alot of the banks places their ECM group separately from their IB division while some has their ECM team under the IB umbrella. are there any differences (in terms of an analyst's experience) ?
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The placement of the groups is just semantics. If you join ECM, you will still be an Investment Banking Analyst. The experience would not be that different because you are after all providing the same service regardless of where your are. From my understanding ECM, have a much better work life balance than their industry group peers and usually get to leave at late, but reasonable hours. I am also told that they have most weekends off, but you would need to verify that with someone who is in the industry.
^^ That's not true.
Barcap ECM vs MS GCM (ECM analyst) is quite different. One does more banking related stuff etc.
Also certain groups differentiate between ECM origination vs execution whereas others don't
Stop giving people the goddamn tagline vault guide answer about what ecm is unless you've worked in it
And no ECM worsk weekends. Work load depends on deal pipeline and how exactly the ecm group is placed
If ECM is just pitching and does not execute hardcore - then they have an easier life.
At Barcap, global finance, and ecm under it sit under banking so segregation between banking and syndicate is quite clear.
At other places with GCM (a group that is like a JV between banking and equities), then that differentiaation is not so clear
Then I apologize, I had only spoken with one person in ECM and did not realize there was such a large difference between between different ECM groups and their related tasks.
In fact, the better work life balance is true for analysts in syndication (deals with the book of orders & sales) / execution (legal stuff etc) but for origination ... it's more 8h30 9 am to midnight - 1am and more depending on your workload. You usually don't work on week ends but it happens sometimes. The guys in the origination team follow the deal from A to Z, from the pitching to the execution and post exec. At least where I were, the senior bankers contacted ECM origination directly without asking m&a or coverage groups to join in if the solution to be offered was 100% ECM. In these cases, m&a was just helping on valuation stuffs (more about dcf etc since ecm guys deal with multiples) but company profiles / case studies etc were done by ECM.
There s not one way to describe what ecm guys do because it always differs and that's the problem.
Then why classify them all into ECM?
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