Does anyone have any tips or experience on switching from Public Finance Investment Banking to something like Real Estate or M&A coverage?
I came from a non-target school out of the suburbs of NY so to be even in this industry I am already more than blessed. Currently working in a top 10 shop in Pub Fin but I feel like this isn’t right for me. There is no real opportunities to move within the firm so I was thinking maybe try to aim my shots at a mm bank to gain experience and then lateral or go do a year of grad school and sort of reset. I am brushing on all my technicals again since pubfin does not really use your accounting and LBO but going to school means I can have more time to study and more opportunities to recruit into the desk that I potentially want to work at.
If anyone has tips or ideas please comment. Anything would do since I feel like the longer I stay in pubfin the harder it will be for me to leave.
Doable but difficult. Some groups within pubfin are far better than others for making the switch to m&a covg ie infrastructure and healthcare. Idk about the more real estate focused groups
Do you mind elaborating a bit?
Healthcare public finance team work on M&A transactions for hospitals (both for profit and not for profit) which means your experience translates better than folks who are financing schools. Hospitals are also much closer to a business than schools or other projects financed through public finance.
Infrastructure is also decent because you typically do some detailed modeling around toll roads and other infrastructure projects (airports, things like that) which translate well to infra IB groups.
what even is public finance investment banking
Basically we help government entities issue debt.
IB for tax exempt entities
What do you not like about muni work?
Believe it or not, I actually do enjoy Muni work itself. As of now it is interesting, I have great hours, and I get to spend time with family and friends. My view is that I would want to get more involved in the corporate space rather than government as it would potentially help expand future opportunities and get more exposure to a boarder spectrum of financial products. By exposing myself to a greater set of transaction, I can increase my exit ops including but not limited to PE, HF, or even manage my own/family business and help it grow. Again, by no means is public finance not an lucrative industry, a solid 6 figure pay with great hours is already better than 95% of the people out there. It is just I desire different things from my peers and I was trying to see if anyone can help give a push in the right direction.
any updates on the move? In the same shoes here
Currently doing M&A work at a boutique. Looking to lateral. It was very difficult because experience-wise, it really didn’t translate as much. Did a lot of coffee chats and a lot of interviews to land a gig. Now in a spot where I am in multiple processes at the same time and I would say it is totally different.
Hours are shit as usual, but at least at my bank the deals come from relationships so I do very little pitch work. Experience might vary place to place, but its a shitty lateral market rn and if I were you, I would put off recruiting and just work for a year and prepare for a MSF or smtn.
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