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 like VC or entrepreneurship (I'm also considering MBB, if that's a possibility down the road). All really different offers, and I'm not sure if the name premium from Goldman would be better than an actual IB offer from a decent MM tech group in KeyBanc (advised SumoLogic, Rockwell Automation in M&A
11 Sep 2021
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 this regard. Additionally, what about groups that cover land-secured deals (e.g. California Community Facilities District) with regard to the aforementioned development or career mobility opportunities? Thanks a lot!
28 Feb 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
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 make.
15 Apr 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 haven't changed it). Well Fargo Investments Placement Process In terms of group placement after signing the offer, Wells combines their normal IBD groups (coverage, M&A, Sponsors, etc.), their capital markets groups (LevFin, DCM, ECM, Syndications), public finance, and their asset backed finance
05 Aug 2017
I was fortunate to receive a summer analyst offer at KeyBanc's tech group. However, I also received an offer for MS public finance. My long-term goal is IB, and I'm wondering if it would be better to go to MS and try lateraling internally/to another BB down the road? I'm weighing the name of MS and close tangency of PubFin to IB vs the direct IB connection at Key. Would greatly appreciate your insight! Good luck to everyone.
12 Jul 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. Thanks
09 Oct 2020
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 state of the municipal market? Also, does anyone know hours/pay for analyst and MD for a MM bank like the above? Demand for Public Finance Investment Bankers Our users shared that public finance bankers will always be needed if municipalities need debt to fund infrastructure investments. Since the
18 Apr 2018
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 very stimulating (for me at least - also important to note I'm primarily in GOs). Especially with the curve where it is right now, it seems like my days are just endless refundings in DBC. And then there's always pitchbooks and RFPs. I don't know if I see myself as a MD bringing deals in. Whenever I
15 Sep 2019
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
If you were a college grad and had a choice between public finance and DCM, which group would you choose? I have offers in both from comparable banks (European BBs), but I can't get a good idea which group will be better for exit opps and career growth. I know they both aren't ideal, but is one better than the other?
19 May 2021
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 the other IBD groups. Thus, if I were to receive an offer from a lesser known, but still large bank (specifically KeyBank or SunTrust Robinson Humphrey) in their general IBD SA program, would that be a more attractive option than WF, even if the name is less well known? Thank you all, really
10 Nov 2017
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 excited, now I'm skeptical. What do you think? Will I have trouble transitioning out when looking for a FT offer? Or should I just stick with Public Finance until B-School?
21 Feb 2011
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, and both have superdays in Chicago this Friday. Which one would you choose? The pros to Citi are the brand name, it's in New York, and my summer internship was in public finance, but on the government side. The con is that I'd rather do corporate finance, all of my interview prep has been for IB, and interview expectations may be higher due to my internship (not sure if I could back it up).
12 Oct 2010
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 other new-comers at banks, I get a ton of buyside emails from headhunters and such, requesting to speak and to learn more about you and see if you are a good fit for their buyside clients, but I feel like I never get too much traction because I'm not their traditional analyst and they want to increase their chances of me landing something. My question is, is there any successful way to get to talk to HF/PE funds to increase my chances?
08 Feb 2015
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 interesting/intellectually stimulating? Anything is appreciated, thanks!!
08 Dec 2019
I'm in an incoming Pub Fin SA at a BB and I'm wondering if anyone has advice on how to prepare for this summer? While I know sharpening up on Excel/PowerPoint skills are a must, I'm hoping for guidance on any other resources or specific skills that will help me get a return offer this summer. TIA
10 Mar 2021
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, networking aside? More specifically, I'm looking for public finance IB, so I know that's a bit more regional than traditional IB. Should I try focusing only on Chicago based firms? Blair doesn't seem to be in the top 25 underwriters for muni bonds so that's a bit concerning. Would Baird most likely have its SAs in IB in Chicago?
13 Aug 2014
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 why would it? But can I move to a different function like DCM, LevFin or CorpFin in HK (Even if I was set back a couple years)? Otherwise, would B-School or HK funds that invest in U.S. Munis be a good way to make it to HK? No knowledge of Mandarin/Canto by the way. And would need Visa sponsorship.
21 Mar 2011
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 recommendations related to more technical skills or specific concepts and knowledge I should brush up on that's specific to public finance IB rather than general muni knowledge. Thanks so much!
25 Jul 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 for public finance - but I am wondering more so the exit ops for public finance that have nothing to do with munis (regulation in this field is almost reason enough to want to leave) Basically what different fields in debt could one with muni experience apply to and actually have a chance. Debt
05 Nov 2017
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 Option 2) Well respected Infra PE firm (~10bn AUM) Option 3) PE role at Pension Fund's in-house Infra Investment group (~20bn AUM) Option 2,3 are most compelling as these would entail direct investing in infra. Public fin role at BB isn't so attractive compared to 2 and 3 in my opinion. What do you
17 Oct 2017
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 interview for the role of an analyst within a public finance banking team? Any thoughts would be appreciated, thank you....
