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    (Original post by Nans)
    worst of both worlds? Can you please elaborate as to why you said that?
    The hours are bad: you start as early as markets, but finish late evening. The skills are less transferable than IBD, and therefore the exit opps are worse. The pay is worse than in IBD. You don't get the banter you do in markets.
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    (Original post by President_Ben)
    You're Andrew Tong?

    http://www.businessinsider.com/sac-c...ations-2009-12
    Lol. :rofl2:
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    (Original post by PorcineAviation)
    The hours are bad: you start as early as markets, but finish late evening. The skills are less transferable than IBD, and therefore the exit opps are worse. The pay is worse than in IBD. You don't get the banter you do in markets.
    Sadly this is the general impression that I've developed. Although all of the DCM guys I met have seemed quite banterous.
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    (Original post by PorcineAviation)
    The hours are bad: you start as early as markets, but finish late evening. The skills are less transferable than IBD, and therefore the exit opps are worse. The pay is worse than in IBD. You don't get the banter you do in markets.
    DCM is just dull. I mean really dull. No credit analysis like in lev fin or anything. ECM didn't seem as bad from what I saw over the summer but generally agree.
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    (Original post by President_Ben)
    You're Andrew Tong?

    http://www.businessinsider.com/sac-c...ations-2009-12
    Ever been tempted to give the "Ping Jiang treatment" a go to get a better P/L?
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    (Original post by PorcineAviation)
    The hours are bad: you start as early as markets, but finish late evening. The skills are less transferable than IBD, and therefore the exit opps are worse. The pay is worse than in IBD. You don't get the banter you do in markets.
    Meh not really sure you know what you're talking about. CM doesn't come in for markets opening you know? Well I mean technically they do but it's not because of hte markets, and IBD comes in at the same time (maybe CM a little earlier).
    Pay? Ermm based on what? I mean, provide a source. Cos from what I heard, CM, especially ECM, made a killing last year and in 2008. IBD... not so much.
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    (Original post by Teenage Pirate)
    Meh not really sure you know what you're talking about. CM doesn't come in for markets opening you know? Well I mean technically they do but it's not because of hte markets, and IBD comes in at the same time (maybe CM a little earlier).
    Pay? Ermm based on what? I mean, provide a source. Cos from what I heard, CM, especially ECM, made a killing last year and in 2008. IBD... not so much.
    If CM are organising any kind of issuance (happens pretty regularly, surprise surprise) they're in pre-market open to brief.

    In a single year of course CM can make more than IBD, but it's not typical.

    My sources are all in person, but plenty of them. Having interned on an eq sales desk I got to see a lot of ECM activity.
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    (Original post by PorcineAviation)
    If CM are organising any kind of issuance (happens pretty regularly, surprise surprise) they're in pre-market open to brief.

    In a single year of course CM can make more than IBD, but it's not typical.

    My sources are all in person, but plenty of them. Having interned on an eq sales desk I got to see a lot of ECM activity.
    IBD come in early to finish projects as well and if you're in a bank where CM is split by workrole, only one group needs to come in early for any sort of pre-market stuff. and in banks where the CM is split between region groups or whatever and then an execution team, the amount of days where you have a deal in that sort of stage per country group isnt that high

    as I said, I'd like to see a source for IBD makes more than CM in the long run... talking to people isnt exactly the most reliable source.. I would understand a minor salary difference if one did exist but anything over 15% at any level I'd be shocked
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    This year has been skewed by a boom in CM activity and a lull in M&A activity. CM on average work fewer hours than pure M&A. Even this summer, the ECM interns were leaving earlier than us - don't think there ever was an exception. CM also start earlier (can't comment on when though), whilst for M&A many people come in at 9-10.

    At the business level, CM makes more than pure M&A - although it's hard to make the split on deals where there is M&A and issuance involved.

    In terms of comp, at the junior level it doesn't matter as it's bucket specific (i.e. top in one will get more than 3rd in the other).

    The reason why CM are stigmatised is because of (supposedly) inferior skillset developed in comparison to sector teams, M&A, Lev fin.
 
 
 
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