DCM Interview - Course Recommendation / Reading ?

Hi all,

got an interview for a DCM internship coming up and I really wanna be well prepared.

Does anyone have any good recommendations for Courses/Books that actually focus on DCM IB work and not just explain what bonds are?

Any help would be much appreciated.

Thanks!

7 Comments
 

Based on the most helpful WSO content, here are some recommendations to prepare for a DCM (Debt Capital Markets) interview:

Courses:

  1. WSO Investment Banking Prep Course: This course covers various aspects of investment banking, including DCM. It provides a comprehensive understanding of the processes involved in bond origination, pricing, and execution.
  2. WSO Financial Modeling Courses: These courses can help you understand the financial models used in DCM, which is crucial for your interview preparation.

Books:

  1. "Debt Markets and Analysis" by R. Stafford Johnson: This book provides an in-depth look at the debt markets, including the intricacies of DCM.
  2. "Fixed Income Analysis" by Frank J. Fabozzi: A comprehensive guide to understanding fixed income securities, which is essential for DCM roles.

Additional Tips:

  • Understand the Day-to-Day Role: Based on previous WSO threads, it's important to know the daily responsibilities in DCM, such as monitoring markets, working on bond issuances, and interacting with clients.
  • Non-Traditional Routes: If you have a background in commercial or corporate banking, leverage that experience as it can be a pathway into DCM.

Good luck with your interview!

Sources: Debt Capital Markets - Is it IB?, BB Debt Capital Markets - Exit Opps / Comp, Investment Banking vs. Capital Markets - How different are they?, ECM/DCM for Career Banking, Can ECM/DCM refer for investment banking positions?

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Most Helpful

Hello,

Hoping to be of some help. Just had a superday for a DCM summer role and got the job. Here are some things you need to know:

Trends in the FED: their last meeting, where rates are headed, how rates have been trending, the dual mandate, Jerome Powell, etc.

Global Events: Things that will impact the credit market: 2 examples are the Oil concern with the War in Israel and the China stimulus package.

Credit ratings: Know the 3, what they do, and what separates investment vs speculative-grade securities.

Know about the 10-year UST and how it has been trading; have an opinion on where it is headed.

Understand terms like credit spread, credit risk, basis points. There are pdfs you can find to learn more about DCM but learn from Moodys, S&P, and the FED about the debt markets, those websites helped me a lot.

 

For DCM-specific prep, it’s great that you're diving deeper than the basics. A couple of solid resources to consider:

  1. Courses: The Wall Street Prep and Breaking Into Wall Street platforms offer specialized courses on debt and credit analysis, which cover DCM fundamentals and practical skills like structuring deals.
  2. Books: “The Handbook of Fixed Income Securities” by Frank J. Fabozzi is comprehensive and goes beyond bonds, covering essential concepts relevant to DCM work.
  3. Supplemental Prep: For firm-specific questions and real examples from recent DCM interviews, IBQuestions can be a useful resource. It’ll help you simulate what to expect and guide you in mastering the technical and behavioral aspects.

Good luck with your interview prep!

 

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