Hi,
Undergrad here looking into Municipal/Public Finance. I'm not interested in working 100 hour weeks ever, which has kind of led me to here lol. Does anyone have any insight into what work Is in this field at an Investment Bank, who leads the space here, and how salary progresses throughout career?
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Basically DCM for government and non-profit issuers (state and local GOs, transit, higher ed, healthcare etc). Most BBs have a public finance arm but smaller banks like Piper Sandler, Ramirez Co, Stifel, Jefferies, also dominate many markets. Expect 50 - 60 hours a week. Base is likely the same as M&A at bulge brackets but lower at boutiques, bonus will be ~50% lower.
The work can get boring with time unless you’re working on tricky high yield issues (charter schools, stadiums, senior living ). The muni world is small and has its own quirks so high pigeonhole risk beyond the 2 year point. Fees have been very thin for a while and with the possibility of SALT going away I have a generally negative outlook on public finance.
i suppose it’s okay to live with the mediocrity if you convince yourself that you’re “making a difference” or whatever.
Yeah, making 150k first year out of college is mediocre
Is it really $150k?
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