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.

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Jun 21, 2018 - 5:42am
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