Comments (11)

Oct 19, 2011 - 11:05pm

Take Nomura S&T. Trust me, if you go into public finance, you will likely be there for a very long time. And forget about trying to lateral to IBD because they don't work with anybody in IBD. It will be hard for you to lateral to a different spot if pubFin is not what you want to do.

If you are good at making money, you will be fine at Nomura S&T

Oct 20, 2011 - 5:02pm

Agree with all of the above. PubFi is pretty mundane - the same thing over and over and that's saying something relative to other types of investment banking. Nomura S&T has a lot of former Lehman guys who really know what they are doing and they working hard to increase their US presence as a brokerage.

That being said, the only way I'd choose PubFi is if you know a lot about it and you're sure you want to be in government finance for the long haul. You'd need to go back to business school to get out because you don't develop a skill set that is transferrable. I should also add that Citi is far and away the #1 municipal debt underwriter at the moment, but you probably know that already. I think your earning potential is higher with the Nomura offer and you'll probably be working about 12 hours days compared to 14-15 at Citi. Most PubFi bankers either stay in it for life or move on to become government finance directors somewhere. You'll be making 50% of what you would as an S&T MD at a bank. PubFi bankers do get a bit of moral satisfaction out of helping governments raise money, so there is that aspect as well.

Oct 20, 2011 - 8:10pm

Citi Public Finance does some cool stuff. For instance, non-profit healthcare is surprisingly a much larger segment than for-profit, and Citi's team is #1 there. So if you're into healthcare, that could be interesting.

Their infrastructure group also does sports stuff, hotels, movie studios, etc

But yeah, probably depends more what you're into

Oct 21, 2011 - 12:12am

aIIot of cIiches being rambled off here, which PF group did you primarily interview with?

Oct 21, 2011 - 1:04pm

1) pubfin can have amazing exit ops if you perform
2) as i mentioned in another thread, nomura is a joke. name recognition will get you across the street if you're lucky. citi has a real brand and if you deserve to move up citi will help you get there.

Oct 21, 2011 - 7:57pm

PF Rank: top 3 shops in no particuIar order are BoA, JP and Citi, next are GS, Barcap and WeIIs Fargo

Business schooI: PF = HBS, pain and simpIe. In a BschooIs eyes, you're not wrapped up with other bankers but the prestige is the same.

PE: I've seen it done, but difficuIt. You're best shot is out of hcare doing NFP M&A.

Best groups: 1) Hcare 2) Higher Ed

Worst Groups: AII eIse

What you'II Iearn: Hcare - debt financings and refinancings. Swaps, forwards and other derivatives. M&A modeIs, comps, precedent transactions, DCF etc....

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