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career insight


www.efinancialcareers.com/students | Careers in Financial Markets 2014


Trust between a bank and a client is very important. Going public is an integral and nerve-wracking time for companies and every case is unique, so banks need to ensure their advice on pricing and timing is absolutely spot on. Not surprisingly, considering the constant movements of the stock markets (and the resulting effect on appetite for equity issuance), banks expect their graduates to be news junkies.


“We can teach you all the corporate finance skills you will ever need but I have never hired anyone who did not have a strong interest in financial news and markets. Be informed, have a view,” says Rupert Mitchell, managing director, head of Asia-Pacific equity syndicate, Citigroup.


On the syndication side of ECM, you’re ensuring that a deal that has been given the go-ahead in principle doesn’t end up falling through because one party is dissatisfied or gets cold feet. “Syndication is more about project management and being able to solve all sorts of issues that may come up throughout the deal execution process, and being able to work effectively with different professional parties both internally and externally,” says Melody Ngan, director in the Asian equity capital markets team at Bank of America Merrill Lynch.


25 pay and bonuses


Average global capital markets pay 2012 ($k) role


1st/2nd year associate 3rd year associate Vice president Director


Managing director Source: Options Group Intelligence Unit


base salary Total compensation 100-125 125-140 200


300-500 400-500


200-300 250-350 350-500 500-750 650-1,100


Hannah malter


Senior originator, Equity capital markets syndicate Asia, UBS


Hannah has degrees in commerce (finance and accounting) and arts (French and economics) from the University of Queensland, Brisbane, Australia. She joined UBS in 2007.


Anyone wanting to work in ECM should ensure that their research is thorough, seeking to gain experience of as many areas of investment banking as possible.


Working in equity capital markets (ECM) can be more about people skills than anything else. The ECM environment is extremely dynamic and often one is called upon to resolve problems or find solutions for clients at extremely short notice. In essence, the syndicate desk is charged with balancing the best interests of the firm’s corporate clients with those of institutions and other investors which are also UBS clients. It’s a delicate balancing act.


I am responsible for the execution of ECM trades across the Asia region. This means not only execution and pricing of deals but also a high level of risk management. Transactions span both primary and secondary markets and include initial public offerings, accelerated placements (offering shares in a short period, with little or no marketing), block trades (large purchases of securities), and rights issues.


Numeracy and a thorough understanding of equity capital markets are obviously important for the role, but it is also necessary to work to tight deadlines and on multiple projects simultaneously across several business divisions.


Anyone wanting to work in ECM should ensure that their research is thorough, seeking to gain experience of as many areas of investment banking as possible. Typically, the hours are long and the work can be demanding so it is important to ensure that you are properly prepared for the challenges. Perhaps the most important qualities are flexibility and a thorough knowledge of client needs.


It is important to ensure that the capital raising needs of our corporate clients are satisfied, but not simply at the expense of buy-side institutions, retail or other investors. In light of the scale and breadth of UBS’s equities platform it is particularly important for us to oversee an equitable outcome. If we fail, our clients can be expected to take their business elsewhere.


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