16 Sep 2009
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
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 America and JP Morgan. For an interview you should know a bit about the following topics: Municipal bonds Yields from certified user @PEConsulting" get a good idea of the market and current trends, the differences in credits, you should probably know where the firm sits in the league table. Technically I
27 Jan 2013
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
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. Would probably like to wind up working for a hedge fund or possibly PE shop, but I'm not seeing too many opportunities right now. Any thoughts would be appreciated. Thanks
22 Jun 2012
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 (thanks to senioritis spilling over into freshman year) and I was lucky enough to get this internship after a bunch of cold calling. After researching about public finance, however, it seems that their exit opps aren't too bright for someone who wants to eventually join the buyside.
22 Jul 2014
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 greater between MM and BB. Not sure how bonuses vary? If anyone has insight on pay at analyst/associate levels or any other levels at MM or BB in public finance that would be great. Thanks!
15 Jan 2019
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 finance, traditional finance, and advisory i have a couple of higher education options (a top MSF in Europe) for which I already have my bags packed, and this is kind of a last second opportunity, so I just wanted to ask: 1) is this a viable opportunity? underwriting debt for hospitals doesn't seem too sexy, but at the same time, at least I'd be working as opposed to going to school (I really want to do BB though, obviously, which school can help achieve) 2) given the hybrid nature of the work, what sort of compensation can one expect? I know they work IB hours, (maybe slightly less, but still quite a few) but it does seem kind of public-financy, and I know comp isn't always great in public finance. your thoughts on this firm and also pub fin in general are appreciated
13 Mar 2010
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. What is the recruiting process for these funds like? Is it similar to that of standard PE firms? Are there opportunities for pre-MBA candidates? Will headhunters reach out to me, or will I have to network a lot? I really know nothing about this, and there's not as much info out there about it as
28 Dec 2010
I have an upcoming interview for a public finance position.. What type of technical questions will they ask? I've looked through the WSO and BIWS technical guide, but nothing specifically address technical questions regarding public finance. So anyone with some insight, can shed some light I would be very grateful..
04 May 2012
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
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 trying to decide how to get there. Many people on this forum favor the BB -> HF route over all others; however, I think that I may enjoy starting at a large AM and then seeing what happens. I worked at a Muni AM last year and therefore I could only get BB Public Finance roles. My best BB PubFin offer is from Barclays Public Finance. On the AM side, I can rejoin the small Muni AM shop in CT, or join AllianceBernstein's FI rotational program.
19 Feb 2015
They are recruiting for new public finance analysts. Has anyone heard of this firm and the type of work that they do? Where would you rank this firm compare to other boutiques or bulge bracket firms? Anybody know what they offer in terms of base and bonus compensation? Would you take an analyst position at this firm over a commercial real estate lending (at bulge bracket firm)?
03 Dec 2009
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 interested in it as it relates to workouts with a project finance component.
25 Feb 2016
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 which I've forgotten). There was even a Wikipedia page for him. I remember that he worked at a certain BB since the 1970s/80s and ended up forming his own firm. The article was on the website of the US-based boutique that he's currently running, and it was about how investment banking analysts can
01 Nov 2020
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 kind of comp estimates at ANY level that would be awesome. Comp on VP+ would be really useful because I don't think I've seen anything on here at that level. Any insight on hours would be great too. Thanks!
30 Oct 2016
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 are the best firms? Do any firms outside the BBs focus heavily in project finance? Are the hours/pay dramatically less than the BBs? I'm not so much interested in exit opps, as I hope to stay involved with energy/transportation infrastructure for some time. Would really appreciate anyone's insight.
13 Nov 2009
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 things is driving me out. I'm looking for something with more deal focus (opposed to pitching) and analytical. DCM seems like it would be the easiest transition with the least hours. But less modeling and more pitching. Project finance on the sponsor side is my top interest at this point. It seems
07 Feb 2020
Hi, How hard would be a lateral move from public finance analyst (muni underwriting) at a BB to a corp fin banking analyst at either BB or even MM ? Anyone with experience or know people who have done it, your input will be greatly appreciated!! Thanks
29 May 2011
If you had the choice between sales and trading at Nomura and public finance at Citi, which would you choose and why (same base salary & bonus)? And are the exit ops for public finance really as bad as everybody says? Thanks!
19 Oct 2011
I saw a couple posts about The PFM Group using the search function, but was wondering if anybody had any additional information about culture, hours, pay, etc.? I'm particularly interested in the NYC office as I recently applied for an opening there. Any information would be greatly appreciated.
22 Jul 2014