ECM Hours
I thought ECM provides work life balance but 1 month into the job I’m working 90 hours / week. Curious about hours for other ECM folks
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Based on the most helpful WSO content, ECM hours can vary significantly depending on the bank and market conditions. Here are some insights:
Post-COVID Impact: ECM hours have been reported to be as bad, if not worse, than coverage due to high equity issuance volumes and frequent RFPs. Some analysts have mentioned working 80-100 hours per week during peak times.
Normal Times: Historically, ECM hours were considered better than coverage, with analysts working around 5-7 hours less per week. However, this balance has shifted in recent years.
Predictability: While ECM hours can be long, they are often described as more predictable compared to coverage. For example, some teams consistently work from 7:30 AM to 11 PM Monday through Thursday, with slightly shorter hours on Fridays and occasional weekend work.
Bank-Specific Variations: At certain banks, ECM teams might work 70-80 hours per week, while others report better work-life balance, such as 50-60 hours weekly, especially at "tier 4" banks.
Career Stage: Associates and senior roles in ECM tend to have slightly better hours compared to analysts, with less repetitive tasks and more client-facing responsibilities.
If you're consistently hitting 90 hours per week, it might be due to current market conditions or the specific culture of your bank.
Sources: 1st Year Analysts Quitting?, ECM/DCM for Career Banking, ECM Exit Opportunities, ECM, the high finance brain drain, ECM, the high finance brain drain
What type of bank are you at? BB?
Yes a BB
What’s the general consensus on DCM hours?
Have a few friends on the IG origination desk at a BB typical hours is 60-75 at worst
ECM at a BB with good deal flow isn't going to be a lifestyle job. While you finish a little earlier, you also start earlier. 8am - midnight is pretty standard during the week.
Yeah ECM is definitely not as lifestyle as ppl make it out to be. The ECM team at my bank worked until 2am for multiple weeks
7am-past midnight as an intern, so happy to have switched into covg full time
Do you now have better hours on coverage or similar or worse?
It’s more so that one of the touted benefits of ECM is fewer hours than coverage, yet often times if you’re at a bank with good deal flow then that difference is quite marginal and you don’t have as much optionality in terms of exit opportunities.
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