thoughts on public finance/exit ops?
TLDR: wondering if i should accept pub fin offer at bb in nyc (despite interest in hf recruitment) and curious about the work + exit ops.
hi everyone, just wanted to come here to ask if yall could share any and all thoughts about public finance and its exit ops.
for context, i’m a sophomore studying applied math at an ivy and im debating on whether i should take a public finance internship at a bb in nyc for my junior summer. i’m low income and i haven’t done any networking at all, so any finance offer is crazy news for me. i’m not sure if i would be greedy to keep recruiting, but i have some traction for a few hf processes and i like the more quantitative and macro work (and pay) at these firms. obviously, due to the nature of these firms, an offer is the furthest thing from guaranteed no matter how far i am in the interview process.
long term, i’d like to work at a hf and i’m interested in global macro. on the flip side, if hf is not possible, i’d prioritize job stability and salary. would public finance set me up for that post grad? i’m also considering recruiting in the fall for quant trading/research roles since id say i have the technical background for it.
that being said, accepting this offer would save me a lot of stress and headache in the long run and is obviously a great opportunity. i’m interested in public finance work as well since policy has always been one of my interests.
i’d love to hear more about anything public finance as it is an industry/division less mentioned, so any and all insight would be helpful! thanks for the info + any advice in advance.
Public finance at a bulge bracket (BB) in NYC is a solid opportunity, especially given your background and interests. Here's a breakdown of the key considerations based on the most helpful WSO content:
Public Finance Work
Exit Opportunities
Key Verticals for Exit Opportunities
Should You Accept the Offer?
Pros:
Cons:
Advice
Final Thoughts
Public finance is a great opportunity, especially given your circumstances. While it’s not the most direct path to HFs or quant trading, it provides a strong foundation and stability. Accepting the offer doesn’t close doors—it gives you time to explore other options while building valuable experience.
Sources: https://www.wallstreetoasis.com/forum/investment-banking/public-finance-qa?customgpt=1, Public Finance Q&A
Public finance exit opportunities are limited, but you can still do it because you will be at a bulge bracket in New York. You will still have PE headhunters emailing you and sending LinkedIn messages once you start, and you can still go work for a hedge fund after 1-2 years as a public finance analyst. It will require more prep work and studying for interviews in the future, since the work in public finance won't be as direct of a preparation, but it's entirely possible.
For you, it's a risk vs. reward question. You say you are low income. The public finance job will probably pay you a salary of around $110k, which is nice. Public finance jobs are much more stable than traditional corporate IB, and the salaries are the same (or slightly less). If you stay and become a public finance associate, your salary alone will probably be $200k or more. How many of your peers earn that much, especially at age 26? But conversely, if you pursue a hedge fund, you can earn substantially more money AND your work could be more interesting for you personally.
Not intern - ignore title but was in very similar situation. Not low income but came from middle-class immigrant household and took an offer in a group that's really "traditional IB" so basically non-coverage/non-M&A. Would make the same decision if I had the chance again in a heartbeat. The guy above hit a great note on risk vs. reward and yea the exit opps might be limited but a salary and to receive an IBD salary that is ever so slightly than what Healthcare is bringing in is so nice.
Ultimately up to you, but in my case, I would never risk it and yea some might say I "settled" but I have no qualms about the decision I made. Difference between us though is I went to a non target so it made my decision much easier and you say you're at an ivy.
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