public finance

Which verticals within PubFin are best for exits or development of transferrable skills to either PE or traditional IB? I was thinking it would probably be P3, Transportation, or Healthcare given that they might have greater exposure to traditional modeling, but I would appreciate some light shed in...

28 Feb 2021

Hey everyone, I'm an incoming PubFin IB analyst at a BB and I'm interested in potentially transitioning to Muni AM in a few years. With that being said, there seems to be a lack of info on Munis on this forum outside of IB. I'm hoping someone could provide color on the municipal asset management...

01 Dec 2021

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.

12 Jan 2021

As a former "investment banking" summer analyst at Wells Fargo Securities a couple years ago, I wanted to give all of y'all a heads up before you sign an offer. wells fargo investment banking overview The way that Wells did group placement was pretty ass back in my day (and I'm pretty sure they...

05 Aug 2017

Got an offer for a public finance summer internship at a lower-tier BB (according to WSO) but I don't really know anything about the finance industry. Come from a public policy / politics background (think lobbying & policy research) and I guess the bank thought the skills overlapped enough. Haven't...

18 Jan 2022

I'm currently a public finance analyst at a MM with a strong presence in munis (Stifel, Baird, Piper). I've been doing this for a few years now, and starting to think more long term. It seems a lot of the job at the senior level is "knowing people" and pitching. At the junior level, it doesn't get...

15 Sep 2019

Maybe I'm just ungrateful or maybe I was overly idealistic about working in Asset Management in general. For some context, I went to a non-target school, played college tennis, and graduated in 3yrs. My first job was with a small IRA as an execution trader. I thought that this opportunity would help...

23 Apr 2022

I just got an PF internship during the school year in a MM bank (Baird, Raymond James, Piper) and public finance seems really cool to me. I think I would be fine in the field long term, although the thought of slim exits is intimidating. Should I not be concerned about the hopefully just fluctuating...

18 Apr 2018

Since PubFin often gets overlooked in the investment banking industry, I wanted to start a thread discussing updated PubFin information such as SA placements, FT positions, compensation data (base + bonus), benefits, and comparisons to other groups. Also, taking a look at the top Muni Underwriters...

04 Feb 2022

I am currently an Associate within Public Finance covering NFP Healthcare providers and am contemplating an internal move to the Healthcare Corporate IB group. I realize Public Finance is a bit of a niche group but was wondering if anyone out there had thoughts on if it is a wise career move to...

15 Apr 2021

So the title is a bit clickbait - I completely understand each career has its own merits and each individual enjoys different things. I've been in public finance for about 4 years now. Looking to potentially exit. The lowering spreads, lack of strong analytical work and pitching/RFPs amongst other...

07 Feb 2020

Is it possible to move from a public finance role (healthcare) at a bulge bracket into traditional IB or straight into PE? I've heard healthcare in PF is a bit similar to healthcare investment banking, as you deal with hospitals underwriting and mergers.

25 Jan 2018

I'm wondering if anyone could elaborate on the culture at BB Public Finance groups? In particular, I'm interested in which BB PubFin teams have the best hours, least bureaucratic work environments, and which banks are the strongest in each different PubFin vertical (Transportation, NFP Healthcare,...

17 Dec 2021

Has anybody been invited to this or know what to expect from JP Morgan's Public Finance interviews?

13 Jun 2018

Hello, I remember coming across a "guide to success" article written by a seasoned public finance banker in the US. A shame I didn't bookmark it. I'd like to read it again. I remember the banker is renowned and has also been involved in creating new financing instruments (the exact details/name of...

01 Nov 2020

Hi All, I received a summer analyst offer from Wells Fargo in their Public Finance Group, which is in their IBD. However, I'm worried that later on down the road, exit opportunities into HF/PE will be limited, in addition to the fact that Public Finance is specialized/niche as compared to some of...

10 Nov 2017

Does anyone have any comp points for public finance salaries? From looking on here and Glassdoor, it seems pay varies considerably from MM to BB (generally not much/accurate information) . While BB pays standard $85k, it seems MM (Baird, stifel, rj, piper) pay $55k-60k. Associate pay gap seems even...

