Industry Groups vs. Product Groups (下)11. Intern有咩要注意架作為一個intern, 無論你在邊個部門工作, 工種都係差唔多，所以你唔需要放太多時間去考慮究竟邊個係 “the best department”當然，喺好罕有既情況下, M&A部門可能會出現大型既辭職潮, 你作為intern都要有心理準備, 可能要負責run M&A models架~另外, 你入邊個部門做intern都好有可能會影響到你將來入邊個部門做長工。所以如果你入到ECM覺得悶既, 記得趁自己仲係學生, 去多d唔同既部門實習, 搵一個對你嚟講更加有趣既部門試下！當然，如果你有一個ECM offer同埋一個non-banking offer做選擇, 就緊係take ECM offer啦~~12. Industry MD > Product MD好多人都話Managing Directors係負責做winning clients, 咁佢地究竟係負責做d咩呢？- Oversee the deal: 佢地要同時負責做談判同埋execution- Bring in clients:佢地雖然主要負責做execution, 但都有責任要bring in clients架！好多人都覺得product group MDs既人工無咁高, 一般嚟講, 咁講都無錯既~ 但係都唔可以一概而論。如果有一個product group MD喺bulge bracket banks做, 都有機會賺幾百萬USD加！佢地既人工同表現係成正比既。而Industry group MD如果成年都只係做到一單小買賣, 咁好明顯佢既人工一定會低過啱啱所講既product group MD。所以大家又唔需要努力爭取做industry group MDs, 最重要既反而係你既表現呢！13. Leveraged Finance vs Debt Capital Markets (DCM) vs Financial Sponsor vs Financial Institution groups好多人都唔係太明白這四個sub-groups有咩分別，小編幫大家整理一下吧：• Leveraged Finance (product group): Leveraged Finance既職員負責分析公司既capital structures, 決定要發幾多債, 同埋邊類債, 需要做好多LBO modelling和credit statistic work。Leveraged Finance集中做high-yield bonds和Leveraged bonds• Debt Capital Markets (product group): Debt Capital Market比較market-oriented，集中做investment-grade debt, 比較少做高風險的high-yield bond，所以唔需要好似Leveraged Finance咁做太多analytical 和modelling work• Financial Sponsor (industry group): 跟private equity firm打好關係, 向佢地提供意見, 同埋跟佢地既portfolio companies合作• Financial Institutions Group (industry group): 負責跟唔同既financial institutions (例如commercial banks, insurance firms, investment banks, asset management firms等)打交道喺咁多個部門之中，Financial Institutions Group既工種最為特別，同學仔都會學識好多specialized skills。不過有利必有其弊, 入Financial Institutions Group工作既同學仔exit opportunities比較少, 好難轉入其他sub-groups。另外, 這四個部門確實有唔少overlap, 所以部分銀行只開設了一個部門, 同時負責做以上四個sub-groups既job duties，所以同學仔記得要了解哂四個唔同部門啊！14. Which Group should you join?最後就嚟到同學仔最關心既問題啦，講左咁耐, 究竟你適合入邊個group呢？如果你好有興趣入PE, 你就固然唔會想入ECM啦，除此之外，唔同部門既work/pay/exit opportunities其實無大家想像中咁大分別！如果同學仔對某個行業好有興趣, 就可以考慮加入果個Industry group。比起其他group, 入industry group對你將來既exit opportunities確實有marginal advantages。但係你一定要考慮自己既興趣, 與其擔心work/pay/exit opportunities, 倒不如選擇一d自己真正有興趣既groups, 咁你先可以喺果個部門開開心心咁做足幾年架！