I apologize if these questions are superficial or dumb or they are asked before. I did the search but couldn't find any response that I'm looking for. I have seen that people were saying ECM is the syndicate between IBD and S&T. Isn't ECM, along with DCM, LFG, M&A, other product groups, and industry groups, compose the entire "IBD"? People were saying that they had an interview for ECM. How did they apply for just ECM? I know that ER and IBD are on different sides of the Wall. Other than that, how do they differ in valuations?

Simply put, maybe too simply, but outside of S&T, the others comprise IBD, in general, although some banks break DCM, ECM out of IBD and combine with S&T in the Fixed Income group. Some groups, if for example they lose a team member half-way through a year or something, between recruiting, will interview to fill that slot. Certain banks, when interviewing, will interview only for the groups that they need help in, and some preselect you for certain groups and will interview you for that group. ER uses public info.

Questions about ECM, IBD, and ER

I apologize if these questions are superficial or dumb or they are asked before. I did the search but couldn't find any response that I'm looking for.

I have seen that people were saying ECM is the syndicate between IBD and S&T. Isn't ECM, along with DCM, LFG, M&A, other product groups, and industry groups, compose the entire "IBD"?
People were saying that they had an interview for ECM. How did they apply for just ECM?
I know that ER and IBD are on different sides of the Wall. Other than that, how do they differ in valuations? What kind of data do they gather and what kind of information do they look for from those data?

Thanks for the time. I appreciate all the comments!

6,057 WSO Academy Investment Banking Session Reviews: 4.82/5

Class of '29 Nov 2026 Cohort

5.00/5

Investment Banking Career Roadmap (optional)

“Isabelle is a great professional with strong, relevant experience. She went through the IB recruiting process herself, so her advice was concrete rather than generic. We aligned quickly on what I should be prioritising to break into investment banking, and she gave me clear next steps: target spring weeks, build an Excel tracker of key banks and companies, practise interviews regularly, and get the technicals and financials airtight. Above all, she stressed that consistent hard work is what makes the difference. I left the session with a clear plan and more confidence about the process.”

Class of '24 Sep 2026 Cohort

5.00/5

Investment Banking Short Resume Review / Recap

“The session was very helpful particularly the detailed review of my CV and the discussion of networking strategies. My mentor gave practical suggestions on how to present my experience more clearly and make my bullet points more relevant to investment banking. I also appreciated the advice on identifying contacts and writing more personalised outreach messages. The only improvement would be to leave little more time for concrete networking examples and a clearer list of next steps after the call.”

See All 11,234 WSO Academy Reviews

1 Comments

BankonBanking

IB

17y

Best Response

Corrupti nisi nobis similique. Quia voluptas aut natus eaque a. Nam consequuntur et et explicabo. Natus debitis totam corrupti doloremque ut sunt.

Repellendus ab consequuntur eaque. Quos accusantium sint in voluptas et. Inventore alias distinctio corporis quas possimus ea assumenda. Est non corrupti ullam ratione. Cupiditate rerum dolor magni repellat qui voluptas molestiae.

Temporibus in doloremque ullam sunt rerum voluptates. Debitis architecto sunt deserunt est ut blanditiis corporis. Et ea voluptatum non consectetur et dicta nisi. Eos corporis repudiandae quas illum. In reprehenderit est illum quo ipsum.

Reply

Quote

Report

Other

+129	Why do JEF bankers always think they’re EB?	52	12h
+67	Is my MD a grifter? 16 years, 8 firms	28	15h
+62	"Corporate & Investment Banking" Analyst - Why?	40	1d
+48	MS / GS IBD ACs London interview processes run by nationality?	43	1d
+43	No return offer - UPDATE.	12	3d
+42	Moat of modelling in PE/Finance completely vanished;	12	1d
+41	Article: UBS Wall Street Rebuild Is a Study in Management Failure	7	5d
+34	Want to join investment banking; is it too late/is my background unacceptable?	28	18h
+27	Ambitious CC Student trying to break into IB	12	1h
+25	Wells Fargo Calling Themselves a BB?	16	2d

1	redever	99.2
2	Secyh62	99.0
3	BankonBanking	99.0
4	kanon	99.0
5	CompBanker	98.9
6	DrApeman	98.9
7	Betsy Massar	98.9
8	dosk17	98.9
9	GameTheory	98.9
10	bolo up	98.8

Elite Career Bootcamp. Top Job Offer Guaranteed.

Elite Career Bootcamp. Top Job Offer Guaranteed.

Questions about ECM, IBD, and ER

Score Breakdown

Feedback

Score Breakdown

Feedback

Elite Career Bootcamp. Top Job Offer Guaranteed.

Elite Career Bootcamp. Top Job Offer Guaranteed.

Questions about ECM, IBD, and ER

See All Comments - 100% Free

Trending Content - Investment Banking Forum