I am about to start FT in ECM at a BB and was wondering what the typical range for the bonus would be. I know the hours are fewer and typically have fewer deals than other groups, but any input would be appreciated!!
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In my experience, the buckets have aligned with my coverage partners. I think it starts to differ as you get more senior but at a junior level the comp is comparable and if you don’t care about exit opps, it’s a great place to be for wlb.
And as an ecm banker, I don’t understand your point about having fewer deals. You should have more deals than coverage, but work on them for a shorter period of time whereas an M&A banker will have fewer deals and they go more in depth into each deal. M&A fees are much higher, ecm fees are all public and much smaller and the deals are often syndicated.
Thanks for the response! The exit ops that I care about are either corporate strategy or pursuing my passion for sports, so do you think that ECM is good for those exits? Obviously the WLB is amazing.
I wouldn’t bifurcate ECM vs M&A or ECM vs coverage etc.. the fact is you’re a junior banker for a BB. Exit companies just want to know you can work hard; sure some roles may set you up better than others and be more of a “natural transition”, but I don’t think exit companies expect you to bring any value to the table other than working hard and being passionate towards learning their business
Agreed, I’m finishing my 2nd year and have been on ~50+ transactions, probably 35 of which in an active seat or > from start to finish. ECM is very transactional, much more than M&A
Salaries moved a lot in 2021-2022 but was ~70% of salary 1st year ECM analyst. Was told I was top bucket. Conservatively I’d go in with 40%.. but also depends on how your bank handles the fee pool for juniors. 2023 has been busier than 2022.
Is 70% of base the average across most ECM groups? Additionally, is this figure the higher buckets range?
I’m not certain as that was my 1st bonus. It’s more than I originally thought. I think it’s closer in line with coverage bonuses (for juniors) than people think, but that could just be my bank I’m not sure
Those are some really solid number. Curious how your lifestyle/ hours have been in 2022/ expected for 2023?
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