. Yes, yes, that's literally
correct. Like whenever we're thinking
about product teams, it will be more technical execution, so
like way more crunching numbers,financial modeling.
So if you're a modeling entry sales, if you really love like
building your models, analyzing companies, seeing how you can
forecast their models to the future, then product team would
(07:31):
definitely be something that canraise your interest and where
you can thrive. Whereas instead your interests
more into kind of strategic thinking, relationship with your
clients, marketing sites, ideas generation, then it's more on
the coverage team side. So yeah, you can see there are
actually very different skill sets and of course movement from
one to another is possible, but you may want to think about
(07:53):
yourself as standard standing. OK, it's true that you will be
doing some financial modelling in both.
It's true that you will have some strategic thinking involved
in both, but one is definitely more skewed towards these two
areas from. From your experience, do you are
organizations, I mean that you obviously got to be good at your
job and kind of not just delivering over delivering to
(08:14):
have options I guess available to you, But in terms of like you
might go into a product team andactually demonstrate some
characteristics that could be better.
How do you actually engineer that switch?
Is it you work with your manageror the hiring the HR team?
Do you need to serve out a period of time on the product
(08:35):
side to go right yet? Now you've earned your
opportunity to have that flex. What does that look like in
reality? Yeah, I want to be honest that
will really depends a bit of from your bank like how this
movement is possible or not. Sometimes there will be certain
needs in the team you're workingfor and so there will be really
keen to like keep you in that team.
But the reality I would say yourapproach to start with really
(08:57):
kind of like networking with people from other team.
Let's say you are now working incoverage in a coverage team, for
example, like oil and gas, and you would like to explore the
product team side of things likeconnect with those teams, like
chat with some analysts, chat with some associates from those
teams. Understand really first of all,
again, if you want to make that move because that is something
interesting for you and what youmay need, like what are the
(09:19):
expectations from your side? Because again, if you're in a
coverage team and you want to switch to product, you really
need to be able to prove you have that super good, highly
technical expertise to be able to agree to work.
Maybe rather than what you're doing right now, more on the
idea generating process and relationships with your clients.
More like maybe your work is best when it comes to numbers
(09:43):
and negotiation and similar things.
And then again, it would be literally the same if the case
is the opposite. If you're in a product team and
you want to switch to a sector coverage team, you will need to
make that effort to make sure that you can build that
understanding and knowledge about that sector.
Because again, they are expecting someone to be master
of the industry and so you will need to like be able to prove
(10:05):
that in case. OK, you had a note on that you
sent to me about why industry knowledge matters.
What? What do you mean by that?
Yeah, because like at the end ofthe day, we can think about, OK,
we have our product is, but why do we need sector coverage?
Cannot we just have all general lists, all deals are pretty much
the same, which has served the clients as they come, right?
(10:28):
It's not really because first ofall, thinking about technicals,
thinking about devaluation of a company or like the key drivers
of a company. This will definitely be really
different if you're working for one specific industry or
another. The drivers for tech company
might be on more recurring revenue or daily active users,
(10:48):
for example. This will not be the same if
you're looking at a pharmaceutical company, for
example, as your ability to really understand the future
projections of a company or the company can grow and thrive and
what the company may need will be really different from
industry to industry. And then again, the structure of
the deal in turn can be different.
That rationale behind it, why itis happening can be different.
(11:11):
If you think about oil and gas, many times we have vertical
integration at the core of it islike he reason why two companies
are integrating and will not be the same for another sector.
And again, I think that the bottom line basically is there
are so many investment banks outthere.
When a client, a company decidesto do a specific transaction and
can choose any of these banks, how you can win the mandate, how
(11:34):
you can make sure that the company selecting you will
definitely be based on how much can you anticipate their needs?
How much can you go there and show that them you already are
mastering that industry? They don't need to explain you
the basics because think about it like you're the company,
you're coming to me and I'm like, OK, explain me how your
(11:54):
business model works so that I can start building my model.
It becomes like really kind of awaste of time for the company.
Like the company wants to make sure that the advisor is already
on top of it, already knows how it works in and out.
Also because you will have closewider network that allows you to
select with the right target forthe company if the company is
interested to acquire another company perhaps.
(12:15):
And so, yeah, it just makes it easier for you to succeed in
getting those mandates and be a successful advisor if you are
really mastering the art of likeknowing that specific industry.
