Choosing coverage group
Hello! I am about to start my IB job and wanted to know if I could get some advise? I am doing placements for my investment banking job at a top BB bank. I have options to be placed into classic coverage groups (tech, healthcare, industrials, etc) or I can also be placed in DCM, ECM or shareholder advisory. I interned at this bank last year with the tech coverage group and really liked the culture but the hours were brutal and it’s not something I want for full time (I know I chose the wrong job if I don’t want long hours but it’s something I didn’t care about when I was applying but things in my life have changed so now I care about a more work life balance even if it means getting paid less). I don’t want to do buy side after IB btw. I want to go to law school. I also have the option to be placed into ECM and DCM or shareholder advisory. I feel ECM and DCM and shareholder advisory will have way better hours and I’m not super interested in going into PE after anyways so it’s not like I’m missing out on being in a good coverage group bc I feel ppl want that so they get a good shot at PE. Do u suggest I do ECM and DCM if I want better hours?
TLDR: will I have better hours in ECM/ DCM compared to coverage groups
ECM/DCM have by far the best hours imo and for that they average 60-70 hours a week. Hours can increase if there is a lot going on in the market and if you ever wanted to make the shift to coverage, you could always do so whether it’s an internal lateral or if you communicate outside your bank.
Would say DCM, ECM is normally pretty good hours but can be a bit more variable depending on how hot equity markets are. DCM in my opinion is the best place for a career in banking, the most stable, better hours, easier to sell than M&A, less technical, still moderately interesting, etx. So if you are looking for something chill for a few years definitely a good place to look.
Question what kinda law do you want to practice, cuz If you go to a big law firm, I have some bad news for you… hours are not any better.
I wanna do criminal justice reform no big corporate law for me lol
Shareholder advisory prob. ECM gotta be there at like 7am everyday which can be brutal and many banks don’t even consider DCM to be IB
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