ECM/DCM Lifestyle
I’ve spent several years in coverage IB and am thinking about trying to switch to capital markets. I’ve realized that I like the markets significantly more than m&a. I’ve seen a number of similar posts but focused on the analyst level and exits.
What does the day to day look like at the associate and VP level? What are typical hours and how does the role change as you move up the ladder?
I think there's quite a big difference between DCM and ECM, and within both it's also quite team dependent. I spent a few years in ECM in a pretty busy group and the hours looked like this:
Mon - Thur: 8AM to 9-12PM with occasional nights that would go into the morning (Important RfP, live deal)
Fri: 8AM - 7PM
Weekend: Limited work unless a last minute meeting was scheduled for Monday, important RfP or live deal
It ultimately really depends on how your seniors operate. There were times where the hours were on the lower end of the above, we worked from home after dinner, but then there were also phases where staying until midnight was standard for months at a time. Hours between Associates and Analysts seemed better across most teams, but in my team the hours were largely the same and only really approved from VP onwards.
I can't comment too much on DCM as I didn't work in DCM, but I had quite a few friends over there. They generally would start earlier (7AM), but also finish earlier (when I would walk across the DCM floor at 8PM, there was rarely anyone there anymore except maybe some A1s). I would say that 7AM - 7/8PM is a pretty good benchmark for DCM. From a pure hours perspective, it seems like DCM is the better place to be.
In terms of role change, I think it's probably somewhat similar to coverage. Good associates can very much act like 'deal captains' to a certain degree on transactions and get the opportunity to talk on calls, come up with outlines for materials, check the work of analysts and also probably help in putting them together. VP is very much a project management-type role with even more client interaction. From Director / ED onwards, it was all about winning new business and lots of travel.
What were the hours for your seniors like?
It really varied. Most seniors went home between 6-8pm but were sending emails throughout the evening, some late into the night. That said, they spent a lot of time traveling.
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