If my end goal is hedge fund, would it be a smart idea to switch over from DCM to a coverage group/M&A even though it is relatively lower in the league tables. I will be doing my DCM internship this summer and I am not trying to get stuck in that for full-time. So I am looking at my options to either lateraling to a coverage group within the same bank or to go to another bank. Any insight would be great.
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If you are just doing flow credit DCM (i.e. IG and FIG), you are unlikely to pick up much credit skill which is necessary to prep you for HF. Do try to lateral to M&A that will give you the best exposure to corporate finance and event-driven transactions. That said, do value your time spent in DCM and learn all you can about how capital markets function and credit securities are priced and traded. I typically find people who manage to progress down the career path the farthest have broad exposure across products.
Thanks for the comment! Do you think lateraling to a group with significant less deal flow will be worth it for HF? The bank I will be interning at does pretty well for DCM (IG).
For me, when it comes to "deal flow", I value quality of deals and quality of your engagement in a deal much more than just the number of deals you'd expect to work on. I know many DCM analysts/associates who work on 2-3 deals a week without even having read through a single description of notes in bond OC to understand how and why the covenants and permitted/restricted payments, debts, etc. are structured so and so.
So the suggestion to you is to do more diligence on the type of clients/deals the team works on (some teams may just be "more selective" - find out what that truly means), and as a junior, what level of exposure you expect to get.
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