What are the differences between capital markets vs ECM vs investment banking? Is cap markets more operational (doing P/L, watching the markets), while ECM deals with the pricing of IPO/add-ons, and IBK deals mainly with client relationship and financial modelling?
Thx.
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It varies from bank to bank, but generally cap markets refers to ECM and DCM and some structured products groups. ECM and DCM are the product focused guys (sometimes ECM will be broken out between common and convert, DCM is usually broken out by investment grade vs. HY (bank and bond)), these guys are in between banking and the market, and help raise capital (whether its an IPO, secondary, bond, or bank deal) and syndicate deals to the market
Is it easy to move from ECM to investment banking? Also, do people see investment banking and M&A as 'higher' than ECM? ie: M&A and IBK being on the top of the food chain that everyone's trying to get to, instead of ECM.
generally, yes. M&A is more prestigous than ECM.
is it easy to move from ECM to M&A? i mean, are the skills transferrable?
I don't know about easy, but you'd have an easier time moving from an industry group into M&A. The things you pick up in ECM are pretty product specific and focused on execution of equity financings.
ECM sure seems rather popular (here)...
"seems rather popular (here)..."
i think one person has been starting these threads out of curiosity. he'll realize soon enough that ECM is fucking ghetto mid-office work.
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