Barclays ECM vs DCM vs LevFin
Incoming Intern interested in how to rank product groups. Have heard Levfin doesn't model but levfin > DCM > ECM. Can anyone weigh in?
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Product groups in general don't model (apart from some specialised ones like securitized products).
Is modelling important to you because you want to do it, or because you were told that you want to do it? ...
Barclays does well in DCM and loans, not as well in ECM.
I want to be a career banker. I'm going to gun for coverage but wanting to set up a hedge on placement just incase. Want to get started on this conversations just in case. Want to model because it broadens skillset for potential lateral down the line if downmarket, layoffs, culture, etc
if you model securitized products, does that give more exit opportunities?
Gives you exits for that product (credit, ABS/RMBS)
I’d say DCM = or > LevFin >>> ECM.
I say this because your LevFin group doesn’t model (which is the factor that makes it the most desirable of the 3 Cap mkts groups), and deal flow will likely be quite low by the time you join given high interests rates —> less chance of a return offer as well. You won’t get those issues if you intern in DCM.
But if you’re dead set on PE after IB then I’d say go for LevFin and try to volunteer for some modelling or something?
ECM from what I hear will be dead regardless + it has the least modelling of the 3, so def avoid that one
Hope it helps
How/why doesn’t LevFin model??? Might be my bank but that seems so strange
At some banks the modelling is outsourced to sector/coverage bankers, whilst CM does Origination, marketing, and execution.
Huh? I thought it was the complete opposite. Ie, product groups like M&A do all of the modeling and coverage bankers worry about making pretty little slide decks, DD lists, etc.
LevFin IMO. Although they don’t model, you will get exposure to much more interesting sponsor-led transactions. If PE / PC is your goal, financing an LBO is much more relevant than doing a plain-vanilla bond deal for an investment grade company over and over
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