Can they lead to something better or will someone get stuck post-MBA?
Can a DCM associate develop the skillset get into a credit fund later on to do fundamental analysis?
Assuming that someone missed the boat while during first year and unsure about his/her chances on IBD/ER/AM/etc recruiting, what other roles should one aim for?
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Define missed the boat
I did a corporate finance internship in between my first and second year.
And no finance background before ?
My background is a bit scattered but I have some experience from financial services industry
DCM associate is WAY more transferable since you are working on actual modeling and deal making. You can use that to go into credit research. Manager selection/fund-of-funds has very little transferable skills since all you are doing is taking client money and putting it in different funds. It's not actual risk taking, you're not developing complex models, and you are not doing actual fundamental research.
This one is a no brainer.
Depending on the bank and/or DCM subgroup (i.e. if he is doing investment grade and not HY), he may not actually be doing much modelling and may therefore not be immediately marketable to credit funds. Regardless, he will interact daily with sales/trading/syndicate/credit strategy, build relationships and it is very possible to lateral to one of those groups as a stepping stone to a credit fund.
So yeah, if those are your only two options then DCM is the clear choice.
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