I am a 2nd yr DCM associate. Not BB. I started the job as an analyst at DCM. I knew the exit opps would be limited for DCM but didnt have much options. Now I am feeling kind of desperate. The job was fun at first but now feel very repetitive. I applied to a few positions and contacted headhunters. I was able to get a few interviews (credit fund, pe etc.) but I got lots of questions about my experience in modeling etc.
Ive thought about internal transfer but honestly the other teams are not great either. Smaller bank..
I dont want to do MBA. I am not proud of my financial conditions but really cannot do two years of school without getting any income.
I have been going over the 400 questions and have taken some modeling courses online.
Ex-DCM here, left as an analyst though. Even at the analyst level it was pretty hard as you frankly don't really have much skillset unless you greatly exaggerate. I would say your best bet is to move internally into a better group such as coverage or M&A for a couple years, and then move from there if you want a more traditional exit. Moving internally is probably the easiest depending on bank culture as banks oftentimes try to retain good employees, which I assume you are if you went A2A. I've seen this firsthand at both the analyst and associate level at my group as well as other banks.
You can also look at IR/Fundraising or Treasury as well if that interests you.
if you read the interview prep guides, they'll tell you that everyone has real weaknesses - yours being a lack of modelling experience and no-name bank. You need to figure out what makes you better than other candidates who don't have those weaknesses and you need to learn to convey that in your interviews. A switch from DCM into a modelling group at another bank is not something unreachable, there have been much more unlikely "laterals" than that if you will. Preparation, practice, and lots of interview/coffee chat reps will get you where you want to go without needing an MBA.
Are you willing to stay in IB? People willing to lateral are extremely hard to come by right now - you'd be very competitive for coverage groups at a BB or EB, even coming from DCM. Just apply to a bunch of the experienced associate positions online, I don't think you really even need to network in this market. Make sure your answer for why traditional IB is good though.
There's so many Lev Fin jobs on LinkedIn at any given time for (including Associate), you should be able to secure an interview after applying + contacting key person directly, at a certain % hit rate. At that point, it's about studying that role and understanding the space to be able to have an actual dynamic conversation vs. going in blindly or waiting for the next question. I can help if you have a live opportunity. But I would also recommend putting in the work ahead of that "gun to your head"--and gaining those concepts and better yet, skillset too.
Was in same situation and made it out. Send me a PM if you want to discuss
OP—diving in further: Lev Fin and Lev Fin Capital markets opportunities I just saw job posting on LinkedIn at:
20 firms (20+ opportunities) in these spaces:
Lev Fin
Lev Fin Capital Markets
Buy-side: 5 jobs
Non-bank arrangers: 4
Bulge bracket: ~4 (JPM GS BAML Citi)
Firms I saw:
GS UBS (Lev Fin & Lev Fin Cap Mkts) Prospect Capital TD (Analyst only), NatWest Antares Guggenheim Macquarie Citi Golub JPM RBC (Analyst) Bank of America (Sr ASO/VP, and VP) HSBC CIT Ares - Ivy Hill, Jefferies Credit Partners, Invesco, BNP (Analyst & VP), Barclays (Analyst - Global Lending - easy way to get in IMO), Houlihan Lokey. I’ll stop there.
If you’re truly serious about your post, apply to a few and reach out to me directly - if you really want I could tell you exactly who to email, both deal team + Talent Acquisition.
Take action, learn the space, and see results.
FYI - WSO may delete my post - so screenshot if it helps you.
2 months ago I posted a similar summary - via a posting tho—not a comment. .1 hour later - deleted. Post actually took me a while too. Whatever.
I nearly fell out of my chair at the email + presentation deck (Joke) I received (thinking I was a headhunter) from 1 of WSO’s minions - saying they launched some new business initiative called I wanna say Talent Oasis. I’ll send u the deck if u reach out but even with this comment I’m afraid of rattling the cage.
Loanboy I follow your posts and they're mostly so insightful I had actually been wondering up until now how on earth you were an 3+yr Associate in DCM. I'm guessing by this post you're actually a mid to senior Lev Fin Banker instead right? Would make much more sense
Maxime quo assumenda voluptatem non cumque laborum et. Cumque quos dolorem reprehenderit sint ducimus et. Aut non omnis et praesentium necessitatibus.
Voluptatibus harum harum rerum sit eos. Enim a nam qui voluptas velit. Ut sunt voluptatem laudantium tempore aut inventore qui. Maxime ipsa voluptatem quae quo. Molestiae culpa id rerum laudantium.
Tenetur exercitationem ea officiis molestiae et sit non maiores. Ut ipsa neque dolores voluptas quis. Quae aut qui quisquam distinctio est quam. Alias voluptates nobis nesciunt beatae maiores iusto qui. Omnis non exercitationem quia et. Exercitationem officia dolorum et aut excepturi in.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...