Hello,
I am about to take a role in DCM and I was looking at potential exit opportunities. Based on M&I, it seems you could move into corporate treasury, corp banking, credit research, or maybe lateral to another group.
I know DCM is not ideal for PE, but what about a private credit firm? Does anyone know about DCM bankers moving to private credit?
Also, are there any other really good DCM exit opps that I'm missing?
| +355 | Evercore Intern Seizure | 54 | 7h |
| +67 | JPM M&A is Gone??? Purely Coverage Banking??? | 31 | 6h |
| +58 | Is DCM actually underrated ? | 24 | 17h |
| +50 | How do I understand vs. just memorizing? | 5 | 16h |
| +48 | Losing my personality in Banking | 9 | 17h |
| +47 | Are all Tech / TMT groups sweaty? | 38 | 13h |
| +42 | Associate & Above IB exits | 16 | 3d |
| +32 | Incoming IB Analyst: Best Ways to Prepare? | 10 | 9h |
| +27 | Which groups are ideal for laterals? | 12 | 11h |
| +24 | The good and bad with Wells Fargo | 1 | 17h |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
You're probably better off trying to lateral to Leveraged Finance and then to Private Credit.
DCM rarely does credit work. Best exit would be debt syndicate or sales, or just staying on the same path till you make MD or group head.
If you want to get into private credit, leveraged finance is the top choice, followed by any regular industry group.
Is a lateral from DCM to LevFin at a different bank likely? Is it rare or common?
I lateraled from DCM to LevFin at a different bank. But:
- I worked in DCM for a year
- I worked mostly on high yield deals and did extensive credit and ratings work, so developed pretty good understanding on cash flows, covenants, how to analyze credit, etc.
- I also worked on 2 LBO financings with bond straight into the cap structure, so developed intimate understanding of a typical M&A/event-driven financing process
Above exp gave me the opportunity to be viewed competitively during the interview process.
I see. Question about your 2nd point. Isn't all of DCM debt investment grade? I thought high yield debt goes under LevFin?
True in North America, and maybe EMEA. Not necessarily in APAC (depending on the bank). FYI I worked in a US BB.
Very common to lateral from DCM to LevFin. I'd generally agree it is much easier to go from LevFin to Private Credit. That being said, not impossible to go from DCM to Private Credit.
Source: someone who did it.
Dolores distinctio aliquam exercitationem est illo nihil ipsa dolorem. Voluptatibus blanditiis dignissimos similique qui incidunt voluptas deleniti. Optio quam pariatur commodi repellendus saepe qui et. Vel minus quasi aliquid aperiam. Ipsa voluptas vel optio corporis nostrum omnis et. Quisquam placeat incidunt vel amet.
Voluptatem aut rem rem cumque sint velit est. Voluptatum natus nihil provident tenetur magni incidunt odio. Cupiditate qui vel occaecati reiciendis omnis. Deleniti molestiae praesentium velit provident. Ad voluptatum quam corporis et sed ex voluptatibus. Distinctio excepturi repudiandae amet sunt inventore enim non quod.
Commodi unde dignissimos est asperiores minima autem qui. Nam harum voluptates quia qui impedit sequi eius. Nulla labore ut commodi dolores alias impedit non.
Dolorem pariatur deserunt nulla consequatur. Ut sit nulla reprehenderit. Ad eius asperiores adipisci est possimus. Dicta nostrum iste tempora eius.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...