ECM or PE?
I’ve been working in tech coverage for the past 2+ years. After speaking with some guys on the ECM desk, it sounds like they work significantly less than me, but get paid almost the same. The group wants to add more people to their team and would be open to accepting internal lateral candidates.I am wondering if it would be a good or bad idea to go into capital markets? Or should I recruit for PE like everyone else? I am fairly indifferent to prestige. I just want high comp consistently and slightly better hours than what I am working now
Might just be a perception issue, but isn't one of the big risks of ECM that you're fairly exposed to capital market fluctuations regarding job security? That would be my main personal concern at least, and certainly much more than PE IMO.
Don’t people in PE usually have to find another job after 2 years? Looks like 3/4 kids seem to leave by then
Depends if you're in a 2 and out program or not vs. partner track role, and a lot of people also self select out for better work life balance. I'd way rather be in a PE seat than ECM seat when a recession hits though either way, assuming you're not just about to wrap up your 2 years as an associate.
As a laid off former junior ECM banker who thoroughly enjoyed the period of high issuance from 2017 - 2021, this is very accurate.
The job became much more of a drag during the equity issuance downturn in 2022 and 2023. No job security, waves of layoffs, bonuses down significantly, and basically 90% pitching, 10% trying to instill life in deals dead in the water. .
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