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!
After first review is a common time as well
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