I will be starting my MBA at a T10 school next summer. I have a background in public sector consulting/strategy, including some state/local work, and want to pivot to public finance.
I know GS and MS recruit MBA associates specifically for public finance. My questions are:
1) Do any other banks recruit MBA associates for public finance? Doesn't have to be BBs, I'm fine with MMs and even regional boutiques. I know public finance can be quite regional and some boutiques punch above their weight.
2) What is the recruiting process like? I know IB MBA recruiting is highly structured (moreso than undergrad) but I imagine public finance is quite different given it is its own niche.
Treat it like unstructured recruiting. Ask for coffee chats with associates in public finance at firms that don’t specifically recruit. In my experience the opportunities are super slim
Have you seen people make the transition before? If so, which firms did they end up at?
I was recruited by JPM for a public finance role during my MBA, so I'd add that one to your list.
When you say recruited, do you mean they had job postings on their website? Had an info session at your school specifically for pub fin?
They had a recruiter reach out to me on LinkedIn a few months before I graduated. Did an interview with a director and a VP. They were really relaxed and it seemed like a good culture relative to the industry. The sector and the deals sounded interesting too. You could tell they were actually passionate about it. They talked a lot about how rewarding it is to run a deal in your own city/community and see the tangible impact like stadiums, water treatment plants, or highways.
I went to a non-target T-50 school and the only info days the banks did recruited non-IB jobs (corporate development, internal strategy, corporate finance, and commercial banking).
Not sure if you are aware but PF banking comp is garbage - most bankers top out at 400k - S&T is much better - top sales and trading staff can push 1mm+
Simply not true
Sorry I have a PF background - have you seen the take-down’s in PF? Especially general gov’t - they’ve gotten as low as 50 cents. Yes you can do well in the more relationship-focused sectors like NFP HC or Project Finance. But overall Muni banking sucks
I don't care about comp as much, I come from public sector so whatever comp will be a huge increase for me already. I'm moreso looking for a field in which I can build a long term sustainable career in.
Also, I think there is even less opportunity to recruit into S&T post-MBA than there is for pub fin?
Hello! I also had a public sector BG and did IB recruiting- didn't want to do PF but while I was interviewing for coverage groups, about halfway through the process, a banker at MS/GS reached out to ask if I wanted to coffee chat with the Public finance group (assuming they pass around resumes?)As such, I assume that at least MS/GS recruit for it through regular IB process? You can try reaching out to your future school's IB club for help with this.
Thanks! Yep, I know both MS and GS recruit for PF specifically, and fortunately my future school has had alums placing into both. But IMO 2 banks doesn't sound like a lot so I was wondering if there are other options to consider as well.
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