Converts Group?
I had my offer for an IBD coverage group deferred, but I now have the prospect of working in a Convertibles group. I really don't know much of anything about the actual work at the analyst level in this group.
First, am I correct that Converts is technically part of ECM? Second, does anyone have insight into what the junior level work is like and how it compares to an IBD industry group or M&A? Third, what are the exit ops like for Converts? And last, how do the hours compare?
I did some searching and found information on ECM/DCM, but not Converts specifically, so any information would be appreciated.
Converts and equity derivatives are the most technical groups in ECM. Working in the convert group will teach you a lot about options and convertibles valuation, convertible provisions and features, execution and market color.
Unlike sector coverage groups in banking where you learn how to value companies, a convertible expert specializes on structuring, valuation and execution.
Junior members would mostly do convert pricings, pitch books, learning about the basics (it takes a good 6 months to a year to get a good understanding of all the concepts in converts), working on legal docs, help executing deals, etc.
Since you are working in capital markets, hours should be much better than banking. Depending on the style of your group, it could be 8am-8pm or maybe longer. Hope this helps.
you seem to know a lot about converts... what are the exit ops for someone in one of these types of groups? is large-cap private equity out of the question?
Thanks for the detailed write-up. I'm still wondering if anyone has some input on what exit opportunities might be after doing an analyst stint in Converts? How do exit ops compare to IBD?
Can someone tell me what the exit opportunities are for working in a converts group? Equal to general ECM or better because its more technical?
Convertible Desk Questions (Originally Posted: 08/28/2014)
I just finished an internship at a top-tier BB firm on their convertibles desk within ECM. I was hoping to find out a bit more about the type of work that I will be doing full time, how transferable are the skills that I learn there and what typical exit opportunities are like.
Thank you in advance for taking the time to respond. Any additional information regarding the convertibles business is appreciated.
Anybody have any insight on this?
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