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! 

2 Comments
 

Est nesciunt dolor voluptas ut perferendis cupiditate. Officia doloremque sunt non quo qui ullam. Repudiandae maiores deleniti sed.

Career Advancement Opportunities

June 2026 Investment Banking

  • Evercore 01 99.4%
  • Moelis & Company 01 98.9%
  • JPMorgan 01 98.3%
  • Guggenheim Partners 01 97.7%
  • Morgan Stanley 07 97.1%

Overall Employee Satisfaction

June 2026 Investment Banking

  • Moelis & Company No 99.4%
  • Morgan Stanley 02 98.8%
  • Evercore 01 98.3%
  • BMO Capital Markets 12 97.7%
  • Banco Santander 01 97.1%

Professional Growth Opportunities

June 2026 Investment Banking

  • Evercore 01 99.4%
  • Moelis & Company 01 98.9%
  • Morgan Stanley 05 98.3%
  • JPMorgan No 97.7%
  • BMO Capital Markets 11 97.1%

Total Avg Compensation

June 2026 Investment Banking

  • Vice President (14) $434
  • Associates (44) $258
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (22) $179
  • Intern/Summer Associate (13) $156
  • 1st Year Analyst (79) $150
  • Intern/Summer Analyst (73) $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

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...”