This probably sounds extremely stupid and naive, but this is a genuine question of mine. Is DCM work only done at BBs and big balance sheet banks? I know there are tons of M&A boutiques, but are there any boutiques that specialize in DCM work?
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No, I just got an offer for a regional boutique that does almost only DCM and I have no prior IB experience at all.
In your experience, is it easier for a non-target to get into a DCM boutique? I honestly like DCM more compared to M&A primarily because of the involvement in the markets. Obviously I would take whatever offer I could get in the future, but DCM seems more up my alley compared to M&A. Also, if you're comfortable with sharing, what is comp like for an analyst at your shop?
I don't really know but it probably is easier given DCM is a little less intense, or so I've heard. Comp is very low in comparison to BBs because I have no experience and the place is tiny.
Boutiques can have a capital markets team; it's just that they can't actually provide financing. This is where the term "independent advisory" comes into play. Many boutiques say that bulge brackets are incentivized to get you to finance with them even if it's not in your best interest because they will earn the fees and that they are unbiased because they don't offer money. Some people like that while others would rather be in the "one stop shop" of a BB
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