ECM/DCM for Career Banking
I'm an incoming GCM intern at an American BB. I originally wanted IB but landed DCM and I've been thinking about my options as I start my career.
Initially I wanted to try to lateral to IB but it looks like I won't be able to do this until after my second analyst year, which, at that point, makes PE recruiting a long shot anyway. Plus, I'm not innately interested in PE, I just wanted to do what everyone else was doing.
So this left me with the thought of "career banking" (at least for now) in DCM. There are many benefits: IB-level comp, faster promotions, far better and more predictable hours. The only downside is zero exits.
How viable is a career in ECM/DCM? I always have the option to move to IB in my late analyst years or associate years (while still pursuing banking as a long-term career) or I can go to B school at some point (if I even make for a competitive applicant from DCM).
Any insight on a career in DCM would be helpful. Has anyone done this / know someone like this?
How is pay at the senior level? How is lifestyle at the senior level? Job security? Or is GCM a "dead end" that I should avoid at all costs?