Q&A: Pivoting & Upselling Your Skill Set - Big 4 to DCM, Ratings Agency CA to IB

About

Undergrad to 5 years in Big 4 taxation (CPA/MBA), I then pivoted to a major commercial bank DCM for 6+ years (Series 7/63). Taking some years out of the industry, I later returned to finance via internship as a TMT Credit Analyst at a major credit rating agency, and again pivoted, to MM IB (Series 79). Call me the Pivot Queen, it took patience and determination, but I hit my goal. NYU BS Accounting and MBA Finance, both through academic scholarship programs.

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Happy to answer questions about how to set goals and prepare for your pivot, market your current career skills to a new space in finance, discover and develop the skills you may need, timing, networking, MBA, certifications. I'm a WSO Senior Mentor and Resume Reviewer, and have hired, onboarded, trained, mentored and led interns and Analysts. I really enjoy helping students and junior professionals navigate their careers.

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Could you speak a little about your time in DCM? How you found it, pros/cons of DCM as a career and why you left? Also do you have any tips/tricks for those moving onto a DCM desk for FT/SA?

 

DCM was the favorite of my career. I absolutely loved the "product group" of a commercial bank piece where we both had a lot of support and visibility to the C-suite, all pitches were warm as bank clients, but we were the cowboys of the bank. Well remunerated and well regarded. Fantastic relationship with all the RMs of the commercial bank - we were helping each other, so many great people. Must admit, a lot was simply a great personality fit with fabulous professionals - as smart as they were is as nice as they were (believe it or not, it can be found). We honestly had fun while working really hard. It's also intensive, with hours and some travel, but not IB-level hours/pressure, and certainly no competition between MDs or VPs. Very team-oriented. No stupid meetings! It's a very good product that clients genuineltruly need, so you can feel like your truly adding value, helping businesses grow, stay in business, employ people. There's no "dark side" to it. Cons: I suppose it's never going to be as sexy as IB/equity. Within a commercial bank is also not an investment bank. I think it's more image than substance - so maybe exit opportunities are not the same. DCM -> PE? Not sure, although PE is doing significantly more lending, especially in middle market. So much is about fit and what's comfortable for you. Looking to DCM for FT/SA, I'd really prepare to know as much as possible about what they do in DCM. If you have Wall Street Prep Premium, watch the Webinars about DCM. Read anything you can on the LevFin market to get an idea (broadly) of the current climate, where are coverage ratios, covenants (e.g. "covenant lite"). Look into Loan Syndications, this is the investment grade side of DCM, more in a commercial bank but GS/JPM has it, too (a huge % of U.S. financings are this product, so not to be discredited). Develop and have a well-described reason to choose DCM as your primary goal. I left because I had a baby, returned from maternity leave, and there was zero flexibility for me. I did not want to leave, I really liked it.

 

Thanks for this - super helpful! My goal is DCM long-term so it is great to hear that it seems so good! I'm not interested in PE really, I'll only really look at alternatives if I get bored (I don't believe in planning an exit before going in). Its nice to hear that it is a role with purpose.

I have a SA in Capital Markets and I'm hoping to get DCM in the sell day (I did an SA at a CRA as well so hoping that will give me an in). A couple of follow-up questions if you wouldn't mind: How were the hours on a regular week and how bad did it get at times? How intensive is it really? Finally, any tips on how to hit the ground running for SA and secure a FT? Thank you!

 
Most Helpful

Right time to leave: The minute I accumulated the time requirement to finalize my CPA, I left. I knew I didn't want accounting permanently, and really only stuck with it to get the credential.

I feel very strongly that credentials like a CPA or CFA, depending on your career, show commitment and grit (usually you're passing challenging exams during the most challenging years of your career), and you should always do it if possible, to distinguish yourself as a candidate. That silly credential - a couple months of study, a few hours of testing - has been viewed every sinclasted years as a favorable item.

As a tax professional, it took nearly 5 years to get the relevant experience, because unlike audit which was a straight two years to sign off, in tax it must be related to the accrual work (which is the audit-relevant task of taxation). It was kind of a brutal wait, but again, the tax work was high level and more challenging/interesting, and once I passed the test, I wasn't walking away. Definitely worth it.

I did get push back from some shops when I was interviewing - why wasn't I sticking with accounting - I returned with the pitch of accounting as a planned step in pivoting to finance long-term (which was honest).

 

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