Yeah. I was just thinking, as you're
explaining, it's very much similar on the market side.
So if you're trading a specific asset class or even within an
(12:38):
asset class in FX, are you trading a high volume FX pair
like the euro or the Aussie or the yen?
Or is it something more, you know, more obscure, less
liquidity? And generally these traders will
own that one book and they know that product intimately, how it
moves, when it moves, who the buyers and sellers are typically
(12:59):
when they say it's yeah, it's interesting like the crossover
and that specialism that that people generally have.
OK, So if you're going to summarise then what would be the
key sort of take away points then to to wrap up this
conversation? Yeah, absolutely.
I think the take away from here is know what's the difference
between the two. Understand how this difference
(13:20):
make it easier for you to take achoice between 1:00 or the other
based on what's the day-to-day work looking like, What do you
want for your career, What do you want to specialize in?
Whether you're more relationship, strategic thinking
type of person or whether you really love friendship.
The numbers thinking about the negotiation side of things
because this will actually skew how you can select again.
(13:42):
One team will be with respect toanother and really being able to
thrive confidently. Talk about it in an interview
and smash it on your role. Yeah, good stuff.
All right, well, look, when we share this on Spotify and
YouTube, I know that you can leave comments.
So please do any questions at all.
I'm sure Sylvia and I will help if we can.
(14:02):
Otherwise, we'll see you for thenext episode.
Thank you, Sylvia. Perfect.
Thanks, everyone. Bye bye.
Hello and welcome back to the Market Maker podcast.
And I'm joined once again by Sylvia for us to do a bit of a a
dive into a specific subject around M&A.
And this one is about how sectorcoverage works in mergers and
acquisitions, namely explaining the sector coverage versus
product teams, how they're different, why it matters and
(00:20):
implications for your potential future career.
So Sylvia, where would you like to begin?
In fact, thank you, Anton. Hi, everyone.
I think that's actually really good topic to cover because
reality is one of the previous episodes we were talking about,
OK, how do you approach your interview if you're interviewing
for a banking role? Reality is another of those
questions that could pop up are,OK, what's a product team you
(00:43):
are specifically interested in, for example?
And the reality is that if you don't really know, because
basically you've never had some experience and so you just don't
know what's the difference between sector coverage, product
teams, you may be starting like,Oh yeah, I really love tech
products, so I would love to work for the tech team.
And really that's not really thea good way to start because when
(01:06):
bankers would think about product teams, they're not
thinking about about sectors andthey are like something totally
different. So yeah, I think it's worth like
dissecting what one team focus on and like what instead Like
product teams do our day-to-day business as well.
OK. So let let let's start with
sector coverage. So often see these listed with
different banks. So what exactly are we talking
(01:28):
about? Yeah.
So as the name says, we you willhave some specialists in a
single industry vertical. So you can work for the
healthcare team or you can work for the TMT team.
In that case, for example, you will be focusing on hardware,
software, bills like media, telecom companies.
You can have natural resources and energy, you can have real
(01:49):
estate. So really it's just a division
in terms of industries or sectors.
So basically, if you would be working on such a team, you
become an expert in that specific field.
You are not just the generalist,but instead you know everything
about like who are all the key players?
What are the most recent market trends or market developments?
And like how to value a specificcompany?
(02:12):
And like what are the key drivers for a specific company
based on the fact that it is in that industry and not just like
as a kind of more general matter?
Given what you said then, would it be a case of I joined 1
sector and I get known for beingthe the coverage person for that
(02:33):
sector. I'm like that guy, I'm the
energy guy, for example, who youcome to.
So so how much do you did your early career define your sector
or can you change sectors early in your career and then get a
bit more fixed later? What's the typical path?
Yeah, that's a good question. This depends a bit of the
programs from the investment bank you are starting working
(02:54):
for some time. There are some rotational type
of programs so that maybe you can do six months in a specific
sector team and then other six months in another one.
And you just understand on your side and also on your team side,
like where there is a good match.
And then you can start really focusing on that sector and
building up the type of technical knowledge up to the
point in which you're really themaster in that industry.
(03:16):
I can, you can really be like soknowledgeable that you can be
like generate ideas, go out and pitch them to your clients
because you can really understand, OK, what they may
need and what is something that might be really interested for
them. Just like not as a general
transaction, but because there is like a specific trend in the
market or like something that ishappening, like it's from a
(03:38):
regulatory perspective that would benefit the company with
the transaction. With those sectors you mentioned
there's like a wide variety, would it only be the bulge
bracket banks that cover all of them?
