Hello, I'm looking to intern at Morgan Stanley in Global Capital Markets. I would love some advice on whether I should try to place into Equity Capital Markets, Debt Capital Markets, or Leveraged Finance. I know the teams on DCM and LevFin 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. ECM
14 Sep 2021
Hello everybody! Penultimate year student here. I've recently received these two internships offers in Europe (both in Germany and for 6 months): M&A at a small and quite unknown boutique (deals below EUR 20m) and DCM origination at a big and well-known European bank (think like BNP etc.). If my goals for next year are: IB at a BB or a top boutique in London/Paris/Milan or PE or Private Debt in same cities. Which offer should I take in your opinion? Which position would offer me best training/learning curve? (Not sure tough how DCM origination work exactly is and how it differs from DCM
09 Feb 2021
I'm interested in going into DCM. Yes, I understand that it usually comes with a sacrifice in regards to exit opps. Any insight on whether or not the "path" of going into DCM is any different than it would be for M&A? Tips on internships, target schools, competition, etc. would be helpful.... More generally, which BBs and boutiques have good DCM groups? Is DCM big in any other cities --- like Houston, SF, Chicago, Boston, Atlanta?
12 Dec 2017
Great news. I finally landed a spot in DCM for the leveraged finance team of a very prestigious BB on the street. I literally started from the bottom, working my way up, and have been working at a mid-size to small boutique firm for the past year and a half. My old firm was super short on staff, so I am already use to working 100+ hour work weeks, working multiple assignments with tight deadlines. My question is what should I expect job/work wise going from a smaller shop to a top tier BB? What are some of the big differences that I should prepare myself for? I want to prepare as much as
16 May 2017
We all have been hearing and many have been experiencing the long WFH hours across IB, but I was wondering how it has been in DCM specifically. From my understanding, DCM generally is one of the best groups for lifestyle, so I was just wondering how WFH for the DCM people has been. Also, how is the lifestyle for DCM at the senior level? I know I just said I understand DCM has one of the best lifestyles in IB, but I have seen conflicting information. I've seen some threads saying DCM associates normally get out by 7pm while others have said it's really not that much better than traditional IB
09 Apr 2021
Hi All! I've been on the forum for a while, haven't contirbuted much and have more-often-than-knot been latently absorbing the knowledge from others. All of this great info has nevertheless left me a bit confused about the industry and the associate level recruiting into it. I am going to be recruiting for summer associate position in the coming fall for Summer'17 and would like to get myself in a better understood spot than I am in now. Please forgive me if any part or all (hopefully not!) of this has been asked before (spare the monkey s#@t ;-) ). I am envisioning an all-encompassing
23 Mar 2016
Hi guys, I'm really interested in Debt Capital Markets and Leveraged Finance in Canada and I was wondering if you guys could give any insight about it. How big are the teams for each, comp, exit ops, etc? I assume mostly the Big5 banks have teams in Canada, or do BBs in Canada do too? And lastly, what's recruiting like for these roles out of undergrad? Thanks!
28 Jan 2018
If there is anyone here, can you elaborate on these specialties of IB? I haven't really gotten any thorough explanations of the functions which DCM carries out within an Investment Bank. I have a somewhat better understanding of ECM which is why I currently have a greater interest in it. Also, what kind of overlap is there between the two; Do they collaborate within the same unit/desk? Or am I mistaken and there is heavy overlap outside of a capital raising event such as an IPO? Thanks guys in advance! Investment Banking and Capital Markets Equity Capital Markets and Debt Capital Markets are
07 Aug 2012
Hi, I am a rising junior and I am going to apply for DCM Internship positions for 2015. I am an econ/math major and I definitely lake background in finance compared to peers who've taken a course such as Investments and Fixed Income & Derivatives. How am I supposed to prepare for technical parts for Debt Capital Markets? DCM Interview Questions The debt capital markets group is responsible for advising clients on raising debt, refinancing existing debt and restructuring existing debt. There are a few key things you should focus on when preparing for an interview with a DCM group. [quote TheAxe
11 Aug 2014
Hello all, I just accepted a lateral offer to a DCM at a BB. I come from a credit analyst background, and I got pretty lucky with this offer. I start in a few weeks, and to be honest, I don't know too much about the bond markets. What should I do to best prepare myself for a DCM analyst role? Anything specific I should cover? I plan on following the bond markets and reading about bonds, but anything else specifically? Would appreciate any insight from DCM bankers.
