M&A/Levfin vs. DCM/ECM

noob question guys, don't flame

Is the primary difference between (M&A/Levfin) and (DCM/ECM) is that the former is conducted in a deal environment, where you have to deal with counterparties and a whole host of other parties with different incentives, whereas the latter is more casual and less intense, despite both groups requiring you to value companies and such (although obviously some lean more towards debt/equity/market stuff)