15 Jan 2019

Hi all, as the title says, received a SD invite for Goldman's GM team (basically S&T), an offer from Key's IB tech group, and a 2nd round with Morgan Stanley's PubFin team. All offers for Summer Analyst positions. My goal is ideally IB or any role where I can exit to an innovation-centric platform...

11 Sep 2021

If the Tax Bill is passed as is, volume in the muni market could drop 30-40% (getting rid of private activity bonds and advance refundings). In short, the future of the muni world is looking dimmer than it already did before with spreads becoming almost nothing. I know there are threads on exit ops...

05 Nov 2017

Which would you recommend at a BB as an associate? Munis seem to be having slimming margins but I'm not sure if that is the case with corporate investment grade. What are the differences in pay/hours at the associate level? Better outlook longer term? And which would be more...

08 Dec 2019

Did anyone hear back from MS Superday last Friday? I know that at this point I'm probably rejected or waitlisted, but I'm very curious to know how many spots they had for PubFin in SF.

06 Oct 2021

Hi all, I'll be going to a BB full time for Public Finance in 2021 and was wondering if the exit ops were limited to only govt, non profit, etc type of roles. I know there isn't much overlap, but would roles like corporate strategy still be a possibility? Wondering if anyone can shed light on this....

09 Oct 2020

I'm a junior at a semi-target (I think you could call it that). For sure top 15. We have a really solid network. There is a good presence in NY and San Francisco. For fresh out of school hires, energy IB takes the cake for sure. I study political science and I'm minoring in business so I have very...

18 Feb 2019

Can anyone share YTD 2021 pub fin league tables? Mostly interested in negotiated revenue bonds.

25 Aug 2021

I have an interview coming up for a BB in their public finance/infrastructure group for munis trading. Could anyone offer any advice what should expect during the interview or how much different it would be from a traditional investment banking interview? There is little information on public...

23 Dec 2018

Hey everyone. I have been working in PF IB for the last year at a well known boutique. We have had guys since I've been here that have made the transition to more general IB roles. Now, it is my turn to try and make the leap. I have a few interviews coming up for second, third year analyst roles at...

21 Dec 2018

I'm really wanting to do my last summer internship in Chicago. How does this work though? It seems to me that most of the summer interns will be in the bank's headquarters, most often NYC. Is this the case? Or do regional offices take in interns for the summer? If so, will the experience be as good,...

13 Aug 2014

I'll be doing a public finance summer analyst at a BB in 2022 and I wanted to know what skills and knowledge I should work on in the leadup to that so I can maximize my chances of converting the SA. I already have experience in munis through my time on the credit research side so I was hoping for...

25 Jul 2021

I currently work in middle market IBD and have the opportunity to interview for two bulge bracket public finance finance (Muni's) positions. Are there any upsides to public finance? Better hours less money? I'm pretty comfortable in my group but am trying to keep some price tension on the position....

22 Jun 2012

I know I'm one of those people who likes public finance and am eager to make a career of it! I had some good informational interviews with GS and RBC bankers and learned that MBAs are never really recruited for public finance ops (not impossible to accomplish, but just have to work hard to make my...

01 May 2018

Hey WSO, I attribute a lot of my success to this forum so hoping I can get some more helpful advice. I am currently at a top BB Public Finance IBD shop in NY and wanting to make the transition to the buyside, primarily interested in growth equity (PE) or distressed debt (HF). Obviously, like all...

08 Feb 2015

I'm a junior at a non-target with only PWM internship experience, most recently at BofA ML. I just got an offer with a decent boutique as an unpaid Public Finance summer analyst. From what I've read on this forum it seems as though this isn't IB or people don't want to acknowledge it is. I was...

21 Feb 2011

Fellow Monkeys,

15 Nov 2014

I'm spending this summer interning at a boutique that specializes in public finance and I was wondering about my options going forward. I've tried searching for similar threads but I wasn't able to find a solid answer. Here's backstory: I'm a rising junior at a target but my gpa is around a 3.3...