So let's say I don't even know how many there are.
I'm sure you do, but so so is iteach bank will have slightly
(04:00):
different sector coverage. And how would boutiques fit into
this? Like so from a non bulge bracket
from working at a Lazard or an Evercore?
Am I just focusing on a couple of different areas?
Yeah, I would say that. So there are two aspects.
So first of all again and something that might be like
important when you're thinking about interviews, the wood banks
(04:21):
that are like extremely strong for some of these sectors, these
are deaths like their go to. You can see that are all key
players in the market are selecting the advisors from that
bank when they want to do a transaction.
They are the top bank for what regardless sector.
Then in terms of like what you can find in one bank versus
another versus maybe a boutique,it really depends.
(04:41):
Usually what you will find is making a really big bull
bracket. Banks.
You can have a sector just focuson natural resources and then
another team focused on energy. And then maybe instead when
you're looking at it from a boutique type of bank, you will
have them put together in a unique team.
So that single team will be looking at energy companies,
will be looking at like renewable energy companies will
(05:04):
be looking at mining companies as well.
You just have a different type of spread and division, let's
say. So you would have like fewer
teams in that case? OK.
So we'll, we'll move on to product team.
What's the What's the definitionof a of a product team?
Yeah. So if you're working for a
product team instead, which again thinking about product,
maybe it's not that straightforward, it's not that
(05:25):
obvious. But the product for a bank at
the end of the day is what they're helping their clients
on. So this can be M and a
transaction, this can be an IPO.So basically you are an
execution expert in that case instead of being industry
expert. So you will be helping no matter
what is the industry with a specific type of transaction.
So you will have the M and A execution team, you will have
(05:48):
the leveraged finance teams, theequity capital markets teams.
In case it is an IPO, that's capital markets restructuring
for each specific team will focus just on one type of
transaction and will be able to step in in the deal process and
help out no matter what the industry is.
Do do you think young people go into this profession then?
(06:09):
No, I think I'm a sector person.Oh, I'm a product person.
Yeah, I think, I think it's hardto know.
I think like many young studentsmaybe might be a little bit more
drone to the sector coverage just because it's a bit more
tangible. Like you can think about it as,
OK, there's this sector I'm really interested in, so I want
(06:30):
to work for this team. But reality is that there is a
good implication in terms of like what is your day-to-day job
looking like and like what are the skills that you need to
have? So I think that really what
should guide your idea when you are starting thinking about, OK,
do I want to work for a product team or for sector coverage
team? OK, how do I decide between
(06:51):
them? You can think about what is the
type of job that you would be going to do.
It's like the role and tasks of each will be quite different and
can start shaping a little bit how your career will look like.
So what? Superficially it's what?
More modeling on one side and then more interpersonal skills,
(07:11):
client facing on the other. Yes, yes, that's literally
correct. Like whenever we're thinking
about product teams, it will be more technical execution, so
like way more crunching numbers,financial modeling.
So if you're a modeling entry sales, if you really love like
building your models, analyzing companies, seeing how you can
forecast their models to the future, then product team would
(07:31):
definitely be something that canraise your interest and where
you can thrive. Whereas instead your interests
more into kind of strategic thinking, relationship with your
clients, marketing sites, ideas generation, then it's more on
the coverage team side. So yeah, you can see there are
actually very different skill sets and of course movement from
one to another is possible, but you may want to think about
(07:53):
yourself as standard standing. OK, it's true that you will be
doing some financial modelling in both.
It's true that you will have some strategic thinking involved
in both, but one is definitely more skewed towards these two
areas from. From your experience, do you are
organizations, I mean that you obviously got to be good at your
job and kind of not just delivering over delivering to
(08:14):
have options I guess available to you, But in terms of like you
might go into a product team andactually demonstrate some
characteristics that could be better.
How do you actually engineer that switch?
Is it you work with your manageror the hiring the HR team?
Do you need to serve out a period of time on the product
(08:35):
side to go right yet? Now you've earned your
opportunity to have that flex. What does that look like in
reality? Yeah, I want to be honest that
will really depends a bit of from your bank like how this
movement is possible or not. Sometimes there will be certain
needs in the team you're workingfor and so there will be really
keen to like keep you in that team.
