MM IB or small PC
what are the pros and cons of going MM IB vs going to a small PC shop (4-10B AUM). Not sure which is better and have two offers on the table.
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Had the same dilemma as you (PC shop had around $8bn AUM) and chose MM IB for the following reasons:
For me it ultimately came to which I would enjoy more long-term, the compensation, and the exit optionality in that order. Hope that helps you in some way
What if it was for the DCM team? What are your thoughts on the optionality from that. Also how does pay structure / progression look like at a small private credit shop?
I'm not familiar with DCM but as far as I know M&A-related groups are always better for optionality. DCM and private credit are fundamentally dealing with different debt products.
Pay structure and progression is too diverse across firms for me to generalise. Pay structure for me was less base salary and by extension less nominal bonus. Progression I had no idea because it was a small shop so I didn't actually see a lot of people who went up the ladder
Go to the private credit shop
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