Deciding between types of work in IBD

Hey all,

I am a new user on the forums but have been reading on-and-off for a while. I was wondering if anyone had any insight into why someone should pick going into Equity Capital Markets, Debt Capital Markets, M&A, etc. when given the choice. I always thought I would be able to work on debt, equity, and M&A deals when I went into IBD, but it seems like some programs, especially boutique banks, slot you into one of these areas. I have been asked a few times about which types of deals I want to work on and was not exactly sure how to respond.

I am thinking that I would like to work in M&A because it seems like you have a lot of interaction with the target company in the beginning stages of the deal (which would be a great experience) and ultimately if the deal goes through then you have really been able to make a change in the company (not that equity or debt offerings are not important to the company, but it seems like M&A gets to make the biggest impact on firms). Is this line of thinking right? What are the advantages to the other areas? Thanks!