But the reality I would say yourapproach to start with really
(08:57):
kind of like networking with people from other team.
Let's say you are now working incoverage in a coverage team, for
example, like oil and gas, and you would like to explore the
product team side of things likeconnect with those teams, like
chat with some analysts, chat with some associates from those
teams. Understand really first of all,
again, if you want to make that move because that is something
interesting for you and what youmay need, like what are the
(09:19):
expectations from your side? Because again, if you're in a
coverage team and you want to switch to product, you really
need to be able to prove you have that super good, highly
technical expertise to be able to agree to work.
Maybe rather than what you're doing right now, more on the
idea generating process and relationships with your clients.
More like maybe your work is best when it comes to numbers
(09:43):
and negotiation and similar things.
And then again, it would be literally the same if the case
is the opposite. If you're in a product team and
you want to switch to a sector coverage team, you will need to
make that effort to make sure that you can build that
understanding and knowledge about that sector.
Because again, they are expecting someone to be master
of the industry and so you will need to like be able to prove
(10:05):
that in case. OK, you had a note on that you
sent to me about why industry knowledge matters.
What? What do you mean by that?
Yeah, because like at the end ofthe day, we can think about, OK,
we have our product is, but why do we need sector coverage?
Cannot we just have all general lists, all deals are pretty much
the same, which has served the clients as they come, right?
(10:28):
It's not really because first ofall, thinking about technicals,
thinking about devaluation of a company or like the key drivers
of a company. This will definitely be really
different if you're working for one specific industry or
another. The drivers for tech company
might be on more recurring revenue or daily active users,
(10:48):
for example. This will not be the same if
you're looking at a pharmaceutical company, for
example, as your ability to really understand the future
projections of a company or the company can grow and thrive and
what the company may need will be really different from
industry to industry. And then again, the structure of
the deal in turn can be different.
That rationale behind it, why itis happening can be different.
(11:11):
If you think about oil and gas, many times we have vertical
integration at the core of it islike he reason why two companies
are integrating and will not be the same for another sector.
And again, I think that the bottom line basically is there
are so many investment banks outthere.
When a client, a company decidesto do a specific transaction and
can choose any of these banks, how you can win the mandate, how
(11:34):
you can make sure that the company selecting you will
definitely be based on how much can you anticipate their needs?
How much can you go there and show that them you already are
mastering that industry? They don't need to explain you
the basics because think about it like you're the company,
you're coming to me and I'm like, OK, explain me how your
(11:54):
business model works so that I can start building my model.
It becomes like really kind of awaste of time for the company.
Like the company wants to make sure that the advisor is already
on top of it, already knows how it works in and out.
Also because you will have closewider network that allows you to
select with the right target forthe company if the company is
interested to acquire another company perhaps.
(12:15):
And so, yeah, it just makes it easier for you to succeed in
getting those mandates and be a successful advisor if you are
really mastering the art of likeknowing that specific industry.
Yeah. I was just thinking, as you're
explaining, it's very much similar on the market side.
So if you're trading a specific asset class or even within an
(12:38):
asset class in FX, are you trading a high volume FX pair
like the euro or the Aussie or the yen?
Or is it something more, you know, more obscure, less
liquidity? And generally these traders will
own that one book and they know that product intimately, how it
moves, when it moves, who the buyers and sellers are typically
(12:59):
when they say it's yeah, it's interesting like the crossover
and that specialism that that people generally have.
OK, So if you're going to summarise then what would be the
key sort of take away points then to to wrap up this
conversation? Yeah, absolutely.
I think the take away from here is know what's the difference
between the two. Understand how this difference
(13:20):
make it easier for you to take achoice between 1:00 or the other
based on what's the day-to-day work looking like, What do you
want for your career, What do you want to specialize in?
Whether you're more relationship, strategic thinking
type of person or whether you really love friendship.
The numbers thinking about the negotiation side of things
because this will actually skew how you can select again.
(13:42):
One team will be with respect toanother and really being able to
thrive confidently. Talk about it in an interview
and smash it on your role. Yeah, good stuff.
All right, well, look, when we share this on Spotify and
YouTube, I know that you can leave comments.
So please do any questions at all.
I'm sure Sylvia and I will help if we can.
(14:02):
Otherwise, we'll see you for thenext episode.
Thank you, Sylvia. Perfect.
Thanks, everyone. Bye bye.
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