Equity capital markets, or ECM, sits between investment banking coverage teams, product specialists, sales and trading, and institutional investors. ECM bankers advise companies on when, how, and at what valuation to issue equity-linked securities.
Know the main products: initial public offerings, follow-on offerings by already-public companies, block trades, rights offerings, and convertible securities. You should also understand the difference between primary shares, whose proceeds go to the company, and secondary shares, whose proceeds go to existing shareholders.