Leaving DCM early
Hi guys,
So I have been working almost 2 years in DCM now and I just can’t really stand it anymore. I know many of the M&A guys will make fun of me, but the constant 8am-9pm (huge minimum), with very regular spikes to 11pm tires me. I feel like I lost touch with all the people I care about around me and that I can’t do anything anymore. I basically just live for the w-e and I can’t deal with this. I might be weak, but I need more free-time...
As such I’m starting to worry about my exit opps. What careers can I realistically move into after having worked 2 years in DCM at a BB ? That career would obviously need to have better hours than DCM and I don’t mind taking a c.50% pay cut. I started thinking of the credit rating agencies, but I barely did any financial modelling during my 2 years, so I’m afraid that I won’t cut it on some of their requirements.
Can we assume that your analyst stint wraps up this summer? If so I'd strongly advise you to stick it out. The time will pass quickly, and there's a big difference between candidates who have done the standard two years and those who wash out.
As for things you can do, plenty: - Direct lending - Capital markets at a PE fund - Treasury/finance/FP&A at a company in your sector
The lack of financial modeling is a problem, but you are not obligated to announce that to prospective employers. I'd do some online modeling courses, or better yet, lean in / volunteer to take on some of the modeling on your future deals. (Whoever is doing it now is unlikely to object to offloading some of the work on you...) You'll get critical experience, and for another you might find your work more fulfilling.
No I’m just finishing my A2 so this year I’m becoming A3 essentially. What exactly do you mean by direct lending ? The loans division at the IB ? From memory they have pretty gruesome hours as well...
In terms of financial modelling, I can’t really do any at work since our bonds are all IG vanilla bonds - we basically only price. But I did do the CFA exams, so I’ve got a good understanding of financial analysis and can easily grasp most financial models.
Lending is a good exit opp, maybe even aim for a junior VP role in the commercial / corporate lending space. Hours are pretty good.
plan on getting into an MBA program in 2 years...so look for a position that will help your admission chances...maybe something in marketing, operations or human resources.
How would you sell DCM to move to say marketing or ops, because it seems a pretty drastic shift to me
Corporate/Commercial banking have great hours and tend to pay reasonably well. Relationship Management at large banks is a good option if you are comfortable in a sales-type role.
Isn't it still like 12 hour days tho.... (and on call 24/7)
No. I am currently an RM at a BB, 40 hour work weeks are pretty standard. 50 at the most.
have you considered working in one of the fixed income teams at bloomberg? having worked in dcm for a couple of years would probably have you well-qualified for a job like that.
Know a guy who exited GS/MS/JPM DCM after not even 2 years to a FP&A senior analyst role. Would probably not even be as bad of a 50% paycut so would be a pretty sweet deal for your threshold.
You def don't have to do 3 years, just dip out after year 2 completes. Honestly man if you're willing to take a pay cut you're eligible for plenty of jobs - strong financial modelling skills only really matters for buyout PE (maybe GE and CD), and u can easily BS your way for other corporate jobs.
Just try to figure out what you want to do/see yourself doing and figure a way to spin a story (I'm sure this forum can help you too)
Thanks man, pretty reassuring comment !
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