Public Finance SA 2025: Stats and Advice
Finished recruiting for public finance and figured I would make a post since there's not much information about the industry here.
Cumulative results:
- Applications: 10
- Chat requests: 62
- Chats: 22
- Superdays: 3
- Offer: 1
Additional information: target, >3.9 GPA
General advice:
- Read The Bond Buyer (or just headlines) and know what's going on in the market in regards to interest rates, the Fed, 10-year Treasury rates, etc. and how that influences the municipal market
- Practice basic bond math: tax-equivalent yield, inverse relationship between price and yield, time value of money
- Understand what public finance is: why do people/who invests in municipal bonds, general obligation vs. revenue bonds, risks or factors to consider, trends in the industry)
- Nail the "why public finance" and "why X bank" question: emphasize the impact of the industry and tie it to your background & mention some people and/or an issuance at the bank you're applying to
Based on the most helpful WSO content, here's a comprehensive breakdown and advice for those interested in Public Finance SA roles, particularly for the year 2025:
Cumulative Results from a Recent Candidate:
Candidate Profile:
General Advice for Aspiring Public Finance Analysts:
Stay Informed:
Master Basic Bond Math:
Deep Dive into Public Finance:
Prepare for Key Interview Questions:
This advice is tailored to help you navigate the complexities of recruiting for public finance roles and to enhance your understanding of the industry, thereby increasing your chances of securing a position.
Sources: Public Finance Recruiting and Interviewing, Q&A: Public Finance Recruiting and Interviewing, EVERYWHERE Public Finance 2021 SA, On Cycle 2025 Advice, On Cycle 2025 Advice
Can I PM you currently recruiting for 2026
Which banks are you interviewing with?
Seconding all OP wrote. Was late to recruitment cycle:
1 application to BB
1 superday
1 offer
8 chats for this one bank
~40% cold email coffee chat success, 90% when coming from a referral.
Lucked out. 3.7 GPA @ target school
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