Public finance career pivot into equity research

Good morning, everyone.

I’ve been working in public finance investment banking for about four years and I’ve also started a part-time master’s program set to finish next year. Working in capital markets I’ve come to realize research is a far better fit for my passion and personality. I had interest in sell-side ER in the past but concern over headcount, comp growth and MiFID II was enough to keep me away in the past. The pandemic has given fresh perspective to work life - if I’m going to be inside working for extended periods of time it should be work I’m truly interested in.

Some personal background:

2016: public finance internship at boutique 2017: graduated with BA-Economics from a semi-target 2017-2019: public finance analyst at boutique 2019-present: public finance analyst at LMM bank 2021-2022: attending weekend MSF program

I’ve noticed several ER postings recently, but I want to be sure my next career move is well-planned and deliberate. I made a lateral move in 2019 largely on a whim for the purpose of higher pay. My current plan is to try to talk to as many ER associates and analysts in the next year as I can (coffee chats, especially post-summer when more people are vaccinated), practice writing stock pitches, and read voraciously (market news and books on ER). The MSF fills a gap in my experience since we don’t do any kind of similar modeling in public finance as in ER.

Is there any other advice you would have? My one concern is being categorized as too experienced for this kind of reset, so I am particularly interested in hearing from others who found their way into ER more than a couple years out from undergrad.

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