18 May 2021
Just want to hear your views on DCM and why it ISN'T a great career choice? I am working for a major bank in London and am considering moving to DCM (not sure which area as yet) from M&A. The way I see it: - Closer to the markets, so more interesting / more varied work - Much lesser pitching, 10 slide pitches for most companies and "executing" most of the time - Become specialised in some particular area and hold the job for life more or less as companies always need debt financing - Potential exit, if needed, in credit related hedge funds / MBAs - more technical than M&A? - Go home at 8pm everyday and no weekends - Bonus at analyst / associate level is pretty much similar to M&A, not sure at VP and above Your thoughts please?
27 Feb 2011
Hi, I am hoping some experienced folk on this forum could provide me with some deep insights into the DCM world. I have recently just read the Pearl & Rosenbaum book on valuation, it's very insightful but I feel it is heavily geared towards the Equity related business of banks (IPO's, M&A ect..), I'm looking to develop a deeper understanding of the DCM side. Firstly, I was wondering, do DCM groups build/use the same models used in ECM/IB groups ? I have compared a few equity research reports to credit reports & I can see the ratios looked at are slightly different – and obviously emphasis is
02 Aug 2017
Hi I am currently applying to various banks to land a full-time offer or a trainee position in the field of debt capital markets. Therefore I am looking for some interview prep books which cover the relevant material, especially HOW something is done in real life. The reason for this is that during my preparation time for an off cycle internship, I recognized that the stuff you learn during school is too "theoretical" and is just done differently in real life. Because DCM is often not as popular as M&A I cannot find good book recommendations. So I would like to ask you guys, if you have any suggestions for me of books covering debt capital markets (or at least capital markets) Thanks in advance, and regards, mott
04 Jul 2012
I am a first year analyst at a BB (DB, CS, UBS) in London. I didn't do an SA anywhere (didn't even apply) and applied directly for FT. We were given a selection of team preferences, and despite having requested M&A/Coverage/LevFin I ended up in DCM. My friends in IB and this website both gave me a pretty negative impression of DCM before I started, but I went into it completely open-minded. Unfortunately, their criticisms have turned out to be broadly true: the work isn't technical and involves zero modelling, and the deals are basically handed out on a rotational to banks that have the
20 Aug 2020
Hi guys, I'm looking for some advice regarding DCM as I've got an interview for an internship next week. It's for a commercial bank in Australia, which for reference sake, have institutional/corporate banking teams, but predominantly focus on DCM though they do have involvement in ECM (Though normally not in a lead-manager role). For M&A I'm across a lot of the technical skills (DCF, comparables etc), but I'm at a bit of a loss as to what's required for DCM. Any advice on what topics/excel skills to develop prior to this interview? Oh, and to head off the question of "Why are you interning with DCM rather than M&A?." Essentially all internships in Aus are run over Dec-Feb whereas this will run over June/July, my logic being some experience is better than none.
01 Jun 2014
Do corporate debt and municipal debt have different fees? So if Walmart issues $1b in bonds and California does as well, does corporate have a much higher underwriter's discount typically? I know that tax exempt debt has an average fee of $5.50 ish per bond so .55%. Is corporate, on average, more profitable? Also, if you wanted a career in muni debt you would obviously go into public finance. If you want a career in corporate debt, what does that fall under? Would a first year analyst be called fixed income analyst or DCM analyst?
