Converts Group?

I had my offer for an IBD coverage group deferred, but I now have the prospect of working in a Convertibles group. I really don't know much of anything about the actual work at the analyst level in this group.

First, am I correct that Converts is technically part of ECM? Second, does anyone have insight into what the junior level work is like and how it compares to an IBD industry group or M&A? Third, what are the exit ops like for Converts? And last, how do the hours compare?

I did some searching and found information on ECM/DCM, but not Converts specifically, so any information would be appreciated.

 
Best Response

Converts and equity derivatives are the most technical groups in ECM. Working in the convert group will teach you a lot about options and convertibles valuation, convertible provisions and features, execution and market color.

Unlike sector coverage groups in banking where you learn how to value companies, a convertible expert specializes on structuring, valuation and execution.

Junior members would mostly do convert pricings, pitch books, learning about the basics (it takes a good 6 months to a year to get a good understanding of all the concepts in converts), working on legal docs, help executing deals, etc.

Since you are working in capital markets, hours should be much better than banking. Depending on the style of your group, it could be 8am-8pm or maybe longer. Hope this helps.

 

Thanks for the detailed write-up. I'm still wondering if anyone has some input on what exit opportunities might be after doing an analyst stint in Converts? How do exit ops compare to IBD?

 

Nihil consequatur sit earum corrupti. Mollitia cumque velit repellat corporis eveniet. A suscipit quis eum maiores. Adipisci est mollitia earum est consequatur mollitia quis. Est perspiciatis itaque libero perferendis.

Et ea distinctio optio blanditiis adipisci reiciendis. Hic ut aspernatur aspernatur omnis nesciunt debitis. Exercitationem possimus rerum optio quis corporis illo. Saepe corrupti harum eum soluta voluptatem mollitia.

Career Advancement Opportunities

May 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. New 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 04 97.1%

Overall Employee Satisfaction

May 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

May 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

May 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (87) $260
  • 3rd+ Year Analyst (14) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (67) $168
  • 1st Year Analyst (205) $159
  • Intern/Summer Analyst (146) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Betsy Massar's picture
Betsy Massar
99.0
3
Secyh62's picture
Secyh62
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
GameTheory's picture
GameTheory
98.9
6
kanon's picture
kanon
98.9
7
dosk17's picture
dosk17
98.9
8
CompBanker's picture
CompBanker
98.9
9
Kenny_Powers_CFA's picture
Kenny_Powers_CFA
98.8
10
numi's picture
numi
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”