Why is DCM / ECM so unpopular?
I'm really wondering about this. From what I've heard, some roles have way better WLB and almost the same comp. Sure, comp differences get bigger later on, but I would've thought more people would prefer having a life over slightly higher pay, especially when the pay is still really good.
Yeah, you probably don't learn as many skills, but honestly I think a lot of people in M&A aren't really enjoying the work anyway. They're in it for the money and prestige, and if we're being real, many probably don't even care that much about the skills they're learning.
Same thing with exit ops - people leave for higher pay and better WLB. But if you could have great WLB from the start, why not just do that instead?
Am I missing something here?
Most ppl obsessed about investment banking generally tend to have a clear goal in mind, and IB is a bridge. The dream is to end up on a buy side role with potentially 6 figure carry cheques, for example.
DCM & ECM are niche groups. Their products are relatively stable, clients pipeline is more or less guaranteed (if you do your job) and the pay is quite good. The only catch is, these products don’t prepare you for PE/HF, for example. Because you’re not working on modelling or any sort of corporate deal. So you can see ppl who want to end up in very high paying positions just see it as a momentum/career killer. But realistically, it’s still objectively one of the best places to be
True, but it's not like a huge number of people actually achieve that. A lot of them burn out and switch to corporate or other investment roles that pay less but have better hours. In those cases, they probably would've been better off going to a more manageable IB group from the start.
Plus you'll often be stuck in the office until 11pm+ well into your thirties. Not sure if the comp premium is really worth it at that point.
Is this schedule actually true? My friend is at the DCM-SSA desk at a BB and most his days are regular 7am - 7/8pm
For DCM/ECM?? lol
You can’t really go to private equity from DCM or ECM, that is why it’s less popular.
Because it’s not viewed as “real” IB, rightly or wrongly
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