DCM vs Consulting

I'm curious to see opinions on taking a job in DCM at a middle-market investment bank vs taking one doing financial restructuring/distressed debt consulting work for a financial consulting company. Both offers are for a summer associate internship. End goal would be to work in HE/PE, and am curious if either would be better than the other to help get to this.

198 WSO Academy Hedge Fund Session Reviews: 4.78/5

Class of '29 Sep 2026 Cohort

5.00/5

Hedge Fund LinkedIn Review

“My meeting with Kevin Lee was super helpful and went well beyond what I originally expected. We met to discuss my LinkedIn profile, but the conversation also covered the hedge fund space and how I’m thinking about my career as a whole. I really appreciated being able to talk about both how I present myself professionally and the broader direction I want to take. As someone interested in hedge funds but also exploring other paths in finance, it was helpful to have a conversation that connected my profile to my actual interests and goals. Kevin gave me a lot to think about, and I left feeling clearer about my next steps. Overall, I really appreciated his time and willingness to go beyond the original purpose of our meeting.”

Class of '26 Sep 2026 Cohort

4.56/5

Hedge Fund Mock Interview

“He was very responsive and prepared for the meeting. He actually read the JD, resume, and looked up linkedin which sometimes other mentors doesn't actually go over those to prepare things beforehand. I appreciate his direct comments I think it saved time and actually helped me to know exactly where to improve. I also appreciated him admitting if he doesn't know about specific HF strategy. Only thing I'd suggest for him is probably sending actionable key takeaways after the meeting because other mentors did and that was very helpful. ”

See All 11,463 WSO Academy Reviews

3 Comments

nyhedgefunder

HF

13y

Middle-Market banks still have DCM desks, really? I think the restructuring/distressed debt consulting gig is more spinnable into a HF/PE Career

Reply

Quote

Report

Other

Authored by: Certified Hedge Fund Professional - Vice PresidentCertified Hedge Fund Pro

Bullet-Tooth Tony

IB

13y

Depends on the names. Are you talking Alvarez & Marsal-level consulting? What type of MM IB? Piper, HW, Baird?

Reply

Quote

Report

Other

Authored by: Certified Investment Banking Professional - Executive DirectorCertified Investment Banking Pro

22q8zweay

CF

11y

Dolor et facere accusamus quidem nobis cumque quia quo. Iure nisi quibusdam consequatur molestiae. Vitae sint sunt velit magni.

Iusto dolorem ad nesciunt corporis ut. Ipsam ratione ut aut. Quam porro eligendi ut sint nobis beatae. Consequuntur nostrum occaecati quaerat voluptates. Enim optio in qui molestiae aut. Veniam et nemo cumque dolorem. Quidem sit qui non nostrum.

Reply

Quote

Report

Other

+31	Distressed Debt the most right-tail outcome?	17	2d
+20	Disillusioned - what to do	6	1d
+18	Final round interview with CEO	1	22h
+10	Bad GPA, HF offer, lost in life, what do i do?	7	1d
+9	Take-private spreads: Baldwin Insurance ($7.7B EV) vs a small UK deal like Dianomi (£19M). Same playbook?	1	2d
+9	Japan parent tender offers: Takara Holdings for Takara Bio and Brother for MUTOH both closed in about seven weeks	2	12h
+6	Ultramarathon/ intense running in HF?	2	5d
+6	HH in London	2	2d
+6	Delete	4	1d
+3	Cubist	1	1d

1	redever	99.2
2	kanon	99.0
3	BankonBanking	99.0
4	Secyh62	99.0
5	DrApeman	98.9
6	dosk17	98.9
7	GameTheory	98.9
8	CompBanker	98.9
9	Betsy Massar	98.9
10	Mimbs	98.8

Elite Career Bootcamp. Top Job Offer Guaranteed.

Elite Career Bootcamp. Top Job Offer Guaranteed.

DCM vs Consulting

Score Breakdown

Feedback

Score Breakdown

Feedback

Elite Career Bootcamp. Top Job Offer Guaranteed.

Elite Career Bootcamp. Top Job Offer Guaranteed.

DCM vs Consulting

See All Comments - 100% Free

Trending Content - Hedge Fund Forum