Leveraging/Spinning a Public Finance Internship
I'm spending this summer interning at a boutique that specializes in public finance and I was wondering about my options going forward. I've tried searching for similar threads but I wasn't able to find a solid answer.
Here's backstory: I'm a rising junior at a target but my gpa is around a 3.3 (thanks to senioritis spilling over into freshman year) and I was lucky enough to get this internship after a bunch of cold calling. After researching about public finance, however, it seems that their exit opps aren't too bright for someone who wants to eventually join the buyside.
What should I do to avoid getting typecast as a public finance guy (I also did some muni pension fund research with a prof)? More importantly, is there anything other than networking I should be doing to position myself for an internship next summer?
Thanks in advance!
I'm going to assume that this an investment banking pub fin shop and not a FA shop for the moment, although what I say probably applies to both.
I would say that this was your best chance to work on live deals and you got to work with x,y, and z and helped issue $x million dollar bonds. You enjoyed the opportunity to work with debt and public governments but it helped you realize that you preferred the equity side and you are worried that the new Dodd-Frank rules will handicap IBs in the future (this will be good because it is a reason why not to keep pursuing it and shows you are up to date on your shit).
It's just an internship so I don't think you are going to get typecast too much, just make sure to work extra hard to get something outside of muni debt next summer.
Let me know if you have any questions.
Thank you so much for the informative post! I've been hearing so much about the fallout from the Dodd-Frank rules but hadn't even considered using that as part of my story.
Also I'm a bit confused by the "ibank pubfin" vs FA shop thing. The firm has divisions that focus on underwriting, investment products, financial advising and even some corporate finance but my little group is focused primarily advising clients during bond issuances. Does that change my position at all?
During the actual bond issuance process what is the role your firm plays? Is it Senior Managing Underwriter/Co-Manager? If so, you are at an ibank. If you are role in the bond issuance process is 'Financial Advisor,' you still may be at an ibank but on that particular transaction you are serving as the FA. Some shops do only underwriting (BBs, for the most part), some only FA (PFM), some do a bit of both (see: Baird, First Southwest).
How to Leverage a Public Finance Internship into a Corporate Internship? (Originally Posted: 01/10/2008)
I worked at a Public Finance Investment bank during my sophomore year and summer before junior year. However, I am trying to move to Corporate Finance. What should I emphasize about Public Finance and how much does it differ from corporate finance. I was putting together flip books, chugging away at powerpoint and excel 12 hrs a day as an intern.
Are you looking to switch divisions within the bank or to switch to the corporate side with some other firm? I had a pubfin internship during the summer before my senior year, and found it to be nearly impossible to switch to some of the top corporate groups within the same bank. Nevertheless, when I applied for full time positions at other banks, I was well received.
What really worked for me was explaining that pubfin did open me up to the finance industry, but the environment created by working with govt entities was less stimulating than desired. I feel that it is futile to say that it is an easy lateral coming from pubfin, but I would instead emphasize the technical skills and team oriented work habits that you developed during your internship.
Also, did you receive an offer? That will help.
I'm at a top public finance boutique in CA. My drop dates for summer corporate internships are next week. I am a junior right now.
Anyone on the board work in public finance?
Public finance Investment banking SA (Originally Posted: 03/07/2011)
I have an SA offer for a top 10 Public Finance firm. Im really interested in working a group with more coverage, like restructuring or M&A. My question is this: If I take this offer does this pretty much kill my chances at interning in a more active group like Restructuring or FIG next summer. Secondly If i decided to go down the Public Finance path, Is it unheard of to make the jump to a better group as an associate after completing a top mba program ?
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