Hey everyone,
Quick question...I have two job offers, my ultimate goal is MM PE...would corp. dev. (M&A) be better or a DCM group? Which would be a better start? Thanks.
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Corp dev probably more directly applicable but realistically neither that nor DCM will give you a chance. Better off taking DCM job and lateraling to coverage group/M&A/LevFin in your 2nd or 3rd year
Corp Dev would give you a better chance, but you also may not learn or work with LBO models, so that could hinder you. Still a better option than DCM.
If he takes corp dev though, he only marginally increases his chances, but will have very limited ability to move somewhere that will help him get into PE. If he takes DCM, he still has the option (along with better pay and decent lifestyle).
Yea, but are assuming he is able to move into a coverage group, M&A or LevFin. I've seen plenty of guys get stuck in DCM and ECM, hating life b/c they want to do M&A.
What level of PE are you looking to break into? The top MM and megafunds will usually only look at you if you come from a top coverage group or M&A.
If you're looking to work with the lower MM firms, then corporate development is definitely a much better choice in my opinion.
I would go the DCM route and try to jump to a coverage group. As pointed out above I think it will be very difficult to get PE offers coming out of CorpDev and I think it would certainly be easier to move from DCM to a coverage group, even at a different bank, than the CorpDev to PE role.
There's no doubt that it's possible to do, but you just never really hear of the CorpDev to PE move at a junior level. Obviously that could be a function of a small sample size coupled with the fact it's an unusual path in finance.
Ultimately, as mrb87 said, I would rather get 'stuck' in DCM than CorpDev.
Regards
Some people sht on DCM....but EVERYONE shts on ECM.
Thanks everyone for your great feedback -- bump anyone else? I def. want all the feedback I can get, since this is a tough decision and a critical one. Thanks again everyone.
Bump
Do you have any indication of what your corporate development gig will entail?
M&A, modelling obv., some financial reporting, writing earnings scripts/board presentations, researching acquisition/business expansion opportunities, sourcing acquisition candidates, etc.
Strictly speaking just looking solely at DCM vs Corporate Development, Corporate Development will definitely be a better path to take for MM PE. I have a colleague who took this path because the skill sets are very similar.
Any idea on the potential deal flow?
Sure, last year closed 3 deals..this YTD closed 2 deals in the second quarter (announced in Q1). Deals are fairly small, although I believe they are working on their third deal which is larger than the rest.
Still shows they are fairly active. If the firm made that many acquisitions (or divestitures - if they handle them internally) that means there were another 10-15 evaluated lightly and probably 5 more with a high level of scrutiny.
Better to be "stuck with" a DCM job, but i think better odds of landing a MM PE gig with the corp dev job based on your description. If you really want to get into PE and have the best shot, i would do the corp dev job, understanding that you still probably won't get a shot with any megafunds or even some MM PE out there.
One positive for the corp dev job is you'll probably meet and speak to many PE firms as they will be prospective buyers for any divested assets (if that is something the firm you're thinking about going to does). If you are able to build relationships with the guys you speak to, there's definitely an opportunity to leverage that and try to squeeze into one of their recruitment processes.
any other input guys, before i make my decision?
If you're at a top 10 bank (unless we mean Top 10 DCM and you count HSBC, WFS or RBS), then I would definitely take the DCM job.
Also, this is FIG DCM btw.
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