Take EB DCM Now or Do RX and Lateral Later?
I’m in a bit of a weird position and wanted to get some views from people who’ve been in similar shoes.
For this coming fall, I’ve already signed onto an EB-type bank for U.S. DCM coverage as part of their graduate scheme. Think along the lines of Guggenheim / PWP / Rothschild / Greenhill calibre. I’m genuinely very grateful for that offer, especially because I had a pretty rough recruiting season at times, even though it ended successfully.
At the same time, I’ve now been given an offer from a top 5 RX consulting shop for their 2026 graduate scheme. Fewer than 10 people get a place across the region, so I know how strong and selective the opportunity is. Ironically, the base pay is the same as the DCM role, and I’d assume the bonus potential is also very strong.
For context, I went to a UK semi-target and majored in Maths, so I’ve always liked more numerically intensive work. That’s part of why RX has always appealed to me. I’ve always respected restructuring, special situations, and distressed work, and from the outside it seems like the kind of seat where you build very hard skills very quickly. I also know RX is extremely difficult to break into, arguably one of the hardest seats to land in high finance.
So I’m torn.
On one hand, I already have a very solid seat lined up in DCM at a strong platform. On the other hand, RX is something I’ve always admired, and had as my #1 goal (albeit a long-shot). I’m wondering whether taking the RX consulting role for 18 months to 2 years, then trying to lateral into a bank’s RX team later on, could actually be the better long-term move. Think PJT, Moelis, Evercore, etc.
What would you do in my position?
Would you:
- Stick with the bank and start in DCM now
- Take the RX consulting offer, do the full graduate scheme, and then try to lateral into banking RX
- View one path as clearly better for long-term exits / comp / technical development
Also more broadly, how do you know whether IB is really for you versus something adjacent but still elite, technical, and high-paying like RX advisory/consulting?
Curious what people who know the market well would think.
Please no shit post, genuine question!
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I'm sure a google search could've answered that for you, but think Roths/Lazard/Moelis.
Obviously not to scale of your normal BB/MM, but still there.
dumb q on my end - would ultimately go where you find the most interest in, RxCo is very different then any IB, and DCM can be a great career seat option
you should do ligma
on a serious note - rx co - dcm is just marketing materials…
Is the RXCo role in the US or UK?
US for both roles to be specific!
Personal thinking, feel free to disagree, but I’d lean towards the RX consulting role? DCM is great and you get exposure to debt markets and the brand name, but limited exposure to distressed situations and almost none on restructurings and bankruptcies. More abt healthy companies raising capital than broken ones.
RX consulting is obviously more directly relevant; I know you’re looking at exiting into RX IB, not distressed PE but i think the calculus remains mostly the same. Also think it’s a better long term job than IB in terms of wlb etc, esp at a top 5 firm
Appreciate this, and I think that is the part I keep coming back to as well.
My hesitation with DCM is not that it is a bad seat at all, because objectively I think it is a very strong start and I know plenty of people would take it instantly, but more that it feels a bit further from the type of work I’ve always found most interesting. Yeah, it's still amazing though. Like you said, it is much more healthy companies / capital raising / markets exposure, whereas RX is far closer to the stressed, messy, technical situations that originally made me interested in the space. I'd consider myself a somewhat more technically aligned individual, so it really sparks a light bulb to me.
I also agree with your point on direct relevance. If the end goal is RX IB, then RX consulting does seem a lot more on-point than DCM, even if DCM gives the stronger “banking” label from day one.
The long-term lifestyle point is also a fair one. I am not naive about RX consulting hours still being tough, but I can see the argument that it may be more sustainable than banking while still being somewhat respected.
Think my main concern is whether turning down the DCM seat would be stupid given how hard those are to get as well, especially in this market. But from a pure alignment standpoint, RX does seem closer to what I actually find interesting. I see you re-affirmed my suspicion that the work is very similar, would you say it's common to see people make the transition? Is an MBA necessary?
Really appreciate the input.
DCM at a bank without a balance sheet is not a great spot to be in. Unless you can / want to lateral to a coverage group or RX internally I’d lead toward to RXCo.
That is one of the biggest things making me pause to be honest. I did a fair amount of research going in, and I do understand the importance of a big balance sheets within capital markets, however I still managed to get in. Felt like I'd be stupid to let that prevent myself from applying.
If this were DCM at a bigger platform with a more established balance sheet and much stronger underwriting capability, I think the decision would feel easier.
That is also why the internal lateral point matters. If there were a very realistic path into RX banking, is it common to come across? I'm not too interested in coverage groups frankly, and prefer capital markets over them
I think my fear is basically whether I am overthinking a strong banking offer just because RX is more niche and intellectually appealing to me.
Quick question: is your offer in a T1 or T2 RX consulting firm?
Hey, it’s a T1.
Then that’s the better bet. Minor positioning differences between A&M and Alix, and a larger gap between FTI and them, but regardless
Regardless, both tier are clear of DCM
Rxco. LOL, DCM is PowerPoint and market updates. Do your scheme and move to A&M/Alix, why go to Rx Banking??
I was under the impression RX banking pays on average more at the mid/senior level unless you become some sort of Equity-Partner in RxCo. Obviously this is 15-30 years down the line, but I was thinking rather long-term from what I've been able to gather here with the available publicly posted salaries.
No Sir, RxCo is absolutely gatekept. As you get more senior you earn more
IB has the higher ceiling, that’s true. You won’t become an Eric tokat or someone in RX Consulting. However, at the very senior levels, RX Consulting pays very well too, especially as CRO. Just not the very right tail outcomes that IB or PE have. Generally pretty comparable though
I think another option would be to do DCM now and then lateral to RX Consulting or RX IB. Was formerly in a RX consulting role, and having prior distressed/ debt experience sets you up much better for career growth in the field than coming in from scratch. Sure, you might have to take a title downgrade but promotions occur faster. Also, if you don’t want to do RX consulting at that time, you can try for RX IB. Either way, both great offers.
My issue is, that I want to be able to start my career hitting the ground running. Is RX IB not extremely hard to break into with no prior direct RX experience? I was under the belief it would be incredibly difficult. I see you have your WSO status set to IB - RX. How was that transition for you?
LOL don’t do DCM- you won’t get visibility for RX. Only Levfin Capital Market makes the cut. Do RxCo, better experience. On a CRO mandate you are the ones bringing Rx Bankers to the table, you parlay 24/7 with lawyers. At a top platform, I swear I’ll never leave unless Apollo or Bx calls me to run something unique for them. Just my 2 cent, won’t say much on this again
If it is at a true T1 shop (A&M, Alix, or FTI), then I would take the RxCo role. It is very difficult to get into these firms right out of school and RxCo at a T1 will open more doors down the road (assuming you even want to leave).
I also think moving from Rx Co to Rx IB is very doable, especially to a T2 shop or below. You will likely have a more difficult time recruiting directly to a PJT or Evercore Rx group from RxCo at the junior/mid levels, and may need to go the RxCO--> Target MBA --> PJT/Everycore RX.
Thanks for the insight!
I have already taken my GRE and scored 332. Decided to do it early whilst my mind is sharp in the case I do need to do an MBA at a M7. Would you say if I wanted to break into one of those top groups, an MBA is a non-negotioable regardless of having exp at a T1 shop?
Not impossible, just hard. RX consulting will get your foot in the door for elite RX IB, but you’ve got to do the rest. The problem is more so the people you’ll be up against
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