I'm sure there's been a million threads on this, but wanted to put pen to paper a bit.
For context, I'm 2nd year analyst on a BB ECM origination desk.
In some ways, I can't complain too much - our hours aren't the worst (top off around 90-100 hrs. / week), seniors are okay, lot of deal flow.
My biggest issue however is probably with the work itself. ECM by nature is not as quantitative as coverage (no modelling / accounting, basic valuation). It tends to revolve around mind-numbing shareholder / investor targeting exercises, repetitive pitching on execution strategy, formatting / graphic design, and deal execution itself which is either very little work (if passive), or very painful / involved (if leading).
I initially wanted to do ECM given the proximity to markets and because it seemed more appealing than staring at a model at 3AM. I also had no idea what I actually wanted to do, which led me down the banking path originally. However, our hours / pace is still pretty rough and I have fewer (if any) marketable skills to speak of.
I've had a few misfires on promising opportunities outside of this, and I know I don't want this as a career / even for a third year. I've noticed our desk doesn't change much as a third year / associate - the work is pretty much the same, you just get to pass more off to more junior people. Ultimately, a lot of ECM is learning how to do ECM and as I come up on my third year and see peers in coverage leave for "greener pastures" I can't help but feel stuck.
I'm trying to stay positive and see the bigger picture because in theory, there is something interesting about this job outside of all the things I mentioned above, but it is increasingly difficult to see. I'm also struggling to figure out what I actually WANT to do, and what I have the skills for.
Sorry for the essay - all of this has been on my mind for a while and just wanted to see if anyone will weigh in.
- Quaads
I started as an Analyst in ECM/DCM and moved to coverage just as I was about to hit Associate for the very reasons you described.
IMO there is nothing wrong with a career in capital markets especially cause of relatively better hours and similar comp, but you don't develop the core skills needed such as valuation, accounting, etc. You can always transfer back to ECM/DCM from coverage but almost impossible to do the other way. A lot of the MDs in capital markets groups at my BB started their careers in coverage, but you never see the other way around. IMO you also want experience in coverage in case you ever want to leave the bank because recruiting with just ECM/DCM skillset really does limit you on a junior level.
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