Nordic IB Question: BB ECM role or Big 4 Deals - corporate finance role?
Hi guys,
I am in the fortunate position where I have two competing offers, one from a leading nordic bank, and the other from big 4 deals / transaction services.
The IB offer is from a leading nordic bank, but for the ECM team (wanted M&A exposure ideally). The competing offer is for Big 4 Deals, and will focus more on corporate finance, M&A, valuation ect.
The IB offer does pay more (unsurprisingly), but the hours will be worse. I dont mind the hours too much, my only concern is regarding exit opportunities.
I've heard that specialising within ECM early in my career limits the exit opportunities, compared to a traditional role with direct M&A exposure (such as private equity and other buy side roles).
So my question is if the role at Big 4, though less prestige, may provide me with better exit opportunities in the future? Would starting my IB career in a ECM specialized team rabbit hole my exit opportunities?
If your long-term goal is M&A / PE / broader buy-side exits, I would seriously consider PwC Deals.
The key question is less “bank vs Big 4” and more what type of experience you actually want to build early on. ECM can be a great seat if you’re interested in public markets, IPOs, placements, investor dialogue, equity stories and market timing. But if your goal is to build a more traditional M&A skillset, you may get fewer reps on modelling, valuation, diligence, buyer/seller processes and end-to-end M&A execution.
If the PwC Deals role is genuinely focused on corporate finance, M&A and valuation, it could give you a more directly relevant foundation for the exits you mentioned. It may also make the story easier later if you want to move toward M&A, PE or broader transaction advisory roles.
So I’d frame it as “ECM/public markets exposure vs M&A/valuation exposure.” If you want markets and ECM, take the bank. If you want M&A/PE optionality, PwC Deals may be the cleaner fit.
Had similar dilemma last year, and went with the Big4 firm. I think the experience that you gain working strictly with M&A will outweigh the “prestigious” name long-term, and hopefully will land you your desired exit opportunity. I think the pay is similar if you take into account the overtime pay in Big4. The Big4 name is generally strong in the Nordics, and does not limit your exit, opposed to an ECM role. I have not regretted my decision at least, strong deal flow, and personally I enjoy working on a “bit smaller” deals.
In every career decision, it should always be position > brand name of firm. Choose the big 4 role as it would give you more transferable skillsets
South America..... To be touched..... You will be. Godbless.
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