DCM or Big4 FDD/TAS, which is better to pivot to IB?
Hi.
I am an undergrad at a T50 with a decent business school, but not a target for IB.
I have already accepted an offer for summer 2023 with a big4 for FDD/Deals Advisory in NYC. I have a good relationship with my campus's main recruiter for BofA's debt capital markets. I've done coffee chats with them, and am pretty confident I could get an internship offer for DCM if I pursued it.
My main goal is to work in IB, probably MM after working for 1-2 years in another service line. I'm pretty sure big4 FDD would make it easier to pivot since I'd have some deals experience. Would BoFA's DCM be just as good/better to make this move?
DCM by far. BoA DCM team would 1 give you a highly respectable name on your resume, but would easily allow you to transfer.
Both are doable (seen quite a few TAS -> IB transfers), but DCM has better pay so it's probably the best bet overall. Also transferring internally from a bank's DCM group to M&A/coverage is probably easier than coming in from outside the bank.
It's funny because you would be doing much more applicable work in FDD/Deal Advisory; however, the "prestige" of being in DCM and the "brand awareness" of working at a big bank does materially more for your resume (quotations used due to the cringe required to type that). Moreover, if you can truly obtain an offer in DCM as well, I would take that over your other offer. .
Also, just to clarify, DCM is definitely still IB. It may not sit in the IBD at all banks for one reason or another, but you'll definitely be working IB hours, especially at BofA. Don't fall into the trap of M&A/LevFin = IB
Blanditiis a facilis aliquam eum explicabo quas. Ut expedita consectetur expedita dignissimos quia nam labore.
Omnis facilis magnam sapiente cupiditate quam. Eius ullam recusandae illo voluptas et voluptatibus ducimus aut. Voluptatum earum cupiditate commodi qui enim. Fuga dolorem vitae esse qui rerum. Unde similique quibusdam nihil dolorem. Voluptatem itaque ut ut et. Et quas animi eos mollitia fugiat.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...