How difficult is it to transfer from Capital Markets to M&A. I know that both areas are on the same side of the Chinese wall, but more in terms of work 'difficulty'. M&A is relatively more quantitative compared to markets, because of its valuations.
I did an internship in ECM an will do another this summer.
Thanks.
| +161 | As Lehman people reconvene at UBS, Barclays needs to hire (2023) | 23 | 1d |
| +144 | Worlds Worst MDs Competition (2026 Edition) | 18 | 2h |
| +133 | Is pay at BofA really that bad? | 64 | 11h |
| +90 | Day at Macquarie | 12 | 1d |
| +49 | How bad did I mess up | 10 | 2d |
| +43 | Lindsay Clancy - Thoughts from A2 | 11 | 5m |
| +31 | Misrepresented Houston IB | 14 | 2d |
| +29 | No BB RO 2026 | 10 | 3d |
| +29 | JPM SMALL CAP or WF/JEF/RBC Coverage group | 13 | 1d |
| +26 | Most technical groups? | 14 | 17h |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
None of the work in banking is really all that mentally demanding, so as far as intellect goes, you should be absolutely fine. The big issue is that M&A is highly sought after and thus very difficult to get into. Your chances of joining the M&A group of a different firm of equal standing are slim. ECM is generally not regarded quite as highly as traditional banking groups. Your best bet is to network within your firm to try to get into M&A. However, again, competition is fierce. I would advise doing whatever you can to get out of ECM for full-time if you plan on trying to get into PE or HFs after your 2 years. You can't be too selective.
Ok I understand. The reason I applied for ECM is because of current market conditions (a lot of secondary offerings). Furthermore, M&A is doing nowadays also a lot of capital market transactions, so I thougt there was a close connection.
As I said, I did an internship last summer and this summer I will be interning again at a BB in London, both capital markets. My plan is however to enroll in M&A.
If you had two summers in ECM then I think you should initiate contact with recruiters/bankers you have rapport with to consider M&A.
The more upfront you are about your interest, the more likely you are to get it, as demand for M&A far exceeds the supply (esp. in this market).
The main difference is the technical exposure you would get in M&A, as you suggest.
I would suggest trying to get as much comparable experience in ECM as you can (as much valuation and modeling as possible), so that you can better "sell" yourself to get M&A.
Good luck.
Chase Us, Break In http://chasingconsultantsbreakingbankers.blogspot.com/
Wanted M&A, ended up in ECM (Originally Posted: 12/07/2011)
So I just received news about my placement at Wells Fargo, and ended up with ECM. Not sure what the group does because I didn't do any research on them, but I'm more worried about my exit opps after finishing the program. I've had an end goal of PE, but it seems like that's out of the question atm. Can anyone chime in on what to expect within ECM, and also whether it's plausible to transfer to a group like M&A afterwards to push for a PE job eventually? Thanks.
How do you not know what ECM does?
Stupid question I guess, what I'd like to know moreso is what ECM does that I could spin off into an M&A type role later on. The main point of the question was whether it's likely to be able to transfer to M&A after the program, and if not what kind of exit opps could I expect out of ECM.
Most banks will frown on an transfer after just one year and would rather you stick it out for two before doing a third in another group. If that is the case, and it probably is, get back on the job market now and try to lateral to a reputable bank. Aim for a group that will give you plenty of modeling experience.
If PE is your end goal, you definitely do not want to be in ECM.
ECM IS a product group, so are DCM and M&A. No idea how you could spin ECM to M&A. Good luck!
No idea how WF manages their program, but at many BBs you can move into a different group if you stay for your 3rd year.
how the hell did u end up in ecm and u dont even know what they do
Is this Charlotte or NY? People I've met in ECM were pretty legit. You just found out your placement? Superday was like two months ago.
Well its a matching principle type thing. You rank your top groups and they rank their top candidates. It's in NY. I obviously know what they do on a basic level but not the type of modeling and day-to-day things like I know M&A does because I've interned within M&A groups in the past. They took a while to get back and finalize everything.
How did you get placed into ECM and you don't know what they do!?
get out in the job market now and see if banks have any opening. Chances are you will have to go to MM or specialized boutiques to get into the M&A group. Or else, get into a industry group at any other bank and hope for the best. ECM = no PE
Non sit modi et. Ipsam dolorem eligendi perferendis et. Quam dolor necessitatibus ut consequatur sapiente earum atque. Quis culpa consectetur quia harum.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...