Became interested in DCM during online MBA. 2 years of experience in commercial insurance (currently working). Is it possible or am I completely F'd?
I am 25. Living/working in NYC. Undergraduate degree in Risk Management and Insurance with a minor in statistics from a top 50 school (southeast). After undergrad, started working in financial insurance as an underwriter. I had legal internship during undergrad and data analyst internship semester before start of online MBA. Online MBA is from a non-target, ranks around the 80s according to US news; I can graduate from online MBA either this Summer, Fall, or Spring 23 (I have very few classes left). After lurking on here a few weeks I found that changing careers will be an uphill battle and that I may want to just drop this online MBA.
I am a little lost on how I should approach goal of getting into DCM, looking for advice.
Are any of the options below viable? If so, which is best route to take in your opinion?
Drop MBA option #1 -> Go for a DCM analyst position immediately
Drop MBA option #2 -> Look for roles that I can lateral from (credit risk/commercial/corporate/fixed income analyst) -> do that for a year -> then move into DCM analyst
Drop MBA option #3 -> drop online MBA and erase it from record -> go to top 25 MBA program on campus
Finish current MBA option #1 -> Look for DCM associate positions to start when I graduate (I saw Citi has a DCM Associate program where they train you for 7 weeks in the summer, then you are a full time associate immediately after). I assume this is the least likely route as I have no finance internships (only have legal internship and data analyst internship).
Finish current MBA option #2 -> Look for finance internships for this Summer, Fall, and Spring before I decide to graduate -> then pursue Associate position in DCM
From what I have read on here, I assume finishing this online MBA is a terrible idea and that the 1st options are better for success.
Any advise?
Try for credit analyst job at a large BB then lateral into DCM. Or else, do a B school at top 30 and easy break into DCM.
Thanks a lot!
I'm assuming erase online MBA from record when pursuing credit analyst role?
I wouldn’t erase your MBA unless you’ve come to acknowledge that it is hurting you when applying(I.e you’ve gotten zero or little responses). If I were you I would rely heavily upon both of your schools network and reach out to alumni at what ever bank that will give you a shot. Unfortunately at this stage in the game you can’t be choosy so casting a wide net in the credit/risk/dcm space will serve you well. As the other poster mentioned you may have to start in a different role in order to fully make it over to a DCM seat but if you’re looking to be career banker it doesn’t really matter and building up a solid network of people internally at a bank will only help you in the long run.
Keep grinding/networking and apply non-stop. The market is still hot and banks need junior staff so you could land something before you know it.
You got this!
No idea where you got your online b school from. If UNC then I think you can target some of the Charlotte based banks like WF and Truist. If it's Devry university, then you have a bigger problem to worry about.
Not as high ranking as UNC, but better than Devry (I know, it doesn't matter...still sub 50 ranking online MBA).
By chance, do you know if non-target online MBAs are a disqualifiers for credit analyst positions (or any finance position that I could lateral from)? Asking because, from what I've read online, they are are 100% disqualifiers for anything related to IBD, DCM/ECM, S&T, or anything higher finance; wondering if this is the case as well for credit analyst role.
An approach I was considering was to include the MBA on my resumes for credit analyst positions just to stand out, work in credit for a year or less, then lateral to DCM analyst role without speaking of or including MBA on resume. Is this feasible? or borderline autist thinking
Not an auto disqualification, I think you need to network with the right person. I also think it would be a waste of time to pursue that online MBA.
I’m doing a hybrid MBA part-time (accounting/quantitative courses online and soft skill focused classes and/or group work classes in person).
Just started the program so will see how it is received by companies other than my current employer.
Have you considered a credit rating agency? It’s possible they’ll look a little more favorably upon any sort of extra education as opposed to a bank which is often times looking for the right extra education. From my understanding, banks poached tons of RA people over the past few years. Not sure if these places have reloaded (I gotta imagine no) but you could possibly explore starting there then making the jump. Would also be a good place to learn some of the basics.
Are you referring to places like S&P and Fitch?
Yea I'm referring to S&P, Fitch, Moody's and some of the smaller ones
Thanks a lot! I hadn't considered this.
Risk management and Insurance from a T50 in the southeast. So is it UGA?
If it's UGA you need to hit the damn trail recruiting at BBs by talking with alumni. UGA punches above its weight at Citi, start there. If no dice, look for finance internship or full time jobs - credit, some sort of commercial or private banking at a BB or MM, risk, etc. Your internships/experience aren't THAT unrelated, I think risk roles would be pretty interested in you and DCM is a logical move from there.
Don't see any advantage to not finishing the MBA, even if it's not on your resume - if you truly only have a few classes left just wrap it up. A T25 MBA won't really accept you once you've started a different MBA, unless you're like dropping in the first week. No way will they take a "transfer" with so many credits. Even "erasing it from your record" they will still ask for every university you've taken courses from.
The only possibility I see if the OP wants the top tier b school branding is to apply for a non-MBA matters like analytics, economics or the like.
Non-MBA masters can only set you up for analyst dcm role right? Or could it be possible to leverage lower tier MBA + another masters to get straight into associate dcm role?
Have three interviews with a BB tomorrow (initial contact today...very unexpected/exciting) for Credit Analyst position as a generalist. Description of role: asses creditworthiness, prepare credit approval memoranda, assist in the origination/structuring of senior bank debt and related credit products.
To prepare I am brushing up on financial ratios (leverage, profitability, profit, debt coverage), reading financial news incase the market is discussed, reviewing basic accounting (how the 3 financial statements are related, debt financed company vs. equity financed company), reviewing types of loans (revolver, installment, open credit).
Does anyone have pointers/advise on what they would study to prep? Should I expect modeling questions?
Any advise would be much appreciated. Thank you.
Hey, quick follow up (hoping everyone that commented on here gets a notification, not sure how that works here on WSO).
I have an offer from a credit rating agency and another from a bank as a corporate banking analyst.
Credit rating agency offer - Structured credit rating analyst. Will be responsible for financial modeling.
Corporate baking analyst offer - Sits under same umbrella as IB. Will be responsible for financial modeling.
1) Wondering which offer will be best to lateral into DCM? I am assuming it will be corporate banking offer; however, would it be possible to get into DCM from the ratings offer?
2) I also wanted to get your opinions on some hypothetical career paths I thought of from from these opportunities (mainly, I am wondering about the hypothetical career paths with question marks after them). For example:
- Corporate banking > career in corporate banking (obviously)
- Corporate banking > DCM
- Corporate banking > Private Credit? From what I've read on here, CB is not a path to Private Credit. Wanted to get your thoughts.
- Corporate banking > Asset Management?
- Structured Credit Rating > Career in ratings (obviously)
- Structured Credit Rating > DCM? Is this possible? I have heard conflicting things on WSO
- Structured Credit Rating > Private Credit?
- Structured Credit Rating > Credit Hedge Fund?
Thank you all that commented initially. Your advice helped me tremendously! Thank you so so much!
Not sure on other career paths but CB to DCM Associate is definitely possible. You went to school in the South, and I know Stephens for example hires a ton of lateral DCM associates. Most people are from Southern state schools, so it could even be an advantage. Not sure if you could do it now or have to do CB first but worth a shot.
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