ECM as long-term career?
Currently an A3 at a BB in coverage and considering future options. I'm considering going to PE, but considering the risk-adjusted comp in IB, I'm considering staying on the sell side. However, it seems like moving to ECM may be a better place to be long term for WLB purposes - has anyone done the same?
Interned at an ECM group and my ASO and VPs were bing chilling. 7am to 6-8pm. Generally no weekend work although they happen.
Some of the ECM people I've crossed paths with have been lifers and the WLB can be pretty chill, except deal time of course. That said, ECM is also super cyclical and a very easy "cost optimization" lever for management during down periods.
Fair enough and that makes sense. That is one concern - what does one do as a VP/D+ in ECM if you get laid off? Hope there's another ECM slot open at another bank? Potentially Corp Dev or move to PB / another part of the bank? Something to think about
Exits I've seen post associate are ECM somewhere else, financing / capital markets type role in industry and the buyside.
Why not move to DCM or LevFin?
Also considering DCM (probably even better WLB-wise), but I think I'd find the work in ECM a little more interesting. Levfin is probably the most interesting, but I don't think there's much of a lifestyle benefit in Levfin?
Do you want to stay in nyc longterm?
ECM is honestly kind of boring. Sounds cool and all but I don’t think it really is. Of course it depends on the person but there isn’t much to learn.
Did some time in ECM before moving to coverage. ECM is amazing and I regretted leaving. Hours were usually 8:30-7/8 regularly and few late nights if pricing a deal you are active on. Weekend work maybe once a month if you are with good seniors. The best would be to try to get onto a lean team and work for only 1 MD. Paid the same as M&A bankers with a much better WLB.
Is this BB or EB? I’ve heard start times are usually much earlier
Terrible choice for a career sadly.
First place to get cut in downturns is ECM.
Also probably the worst exits of any product group.
It's also not interesting. Once you've done a few ipos the process makes doing another very tiresome.
I would not even hesitate to say you should be KCM
KROK CLOC MOLC
ECM blows. You are one IPO drought from being laid off at all times.
What happens to the senior ECM bankers when they are laid off?
Aso1 right now and if you’re looking to chill while making the same as your peers then I’d absolutely recommend it. My team works on ipos, follow ons, converts, atms and equity private raises. So even with the lack of IPOs we had a solid year just because of other products (like converts ripping). It’s a relaxed and leaner team where I am, and definitely pretty cushy rn. It’s a lot different if you’re at a bb that’s only going for lead roles, in that case you’re definitely grinding a whole lot more then id say I am
Thanks - that's helpful. It certainly seems like my ECM counterparts are a little more stressed given they are always looking to be in lead roles competing with the other top banks (JPM/GS/MS)
In terms of wlb:comp ratio and considering volatility, I'd say the cushiest roles would be:
1. IR At an MF
2. ER/S&T (More towards the 'S')
3. ECM
4. MBB
5. Everything else
Of course based on raw wlb:comp without considering career volatility the top would be HF, OMM and prop shops.
How much does IR make at a MF? Also is getting to the S side of S&T possible from a non quant background?
Yes getting into Sales in s&t is more than possible from a non quant background lol
Spent a year and half in ECM before moving to coverage, was at a BB.
ECM has great WLB and comp, downside is work is very repetitive at junior level and you don't learn anything beyond IPO/FO processes. Most of the ECM/Capital Markets MDs at my BB were formerly in coverage or at least spent a few years in coverage.
IMO it is very risky trying to do Analyst/Associate -> MD in ECM because if you do get laid off, you have no transferable skills. Also, if you get tired of working at a bank, it is hard to recruit for other roles.
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