FT Analyst here. I got the group allocation today, I was placed within ECM and will also rotate withing the ECM syndicate team. Don't really know what this means since I completed my summer within a coverage group at another bank but read online that exit opps are shit.
So how fucked am I?
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Fairly fucked mate
What are ECM/Syndicate exit opps?
You can exit to become a 1st year coverage/m&a banker lol
Relax mf
Will do, at least base is the same. Just wondering what many people do after an ECM stint, since the turnover is quite high within IB.
Last guy i knew switched into tech coverage and the other 1 got promoted to associate in ecm
Seen many switch from IB coverage to ECM. Not as many the other way.
Why did you switch banks bud
Interned in continental europe, return offers are not the norn. Especially not for bachelor students.
Should be happy you have a job, considering how fucked things are
In all honesty, things aren’t looking good... I would start networking / recruiting ASAP to find another position. Even if you are in ECM for a year you’ll start to get pigeon holed. If Covid wasn’t a thing I would recommend reneging on the offer entirely to have more time to search for something else. I would even consider it with Covid going on....
Do you actually work in banking ? Most firms are BEGGING for analysts due to record deal flow and higher churn. It is not the hardest thing to lateral right now. Not sure why everyone is mentioning COVID. Tbh he can probably also upgrade firms in the process
Btw the ECM market is hot as fuck so you could probably close a couple of deals while trying to lateral which would be good for your CV.
What? This doesn't sound like great advice...
How did you get placed into ECM? Did you make it clear to decisionmakers that you were interested in traditional ib? Sounds like Wells Fargo level screwy
Is OP basically complaining about getting a Ferrari instead of a Lamborghini?
ECM is more like a Volvo
Lol'd
Pretty fucked if you maintain the mentality that you're fucked. You're your own worst enemy if you don't believe there is a way out.
nah he's fucked even if he thinks he isn't mate
If it’s ECM at a shitty bank, which i assume it is given how much of an ass you sound like, you’re gonna have problems. Enjoy it!!!!
I’d start networking immediately unless you want to work on PowerPoint slides all day and have zero skill set or exit ops lmao
Not a great mentality especially you are just getting started. Keep your head down, stay humble, learn as much as you can, and perform as best as you can. People will recognize you, and opportunities will always emerge down the road. Just make sure you are conscious of the skill sets you are and are not developing in ECM, and try best to work on deals that would give you the relevant exposure.
Ecm is pretty nice. Make great money..off at 7 to 8pm..no weekends. Oh..soo you can't go to private equity. Pe is pretty lame and you just make stupid models all day and committee slides (plus you won't make partner). Then you have to go to bschool. Ecm can get you into a nice bschool as well.
Modeling is not some amazing cool thing. Its mostly pointless and just for seniors to justify fees or or ceos to cover their ass in a board meeting later when they are facing getting fired because their bolt on acquisition was a waste of capital since no synergies were realized (huuuge surprise). No one actually important ever looks or cares about the model.
You'll be fine in ECM.
Enjoy the better hours, similar pay, hotter girls(this is a fact), and same likelihood of getting into a M7 business school.
Plus it's way more sustainable if you want to make it a career.
I'm working in DCM which I'd guess is for all intents and purposes viewed similarly to ECM.
Considering an MBA 2-3 years down the line. What do you typically see ECM / DCM people who go to get their MBA go on to do? After all, it seems that PE exit isn't available, so just wondering what the value add of an MBA is at that point unless they're looking to completely switch industries (which I'm not).
agree with this. Comparing yourself to others can be make you feel like shit. Be happy you got your foot in the door. So what if it sets you a year back from your magical dream PE job?
Is it better than not having a place in IB? Yes by a longshot. Consider the bank name, networking opportunities, salary, less hours etc. Everyone on this forum gets that ECM might not be perfect and not what you wanted. But things don't always work out perfectly. Just get to work and be the best.
If you're at a top BB ECM group like GS/MS you definitely will not get out at 8pm and will be working most weekends. Hours and bad and exit opps are worse. ECM syndicate is even worse than ecm coverage. Would work hard and establish rep in order to lateral to coverage or elsewhere to another bank. Exit opps are possible but not a straight forward as IBD coverage opportunities
In my firm right now the ECM guys are actually more stretched than most (partly due to very lean team), like all working on 5-8 deals right now. Not sure where you got this 8pm idea from. All the guys from BBs were working with also frequently send 2am emails
Definitely Wells Fargo. Did they move you to Charlotte too?
Sucks to be you
You are fully fucked bro - You are now pigeonholed
what's worse, ECM or Corporate Banking housed within IB?
Sounds like Wells Fargo...
Strongly echo some comments above on how hot the market is in the US. If you’re in anything doing transaction work in finance then you have a good shot lateraling into a decent team. Obviously not everyone going to be in GS TMT or Barclays power. There’s still a pretty hot lateral market if looking for just decent coverage teams. I think the common theme across the board has been that IB teams in general haven’t done enough hiring over the past 2 years and now its coming back to bite them. I predict the market to be relatively hot for awhile.
Is BMO Mining the same tier as Barclays Power or GS TMT?
You're fine. ECM to Coverage is very doable, and you have a good explanation later on as to why you want to switch (given your prior experience in coverage). Stay sharp on modeling and network asap.
Only exits ECM has are out of a building...
Tbh, right now from what I have seen rn BB ECM works pretty long hours but equally lots of deals.
Also don't think its too hard to switch into coverage group or if you work in LDN to switch to regional office and do country coverage (M&A,ECM,DCM together). As well, as mentioned, ECM gets same pay and usually less hours.
Lateral out
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