At the (post-MBA) Associate+ levels - How would you rank BB PubFin vs BB Corp Banking in terms of salary/bonus, as well as hours worked. Are they equal?
What if I also added ECM and DCM to the mix (at both EB and BB)? <-- does this change things?
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Focusing on just BBs and ignoring the exact firm, group performance, individual performance, etc. then Comp - ECM/DCM > Public Finance > Corp Banking and WLB would be reverse (i.e. Corp banking has the best WLB and ECM/DCM has the worst). All of these are among the best balance of pay and wlb if you want to be in banking for the duration of your career.
A couple notes below:
Thank you so much for your in-depth insight!
Do you know which firms are advisory heavy?
Also, does PubFin exist outside the BBs (ie within any of the EBs like PWP, EVR or Moelis)?
There are a few select EB pubfin firms, and also not all BBs have a strong pubfin group either (see Citi collapsing it, UBS not being a big player, etc.). For EB's, there is already some good information available on this site, but from what I recall:
None of the EBs have public finance groups (like Moelis, Lazard, or Evercore). It's a debt underwriting business, so only banks that have a large balance sheet are active in the business. Most EBs focus on M&A advisory.
In addition to the list someone else wrote above, these firms also have public finance:
1) All the BBs likely do some advisory. Its really is team / sector dependent. In general NFP HC does the most advisory work, followed by P3 teams. Some Power, Transpo, and Higher Ed teams also do a their fair share of advisory work, while others do none. You can really only figure this out by being in the space / networking. Off the top of my head, in the NFP HC space the GS team does the most followed by Jefferies (ex-Citi team) and RBC. In the P3 world Barclays (both the og team + the Citi team that joined) do the most.
2) No EBs have major PubFin teams. You're best off going the BB route if possible.
Thoughts on where non-modeling relationship heavy financial sponsors group would fall? They’re still a coverage group at the end of the day but seem to be quite a bit lighter than the traditional healthcare / technology side.
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