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In Canada, comp is the same for each group for all junior bankers, so all associates regardless of their group get the same. As for all seniors, so VPs and up, that is where ECM and DCM counterparts start earning a bit less in bonus than their coverage peers, since coverage is in charge of the relationship over ECM and DCM, thus they have more liability if the deal falls through, but get more credit for closing. I'd assume the same applies to the US, but can only confirm how that is for Canada
I work in Hong Kong so a bit of difference in market structure. My first year VP in DCM pulled close to 500k last year on the back of a hot market. But guess what, he still lives in a 350 sqf shit hole and eats cheap shit everyday at the desk. Reality is that amount of money can’t even buy a car park these days in Hong Kong.
BUT - DCM/ECM has absolutely no exit if that’s a path you want to take vs. staying in banking till MD. Both are very execution driven ie you learn nothing about technicals. Those who excel are ones who know how to bring in deals and play games vis a vis other banks and clients.
Deciding the right area - ECM vs. DCM (Originally Posted: 06/01/2013)
I was talking to a contact working in the states who kindly offered to put me in touch with people he knows. However he was keen that I focus in on what area I want specifically. I also have coffee chats set up with a number of other people I've reached out to. I've been pretty fortunate with how good people have been in terms of responding and organising to meet up.
My problem is I have no direct work experience and so I'm finding it incredibly difficult to narrow down what area I want to get into. I've decided a good start would be in ECM or DCM as it is a nice marriage of ST and IB. I've always thought straight ST but the more I research the more I realise I am probably better suited to IB. ECM and DCM are a nice marriage of the two if I'm not mistaken.
How does one decide one over the other? I would expect DCM demands a more quantitative nature?
How, without work experience, did you guys decide what area was best? Did you spoof and take the plunge? Any good comprehensive sites which describe different job types, lifestyles, exit opps? I understand it is probably all scattered throughout WSO's forums but because I'm short on time a more condensed look at the industry would be brilliant!
I'm also a bit worried about exit opps related to the above areas. It would be great if someone could advice me on this!
I see a lot of merit in each financial services area that I would enjoy and which are also suited to different aspects of my personality and skill set.
Thank you for any advice and guidance!
Get offers first?
Why are you asking this question if you're a VP/MD/Partner
You don't get offers without knowing what you want DBCooper. That's why I'm asking how to know and inform yourself on which area to focus in on. Who in their right mind is going to give a general offer and say go on there son, make your mind up now... it's yours
mrb87 what's up?
I'm saying you have a solid blue "ST" circle which means VP/MD/Partner -- are you actually one? Because I can't think a VP/MD/Partner in S&T would be so clueless about capital markets.
If you aren't, you should change your profile so your uninformed advice to others isn't mistaken for experienced truth.
When setting up my profile it asked me to input an industry, ST as stated in my above post, is an area I'm interested in. I've just graduated and I have no direct work experience(also stated above) and I'm only looking for a bit of guidance/advice. Hence why I'm so "clueless" regarding Capital markets.
Thanks for the concern, I apologize for any offense my blue circle caused you....
Also I'm looking for advice not seeking it?
It was always like that Jasper. I don't know what this lads deal is!
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