22 Jul 2014

First time writing at WSO. I've been spectator for some time - finding this website has been the best thing ever happened to me. I'm saying this because now I have few decisions to make! FYI. I have always been interested in infrastructure and project finance. Option 1) Public Finance role at BB...

17 Oct 2017

Would a Public Finance Investment Banking Analyst be put in the same applicant "buckets" as M&A Investment Banking Analysts? I ask because Public Finance is so different that some banks just consider it to be a "Public Finance Analyst" position instead of an Investment Banking Analyst. I have a...

11 Jan 2015

Got 1st round at Citi PubFin. Thoughts on the group? What type of interview questions? Easy to lateral to IBD? Citi Group: Public finance CitiGroup has good deal flow in the public finance space. They are a top practice. They consistently rank at the top of municipal league tables with Bank of...

27 Jan 2013

Hi all, I'm trying to find out what public finance salaries are at different banks at different levels (analyst, associate, VP, MD). It doesn't seem like there's a lot amount of information currently on here about public finance probably because it's such a niche space.. If anyone could provide any...

30 Oct 2016

Does anyone have resources on bankruptcy, restructuring and workouts for tax exempt debt. My MD has done some previously and my group is interested in this potentially. I was wondering if anyone could point me towards any resources, particularly for the revenue bond side of things. I'm mainly...

25 Feb 2016

So, somewhat out of the blue (I had applied online), I get a call from Citi Public Finance offering a superday spot this Friday in NY. Last week, I had interviewed with banks on campus, including Lincoln International and William Blair. I haven't heard back yet, but felt good about the interviews,...

12 Oct 2010

From what I've read of the boards, it's pretty feasible to request a transfer to a HK (or London) office after spending 2 years as an analyst at a NY BB. Does anyone know if that applies to Public Finance analysts at NY BBs as well? I know my BB probably doesn't have a PubFin operation in HK, cause...

21 Mar 2011

If there are no DCF, comps, or lbo models, what do public finance analysts do in excel? I assume that the focus on financing means financing models. Do these have any specific names? Any other duties of analysts in public finance would be great too. Thx

09 Jan 2011

Hey guys, Just wanted some opinions on my internship decision. To give some background, I'm a junior at a target (Ivy) that is interested in investing. This means I eventually want to end up on buyside, probably at a Credit HF, but I may be open to working at a large AM. Basically, right now, I am...

19 Feb 2015

What do you guys know about public finance at Barclays? It looks like through a contact I may be able to get a summer internship through a contact there. If I were able to convert this to a full time job what would the pay be? What is the trajectory in this field?

13 Jun 2010

I have spent a lot of time reviewing for investment banking interviews using various guides (wetfeet, vault, etc.) The potential technical questions seem to be straight forward after a little bit of studying. Does anyone have insight into potential technical questions one might receive during a...

16 Sep 2009

I was looking to see if anyone had any updated figures for Public Finance IB analysts/associates compensation (base + bonus). Looking through some of the older forums gave some pretty broad and dated responses. My current understanding is that PF base salary is the same as other IB specialties but...

15 Jan 2022

Interested in hearing from anyone with knowledge/experience with firms that deal either exclusively or heavily in public finance matters. By this I mean both the underwriting/advisory roles and also project finance (energy/transportation/infrastructure, etc.) and general municipal investment. What...

13 Nov 2009

I will be starting in the public finance / munis group of Citi this summer. From what I understand, my exit ops are pretty much limited to infrastructure funds, ie, Macquarie, Citi Infrastructure Investors, Cintras, GIP, etc or funds that infrastructure groups such as Terra Firma, CDPQ, Ferrovial....

28 Dec 2010

This summer I'm interning at a MM in public finance and I had some questions regarding future opportunities. I'm a rising senior at a target but my gpa is low. I was fortunate to get this internship because I got back from my study abroad in June. However, it seems that the opportunities for my...

04 Aug 2015

interview coming up with them smaller firm, located in Chicago specializing in healthcare investment banking most of what they seem to do is underwriting tax-exempt and regular bonds to finance hospital expansions etc, there might be a bit of M&A too so it seems to be a mix of healthcare public...

13 Mar 2010