Hey,
I have been recently been provided the opportunity to join the GCM team but IBD is definitely my long term goal. I was wondering if anyone has had any experience with GCM at MS and could provide info about your role, exit ops, possibility of mobility etc.
Thanks a lot everybody :)
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I've talked to GCM people who say it's not easy at all - you have to get great reviews and they only allow a few to switch every year.
Congrats on the offer btw.
DAMNNN, I signed the offer despite having a IB Offer at another BB- Imposter syndrome really took a hold on me. Feel like an absolute idiot now. Thx tho aha
In the same boat, bump!
Is Global Capital Market the same as Sales and Trading? Thanks for answering
Global Capital Markets is technically in the IB department depending on the firm, but they work with products(Equity, FI, and Levfin) instead of coverage (TMT, Industrial, C&R, etc.). Typically, more people switch from GCM->IB Cov because of higher exit opps, more technical work, etc.
Bump
Yes it is investment banking, but they are product instead of sector/coverage. Usually they are the ones who do the financing. Some banks (Citi, MS) recruit for Capital Markets separately - maybe because they are looking for different skillsets/people/attitude for CM than who usually go for IBD. A lot of people in CM stay to be career bankers.
Would shoot for project finance / lev fin for placement. Some groups are better for mobility / exits than others. Though know someone in strategic lending and someone else in ECM who went to IBD.
PF will give you the same exits as coverage, though some skew to energy / infra
Lev fin will give you good credit / PE cap markets exits and many people from here move to IBD.
Do LevFin analysts ever exit to corporate PE? Seems like MS isn’t a heavy hitter for LevFin compared to JPM/BofA/GS but curious why when GS also doesn’t have a balance sheet?
edit repeat comment
I haven’t seen it happen in recent years, but others say it has. I think it’s sometimes hard to distinguish if people left for PE investing roles or the PE capital markets roles.
Makes sense. Also curious how PF gets coverage-like exits? Heard it’s the most modeling intensive group at the bank but was assuming all exits were energy/infra as you said.
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Unsure. I don’t think it is, but I still think it’s a great role. You’re essentially on the other side of what lev fin does, but negotiating on behalf of the sponsor. So looking at financing packages, getting the cheapest debt at good terms/negotiating term sheets, thinking about refi’s, term loan extensions and amendments, SOFR transition for existing debt. You’re essentially figuring out a way to finance an LBO, not necessarily looking at the investments themselves.
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Do you mean MS GCM vs mid BB coverage? I personally chose MS GCM, but would probably steer you to mid BB coverage. It’s kind of a toss up and depends on your goals / how flexible you can be.
If you want to go to the best bank, get it on your resume, crush it, and switch to coverage after 2 years take MS GCM. Though, you could end up in a weirder group like liability management or strategic lending. If you can make your way to IBD, world is your oyster and you will have any exit under the sun.
If you 100% want the modeling skills in your first two years and are dead set on PE (especially after your analyst program) go to the mid tier BB for sure. It’s a BB so you will have the second best opps after GS/MS/JPM/EVR. I think the MF programs could be a bit harder, you just have to grind and kill it in PE recruiting. You also have to consider if you get stuck in like FIG here.
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Quick question - how long did it take till you got your offer after the super day? I had mine yesterday, Thursday. Just wanna check in since ik its right next to the weekend.
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