Escape from DCM

I am a first year analyst at a BB (DB, CS, UBS) in London. I didn't do an SA anywhere (didn't even apply) and applied directly for FT. We were given a selection of team preferences, and despite having requested M&A/Coverage/LevFin I ended up in DCM

My friends in IB and this website both gave me a pretty negative impression of DCM before I started, but I went into it completely open-minded. Unfortunately, their criticisms have turned out to be broadly true: the work isn't technical and involves zero modelling, and the deals are basically handed out on a rotational to banks that have the balance sheet to extend big loans and facilities. 

Although I'm still in my first year, I am already starting to try and weigh up my options to move teams within the bank. I understand that this is common after the second year, but I was wondering if people have seen this happen earlier? And if so, how the situation arose? 

I think my primary target team at this stage has to LevFin, simply because I think it's more feasible given the product overlap with investment grade DCM. I'm interested if people have managed to transition from DCM to coverage easily, given the presumed lack of modelling experience?


Thanks! 


 

Magni ut est sequi quasi quas. Natus corrupti quos sed autem vero. Cum voluptatem rerum accusantium nesciunt delectus. Iste blanditiis maiores distinctio pariatur amet veniam.

Dicta alias vitae quae voluptatem aperiam hic magnam. Debitis iure sunt ipsa sed. Voluptatibus dolorum consectetur aut occaecati.

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
kanon's picture
kanon
98.9
6
CompBanker's picture
CompBanker
98.9
7
dosk17's picture
dosk17
98.9
8
DrApeman's picture
DrApeman
98.9
9
GameTheory's picture
GameTheory
98.9
10
bolo up's picture
bolo up
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”