ECM usually (but not always) sits in the IBD of an ibank and is known as a product group, just like M&A. However skillsets are different. In M&A, you'll be doing much more valuation modelling. In ECM, its more of comp analaysis and pitchbooks and nice presentations to company management telling them how much they can sell their stock for. generally hours in ECM are much better though the bonus is less. its usually much easier to move from M&A to ECM than vice versa as the skills picked up in M&A seem more robust. Not to mention the M&A group (or industry groups if the bank doesn't have a specialist M&A group e.g. GS) are by far the more prestigous part of the ibanks.
As a caveat though, I've heard the argument that one should do their analyst stint in a product group (ECM or DCM) and then transit over to an industry group post-MBA. This is because banking at the highest levels is about relationships and you'll be better off cultivating by carving a specialised niche in an industry group for yourself.
you may wish to try this forum...
http://www.ibankingoasis.com/forum/26
don't know why everyone seems to be interested in ECM at the moment. there is a debate ranging on ECM now and they're arguing if ECM is front office or middle office. lol
Edited 1 time(s). Last edit at Monday, September 4, 2006 at 04:20AM by myzegna.