M&A underwriting vs. M&A brokerage

If you are looking for a career in Mergers & Acquisitions (M&A) Legal in Germany, two professional fields stand out in particular: M&A Underwriter and M&A Broker. Both are essential in the deal lifecycle, but differ significantly in their tasks, remuneration models and long-term career prospects. Here is an overview to help you better understand the differences and opportunities between the two roles.

What does an M&A underwriter do?
M&A underwriters focus on evaluating and managing the financial risk of M&A transactions. They usually work for so-called MGAs (Managing General Agencies) and their tasks include:

• Carrying out detailed due diligence reviews of the acquisition targets
• Evaluation of financial reports and business risks
• Structuring deals to minimize risk
• Ensuring compliance with legal and regulatory requirements (in particular BaFin and EU directives)
• Cooperation with legal and tax advisors

Underwriters are analytical, detail-oriented and play a crucial role in protecting capital and sustainable transactions.

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What does an M&A broker do?
M&A brokers act as intermediaries between buyers and sellers and focus on..:

• Identifying and approaching potential acquisition targets or buyers
• Company valuation and preparation of pitch materials
• Management of negotiations and coordination of due diligence
• Advising customers on pricing, structure and timing
• Building and maintaining strong relationships - especially with German SMEs

Brokers are client-oriented professionals with a strong focus on deal generation and execution.

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Career prospects

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Underwriting:
Underwriting positions offer clear career opportunities. From junior or assistant underwriter, you can work your way up to senior roles and later into management positions in credit risk, portfolio management or even C-level. Many also move into private equity, law firms, consulting or corporate development.

‍Brokerage:
Brokers build their reputation through successful transactions and a strong network. Over time, you can take over team leadership, become a partner in consulting firms or set up your own M&A consultancy.

Entrepreneurial growth: Brokers with a strong track record often become trusted advisors to investors or family businesses. Specialization in certain sectors (e.g. industry, consumer goods, SaaS) leads to niche expertise and higher fees.

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Do you want to discover open positions or personalized advice?
Contact our team - we will be happy to support you with your next career step in M&A!

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