Public Finance 2020 Bonuses

I thought it would be a good idea to start a thread on 2020 public finance bonuses. If you could specify BB or MM I think that's a pretty important factor for PF. Title/Base/Bonus would be awesome to hear for anyone who has gotten their number so far.

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  • Analyst 2 in IB - PubFin
Mar 25, 2021 - 12:02pm

I think there is a serious lack of Public Finance bankers

Mar 23, 2021 - 8:46pm

Dolla Bill Stern

Not me but my roommate works at a top 5 firm, BB, he said first year was 20-40k. Heard lower ranked firms paid 35-50k (assuming to attract talent).

Any clue what associates make at your roommates BB for pub-fin? I had a mentee ask me about public finance but I have no clue about comp.

guessing 150k base + ~80k bonus? 

Mar 25, 2021 - 2:03am

Dolla Bill Stern

Sounds steep - more like 120-150 base and 40-60k bonus (not great)

An associate with 3-5 years experience making basically the same bonus as an analyst?

idk about that. I can see the base being 125-140k though 

  • Analyst 2 in IB - PubFin
Mar 25, 2021 - 12:12pm

yeah pub fin can take a big haircut but I work way less - at least at my bank

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  • Associate 1 in S&T - FI
Mar 25, 2021 - 12:54pm

Analyst base is in line with corp IB coverage with a haircut on bonuses, though not chump change by any means. Would expect this to be the case across major banks involved in the space, possibly with the exception of UBS. They re-entered the pub fin business a couple of years ago and don't think they've necessarily gained traction to where they are pulling in the same amount of business as similarly sized competitors. FWIW, their group is run out of their broader Wealth Management Americas division, not UBS Securities. Not sure if that has any implications for comp.

Mar 25, 2021 - 1:23pm

The league tables don't really matter. That's how your MDs get paid, not anyone below director level. 1) the fees on PF deals are laughably small, a billion dollar go go deal may bring in 1-2mm in fees as lead left (if that). 2) there is a public perception about "paying PF bankers" that doesn't look good in the public eye (LOL) 3) there are tons of kids dying for IB jobs that will take these jobs, so they don't need to pay more. The turnover in PF is VERY high at the junior levels

Mar 25, 2021 - 1:20pm

Yes, not trolling here. PF bonuses do not climb well. Also, the "less hours" thing is bullshit - my buddy sees the bankers there online till 2/3am ALL the time, plus like all of Sunday.

Unless you have a dying passion for PF, or if that's the only offer you can get and are using as a stepping stone, stay away.

Mar 23, 2021 - 9:06pm

How good/bad are hours at a BB for PF?

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  • Analyst 1 in AM - Equities
May 13, 2021 - 10:34pm

this is absurd. have friends working at random (not sexy) F500 companies in non-technical roles making = with 40 hr weeks. 

Pubfin is not worth it. 

May 13, 2021 - 5:12pm

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May 13, 2021 - 8:13pm

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