DCM To....
Hi Guys,
Had some queries for people who are experienced in this area of expertise. I am a first year analyst at a top BB (think MS/GS etc.) and I work in DCM within the high grade sovereigns team. While initially interested in this sort of work, I have found myself more interested in the investing side with time. Unlike most people, I don't hold PE to be the end all and be all after my analyst years but I am interested in it similarly to being interested credit/distressed investing funds.
However, I realize (especially on this forum) that DCM gets alot of hate, especially the area I'm involved in for its non-valuation and modeling experience. So my question is, if I wanted to make a hop to the buyside sometime, keeping in mind I am interested in beyond just PE, would I need to switch out of my current group. I ask because I know of some spots which are still available abroad but I also know of an opening in my bank's Leveraged Finance team and could try to swing a change into that group for a year and kind of redo my first year.
If moving into the LevFin team seems to be the more desirable option, how do you reckon I could swing this. And seeing as I often get out before them, think it would be wise to head over and start chatting with them a little. I have a strong theoretical knowledge of what they do, but again, I currently lack the modeling knowledge.
Would appreciate constructive advice rather than people telling me I am doomed to be a lifelong banker.
Thanks in advance.
Bump
Also interested. I may be in this position soon.
OP describes the sentiments I fear I may have 1year from now. LevFin group is very close to where I'll be working too, and I KNOW I will be getting out before them everyday.
Dude just lateral to coverage during your 3rd year if the firm allows....
otherwise, I hope you like interest rates.
just met a friend who lateraled over to leveraged finance after one year DCM....but hes one of those guys..
Your first problem is giving a shit what college students on this site think. Do a couple years in DCM and lateral to something with some modeling at your bank or go to a smaller bank and do levfin. All you need is a little modeling experience since most debt funds typically just build off sponsor models. Your just testing sensitivities, building in covenants, seeing at what point your FCCR and leverage coverage breaches. Being a debt investor is all about focusing on what could go wrong and being able to have a bullet proof credit doc along with solid cov's to make sure you can take the keys or bring them back to the table when things go nuts.
PM me and we can talk more.
Oldmansacks, can you detail a little more about what your friend may have done?
lateraling in to the leveraged finance group would help. Let's just hope you are not currently in gs now because gs leveraged finance group really sucks.
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