ECM vs. IBD, BB vs. middle market

I have two summer analyst internship offers -- ECM at BAML, and IBD at Nomura. I loved the people at both, and am having a hard time deciding. I've asked a lot of people for their inputs as well and have gotten different answers -- some people say the value of IBD over ECM outweighs (including in terms of exit opps), and others say that as a summer analyst I should prioritize the BAML brand name. I was wondering if anyone here had any thoughts. It would be very much appreciated!

Comments (3)

 
Nov 24, 2015 - 11:09am

I'd agree with those that say to prioritize the BAML brand name. I feel like it will give you the most flexibility in the future. I say this particularly because ECM (imo) isn't far enough removed from IB to warrant dropping down to Nomura; ex: it's more related to IB than PWM.

Either way, congrats on the offers! What a great problem to have haha.

Maximum effort.
 
Nov 30, 2015 - 5:22pm

If I'm right in assuming your goal is to eventually do IBD, then you're likely going to have to do full time recruiting (for IBD), or try to lateral down the line. Not clear about each bank and how they do things, but as a sort of general guideline, I'd try to approach it like this:

(1) If you went to BAML, talk to people and see how possible it'd be to internally transfer to IBD for full time

(2) What is going to give you a better shot at landing FT/lateral ibd interviews? Brand v. Experience

(3) How important is it for you personally to get real experience in IBD as opposed to capital markets?

Personally, I think you can't go wrong. From what I've seen with myself and friends, both on your resume will allow you to get BB and EB IBD first rounds during FT recruiting.

Start Discussion

Popular Content See all

Girlfriend vs PE
+62PEby Investment Analyst in Private Equity - Growth Equity">Investment Analyst in PE - Growth
Life Hacks during WFH | How do you avoid burnout?
+54IBby 1st Year Analyst in Investment Banking - Mergers and Acquisitions">Analyst 1 in IB-M&A
Leaked EY Email
+51IBby 1st Year Analyst in Investment Banking - Industry/Coverage">Analyst 1 in IB - Ind
I’ll never take WSO for granted again
+48OFFby Principal in Venture Capital">Principal in VC
What's so good about Evercore?
+31IBby Prospective Monkey in Investment Banking - Mergers and Acquisitions">Prospect in IB-M&A
Have any 1st year analysts actually quit?
+29IBby 1st Year Analyst in Investment Banking - Mergers and Acquisitions">Analyst 1 in IB-M&A

Total Avg Compensation

January 2021 Investment Banking

  • Director/MD (9) $911
  • Vice President (30) $350
  • Associates (139) $232
  • 3rd+ Year Analyst (18) $155
  • 2nd Year Analyst (85) $152
  • Intern/Summer Associate (89) $144
  • 1st Year Analyst (344) $134
  • Intern/Summer Analyst (298) $83

Leaderboard See all

1
LonLonMilk's picture
LonLonMilk
98.5
2
Jamoldo's picture
Jamoldo
98.4
3
Secyh62's picture
Secyh62
98.3
4
CompBanker's picture
CompBanker
97.9
5
redever's picture
redever
97.8
6
frgna's picture
frgna
97.6
7
bolo up's picture
bolo up
97.5
8
NuckFuts's picture
NuckFuts
97.5
9
Edifice's picture
Edifice
97.5
10
Addinator's picture
Addinator
97.5