Rotated thru ECM, S&T, real estate, and PE. My thoughts on them...

hey all,
I was lucky in my career to get to do a unique rotation at a large EB, and see some various parts of ibanking.
Since that is a unique experience these days I thought I'd share the pros and cons of each job as it may help some of you deciding between tracks.
I was post MBA when I did these jobs.
I'll also include a few of my jobs post-ibanking.
Yes, you can say I'm a restless job-hopper; you'd be correct.

1. Real estate PE

• pros - got to work on and close major deals. A small team can run a large fund.

• cons - real estate is to me a boring asset class. I prefer to look at technology and companies.

2. Equity sales

• pros - get to have interesting morning meetings where the analysts pitch new trade ideas. Get to have a lot of interactions with clients, and to socialize after work. Hours are better than most finance jobs, with 5/6pm clearing out the trading floor. Comp was quite good (though this may have changed).

• cons - shrinking industry. My 26 person team I'm told is now 4 people, uploading trade ideas into a system. Also you're constantly trading on your relationships and not building up your skillset, so you're very vulnerable.

3. Equity research

• pros - get a chance to study companies and industries (if you're doing thematic research). Get access to company management. Get your name in print and get to speak at conferences once you get senior.

• cons - subsector is small and shrinking. European laws have made monetizing research more difficult, so gone are the days of millionaire equity research star analysts. Time pressure is significant during earnings season. Also fighting to come out with new ideas and fighting for client attention is intense.

4. Growth capital PE

• pros - get to learn about new companies, industries and technologies. More control than on the sell-side, because you can actually influence the investment committee and thus have more proximity to the decision-making process.

• cons - fundraising is hard. You are actually held to returns performance which is inherently hard to generate. Sell-side you get to package up a deal. Buy-side you have to live with the consequences. Sourcing is also difficult. You have to find an angle to source unique and off-market deals, and that is a secret sauce that's difficult to develop.

5. ECM

• pros - this was one of my favorite rotations. You get to learn bout new companies, industries and technologies, just like with growth capital. Unlike with PE, you're not married to the company - at some point you get to step away. Pitching to win business is also fun.

• cons - pressure to win business as you rise in the ranks. At the junior level, all ECM and IBD is a bit of a packaging slog. Hours are tough. Travel is tough. Everyone has war stories there. Limited control on your time, because unlike buy-side, you're at the client's beck and call.