Capital markets vs M&A inv banking


I have experience in big 4 TS and some CF advisory work. Looking to move into an Inv bank. I have an offer from a mid size investment bank which focuses mainly on Capital Markets work and another offer from a boutique specialising in M&A. Opening salary for the Capital Markets job is fairly low compared with what I’d expect and also the M&A role.

Can anyone advise where the money is once I’ve been in either role for 5 years, and if you have an opinion on which would be better role and long term? Any/all advice much appreciated!


Is the M&A role analyst or associate? If it’s the latter, you can lateral in Private Equity with the right networking. Here the salaries and bonuses are great if you’re at a good fund (e.g. 3i or KKR).

Capital Markets is alright, but more market orientated. It’s not really my cup of tea but the salaries can be good.


Yeah, it’s for associate. I am keen on PE, but more on small-mid size funds rather than the 3i’s of the world. I went through a whole process with a fund that wouldve been perfect but unfortunately came second (out of 300 apparently). I’m thinking m&a will probably be the more suitable route in… the main thing making me think hard about it is the Cap Markets team i;ve met are all very good guys, and not in any way like come m&a bankers i’ve come across - more down to earth.


can you tell me what sort of technical questions may be asked during an interview for equity capital markets? similar to normal investment banking