ecm/dcm groups to get into
other than lev fin, best ecm/dcm groups to enter as FT analyst at BB.
thanks
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after lev fin, then HY cap markets, maybe a syndicate desk...depends on what you want to do...usually you don't have a choice
any ideas as to why lev fin is the best sub group in dcm? in terms of - things u learn, skills - deal flow
is jpm the best lev fin to get into on the street? thx
db
lev fin you do modeling and due diligence.
in the rest of dcm you will do credit comps and its a more markets based job than a banking type job
How about if you have an interest in moving into trading at some point...then what's the best DCM group to get into?
if you want to do equities trading then ECM... credit trading then hycm or lev fin
any opinions on structured finance or securitization groups. i hear bonuses are pretty comparable to ibd.
Bonuses are pretty comparable but exit ops are not even close.
only pe is cut out as an option as of what i have heard... vc, hf, trading (which ibd doesn't seem to open for) are all accessible exit opps
M&I have great interviews on DCM & ECM
Capital markets groups (Originally Posted: 08/06/2007)
Hey guys,
I'm a new analyst in capital markets and we're getting ready to do group selection. I'm having a hard time deciding which groups I'm interested in, and I'm interested in the opinions of those of you with exposure to cap markets. Groups with most interesting work?
Best/worst hours?
Best/worst exit opportunities, to HFs or elsewhere?
Also, is it a bad idea to join a group dealing with more "obscure" products (say, a student loans group instead of something like securitizations)? Or is this not a worry since there's always going to be firms on the buyside looking for people with specific skillsets?
Thanks for any input.
My suggestion is don't join Capital Markets, it's the worst group ever and the work is beyond mundane. It makes Banking look like F-1 racing.
Contrary to what Phucked says, the very reason a lot of people join CM is because the work is anything but. You work with both your client and investors and are the bridge between S&T and Banking. No cubes, but a trading floor environment means there's never a dull moment.
Not sure how your bank is structured, but ECM and LevFin are in CM at my bank. I'd recommend them along with any of the fixed income coverage/product groups.
Hours range from 12 - 18 (pushing banking in LevFin/ECM)
bump
what is the pay like in capital markets?
Unlike pitchbitch, I actually work in ECM. Contrary to what people say, there is no "client interaction", you're an excel monkey but unlike Banking, there is no quantitative modelling experience alongside to teach you valuation skills, actually analyze a company etc.
It's more like backoffice work and exit opportunities are non-existent. Especially with the current market and the new PE/HF tax, you think PE/HFs are gonna want a CM banker ?? with no modelling experience, you're destined to remain in ECM/go back to B-School.
Trust me son, don't do it. Do Banking and you won't regret it.
The base is same as banking but the bonus isn't, in the current market should range between 50-60K.
Phucked, didn't you get placed in ECM last week?
http://www.ibankingoasis.com/node/8032
I personally am not too familiar with ECM. I'm sure there are people out there that would rather be in ECM than IBD though.
I don't say this too often but...
LOL.
I was just going to say the same thing.
Can someone clear this up for me? This is getting confusing.
What exactly is your point ? Yes, I did get placed in ECM and I hate it, I'm trying to warn others instead of trying to be a smartass like yourself.
Hell, even e.research is better than ECM.
like a cross between cap markts and banking. i have one guy in my bank who moved from a coverage group to ECM, because he thinks its going to be much better hours. he promises to call all of us from a bar at 2:00 am while we are working. heh, we'll see...
He could very well be in for a rude awakening. I know when I was at Lehman, the DCM & ECM group came in way before all the other bankers -- around the same time as salesmen and traders. Also, they left around the same time as most of the people on their floor.
At Lehman, ECM & DCM are part of the Investment Banking Division. They are part of the Global Finance "Super Group" that also includes LevFin and Risk Solutions. I might be forgetting something...
Wait...I'm guessing this varies from bank to bank but....ECM works on IPOs and road shows, right?
They do indeed. For info though, roadshows can be done for many kinds of large scale operations. It's basically pulling out the big guns to sell a story to investors (m&a, ecm, dcm).
luke77, seems like you didn't really get an answer above. You should be more specific as to your options and type of focus you'd like to have in your job.
To be more specific, I am at one of the big BB banks. Anyone with much knowledge of the big banks will be able to tell which one from this post, but the groups I have narrowed it down to now are:
Credit Derivatives CDO's Mortgage finance (encompasses both prime and subprime) Commercial Real Estate Finance Asset Based Finance Global Structured Solutions (basically provide unique financing to large companies/governments)
Capital Markets does include both ECM and leveraged finance (and our ecm guys get heavy modeling experience, that's the majority of what they do), but I'm not interested in going into either group. As far as what I want to focus on, I really don't know - I have no real preference for a group that is going to be doing mostly modeling vs. client presentations, etc. because without having done either type of work I don't really know what it will be like. I guess I'm looking for the most "interesting" groups, if that's possible...
ECM is not technically in Capital Markets, in the true sense. Phucked, is your name quite literal?
not mocking/being an ass, but do you really think you've gotten a thorough experience in just a week? i don't doubt that you may have had a horrible experience for the short time you've been there but do you think that's going to reflect on all of ECM?
Well, I've been here almost a month now. And was told straight up that there would be no modelling/valuation work in the job. I guess the dissapointment of not being placed in banking hasn't yet worn off. I should point out as a disclaimer that I work at a MM bank, so my experience doesn't necessarily apply to the BBs. Even so, I see no upside at all by working in ECM.
I understand you're pissed off and you may not be in the most interesting ECM team. For the sake of accurate information, at other banks ecm analysts do comps and DCFs, as well as other modelling (although less than an m&a or levfin team). And avoid dissing research too (unless you have solid grounds to do so...).
some cap mkts people become traders, or at least the path is very open to them if they want it, which is cool; so HF is a very strong possibility from what i understand, but it is a different line of work. valuation work / "modeling" (in the ibanking sense) is ultimately useless if this is the goal.
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