Industry Coverage Groups are specialized teams within investment banks that focus and have expertise in specific sectors/industries exclusively. Within a deal team, analysts to MD gain deep industry knowledge (as well as build valuable relationships in parallel) mostly through helping these enterprises raise capital or merge with another enterprise.

Choosing the right industry group to join as a graduate is an important choice to make, as it will have a long-term impact on your career. It pays to choose wisely. For instance, being a Real Estate banker during the COVID-19 pandemic, would have meant very poor bonuses but more importantly poor exposure to dealmaking.

It is also important to note that you should capitalise on any major non-English languages that you speak natively and understand the culture there. For instance, if you speak German, you will have a better chance joining a group that does business in that region.

Some groups see more activity than others, which means more/better deal exposure.

A Full List of Groups and Subdivisions

Technology & Communications

• Technology, Media & Telecommunications (TMT)
  
• Software & Internet
  
• Hardware & Semiconductors
  
• Telecommunications & Cable
  
• Media & Entertainment
  

• Financial Institutions Group (FIG)
  
• Insurance
  
• Asset Management & Financial Technology
  
• Real Estate Investment Trusts (REITs)
  

• Healthcare
  
• Biotechnology & Pharmaceuticals
  
• Medical Devices & Healthcare Services
  
• Life Sciences
  

• Oil & Gas
  
• Power & Utilities
  
• Mining & Metals
  
• Renewable Energy & Clean Technology
  
• Chemicals & Materials
  

• Consumer & Retail
  
• Food, Beverage & Agriculture
  
• Luxury & Fashion
  
• Restaurants & Hospitality
  
• Gaming & Leisure
  

• Industrials & Manufacturing
  
• Aerospace & Defense
  
• Transportation & Logistics
  
• Infrastructure & Government Services
  
• Automotive
  

• Real Estate
  
• Real Estate Investment Trusts (REITs)
  
• Infrastructure
  

• Financial Sponsors (Private Equity, Venture Capital, Sovereign Wealth Funds)
  
• Sponsor Coverage
  

• Fintech
  
• Climate Technology & ESG
  
• Digital Assets & Blockchain
  
• Space & Satellite
  
• Cannabis & Alternative Industries
  

• North America
  
• Europe Coverage (Country-specific and regions such as Central and Eastern Europe)
  
• Asia Coverage
  
• Emerging Markets
  
• Latin America Coverage
  

One of the hottest sector groups these days is the Technology, Media, and Telecommunications group thanks to recent advancements in the technology industry, like Artificial Intelligence that skyrocketed interest and demand for products in this sector.

As a result of advancements in AI, Healthcare & Life Sciences also less lots of prominent activity.

The Worst Groups in 2025

One of the lowest transactions volumes were is Real Estate, driven by rising interest rates (pushing down valuations) and challenges in both residential and commercial real estate due to COVID-19 impact and Work From Home, as well as. High vacancy rates in major metropolitan areas.
Oil and gas was another sector that saw low activity which was driven by the green energy transition through ESG initiatives (Environmental, Social, and Governance).