09 Sep 2015
Dear Monkeys, I have been invited to interview at a big bank within their DCM Group. In preparation for the interview they have asked me to answer the question "What would you take under consideration if you were pitching a bond to X Company?". What do they mean by this? Do they want me to come up with factors to take under consideration if I was pitching the bond of X Company to investors or if I was pitching the idea of issuing a bond to X Company and that they should pick us as their adviser? Thank you! Monkey
31 Jan 2020
Hey guys, I need a little help. I have an upcoming interview with JPMorgan, London for the Frequent Borrowers desk (Full-time). I have interned within DCM before so I know a bit about Origination. But specifically, what all products would this desk be dealing with? I was thinking something along the lines of - commerical paper and 1 year Term Loans? Am I right? Does anyone have any specific information/advice? Thanks P.S- Frequent Borrowers as in an institutional client who 'frequently' visits the debt markets (bonds, loans etc).. I think.. Its part of DCM and Syndicate at JPM..
04 Jan 2010
Hi guys (and gals), I ve managed to get a switch from corporate banking to bulge bracket bank (EU) DCM origination team (which I am very happy about). Would anybody have any suggestions on: 1. Any literature which would help me get started? (I was already working on one origination transaction on corp side, got overall knowledge of macro and bonds, the usual...) but smth industry specific would help as I am coming into very senior team... 2. I have a BC. in banking/finance and am nearly done with my MSc in Finance. Any suggestions what steps should be next that would help me work my way up the
31 Jan 2016
I was wondering if anyone has experience interviewing with Credit Agricole CIB for a DCM analyst position. I was looking around and didn't really find much on Glassdoor for CA CIB. The best I found was just reading up on DCM on mergers and inquisitions. From what I gather what I should be focusing on, besides the obvious fit question, are: general debt questions, macro economic news, and accounting (?). Any help would be greatly appreciated as I was called in for a super day without prior rounds, so I'd like to get a better picture before going in.
02 May 2012
Can they lead to something better or will someone get stuck post-MBA? Can a DCM associate develop the skillset get into a credit fund later on to do fundamental analysis? Assuming that someone missed the boat while during first year and unsure about his/her chances on IBD/ER/AM/etc recruiting, what other roles should one aim for?
06 Jan 2015
I recently received full time analyst offers from both credit risk and DCM at a BB (think GS/MS). I am not sure which is the best option for me if my long run goals are to go into industry coverage IBD or manage a corporation. Credit risk will give me solid training in corporate financial analysis. Decent pay with a good work-life balance. No modeling skills, very little client facing (aside from DD calls/meetings). Middle office position in bank isn't as highly regarded on the Street.
27 Aug 2012
What kind of exit opps with MM PE firms can I expect after spending several years in DCM (analyst program and associate if opportunity is there) with a MM in the mid Atlantic region (Philly)? Dealing mostly with investment grade debt but also some high-yield. Would I need to go the MBA route to move into PE? For the record, I'm not interested in mega funds.
04 Dec 2014
Hi Guys, Had some queries for people who are experienced in this area of expertise. I am a first year analyst at a top BB (think MS/GS etc.) and I work in DCM within the high grade sovereigns team. While initially interested in this sort of work, I have found myself more interested in the investing side with time. Unlike most people, I don't hold PE to be the end all and be all after my analyst years but I am interested in it similarly to being interested credit/distressed investing funds.
11 Apr 2011
Hey Everyone, which division would you prefer, and why? I see limited exit opportunities at (investment grade) DCM, but job stability as some institutions are always issuing bonds (banks, governments). ER seems much harder to break in, but offers more exit opps (especially buy side). How stable are ER jobs? How do hours compare? Customer contact? Thanks for your answers. (I am ldn based, but feel free to discuss globally)
04 Sep 2012
Would love to receive any criticism regarding my resume. Swedes are usually "mediocre" in their description of themselves and/or their activities. In banking this seems to be kind of contra productive. Grades are only pass / pass with distinction and really doesn't tell you much about the candidate. University is top 3 in Sweden in my subject and generally. Aiming for Fixed Income Sales / DCM / Lev.Fin Please bash and suggest changes! http://www.razume.com/documents/20488 UPDATED http://www.razume.com/documents/20490
20 Jun 2011
So I just got my offer letter to join ECM group at a BB that expired today, and I sent it in. It was my only offer despite numerous attempts at networking along the way. I feel like this offer is worthless and I'll never get to where I want to be (HF). I just see no exit ops at all within ECM and feel honestly like it's going to be almost impossible to get into coverage. Do you guys have any uplifting stories or something to make this easier? All I know is that my only real chance is going to be after 2 years in ECM...I might as well have just went to business school at this point. Do you guys think I should try for Duke MMS?
