ECM, DCM, or LevFin at MS GCM?
I'm looking to intern at Morgan. I would love some advice on whether I should try to place into Equity Capital Markets, Debt Capital Markets, or Leveraged Finance.
I know theand teams the best. If I do LevFin, I feel quite certain I will get a full-time job.
I would likely enjoy each of these three. However, my established passion is figuring out what is going on in the secondary equities market and managing portfolios. I'm very good at this.
I have no real experience modeling and valuing beyond a couple of my Wharton classes.
are supposedly the most competitive groups to get into.
MS is known as an equities shop.
DCM may be slightly less hours/week than the others. ECM may be the most.
What do I want? I'm not sure. However, in the broad sense, I would like to do these things in approximately this order of importance:
1. Make money.
2. Get a remote job (hopefully a few years into my career). Alternatively, get a job in an area that's cheaper and less urban than NYC.
3. Work in the markets - I'm good with this, so this might also help me make more money.
4. Work fewer hours.
A few separate questions...
Most LevFin people seem to transition into PE if they do transition to something else. Going into IB also seems to be an option for everyone to some extent, although it's more common from LevFin. What are the exit opportunities for ECM and DCM? Could I go fromor a pension fund?
Thank you for any advice you may have!