I did 3 years of m&a at a bb and then 2 years of growth equity at mm shop. I miss the structure of banking and liked the process oriented work, but hated the hours. Considering DCM or Corp banking. Is this a feasible jump? I am fine to redo associate years. Is DCM really better hours? Is corp banking a dead end?
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questions worth answering for yourself first: is it the deal process you miss, or the structure? and how many hours can you actually tolerate this time - that answer does a lot of the choosing for you.
on the work itself: dcm at many banks is investment-grade bond issuance - credit stats, comps on coupons and yields, and often lighter modeling than m&a, though it varies by group. it's a high-volume desk: hours can be closer to market hours at some shops, but busy desks creep back toward the ib grind. corp banking is relationship and credit work - revolvers, term loans, bridge loans - and intensity varies a lot by team too.
best way to get a real answer: ask people on actual desks what their week looks like - deal volume, weekend frequency, product scope. the label matters less than the specific group.
Thanks ChatGPT
DCM is paradise
Any more insights? Have an upcoming OC in London at a BB and still waiting for final group assignments but would love to hear more about DCM.
Day in the life. Etc. pay and comps and so on
As someone who has done both DCM and IB and have worked with corporate banking teams often at my BB, I would say the enjoyment factor is CB > IB > DCM.
in DCM, you still end up working banking hours given the lean deal teams and early start time but literally don't do anything meaningful in terms of modelling or understanding the sector/company. It's all just comps, spreads, and pricing...that's it.
From the Corporate Bankers that I've worked with, they still get a ton of credit exposure and actually oftentimes work with us on different event-driven stuff, whereas DCM is largely just refinancings of bonds.
In terms of hours, CB would also be the best as well but would pay lower comp
bump
Based on your experience and goals, both DCM and corporate banking could be viable paths, but they offer very different day-to-day work and lifestyle. DCM tends to have slightly longer hours than corporate banking but still involves structured deal processes, whereas corporate banking offers more relationship management and credit exposure with generally lighter hours but lower compensation. It may help to speak directly with associates on these desks to understand the real work, culture, and hours before making a decision.
bump
Bump！Bump！
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