Equity capital markets teams work fewer hours than M&A teams. Equity capital markets teams work around 60 hours a week or 70 hours on the high end. On the other hand, M&A teams routinely work 80 hour weeks. You are most likely to see the mythical M&A.
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Structuring of derivatives/Convertibles will be the same as banking - 8-2am
other ECM is terrible - 8-5
In case there is still interest:
Depends on the bank and location. A top house will obviously do more deals and will be invited to submit more RfPs than a mediocre house. Having spoken to people in other offices across the pond, I know that ECM works way less over there. The below hours are from first-hand experience at a top house in London (GS/MS/DB/JPM/UBS).
Cash ECM (ie IPOs, ABOs, rights, PPs) at a top house will be 8-12 with some weekend work (this is obviously when IPO windows are open). During easter, summer and christmas (and regional school holidays) it will be chilled and you can expect to do regular market hours unless you have actual work to do. When it gets really busy you will regularly work till 2/3 and do the occasional all-nighter.
Corporate equity derivs work similar hours to cash (will depend on tier of course). Some weekend work here too and all-nighters from time to time.
Converts hours are actually really good. Regular working hours will be 8-8/9. When preparing deal docs prior to deal launch you will work way more and hours will be similar to the busy seasons for cash people.
Wow, ECM hours are pretty sweet...
Yeah, although you have to bear in mind that you are pretty much chained to your desk all day whereas peers in M&A/industry groups work a bit more autonomously and can go out for lunch etc.. Obviously depends on the people and the bank but that's what it was like for me.
A bit off topic , but what are general exit opportunities for ECM derivatives / convertibles structuring?
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