Lateralling from DCM

Hey everyone,

I’m starting this summer as a SA in DCM and I’m really excited about the opportunity. That said, I’ve been trying to think a bit longer term and wanted to get some perspectives from people who may have gone through something similar.

While I’m interested in capital markets and excited to learn the desk, I’ve also been curious about how feasible it is to lateral to an M&A or industry coverage group either during the internship or potentially after returning full-time.

I was wondering if anyone here has experience making that kind of move (DCM → M&A / coverage) and how realistic it tends to be. Is it something that happens with any frequency if you perform well and network internally, or is it generally pretty difficult to switch out of a capital markets group?