The PFM Group (Public Financial Management), one of the top public finance IBs in the nation, based out of Philadelphia, PA started analysts at around $50k in 2007. Good benefits, no other bonus. About 45 hour work week with fantastic training. Overall, the pay is pretty crappy. But I'd say good transferrable skills and a very doable lifestyle.

Array
 

PFM does a lot of FA work on municipal issuance. If your working for a public finance IB at a bulge bracket expect the same salary as analysts in other groups. Bonus might be slightly less, only because your not playing with a $7B Merger, your only playing with a $1B BAB. Hours are the same...

 
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Can't speak to the higher levels, but Public Finance analyst pay is standard at the BB's with a slightly lower bonus (maybe 70k base + 40k bonus + 10k signing fist year).

The BBs have odd org structures for public finance. MS has it under S&T, while it is just another IBD department at Goldman.

Generally, pay and exit opps look a lot like DCM. I would imagine that payscale holds as you advance.

 

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