Citi Banking.
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MS - public finance usually translates to "investment banking services" (underwriting/M&A) for public tax-exempt entities. Probably much more relevant to pure IB than corporate banking would be.
Citi CB is as close to IB as you can get. You are working (often, but probably not as a intern) with the investment banking teams. I know several from Citi CB transition to Citi IB either after the summer or after their first year.
Pub Fin is a different animal regardless of where you go. However since this is only for an internship, it can be argued that you can network your way from MS PubFin to a more traditional investment banking group.
Technical/skill set perspective as a summer intern, you probably will do the same work.
This
Although PF is considered by some banks to be IBD (i.e. a lot places literally name the group "Public Finance Investment Banking") and Corporate Banking is not technically IBD, consider this... In CB you will be working with same clients and industries as IBD and will have the opportunity to collaborate (and make contacts, network, etc) with LevFin, DCM, and industry coverage groups. In PF you will be catering to a much more specific clients and industries (municipalities, universities, other tax exempt entities) and begin to pigeonhole yourself if you stay for a long time. Neither are pure IBD thus the modeling and deals for both will be different than that of pure IBD, but the client exposure, industry knowledge, and corporate credit-focused skill-set gained from CB does have some valuable overlap with IBD coverage groups, LevFin, DCM, etc.
"Which job would have better exit ops (considering I stay in this position for a few years)?"
I know a few people who have followed these routes:
CB SA -> CB FT -> pure IBD -> PE, HF CB SA -> CB FT -> credit-focused HF CB SA -> CB FT -> Corp Fin, ER (both for an industry they had a lot exposure to during CB stint)
I have no idea what you would do if you want out of PF 3-5 years down the road and want to move to the corporate client side.
All of the above is true, but this is for an SA. Morgan Stanley has a better name and is kinda-sorta investment banking. Take that, network, and do FT recruiting this fall. Know people who SA'd in MS PF, moved to IB for full-time. In a vacuum, public finance is a better internship gig than commercial banking, and when you're interviewing senior year, it'll be viewed by resume reviewers as such.
This may have been true when the economy was doing well. Recent years... FT recruiting has been pretty much non-existent. Banks often give group specific offers without much tolerance for movement. I would take the safer bet and go for Citi CB.
I second this... also, its not commercial banking, its corporate banking. So if OP ends up staying on for FT he will be getting solid deal exposure with syndications, etc for large corporate clients.
Really appreciate all the responses. This had made my decision a lot easier.
whatd u choose?
After speaking with more people my decision got a lot harder. Does anyone work in BB Pub Fin? Please PM me if you don't mind speaking further.
Do not do public finance. Extremely different. You'll get pigeonholed.
.
Ended up going with Citi
Eek. Wish I would have seen this- would have made a strong push for MS PubFin. Know a number of guys who were able to switch into IBD for their 3rd year.
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