Capital Markets Career Prospects

Hey guys, I accepted a 2023 SA offer at a lower-tier BB (Barclays, UBS, DB) and will be doing group placement in the capital markets division. I am looking at DCM, DCM FIG, or LevFin Capital Markets (not modeling and very cap markets focused, essentially just a high yield/loans desk). I am very grateful for the opportunity, but nonetheless, have been seeing people shit on CM on this forum.

Few things I would like to ask:

1) Am I screwed? As in -- is it true my only exit opp is corp finance/treasury? That doesn't interest me at all. Is it uncommon for people to move internally or lateral to a coverage group or LevFin team if they really don't like CM or want to pursue other buy-side exits? I couldn't imagine it'd be difficult to try and move onto the LevFin origination desk from the CM counterpart.

2) I originally pursued DCM because I heard it's a very viable long term career. Not that pay is the only factor to consider (let's be honest, it's half of what this website is catered to), but is it possible to be pulling down 7 figures in DCM as an MD? Not asking in the snobby way, asking in the way of "I have a goal" and am wondering if DCM can satisfy that.

3) Lastly, if my goal was to ~pull 7 figures~ and DCM/LevFin CM isn't a viable option for that, what do I do?

Comments (7)

  • Intern in IB - Gen
Jul 7, 2022 - 10:14pm

I am intern so i basically know nothing but I would imagine AM, private credit, credit HF are all viable exits.

Most Helpful
  • Incoming Analyst in IB - Gen
Jul 8, 2022 - 7:52am

1) No, signing a summer inter offer is far from being screwed. You might not have the same path out of the box as someone in M&A/coverage, but you're far from screwed. A lot of people do international rotational programs, 3rd year analyst group changes, etc. My bank had exits to PE from even the lev fin syndicate desk and DCM. Hard, not impossible. Just gotta impress the recruiters.

2) We'll I'd sure hope an MD in DCM is pulling in over $1M a year.

As you go through the motions, you should get a better sense for what you're interested in post-banking. A lot of headhunters reach out and ask over LinkedIn/email about what you're interested in and can give some color to your viable options.

Aug 17, 2022 - 9:13pm
FinEA, what's your opinion? Comment below:

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