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What are the exit options for a 2-4th year capital markets associate? Are they different if the cap markets practice is more specialized (e.g. real estate companies)?

Also, how different are they from a banking/finance practice (i.e. commercial lending)? I ask because I imagine both exit options are generally limited to banks.

Probably depend on if you work with issuers or underwriters. My firm does mostly underwriter work and most associates seem to leave to banks. I don't know about specialties within capital markets.