You can follow our deal discussion examples to plan out what you’ll say for these questions. The main difference is that you need to show more of an interest in the markets – be able to discuss recent equity issues and trends, how indices are performing, and how IPOs and follow-ons have done recently in your region of interest. Questions on M&A deals and leveraged buyouts are a bit less likely since you do not work on them in ECM, but almost anything is fair game in entry-level interviews.
#What is ecm how to
The recruiting process and interview questions for ECM teams are quite similar to what you would receive in investment banking interviews anywhere else.Įxpect questions on accounting, equity value and enterprise value, valuation approaches, DCF analysis, and transaction modeling.įor the basics, please see our tutorial on how to calculate Enterprise Value. Some Analysts also find their way into the group via lateral hiring, and sometimes bankers from industry coverage groups join because they’re seeking a better work/life balance.
In some cases, students intern in ECM and then accept full-time offers in others, they are brought in via a placement or “sell-day” process. We’ll take a look at all those points in this article, as well as recruiting, team structures, typical deal workflows, on-the-job tasks, and more: Equity Capital Markets Interviews There’s a surprising amount of controversy online about this group, from how “good” it is to what the true exit opportunities are. “Raising equity capital” means that the company sells a percentage of ownership in itself in exchange for cash – as opposed to raising debt, where the company maintains its ownership but must pay interest on the funds it raises. If you’re in this group, you’ll spend most of your time advising companies that want to raise equity capital.
Like other capital markets teams at banks, ECM groups can be described as a cross between investment banking and sales & trading. If you hear the words “Equity Capital Markets (ECM)”, you might immediately think of initial public offerings (IPOs) and companies raising billions of dollars in huge stock-market debuts.īut there’s a lot more to the group than breaking records and making headlines in the process.
#What is ecm free
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