Coverage Groups within DCM?

I'd say the skillset is more or less the same in regards to being heavily markets focused and in the way you would think about how to price an issuance or look at trading comps. That being said, there are certainly nuances. In FIG you'll spend more time learning about and keeping up to date on the regulatory landscape as this has a direct impact on how your clients will approach their funding needs. You'll also likely be exposed to a wider range of financing products (everything from vanilla unsecured debt to things like subordinated debt, preferred stock and contingent capital notes) given the strict liquidity/capital requirements financials need to operate within.

In corporates, especially for infrequent issuers, any financing event tends to be much more of a bigger deal with Management of the company and you'll likely have more C-level exposure and more strategic discussions around why the issuer is raising debt in the first place (funding M&A, facilitating a buyback program, geographic expansion, etc.).

I'd say traditional exit opps (PE/HF) are limited within a capital markets seat (regardless of corporates or FIG). Most people in my analyst class did 2-years in capital markets + a third year in a traditional IBD coverage seat then were able to recruit to PE/HF type of stuff after that.