27 Comments
 

What part of public finance interests you? It's a shrinking/low fee industry and the modeling is less transferable to all the traditional exits. If it's infra/infra PE you're more interested in, I think you'll have a better shot coming from an M&A background. 

But if you want to be a treasurer/CFO of a city/university/transit system, it wouldn't be a bad path. Base street pay and hours are better.  

 
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would say that bofa m&a will probably set you up better for credit roles than PSI if you want to do anything sub-IG. muni bonds are not exactly the same as PC and M&A is a great starting point for learning early on in your career. PSI is not really seen as a classics group at goldman, it sits with capital solutions.

That being said GS PSI does do more complex deals than other banks with larger balance sheets like JPM/Citi and infra is shaping out to be pretty interesting this next couple of years. If you're passionate about the role take GS, but if you are undecided in what you want in the future, M&A gives you the most flexibility in what you can transition to.

 

PSI at GS is looked down on as a second-tier group / does not get same respect. There might be one partner, max. I think they pay less than Classic too, despite working just as hard. Would highly recommend not doing this. It's even nicher than doing a specialized sector group like FIG or O&G.

Source: worked at GS for 4 years (not in PSI).

 

See my comment in the Q&A Public Finance at a BB thread. Do yourself a favor and take BAML M&A. GS pub fin outcomes are good for pub fin but BAML M&A is much better. Don’t fool yourself into thinking your college love for public policy will make you find issuing municipal bonds interesting. The kids with this mentality spend a year there then aggressively try to leave and realize their exits are compromised relative to M&A. 

 

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