23 Sep 2014
Hello, I will soon be interviewing for a junior DCM syndication position in London with a European MM bank. To be perfectly honest I don't know an awful lot about the role and I would greatly appreciate any responses to the following questions: * What are the main differences between the DCM origination and the DCM syndication teams? * What can I expect a typical day to look like? The responsibilities listed in the job posting include: general support tasks, participation in communication and marketing, pricing, assisting and liaising with the sales, trading, and origination teams, and
05 Dec 2017
Burner account here... I've been working within Corporate Finance for a BB for ~2 years. It's been a good experience but it's time I go after what I really want and move to the Front Office. Long-term, I want to work in Lev Fin / DCM / MM Credit. I'm infatuated with credit/debt and I'm looking for a role that will throw me to the fire so I can learn a lot about both credit/modeling. Coming from Corp Fin limits my exit opps but I'm gunning for a boutique IB, Commercial Credit, or a smaller Credit Lending shop - if all else fails, I will be pursuing the Top 20 MBA route. What is a good/feasible
26 Sep 2018
OK, so according to everyone, DCM or ECM is the worst product group in IBD. Modeling is minimum, no exit opportunity, bad bonus, little pay, no respect with other IBD peers, etc.... If you are in DCM at a BB, should you aim to try to lateral before your 2 years is up? And how hard is? Will the industry IBD guys put you at the same level as back and middle office?
22 Jun 2010
Hello, I am about to take a role in DCM and I was looking at potential exit opportunities. Based on M&I, it seems you could move into corporate treasury, corp banking, credit research, or maybe lateral to another group. I know DCM is not ideal for PE, but what about a private credit firm? Does anyone know about DCM bankers moving to private credit? Also, are there any other really good DCM exit opps that I'm missing?
15 Sep 2020
Soon to be rising senior 3.7 gpa studying finance and accounting at a non-target state school, just recently started taking my future seriously and have found High-Grade DCM to be of interest. Looking for advice on where to go to network and generally just how to get my foot in a door as a non-target student. My internship this summer is in CF and I have little to no connections in IB/Trading, so I am really trying to start from the ground up. I am prepared to get shredded on this thread for my lack of knowledge, but any advice is good advice at this point. If anyone has any advice they're
20 Apr 2021
Hey- I was wondering whether this group is more interesting than, or the same as other DCM groups. The one I'm referring to is CIBC. I'm sure it would be better to work at Citi DCM or BAML. But generally speaking, will you get more modeling experience than syndications since you're working on investor friendly non investment grade?
12 Mar 2016
What are some of the differences in skillsets from the two groups? If you had an option between the two groups, would you go with FIG or Corporates? I have the opportunity to join a DCM FIG group, but I am worried that my exit opps/skillset will be limited compared to a Corporates group. Is this a legit concern or is anything in DCM all the same?
25 Mar 2021
I have a 1st round interview with this group tomorrow for their 2015 SA Program. In addition to knowing fundamental banking technicals and IPOs, is there anything else that I should be focusing on? Any advice/insight on this would be much appreciated.
16 Dec 2014
Interested in doing IB long term (maybe PE at some point, not sure though). Would doing an FLDP at a F500 MM FI or DCM for a BB at a regional office be a better stepping stone to get there?
09 Apr 2015
Let's say a company sells bonds at a discount because the interest rate the bonds pay is lower than other companies, so the discount is a way to incentivize investors. Why not just raise the interest rate?
