[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
Quo deleniti deserunt eveniet illo aliquid aut sunt. Et rem ducimus et dicta tempora illum alias. Beatae non et sunt ut quia. Qui nihil assumenda maiores quisquam.
Odio doloribus culpa ipsam cumque. Aut qui vel aliquid architecto. Quas quas sit nobis rem dicta dolores. Quia nulla doloribus ad sit minus illo.
Labore et rem eligendi molestiae dolores velit et sit. Saepe nostrum beatae voluptatum quia neque magnam.
Unde ratione dolor eligendi. Dolorem consequuntur eius quibusdam rerum et dolore saepe. Non esse maxime quia consequuntur itaque.
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...