DCM or Public Finance?
I'm coming from a non-target with ~3.4 GPA (although I think it will be around there by the time I graduate). I've completed several internships (including one in ER at a BB) and have held various leadership positions in school. I'm debating whether or not to take an internship with a DCM group or in Public Finance. (Both are at MM investment banks).
Coming from a non target, both these opportunities seem exciting and tough to get. I was curious to see if any of you have had experience with either of the 2 fields and what exit opps may be like at either. (I've read through a bunch of stuff on PubFin on this site, not much on DCM). I could see myself in either role - capital markets or IB. Both roles seem like they wouldn't be too modeling intensive, but with the PubFin I could have actual IBD experience that I could leverage when I apply FT.
both are good and i doubt it would make a difference between the two.
I would choose public finance personally since the work is pretty interesting to me.
DCM, the work is more general and should be easier to leverage into a generalist IB group.
I completed a Pub Finance internship and the skill set that you learn there is basically only transferable to Pub Finance. It's turning my FT recruiting into a nightmare of borderline under qualification.
Seconded this.
Thanks guys, appreciate the input. eriginal, do you mind if I ask what type of group/bank your experience was with?
dcm...
Pub Fin or DCM? (Originally Posted: 06/10/2015)
It's my understanding that Pub Fin is usually housed between primarily DCM but also IB. I have a Pun Fin internship and non profit experience, so going into FT recruitment season, it makes sense for me to target pub fin. I've heard most people that leave Pub Fin go to DCM. How do they compare? Hours, pay, etc? I would think DCM would have more exit ops.
do not do pub fin if possible. coming from a former pub fin guy who got out to M&A IB. Transferable skills are almost zero.
Do anything you can to avoid pub fin. probably best to avoid DCM/ECM too tbh. if you are gonna go capital markets go lev fin.
This. I would stay away from Public Finance unless you already know that it's what you want to do for the long-term.
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