Public Finance Questions
Can anyone discuss PubFin comp, bonus, WLB, culture, etc.? Accepted an internship for PubFin group at a top 10 investment bank.
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Not a full-time employee so can’t speak from personal experience, but am interning at a LMM firm that has pretty strong public finance group. Huge amount of deal flow, but mostly smaller par. This is Los Angeles, I have no insight into SF/NY, although this firm’s SF and LA offices work closely together.
But the full time senior employees there typically work 50hrs or less. Junior employees probably average 50-60, an analyst told me the worst he’s pulled is 80. Weekend work is limited. Everyone is out by 6-7 pm. Day starts at 8-9 am. Fridays all the senior guys are out by 3-4 pm.
Comp, at least at this firm, is below market: below the rest of the IBD/Capital Markets, but I think it’s getting raised, not sure entirely.
Analyst I’m friends with says it’s braindead work tho, and bonuses have been bad for juniors. Says he’d rather be in DCM or ER something like that.
How much is the comp below market? I know at some firms the base is the same all-around but PubFin generally has much lower bonuses. I’ve also heard of PubFin having lower base salaries as well.
This idk, i've heard that they're raising to meet the regular bases. The guy I've talked to most did not do SA>FT, he's an off-cycle hire, started off in a different industry, so his comp may be different from what other people are getting/might have got swindled, idk really. I think the rest of the firm is paying 100, he's getting something like 75-85.
Are you at Stifel by chance?
I am. I looked at your post history, congrats on the offer. Are you in Sf or LA? If LA, I'd be happy to share a bit about what I've noticed so far in the DMs. I also have a little bit of info on SF, too.
Can I DM, in a similar situation at the same firm.
Any specific questions? Comp at the firm I’m at is same base discount on bonuses. WLB is better than traditional IB, but worse than F500, as an associate I’ve averaged probably 55 hours a week, but I’m efficient and have been at this for a while, I’d expect 65-70 as an intern or analyst. Culture is firm dependent, where I’m at is extremely collegial and that tone comes from the top. Our group head lives it and expects everyone to lend a hand and roll up their sleeves.
Thank you for all the information. To be specific in an additional question, what do analysts/interns spend most of their time doing? Would you say that pubfin is technical/modeling heavy like other IB groups?
Analysts are usually working on RFPs, running refundings in DBC and working on pitches. Ultimately they are supporting more senior bankers and learning the craft. Modeling is done in DBC and is very different from DCFs.
I work in PF, so I can tell you anything you need to know. As far as comp goes, I'm doing $65k base and will get around $15-20k bonus. At associate level you can expect in the $100-150k total comp range, and by D/MD perhaps $500k-1mm depending on deal flow. (I'm at a fairly unknown boutique, so MM or BB might be higher comp). WLB is good, but depends on where you're at. I'm in sales and trading, so usually 7-5 or 7-6, nothing on weekends. But the banking guys usually show up around 8 or 9 and leave around 4:30-5.
The muni world is slow, but it can be very interesting. Most people who go into PF stay in PF, but there ARE exit opportunities, especially on the trading side.
Conclusion. Slightly less kinetic than other areas of IB, but still great work. Pay might be slightly less, but you will do well, and you'll actually have a life. 100% recommend.
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