Public Finance-Ibanking vs Fund of Funds vs PWM
Hi Guys,
I just received three offers for three different positions and wanted to see if ya'll can help. I'm deciding between public finance- investment banking analyst role, well-sized fund of funds analyst, and PWM analyst position with a BB. What do you think is the best position as far as comps, exit opps, mba, and etc. Please let me know if you can help. Thanks.
I don't post often but was in pretty much the exact same position as you a few months ago, so I'll try to help.
Is the public finance IB with a well-known boutique or MM bank, and what kind of position is the fund of funds (account management/investor relations vs. portfolio management)?
In my opinion, all three will develop a different skillset and have different exit opps, so it depends on what your long-term career goal is.
Long-term career goal is to get into a good MBA program and join BB sell-side. The public finance IB is with a MM bank and fund of funds would be more towards account management. What did you end-up selecting and why? Please feel free to PM, as well. Also, can you elaborate more on the different exit opps for each of the position? Thanks for your help!!!!
An account management FOF analyst, at the placed I interviewed at least, had mostly duties involving investor relations and client communication, and no technical portfolio analyses. For that role, the exit opps seemed very limited to other investor relations and BO roles within HF, HF-FOF, PE-FOF and difficult to move into actual portfolio analysis in traditional HF or PE according to past searches I've done. I wanted to develop the quantitative skillset, so I turned this one down.
Public Finance IB in my opinion is a great way to get your foot into IB, although there's many differences between public and corporate finance including lack of equity modeling experience and different types of deal structures. I know around here PF IB is "looked down" by some during recruiting for corporate IB, HF, PF, etc. but is a great career if you want to stay with it long term. Exit opps from what I've been told are career advancements in Public Finance and movement into public policy roles.
PWM at BB has good name recognition for MBAs, but the work would put you at a disadvantage when applying for associate roles against former-BB analysts. At the same time, if it's a BB that promotes mobility (there's a few) you have a much better chance of making connections there and either being able to lateral (although unlikely) or have a better chance of placement there after business school. Traditional exit opps from PWM at BB that I've seen from people are - investment analyst at endowment funds, FInancial Analyst at Corporate 500s, etc.
However, a lot of what I just said stops applying as much once you do get your top MBA, as an MBA "resets" your career and you can pursue anything, to a degree. The PWM BB position plus meaningful extracurricular activities with the extra time (saving whales, starting website teaching money to kids, etc.) would put you in a great position with business schools, while Public Finance IB would be a good position if you can spin why you chose public vs. corporate. Let me know anything else you want to know, I just basically rambled everything I remembered from your post.
Basically, what I would choose with your desired exit opps is PWM BB or MM Public Finance IB.
If I may ask, are you recruiting on the West Coast (CA)? I'm just curious because I wonder if the FOF role is the one I turned down a while ago, they've reposted the listing several times...
public finance investment banking (investment banking) seems like a better choice.
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