I have quite a bit of exposure to public finance via internships but I don't have exposure to equity research and a possible opportunity might have presented itself.
I'm curious as to the following... Starting out after college, what is the pay when comparing public finance and equity research? Do most banks start both out at 85k? Do seniors in ER earn more or less than seniors in public finance? Are hours similar? Would a business school look more favorably on one than the other?
This is all assuming equivalent or same bank for both. One of my main concerns is that ER has plentiful exit ops while public finance doesn't have a ton. But if you like public finance, I've heard that's not a problem.
you make more in pub fin, but exit ops more limited than equity research.
So you make more in pub fin both right out of college and at the senior level?
yes. but again don't do something just for the money dude
Public Finance IB vs. Equity Research (Originally Posted: 08/01/2014)
Trying to decide between the two of these. Doing a public finance internship for a top 10 muni underwriter this upcoming semester. Next summer (upcoming senior) I'm trying to decide if I should apply for public finance internships or equity research.
From what I've gathered from a lot of threads, both pay less than corp IB and have less hours. Which would have more/less comp and hours between the two? I'm thinking public finance pays more initially and has more hours? But I could be wrong? ER seems more interesting from what I've read.
Let your experience next semester be your guide. You should get a good feel for munis after the internship. If you enjoy public finance or, better yet, if you don't hate it, you should apply for another internship. You will be very competitive for a position at a bigger firm with one pubfin internship on your resume, if that is what you want.
In my experience, pay in public finance will be greater through the associate level and then equity research probably has higher comp (5-10 years experience). Hours in public finance are likely more predictable than equity research. A lot of this depends on firm/location though.
I work in public finance, so let me know if you have any more specific questions.
Wow, I'm going to be in the same situation as you pretty soon and am trying to figure out the same thing. The problem is that at the firm I work at, I'm having a hard time gaining exposure to anything other than Fixed Income (mostly muni bond) S&T, which is what I'm doing support work for. I feel like I'm going to end up in Public Finance, unless I find a way to move into ER or maybe ECM, either there or somewhere else. Also, are people that work in fixed income/public finance biased against equities typically, or do they just not know a lot about it? Like is there tension between the two within a firm?
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