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April 30, 2024
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curious to know as well..
how much time did you spend in corp fin/advisory?
anyway advisory is much more preferable for PE.
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DCM is almost irrelevant for PE. Stay in Corpfin for some more time, this definitely matches your goal. Try IBD as soon as you get more sound experience in advisory. As far as I understand DCM is more routine so it is worse even for MBA application (may be wrong).
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Worry about yourself more than others. I am in the same situation, but if you land a position that best for your life and career thats what you need to take. People will understand. Just leave with tact and respect ie. dont give 1 days notice. Your working for your own life and career goals, your not there to make friends. People understand this and as long as you act like a gentlemen on your departure there will be no issues. If some pr*ck will give you a bad recommendation, whats the worst he can say... if anything he will look like a moron.
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do not do ecm/dcm, its not really banking
..and do not listen to some wannabes like 1styearBanker who really have no idea about banking
At least I have a job in a real group. At some banks, ECM is middle office. DCM is better of course but still lacks exit ops like IBD has.
Yeah, thanks kasab. Anyway, if anyone has some non-DCM/ECM bashing related comments to my 1st and 2nd question (6th posted message from the top), I'd really appreciate it.
yeah..real banking in a real group. Whatever bro... I'm curious..at what BB is any financing group considered middle office?! Please enlighten me. I seriously doubt you can provide any hands-on experience. You're a clown :P
I'm not in ECM so of course I don't have on hands experience. They are technically not middle office of course, but are middle office to the bankers and traders who they "serve", and through this lack of responsibility and skill learning they have fewer exit ops. Its not that hard to understand.
I really don't quite understand the need to bash ECM/DCM, and there's no need to turn it into another one of those posts here... I can really give a rat's ass as to how it's perceived, or if it's 'banking'. The question was whether it would help with PE... or maybe a private debt/mezz fund in the case of DCM.
But maybe I should start a new post for my second question...
Too tired to argue anyway, so here's my point of view. Best shot to land at a PE shop when starting in capital markets is getting into the LevFin group. There are people who made the jump from ECM to PE, but it's def more limited compared to any pure M&A group. If you work in a coverage team (and there's now dedicated M&A group at your bank), your chances of landing a buyside job heavily depend on the type of transactional experience/deal flow you've gained/experienced. For other funds focused on riskier debt financing, naturally try any other high yield group within DCM, as you will get different experience with investment grade DCM coverage groups (sovereign, corporates & FIG). However, banks may be structured differently.
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DCM is generally known as better than ECM as far as exit ops go. Also, any industry group can give you plenty of experience that PE firms may want, and as we all know GS doesn't even have M&A, so a GS industry group like TMT can definitely get you into a megafund. M&A, Sponsors, levfin, and industry groups are usually great for PE unless its one of the pidgeonhole ones such as energy, FIG, and real estate.
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