Have an offer for Public Finance for SA 2023 that I'm very excited and grateful for. Have read that Public Finance people can get pigeoned holed. Although I do find this field interesting, I'm a little concerned of getting pigeon holed early in my career. I do enjoy the debt side of finance over the equity side so I was wondering how hard would it be to transition from pub fin to DCM?
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Congratulations on getting the offer! 1 summer or even 1-2 years in PubFin as an analyst won’t pigeonhole you for life. I’ve seen people lateral out after this amount of time to various places (some have used healthcare or utility coverage to go to their corporate counterparts in HC or NR, some to ECM, some to TMT, some exited to VC, hedge funds, and PE).
Some opportunities might take more effort to get to, but nothing is closed off that early on. The technical skills you learn in PubFin will be substantially similar to that of a DCM desk, so it’d likely be an even easier transition that any of the above. Try to get as close to the job you want to be doing, but if your best offer is a PubFin one then you’re not in a bad place to get to DCM. You can always network within your bank during the summer to try to develop a network to get where you want to be.
Which firm/or which category is this firm in? It depends on the bank
MS
I just lateraled from pubfin to tech coverage. It’s a grind but it’s possible with the correct story.
How’d you spin yours?
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