[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. 

2 Comments
 

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