ECM Vs. M&A
I'm an associate with two offers: (1) ECM outside NY and (2) IBD in NY. When I say IBD, I mean the team focuses on an industry vertical and handles all of the clients' financial needs (M&A, DCM, ECM, etc.). Both companies are focused on the same industry vertical.
Obviously, the NY opportunity would be a better learning experience and quite frankly is more prestigious; however, this is really a quality of life decision: better lifestyle Vs. broadening/ strengthening my skill set. Long-term, I can see myself solely focused on ECM, even though I have focused on M&A for several years. Both companies have room for upward advancement (i.e., thinly staffed at the VP level).
Although I am concerned about being pigeonholed into ECM and the reputation of the firm, I love the idea of working less than 14 hr. days.
For anyone that can provide insight, what are the long-term pay prospects of ECM Vs. IBD for VPs and above? Has anyone moved into ECM from M&A and, if so, what is your opinion of the move? Thanks.
Take the IBD offer. ECM, especially outside of NYC, is going to limit your career path.
Also, beware of the "better hours" sales pitch. I know plenty of people in ECM who work the same hours as IBD Analysts/Associates because ECM was cut to the bone in 2008 and they are very thinly staffed.
After 2-3 years in IBD, you should have no problem transferring into a product group (depending on your specific deal flow).
If the quality of life is really that important to you then go for ECM.
ECM is a black hole. Once you get in , its very hard to get out because your skillset is not transferable.
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