a couple of quick questions that i couldn't find answers to after googling/searching around.
1. is capital markets considering an investment banking position? I have an offer from BAML Capital Markets and was wondering if it's considered a FO investment banking position or not? Would I be able to put "Investment Banking Summer Analyst, Debt Capital Markets" on my resume or would it be "Capital Markets Analyst"
2. How does DCM work with LevFin and the industry groups for typical IBD transactions?
Thank you guys for this help, really do appreciate it.
1) Capital Markets roles are organized into product groups (ECM, DCM, M&A, LevFin, Restructuring) within the investment banking "umbrella", so they are considered front office investment banking. Some banks incorporate Capital Markets into their general Investment Banking division, while others like Morgan Stanley have a Global Capital Markets division separate from the IB division. Regardless of the organization, Capital Markets are still organized by product groups, and one is still considered a front-office investment banker.
2) Product groups operate within their transaction type, focusing exclusively on debt & equity raising, but often work in tandem with coverage groups, when necessary, to execute the deal. For example, during an IPO for a healthcare company, ECM will work with the healthcare coverage group.
Coverage groups works exclusively within their target industry(s) across a broad spectrum of transactions, including but not limited to issuing equity, debt, M&A, and restructuring.
Can you explain to me why BAML in-house rx/ loan workout group is FO? I was under the impression that most BB workout groups aren’t FO. Just a novice to the area trying to grasp what the “Debt Advisory” group does and if an analyst would be compensated the same as say levfin. Is there any origination work? Any help is appreciated. Excuse my lack of knowledge
thank you so much, that is an amazing break down. You were incredibly helpful! I have a friend going into MS Capital markets, and he kept telling me that it's not 'investmnet banking" and that's why i was wondering whether my BAML Capital Markets job is also not considered "investment banking" even though i know my friends in the IBD division of BAML do equity raises, IPOs etc. in their industry groups
Some banks, like GS & JPM, include capital markets groups in the "Investment Banking Division." BAML and MS's ECM/DCM/LevFin groups are under the Global Capital Markets Division, and the interns and the analysts use the title "XYZ Capital Markets Analyst." A quick LinkedIn search would show you this. However, these capital markets groups are still considered FO and are no different than the respective groups at JPM/GS.
is there a consideration made in terms of using "capital markets analyst" versus "investment banking analyst - ECM/LevFin/DCM"?
Just wondering because obviously BAML and MS split it up, but i see no reason to use "Global Capital Markets Analyst" when really you are doing an IBD product role FO position.
Thank you for your help!
double post
This is a FO group. Base salary will be in line with IBD.
sorry, i did not do charlotte. Thank you guys for the help.
Was interested in in exit ops, pay and prestige for BAML ECM vs LevFin if anyone knows this information.
I signed with BAML and hopefully will be able to get into a great group. Any advice on the group placement as well would be appreciated!
*double post
*double post
BAML Global Capital Markets (Originally Posted: 03/05/2010)
Hey guys,
So anyone know of good groups at BAML in Capital Markets? I believe their DCM is ranked pretty high in terms of dealflow, and I'm thinking about requesting their Investment Grade desk. Any ideas on the hours for DCM IG? I know their Lev Fin is also pretty baller, but I think the hours/culture are way more intense.
Thanks!
Their Lev Fin group is at the top of the league tables. DCM is strong too but exit opportunities aren't as good because of the work you do.
In Debt capital markets you work from 7 to 8 usually.
your experience depends on where you are working as well... charlotte or new york?
Curious also. Are you an SA looking to pick a group? Lots of people keep saying avoid LevFin since its "dead" right now. Then what are these guys doing from 9-midnight? It seems the most like IBD in terms of work and culture. Other wise I am leaning towards IGD too. I really don't think about exit opps, the most would be switch to IBD.
Goldwing msg me if you wanna talk about it. I'm NYC
LevFin is the best group in GCM in terms of exit opps, but hours suck more.
DCM is pretty chill, depending on the desk, you will definitely be out by 9, but early as 6
For SA's, when/after you pick which branch, how is placement determined for a group/desk?
thx for the help!; keep up the comments ^^
BAML Cap Markets (Originally Posted: 11/18/2009)
Hi,
I have a superday at BAML tomorrow for their FIG Capital Markets and Finance group. I know this group does both equity and debt capital markets for FIG clients. Can anyone provide any tips for interviewing, what to expect, and any more information on how the FIG desk may differ from traditional DCM or ECM. Thanks!
This is not a particularly impressive group. I interviewed with the Merrill side two years back, and turned down an offer. PM me for more info
I actually will agree. Do IBD or nothing, and even so try to get into ML legacy. BoA's groups are pretty ehhh.
I heard this group is mostly ML people.. not sure if it matters but I am comparing this potential position to offers in a IBD risk group and a strategic consulting role.
In that case I'd go w/ Capital Markets over Risk any day. And unless your consulting op is with M/B/B I'd still go with Capital Markets......
Thanks for the help.
Had Capital Markets superday last month. One of the interviewers was in FIG and asked the standard questions. Make sure to have an opinion on the markets and where you think they're going.
BAML Capital Markets (Originally Posted: 10/12/2009)
Hi,
So I had my superday last Friday, and still have not heard back about the results yet. HR did tell us to wait until Wednesday at the latest, but has anyone here heard back from them yet?
Also, how is Capital Markets viewed on the market? How does it compare to traditional IBD or S&T? Also, considering the array of exit opportunities from the division, would you think that Cap. Mkt is desirable?
I just want to hear some of your thoughts back on this.
Thanks,
nvm
Capital Markets is verrrry vague. Leveraged Finance is in BAML capital markets but it is in IBD at Barclays. If you want more IBD try for that. If you want something more trading oriented try a derivatives desk in DCM.
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