Probably DCM to M&A because DCM is still perceived as being closer than Sales.

Which move do you think is easier, DCM —> M&A or S&T (Sales) —> M&A (or industry groups)?

Thank you!

It doesn’t make sense to go to a group that focuses on IPOs because there will be very little modeling or investment thought process work there. It’s better to move to a sector team that does more intensive modeling/deal work. If you can’t find one with openings, then stay where you are for now and wait for something to open up.

Thanks Brian!

The reason why I also want to move is I understand more likely, the exits for ECM are ECM at the other banks, or IR roles, which I’m really not very interested in in the long-run

I am more interested in investment roles that overall requires more “thinking” or quantitative / qualitative analysis, as opposed to marketing or managing investor relationship .

Would it make sense if I jump to a sector team that focuses on IPO (very little M&A, some modelling during IPO though, like simple DCF, 3 statement) to gain more skills, to prepare for jumping to a more analytical roles in the future?

Or shall I stay in my current role and uses my free time to learn myself (which I’m doing but not very efficient as it’s more like self-study vs you gaining hands-on experience working in sector team)

I just worry if I jump to a sector team, my hours only got worse, and I’m still not learning much solid skills…

Any thoughts will be appreciated, thanks!

It really depends on what you want to do long term. If you just want to stay in IB, there’s no harm staying in ECM and earning high pay with a relatively good lifestyle. If you want to have more options outside of capital markets and possibly IR roles, then yes, it is worthwhile to move to a solid industry group. The hours are worse, but, honestly, it doesn’t really matter when you’re young. You can’t do crazy hours when you’re 40, but at 25, it’s no problem.

Currently I’m working in ECM in one of the BB banks as an analyst. As you stated above, hours are (much) better than my industry team peers. But also the work is more repetitive and boring. For example, the analysis and slides we did are mostly the same or very standard and require very little changes for different clients.

I have talked to my industry team peers and while many of their work are mundane as well, the work seem to be “a bit more interesting”. Thier exits are also better(evidenced by the fact that they get headhunter calls a lot). We are making the same money.

But their hours are much worse then mine. On average I’m leaving at 8. While they are 1am sth.

So my question is, is it worth making a move for supposedly better exits and more interesting / different tasks. I’m not the type that want PE for a must as I’m still not sure what I want after almost 2 years in banking (ECM). But just feel I’ll be “learning more” in industry teams vs ECM, and have better exits (when I want to)

Thanks!

If you just started this job, no, now is probably not a great time to try to look for another job. I would wait 6-12 months until you have decent experience to speak to, and then start reaching out to bankers and asking about off-cycle / lateral roles. There is no perfect time to recruit because people leave year-round, often suddenly, so the key is to make sure you’re on bankers’ radar when someone else suddenly departs and they need a replacement ASAP.

Love the website. Came onto this article to ask a question, so hopefully it will be seen. I just started my first year at a MM commercial bank. I had two IB interviews with BBs, went final round at one and din’t break in (non-target).

I have only been in the position since the beginning of June. I know my current job will not be satisfying enough in the long term – I feel like I have so much untapped potential. I will be making the move to break into IB here in my city (top tier US, non-NYC city).

I think breaking in after one year would be my best route. Recruiting season is here, and I’m wondering how I should go about this. It probably doesn’t make sense to apply for jobs now, correct? Should I just be focused on breaking in for an immediately-starting role next summer? Truly, just curious about when I should be focused on recruiting (although networking season is all the time).

Best,
AP

Yes, I’d probably stay for 1-2 years.

I will be starting an ECM role at a boutique this coming January. Couldn’t find an M&A role so i will have to make do with this offer.

Just checking how long should 1 stay within an ECM role before looking to move on to a M&A role at a bigger bank/middle market firm? I’m just afraid i will be pidgeon-holed within ECM if i hang around too long? Is spending 3 years considered too long? Or should i be getting out within a year or so?

Would love to hear your personal opinion on this.