IB in Public Finance
(Chimp, 10
Points)
on 6/15/11 at 12:59pm
I will start as analyst in Pub Fin, I'm curious if anyone on the board who is currently working or worked in the sector, can tell me a little bit about the the types of works you did there. I greatly appreciate this.
don't personally do it, but
don't personally do it, but know people who have. its basically for non-profit clients (cities, state entities usually), and the work is mostly debt underwriting for them. you build a pretty niche skill set, so the exit opps tend to be weaker than in traditional corp finance roles. for example, given your client mix, you won't look at traditional financial statements as much as someone who was in say, automotives or healthcare would.
pm me. used to do pub fin
pm me. used to do pub fin
People tend to think life is a race with other people. They don't realize that every moment they spend sprinting towards the finish line is a moment they lose permanently, and a moment closer to their death.
The above is what i've heard
The above is what i've heard as well, also don't have first hand experience, but know a buddy who was a public finance IB analyst--you are primarily a municipal bond banker for the most part but also interface with infrastructure/project finance teams. You are getting exposure to domestic local and state government clients, for example, and how they fund their operations, helping them find debt capital to finance things like schools, parks, bridges, etc. What I don't understand is whether they are an integrated coverage/product team (seems like it?) or whether they are just client coverage and then pass the buck to regular DCM to coordinate the actual bond issuance with syndicate.
Either way, I think you have the potential for a pretty comprehensive infrastructure financing background which can provide some interesting exit ops depending on how you play it. I'd start networking with some private infrastructure funds after you get a feel for what you are doing as they could be your next employer maybe if you ever want to get on the buyside. congrats and good luck!
Read this: http://www.kkr.com/infrastructure/infrastructure_o... (Note: am not saying public finance is the be all end all background for infrastructure PE, as taking a quick glance at the team site on that link's webpage you can see many infrastructure professionals have generic M&A/industrial IB backgrounds--but i think that's more dependent on that specific pe shop's hiring preferences versus whether those individuals are Functionally superior to the infrastructure skillset you will amass during your public finance tenure)
DurbanDiMangus wrote: The
The above is what i've heard as well, also don't have first hand experience, but know a buddy who was a public finance IB analyst--you are primarily a municipal bond banker for the most part but also interface with infrastructure/project finance teams. You are getting exposure to domestic local and state government clients, for example, and how they fund their operations, helping them find debt capital to finance things like schools, parks, bridges, etc. What I don't understand is whether they are an integrated coverage/product team (seems like it?) or whether they are just client coverage and then pass the buck to regular DCM to coordinate the actual bond issuance with syndicate.
Either way, I think you have the potential for a pretty comprehensive infrastructure financing background which can provide some interesting exit ops depending on how you play it. I'd start networking with some private infrastructure funds after you get a feel for what you are doing as they could be your next employer maybe if you ever want to get on the buyside. congrats and good luck!
Read this: http://www.kkr.com/infrastructure/infrastructure_o... (Note: am not saying public finance is the be all end all background for infrastructure PE, as taking a quick glance at the team site on that link's webpage you can see many infrastructure professionals have generic M&A/industrial IB backgrounds--but i think that's more dependent on that specific pe shop's hiring preferences versus whether those individuals are Functionally superior to the infrastructure skillset you will amass during your public finance tenure)
Do you happen to know if headhunters typically reach out to analysts at the top Public Finance groups of BBs, or are such analysts pretty much on their own to reach out?
thank you for the info guys!
thank you for the info guys!