Associate 3 in ECM - Worth Moving to Broader Advisory?

Looking for some advice from people who have made a similar move.

I’m currently an Associate 3 in ECM at a large U.S. bulge bracket in London. I’ve spent my career there since my analyst days, so I’m very comfortable with execution, equity products, ECM processes, investor interaction, etc.

Lately, though, I’ve been feeling increasingly limited by the role. Compensation has become less compelling than it used to be, bonuses haven’t exactly been inspiring, and I feel like the scope in pure ECM can become quite narrow after a while. I enjoy capital markets, but I don’t necessarily want to spend the next 10+ years only doing that.

I’m now considering joining a super elite boutique in London in a broader advisory role that combines ECM with M&A and other strategic advisory work. On paper, it feels like a much better long-term career move because I’d become a more rounded banker rather than remaining a product specialist. It also seems like the kind of platform where I’d develop a much broader skill set and have stronger long-term optionality.

My hesitation is mainly around the transition. I’d effectively be going back to learning a lot of things that M&A associates have been doing for years (modelling, broader transaction work, etc.). I’m also aware that the hours are likely to be materially worse than what I’m used to today, and that I’ll probably feel like an analyst again for a while.

For those who’ve made a similar move:

• Did you regret leaving a top BB ECM platform for a broader advisory role?
• How steep was the learning curve?
• Did you feel behind compared with career M&A associates?
• Looking back a few years later, was it worth it from both a career development and compensation perspective?

Would really appreciate hearing from anyone who’s done something similar.