[Advice Needed] How to move from DCM into coverage/M&A groups?

TL;DR - Struggling to move from DCM team internally & externally to M&A/Coverage teams due to a lack of experience? Any advice about how anyone else would go about this? 


I joined IB straight from a semi-target into a top 5 DCM house (but a really shitty M&A house) (think like HSBC/BNPP/Standard Chartered) as it was my only offer at the time. Been here for almost a year now and I'm ready/keen to try moving into advisory/m&a. 


Really not enjoying the capital markets scene for a multitude of reasons, mostly because:

  • I don't care so much for markets
  • Exit opps seem very grey / not the path I want to go down
  • I don't enjoy the pace - sometimes can be too fast and would rather work on longer projects
  • Very lean structure in a busy team, which means I'm working M&A hours anyway
  • Much more interested in the advisory side of finance

The bank has a rotation that I can do in Sept 2023 (when I'm A3/Assoc 1) where I can pick whatever team I want to rotate into, but I'm keen on moving earlier and permanently. 


I've tried networking internally and had some really good conversations with a few MDs who have said realistically it's easier to recruit at my level straight for university - as the internal move/politics is quite difficult. It's still a route I'm pursuing, though I think I'll move my energy to LevFin, as it's an easier transition from M&A. 


Equally, a lot of the roles headhunters reach out to me for are A2 roles where I tend to do well up until I get hit with a "we're just looking for someone with more M&A experience" or "you're too capital markets focussed" which I find the latter to be nuts given I'm a junior, not some seasoned banker who's spent his whole life in DCM


I thought lateralling/rotating would be much easier than it actually is. But alas not really the case. So now I'm wondering how I go about this? 


Do I start applying to grad schemes (going back down to A1 - something I'd be happy to do)? 

Do I need to keep persisting within the bank until I make the right connection? 


Has anyone seen this move or done it themselves? If so, how did they/you go about it? Looking to read any experiences that I can possibly draw inspiration from. 


N.B: I don't really care if the M&A deal flow sucks at my current bank - I've still seen plenty of juniors jump ship from our place into top BBs

 

What does your typical week look like for hours? I’ll be starting dcm soon not sure what to expect

 

Officia in qui sint qui debitis. Quaerat ut asperiores aperiam totam illo itaque.

Perspiciatis ea accusamus aliquam. Neque molestias asperiores eveniet qui sit. Distinctio odio debitis dolorum in nulla.

Dicta ut dolore et doloribus distinctio. Quisquam et voluptate cumque fuga sed. Incidunt et cupiditate nihil autem non mollitia. Et necessitatibus placeat aperiam eos repellendus. Qui consequatur necessitatibus sit omnis sunt delectus. Sit aliquid aut nobis quos.

Et sint ducimus commodi nesciunt. Dolore molestias quo maxime rerum velit. Molestiae blanditiis deserunt sit. Itaque voluptate recusandae adipisci atque explicabo.

Career Advancement Opportunities

April 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. New 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

April 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

April 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

April 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (205) $159
  • Intern/Summer Analyst (145) $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
Secyh62's picture
Secyh62
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
dosk17's picture
dosk17
98.9
6
GameTheory's picture
GameTheory
98.9
7
kanon's picture
kanon
98.9
8
CompBanker's picture
CompBanker
98.9
9
numi's picture
numi
98.8
10
Jamoldo's picture
Jamoldo
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...”