DCM at Big Bank or M&A at small boutique?
Hello everybody!
Penultimate year student here. I've recently received these two internships offers in Europe (both in Germany and for 6 months): M&A at a small and quite unknown boutique (deals below EUR 20m) and DCM origination at a big and well-known European bank (think like BNP etc.).
If my goals for next year are: IB at a BB or a top boutique in London/Paris/Milan or PE or Private Debt in same cities.
Which offer should I take in your opinion?
Which position would offer me best training/learning curve?
(Not sure tough how DCM origination work exactly is and how it differs from DCM syndication)
Thanks a lot in advance!
Is one or the other industry specific?
Are you planning to do another internship before applying fulltime? I think that's a big driver in deciding between brand name and deal exposure
Thanks for your reply ZlatanSPV!
M&A is focused on tech industry. DCM on Public sector.
Yes for sure I'll do another internship before applying full-time (would be ideal to do a summer internship next summer and then convert it)
I think I would do M&A if your end goal is BB/EB M&A. Is it really a no-name boutique? Is it in Germany?
Are you going to a target school?
Euro monkey from one of the cities you said above.
Currently interning at a nice private debt fund after a previous (shitty) internship as credit analyst in a F500 company.
I’d go for M&A boutique since DCM public sector follow his own rules not transferrable to other industries.
Thanks for your reply!
From what I heard in the boutique M&A I would do almost everything except modelling (a little bit). In the DCM team the work would be highly repetitive and the learning curve would be quite low.
My main issue is the brand name here.
Forgot to say that I already did an internship at a top BB (think like GS/JP/MS) but unfortunately in the back office!
Since you have already a brand on your cv I’d go for the M&A opportunity. It’s easier to build a good story for IBD if your second internship is M&A related rather than DCM public finance.
I went to a low semi-target and was able to secure a pretty decent seat, keep grinding and you’ll be fine too.
Good luck!
(just for reference and to give a little morale boost, I’ve seen plenty of students from targets with a story like Shitty internship -> M&A at unknow firm -> full time at BB/EB -> megafund associate)
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Hey, I also applied to BNP FFM (not DCM though), can you please tell me your German language level? And congrats on the offer, and btw I would go with BNP.
I said that is a European bank at the level of BNP, but it's not BNP!
Anyway, I do not speak German!
I would avoid public sector DCM, IMO
Thanks for your reply! Why?
If you want to shoot for IB/PE.. M&A even in a small boutique, is the way to go.
Thanks French Chad!
So it would be M&A small boutique (even if it's Germany it's ok? I really do not wanna stay in Germany ahah) and then move to a better boutique in London/Paris/Milan? Going directly to BB in London impossible?
Being in London, and come from France. It's already super competitive. But I can tell you that once that you've got a first experience in M&A. Recruiting season will be easier for you. Also perhaps that one of the MDs at your boutique were in BBs before. If I were you: M&A in Germany and then use it as an elevator for next internships.
The thing with super small cap M&A Is, the level of analysis will be quite reduced. The level of support and team depth as well. Most likely he will spend a lot of time looking for comps and transactions rather than doing useful work
Also, on sellside, don’t know how much DD you would do for a €20m deal...
Can I DM you?
Sure thing!
Seems like you’re going to ESCP. It’s a good school. Would do the internship at BNPP, and use that as a stepping stone to land a top M&A summer internship next year. Then do a 6-month internship in a PE fund or something and take 6 months break before starting at a BB/EB in London.
Edit: sry didn’t see you worked in back office at BB. Would be useful to have more information on your prior experiences.
Also you mentioned your boutique is focused on tech. Is it M&A or actually more private capital like Series B-C advisory ? Have they done any bigger deals at all, in the 100m-300m range?
Think either way you’ll have to apply for summer internships not FT in London. Your experience will be quite limited for the top firms (but you never know)
Thanks for your reply!
It's not BNP, but a bank at a similar level!
Yes my work experience so far unfortunately is not great!
The boutique is focused on tech M&A only and has a decent/good deal flow, however below 20m average!
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