So I don’t think it is a great idea to switch groups or firms just because of potential geopolitical or central bank events, none of which may actually transpire. You generally want to transfer based on the long-term outlook, not what might happen in the next 6-9 months.

If rates rise, yes, DCM will slow down, but ECM will also slow down if that happens. Rising rates hurts all asset valuations and reduces deal activity because all deals look worse with higher rates. The only group that really benefits is Restructuring (maybe).

So… I would transfer only if it fits your long-term goals/desired exit opportunities.

Thanks for any insight you can provide!

Thanks. If you are not super-focused on getting into PE, your specific group at the bank batters less. If you want similar pay and better hours, ECM is fine. If you want to get into private credit, though, I would strongly recommend LevFin rather than ECM or even DCM because you don’t do much real “financial analysis” or modeling in either one. And the hours in LevFin tend to be worse than those other groups, closer to M&A/industry group hours. See: https://mergersandinquisitions.com/direct-lending/

Yes.

If you want to get into PE, then yes, you should apply to a bank that focuses on M&A. Whether or not it’s worth it depends on your long-term plans, which I cannot answer. Take a look at some of the articles on PE and IB careers for a sense of the trade-offs.

Thanks for the article.

After read your blog for 2 years, I finally landed on an IB job with one of the country’s top banks. Having worked for a few months, I learned that although they do every deal type (ECM, DCM, M&A), IPO takes around 60%+ of all deals.
Their IPOs are huge but the number of deals is small, so I got so many free time.

My goal has always been PE and I’m concerned that I will be wasting my time with the bank and my experience will not be related when apply for PE.
Amd if I apply for other IB firms, it is likely that they will know, which will make my life at current company goes south.

My question is that should I apply for an IB firm that focuses on M&A or should I stay on my current firm?

Note that my current firm has good payments, good team and good working culture.

Sorry, we don’t have any information on that at this time.

Wanna also know how about the ECM syndicate role in buyside?

I know some buyside large fund also have ECM syndication role, is that good?

What is the possible exit opportunities?
Many thanks