Mar 07, 2019
Mar 07, 2019
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Career Advancement Opportunities
February 2023bob竞技体育游戏
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Lazard Freres(+ +) 99.5%
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Jefferies & Company(▽01) 99.1%
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Lincoln International(▽01) 98.6%
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Financial Technology Partners(▽01) 98.1%
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William Blair(▲08) 97.7%
Overall Employee Satisfaction
February 2023bob竞技体育游戏
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Canaccord Genuity(▲04) 99.5%
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William Blair(▲04) 99.0%
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Lincoln International(▲09) 98.6%
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Jefferies & Company(▲06) 98.1%
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Financial Technology Partners(▲09) 97.6%
Professional Growth Opportunities
February 2023bob竞技体育游戏
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Lazard Freres(▲15) 99.5%
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Financial Technology Partners(▲09) 99.1%
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Lincoln International(= =) 98.6%
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Jefferies & Company(▽03) 98.1%
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William Blair(▲01) 97.7%
Total Avg Compensation
February 2023bob竞技体育游戏
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Director/MD (6) $592
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Vice President (24) $418
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Associates (137) $262
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3rd+ Year Analyst (9) $194
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2nd Year Analyst (80) $172
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1st Year Analyst (258) $171
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Intern/Summer Associate (42) $166
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Intern/Summer Analyst (185) $91
Career Resources
LeaderboardSee all
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Comments (12)
Highly competitive candidate for exit opportunities to nothing.
Are there exit opportunities outside ofPE/VC?
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Yes. They have nothing to do withECM. You can always prove that you had a job I suppose, so there is that. Understanding the process of raising equity capital and advising companies on market dynamics, strategies, managing the process and that sort of consulting work is only applicable toECM. You learnECMto doECM.
I guess what I am saying is that you have better exit opportunities than somebody that has never had a job.
ECMgenerally has fewer attractive exit opportunities thanM&A
Speaking from Asia ex-Japan perspective at a large-US bank.
Short answer is no exit opportunity. Best you could explore is to transition into equity syndicate where you don't have to deal with as much pitch book and other non-sense.
Sad fact is, you don't learn any useful transferrable skills by working inECMas a junior. Once you are in, you've lost the opportunity to develop those skills till you reach VP and realize it's too late.
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Learn moreI would disagree with most of the posts here. Truth is, many people fromECMtransfer toM&Awithin the bank and eventually end up with same exit opportunities asM&Apeople. Apart from that, there are many exit opportunities for example within investor relations, corporate broking or even hedge funds or consulting. InECM, you will not be doing any modeling which is done by other product or industry teams, but you will be heavily exposed to markets. You will do a lot of market research and understand equities fairly well.
The lack of exit opportunities compared toM&Ais however made up by much better work life balance and same pay. If you want to stay in banking long term, and if you value your life outside work,ECMis a great choice. You will still be making a lot of money and have a life. If you only care about exits to Private Equity, then yes,ECMis not for you.
As a 2-year plusECManalyst (soon to be associate), this is spot on. If you work hard and develop a good reputation at your bank, you'll have opportunities to lateral, not to mention a street bonus for working about 60 hours a week. Work is also interesting and better than a lot of other product groups IMO. Something I hate onWSOis when people shit onECM- yeah you're not going to have the samePEexits, but you're also a 23yr old working 60 hrs/week making up to 140k annually or more as a first year. Most people would kill for that.
Some banks don't place emphasis onECMandECManalysts are far below coverage analysts on the totem pole (EBs for example). Other banks get a lot of revenue from theirECMproduct and thus, analysts are going to be treated/valued on relatively equal footing (MMs like Cowen, Leerink, Jefferies, Piper). Bankers at boutiques will doECMwork themselves and there's sometimes no differentiation. Just depends on where you're at.
Exits outside of banking will depend A) your experience prior to joiningECM, B) your transaction experience, and C) your training at your bank. My bank putsECManalysts through the full suite of financial modeling and accounting training, just like sector coverage bankers. Not a replacement for realM&Aexperience but this can be a big positive if you're looking to exit.
I'm an analyst in equity-linked origination at a mid-tierBB- most of the exits I've seen externally have been to betterECMplatforms or investor relations. Internally, I've seen exits to traditional banking groups without much difficulty. I also think spinningECMexperience to get into more markets-related work (S&T) at the junior-level wouldn't be impossible either. At the end of the day it will come down to your connections, your personality, your track record in your group / transaction experience, and your willingness to learn the skills needed for the role you desire that you didn't have the opportunity to get exposure to while inECM. But I will say -ECMis a pretty sweet gig when it comes to pay vs. work/life balance relative to otherIBgroups.
Can someone shed some light on the breakdown of pay inECMduring the first three year of analyst with exact numbers?
I would not exitM&AtoECM. HavingM&A+ lev fin or coverage on your resume rounds you out and will open more doors.ECMisn't really that additive, and will open few/no add'l ones for you.
I'd also do some research into the overall profitability ofECMand where it has been heading / projected to head. At a lot of banks it is a loss leader business in all but the frothiestIPOmarkets.
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