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August 31, 2026
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Stay away from DCM; the work is vanilla/boring and it isn't that easy to jump groups
Take this with a grain of salt:
I would do M&A at non-BB. Your opportunities from DCM will be largely dependent on what kind of debt you're originating, and some might say you'll just be stuck in DCM. Additionally, you're doing way more powerpoint/presentation stuff rather than modeling. From what I've seen, most (if not all) of the modeling is done by LevFin groups. M&A will get you better experience.
I'd pick M&A and then lateral to a BB later on. I think that'd probably be easier than getting from DCM into coverage/M&A/LevFin groups.
What if the DCM group at the BB is for a specific region works a lot with M&A for many transactions and offers a significantly higher starter salary. Whereas the M&A opportunity does not see much dealflow since the bank is very big and prioritizes other areas much more (think Credit Agricole)? Would you still recommend M&A?
What if the DCM group at the BB is for a specific region works a lot with M&A for many transactions and offers a significantly higher starter salary. Whereas the M&A opportunity does not see much dealflow since the bank is very big and prioritizes other areas much more (think )? Would you still recommend M&A?
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