DCM to PC?
Possible? If not, just curious. Feel free to throw some monkey shit at me for this.
Maybe seeing what others have done or have seen the move
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Ah, swinging from the branches of Debt Capital Markets (DCM) to Private Credit (PC), are we? Let's not fling any monkey business just yet; it's a legitimate curiosity! Based on the most helpful WSO content, it's not only possible but also a path that some have trodden before.
Let's break it down:
Skillset Transferability: DCM provides a solid foundation in understanding debt instruments, market dynamics, and how companies structure their capital. These skills are highly relevant in Private Credit, where you're dealing with lending but on a more direct and often more complex basis.
Networking and Internal Moves: Based on previous WSO threads, networking within your current firm or with professionals in the Private Credit space can open up opportunities. It's about leveraging your current role and relationships to pivot into the area you're interested in.
Highlighting Relevant Experience: When making the move, it's crucial to highlight your experience with debt instruments, any direct lending exposure you might have had, and how your analytical skills can be applied to assessing credit risk in a PC context.
Educational and Professional Development: Engaging in courses or certifications that enhance your understanding of Private Credit can also bolster your profile. This shows a proactive approach to bridging any gaps in your skill set.
Real-Life Examples: While the context doesn't provide specific examples of individuals who've made the switch, it's not uncommon in the finance world to pivot from a more generalist role to a specialized one. The key is to demonstrate how your background in DCM is beneficial to a role in PC, focusing on the analytical, risk assessment, and market knowledge aspects.
So, no monkey business here, just a clear path through the jungle of finance careers. It might require some swinging from vine to vine, but with the right strategy, making the leap from DCM to PC is definitely within the realm of possibility.
Sources: Going from IB to ECM or DCM? Anyone made this move?, ECM / DCM - the hidden exit opp?, DCM Path, DCM Escape Plan?, MF PC to HF, Special Sits, Something Else
Gender, race, experience, education all come into play here (I’d rather not get much into the first 2). So those aside I think it will depend on;
-years of experience; clearly better odds if this is a move at analyst level vs vp level
-extent of relevant experience; how much have you worked with the levfin/sponsors guys at your bank? What have you learnt from this? What kind of additional/independent learning/reading/practice did this prompt?
-type of bank you’re at, and what type of fund you’re targeting; nothing nontrivial on this point, I think it’s sensible to rule out an Ares gig if you’re doing DCM at Credit Agricole
I think it would really improve your chances to try find a levfin seat, but the points above will still apply
Thank you! I’ll be at a top BB, so not a credit Agricole type haha. Thanks for the insight
You can't go from DCM to MF PC, skillset is completely different
Fwiw Towerbrook hired a dcm girl, and the skill gap there is arguably larger
Very unique case - have a friend who is working at Towerbrook right now as a Principal, unless your dad is CEO of one of the portcos, then you won't be able to make it with non banking experience
What about MM?
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