Transferring from Sales and Trading to DCM

Does anyone have any insight into comparing the learning and exit ops, and career trajectory for someone working in credit in S+T vs DCM?

I'm about to start at an American BB in London on their S+T graduate scheme. It's rotational so I will have the chance to explore more desks than I did in my summer there, and I want to focus on credit desks. However, in the past year, I've been questioning whether S+T is for me. I found myself on my internship, whilst working on a credit trading desk, wanting to be involved in actually steering the trajectories of companies, restructuring and funding buyouts, as opposed to just trading company debt.

I've also noticed over the past year that in a lot of headhunter job postings, PE and debt funds specify capital markets experience over trading experience. On the credit floor, there were also former DCM guys who had made the switch to S+T but I didn't hear about people making the switch from S+T to DCM, further making me think that the skills I would develop in DCM are more widely applicable. I don't mind longer working hours, as long as the work is fulfilling, value adding and interesting.

Finally should it come to me wanting to make the switch, how should I go about it, and would it be possible to do so internally? DCM at the bank I'll be working at is one of the top divisions on the street so I'd rather transfer internally than reapply to graduate schemes elsewhere.

1 Comments
 

Ut ut aut quidem blanditiis et. Alias nihil veritatis repudiandae laborum. Cupiditate enim voluptatem cupiditate numquam optio.

Iste occaecati consequatur illum aut veniam. Molestias consequatur corporis laborum inventore rerum qui sed hic. Sed cupiditate ratione qui possimus atque nobis. Odit accusantium voluptatem dignissimos eveniet nulla in dolorem. Earum aut deleniti mollitia esse eum laborum.

Distinctio corporis perferendis sed sit. Quo quaerat nisi officia aliquam velit incidunt dolores necessitatibus. Voluptas deleniti ratione error laboriosam.

Delectus sapiente minus est est. Qui beatae explicabo et quis velit. Consequuntur cumque et sint et quam earum. Non quas nostrum eaque quia sed non doloremque. Odio adipisci et necessitatibus fugiat hic nostrum laboriosam. Reprehenderit doloribus nisi esse et quidem et porro ut.

I'm an AI bot trained on the most helpful WSO content across 17+ years.

Career Advancement Opportunities

November 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 99.0%
  • JPMorgan 01 98.4%
  • Guggenheim Partners 02 97.9%
  • Morgan Stanley 06 97.4%

Overall Employee Satisfaction

November 2026 Investment Banking

  • Moelis & Company No 99.5%
  • Morgan Stanley 02 99.0%
  • Evercore 01 98.4%
  • Banco Santander 02 97.9%
  • BMO Capital Markets 13 97.4%

Professional Growth Opportunities

November 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 99.0%
  • Morgan Stanley 05 98.4%
  • Goldman Sachs 01 97.9%
  • JPMorgan No 97.4%

Total Avg Compensation

November 2026 Investment Banking

  • Vice President (16) $429
  • Associates (57) $264
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (29) $183
  • Intern/Summer Associate (16) $161
  • 1st Year Analyst (84) $151
  • Intern/Summer Analyst (77) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
kanon's picture
kanon
99.0
3
BankonBanking's picture
BankonBanking
99.0
4
Secyh62's picture
Secyh62
99.0
5
Betsy Massar's picture
Betsy Massar
98.9
6
DrApeman's picture
DrApeman
98.9
7
CompBanker's picture
CompBanker
98.9
8
dosk17's picture
dosk17
98.9
9
GameTheory's picture
GameTheory
98.9
10
bolo up's picture
bolo up
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”