DCM vs Credit Risk
I recently received full time analyst offers from both credit risk and DCM at a BB (think GS/MS). I am not sure which is the best option for me if my long run goals are to go into industry coverage IBD or manage a corporation.
Credit risk will give me solid training in corporate financial analysis. Decent pay with a good work-life balance. No modeling skills, very little client facing (aside from DD calls/meetings). Middle office position in bank isn't as highly regarded on the Street.
DCM will give me good training on the product and market side, is client facing and has good pay (I know bonuses are bigger than in credit risk, but I'm not sure about base salary). I am told hours with this specific office/group will be demanding; 7 days a week, from 8am often to 12 or 2am. No modeling skills.
Which would be a better start to my career given my long-term goals?
PM me.
Can't seem to PM you without 15 monkey points. Any way for you to PM me and start the conversation from there?
If you are talking about GS, DCM belongs to IBD group, so no question about it.
Definitely DCM. If you get asked back for a third year most of the banks will let you move to industry coverage and out of the product group (or to a different product group if you choose). Plus you will be in constant contact with the coverage bankers working on deals together. I get the whole skill-set argument with credit-risk, but don't kid yourself. Banking is not hard work. They're not going to make you do a modeling exam before they offer you a third year in IBD. You'll learn it when you get there. You're better off getting the product and deal exposure and building your network. You will be much better off to go to a classic industry coverage group out of DCM. Plus, as an added bonus in those 2 years, you get the chance to be top tier working 75% the hours that your IBD and LevFin counterparts work. Not a bad gig.
Really insightful.
i would go with DCM, while understanding its limitations as you've mostly mentioned
front office will give you more opportunity to learn and take on more responsibility
plus moving from one front office role to another is much easier than moving from MO to FO
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