Path to Credit is gone forever?

Based on the most helpful WSO content, it's important to remember that a career path in finance, especially in Europe, is not as linear as it may seem, and doors are not necessarily closed if you start in ECM. Here's a breakdown of your situation and some potential paths:

• Starting in ECM with M&A Exposure: This is a solid foundation. The M&A experience, even if it's only 50%, is valuable and can be leveraged for a move into LevFin or RX later on. The technical skills and deal experience you'll gain are transferable.

• Lateral Hiring: It is indeed feasible to move into LevFin/RX as a 1st or 2nd year analyst in Europe. Lateral hiring is common, and while it may be more challenging coming from a non-BB or EB, it's not impossible. Networking, building a strong track record, and possibly obtaining relevant certifications could enhance your profile for such a move.

• Debt Advisory or RX Teams: While your bank may not have these teams, gaining experience in ECM and M&A could position you well for a lateral move to a bank that does. It's about the skills and experiences you accumulate, not just the specific group you're in.

• RX Consulting Side: You mentioned having opportunities in RX consulting but chose not to accept them. Keep in mind that RX consulting can also provide relevant experience that could be leveraged for a move into financial advisory roles in the future.

• MBA Path: While you're correct that the MBA reset switch is less prevalent in Europe, it's not entirely off the table. An MBA from a top European school or even from the US, if that becomes an option, could facilitate a transition into LevFin/RX.

• Networking and Continuous Learning: Always be proactive in networking within your desired field and continue learning about the industry. This can include attending industry events, reaching out to professionals in LevFin/RX, and staying informed about market trends.

Remember, career paths in finance are often non-linear, and many professionals make successful transitions across different areas of the industry. Keep an open mind, be proactive, and don't hesitate to seek out mentors or advisors who can provide guidance along the way.

Sources: Q&A: 2nd Year Analyst at McKinsey in Europe, LevFin in London, https://www.wallstreetoasis.com/forum/investment-banking/qa-2nd-yr-ib-analyst-australia?customgpt=1, Why You Should Consider Restructuring – Common Misconceptions/Insight on RX Groups, International Career in RE