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.
Based on the most helpful WSO content, here’s what you need to know about transitioning from ECM to a broader advisory role:
Broader Skill Set Development:
Moving to a boutique with a broader advisory focus (ECM + M&A + strategic advisory) can significantly enhance your skill set. ECM roles tend to be specialized, focusing on equity products, market research, and investor interaction, but they lack the modeling and in-depth business analysis experience that M&A or coverage roles provide. This transition could make you a more well-rounded banker and open up more diverse exit opportunities in the future.
Learning Curve:
Compensation and Hours:
Career Development and Long-Term Optionality:
Regret vs. Reward:
Key Takeaways:
Ultimately, the decision depends on your personal career aspirations and willingness to adapt to a more demanding but potentially rewarding role.
Sources: ECM Exit Opportunities, Going from IB to ECM or DCM? Anyone made this move?, ECM/DCM for Career Banking
Do it. The longer you stay in pure ECM the more stuck you are (until you make MD then you become more marketable). The only people I’ve seen exit ECM above the junior level are attractive women who get into IR. Those roles don’t exist for men. ECM market in Europe also sucks relative to the US so presumably there are less seats at the top due to the size of the wallet. I did US ECM for 2 years and I loved the role but I learned nothing that was applicable outside of ECM
Appreciate the perspective and helpful! That’s honestly one of my biggest concerns as well. I’m a woman, but I have zero interest in IR—it just doesn’t appeal to me tbh. My worry is exactly what you mentioned: after a few years and a lot of executed deals, I feel like the learning curve has flattened, the work becomes fairly repetitive, the pay isn’t what it used to be (at least in Europe / London vs covid and pre covid levels) and the exit opportunities seem pretty limited.
my md promised that i will be managing associate next quarter!
Why would you move? ECM is absolutely cush
Fair point. The issue for me is that after a few years and a lot of deals, ECM starts to feel quite repetitive. I also don’t think the pay is what it used to be, and the exits outside of staying in ECM aren’t particularly attractive.
So here’s the thing, and this is someone who did ECM at first, went to M&A and then boomeranged back to ECM.
You mentioned repetitiveness. Wait until you’re fucking knee-deep in a QofE of the where the numbers don’t tie to the sales cube and then you need to get on with the management team to understand why the fuck they’re not because you can’t do 10 different cuts of revenue by [insert data cut] for the CIM
Wait until you work for a sponsor-owned client (ho boy, get ready to be micromanaged to oblivion) where you will have 30 different turns of the CIM two weeks before you go to market. Also, because there’s no ERP despite the “professionalization by PE” and every dime has gone to their debt pay down and the data is completely messy. Oh but wait, the Portco management team needs to fucking weigh in, so you’re basically getting spit roasted in comments by both the management team and the portco.
If you’re looking for intellectual stimulation, I really don’t see how sell-side M&A is going to get to that. I imagine that your hours are significantly better than M&A, your comp is exactly the same - what else do you give a shit about? Unless you’re dead set on private equity, I don’t see any benefit to doing M&A at all.
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