16 Sep 2020
Received an interview request for a DCM from a non-US bank (Europe) that does a fair amount of DCM activity, team seems to cover a lot but could also include project finance and commodity finance lending too. For someone that's ultimately looking at infrastructure PE, would this be a good role to pursue (short of infra M&A/advisory, actual project finance, or LevFin)? Fwiw, this bank also has a project finance team that I did not receive an invite for.
28 Jun 2021
Hi everyone, I recently received an offer at JPM in risk management as a SA' 22. My end goal is to break into IB. I may have a chance this summer to still secure a spot as I have been networking but I'm not sure. If I were to take the risk job and get on FT, does anyone have suggestions on breaking into investment banking? I have heard that some people move internally to LevFin.
25 May 2021
Hi Guys, Currently have a FT lined up at BB in EMEA DCM FIG, (think GS, MS, RBS) having completed SA at MM PE shop think (KKR, CVC, 3i), but debating whether to accept FICC trading offer at PWM boutique specialising in EU CDS arb. What are your thoughts regarding exit opps? Ultimately want to be a BSD at my own HF/PE having completed a US MBA at HBS or LBS in UK and leveraging my network of potential future MD/CEOs, or do I need the CFA as well? SBs for helpful posts. Thanks.
11 Dec 2011
Hello everyone, I have a decision to make to join one of two relatively new groups that have just started at my Bank. I currently work at a non-BB that has a growing presence in the U.S. market as a credit risk analyst for the corporate banking group. I have been offered an associate position for a Lev Fin Coverage group that focuses on MM companies. I have also been offered an analyst position on a DCM desk (they do both high yield and investment grade). I was wondering which one would give me the best opportunity for PE. I realize that I essentially have no shot at a top PE firm, but I would like to get a sense what my chances would be at the mid to low level of the market. Any thoughts or advice would be deeply appreciated.
05 Jan 2015
Hi everyone, I have been fortunate enough to receive summer internship offers form MS Global Capital Markets (ECM/DCM) and JPM Investment Management. It's for their US Equity Behavioral Finance Fund with around $20bn under management. For more detail please google "JP Morgan Behavioral Finance"
09 Feb 2014
I am currently interning at a consultancy firm that specializes in credit risk. I'm probably going to get an offer and what not but I have decided that I don't want to do risk so I'm looking to make the switch to DCM for FT. I didn't really apply for anything other than risk so I'm not sure what my prospects look like for IBD, DCM, etc. I've got a 3.55 at NYU and my resume is pretty strong with finance related internships, but I'm worried that without a SA position, I'm not going to be able to break into a BB. Is it possible to make the jump?
09 Jul 2011
Hi, working in Treasury at a building society and long story short we're projecting to raise ~60 million of debt (public bond or private, to be decided) for the first time to fund a residential real estate project (some social housing units and some not). Going to be long term (likely ~30y or more). This is new for us so looking for someone to point me in the right direction to get a reasonable understanding of the key concepts. 1. How to decide to go down the public bond or private investment route? 2. Is this type of deal typically syndicated or is it common for some investors to go alone? 3
29 Sep 2021
I've attempted to PM a few of the users who seem to have experience in Capital Markets, but have not received a response and figured I could just bring it to the whole group. How feasible is it to move from Capital Markets to S&T, specifically sales? I will be starting in ECM next summer, but see my personality lending itself much more to sales on a trading floor than origination. Ideally, I would hope to make this move without going back for an MBA, although I haven't ruled it out. I have not seen this discussed much here, and would like to hear everyone's opinions (About moving, not how they feel about Capital Markets)
23 Dec 2009
I'm kind of curious as to why people dislike DCM and ECM groups so much on these boards. Are the exit opps not as good/are the groups just overall not as impressive as Goldman TMT or something? Maybe my perception is wrong, but I'm basing this off of a noticeable amount of posts when I did a search saying to stay away from DCM, etc. Also, are these groups typically easier to get into because they are less desirable or are they roughly equal? Thanks in advance
29 Jun 2010