Who would want to advise the government on how to finance its infrastructure projects? Great article, at least at the boutique I’m at, neither I nor any of the other analysts at our other regional offices had any pubfin background. We respect your privacy. Q: Yup, that makes a lot of sense. Discover How To Break Into Investment Banking, Hedge Funds or Private Equity. Regional Leaders. This can potentially be a way to get into public finance. When is it appropriate to send another e-mail or even call the firm? Morgan Stanley’s Public Finance Investment Banking group raises capital to fund projects for public sector entities and not-for-profit institutions. Thanks! Investment Banking & Capital Markets We have global expertise in market analysis and in advisory and capital-raising services for corporations, institutions and governments. We routinely serve as underwriters counsel in connection with bond issues across the Southeast. Thanks! By consulting firms, are you referring to “Financial Advisors” like PFM or PRAG? Also, as we’ll see in Part 2 of this interview, these entities use different accounting methods and might have different sets of financial statements for each fund (“fund accounting”) rather than the single set that a for-profit company would have. A: The best argument is to say that you’re interested in both finance and public policy, and that you’re therefore interested in public finance because you can work with issuers that will have an impact on society. To learn more about, Investment Banking Groups & Regions - Industry Groups, please click here to get my FREE 57-page investment banking recruiting guide - plus, get weekly updates so that you can break into investment banking, advising utilities and infrastructure companies on M&A. Finally, you should be aware of any recent legislation or policies that have caused demand or pricing for muni bonds to rise or fall. One unique topic you could receive questions on in interviews: public vs. private sector questions. Piper Sandler is a leading, international investment bank and institutional securities firm. Thanks again for this site and for the opportunity to learn more about my future career. We also had an MBA intern once, but I believe he found us through networking; I’m not sure how much public finance boutiques focus on business school recruiting. My experience has been in Retail and Private Banking and I want to cross over to the Public Finance division at my current bank or another. With our local expertise and distribution strength, we’ll help your community meet its financing needs. By Paul … There’s little negotiation work required because we don’t advise on M&A activity – only underwriting. Your situation calls for customized solutions, and we deliver. Thanks! You can use the same resume template(s) that we have elsewhere on the site, even for public finance. I was staring at a reader email from back when I started M&I, and I had no clue what he was asking about. Can you give me a few examples of these public finance firms so that I can look them up and see what I should be looking for in order to tell them apart from consulting groups. Adds Public Finance Investment Bankers to Expand Education-Related Financing in Texas Stephens Inc., an independent financial services firm, announced expansion of its K-12 public finance capabilities in Texas with the hiring of education experts Brian Garcia as senior vice president and Dr. Alfred Ray as vice president. role at times as well, especially those that work on middle/lower market deals. We focus on drafting the marketing materials and the prospectus for the issuer. Click below to see opportunities. Morgan's Public Finance Group is responsible for providing investment banking solutions for the complex financing needs of the firm's public sector clients throughout the Country. Public Finance Investment Banking Analyst Location IL - Chicago Business Area Public Finance Investment Banking Employment Type Full Time Apply Now. ... Island Capital’s focus is to provide its clients with a total solution to their corporate finance needs. Any more thoughts on how to line up an internship or full-time offer in public finance? Here are your shiny prizes for reading this one: Q: Why don’t you start off by telling us how you got into the industry? A: Sure. I came from a complete non-target school, and broke in by aggressively cold-calling boutique banks and other local firms – eventually I converted a trial internship into a full-time position. The national average salary for a Public Finance Investment Banking is $86,643 in United States. We also spend a lot of time analyzing how much debt a city or state has issued over the past several years and figuring out what they can issue going forward. When government, education, healthcare and senior living clients need to finance important projects, they turn to a national leader. Q: So before we move on: how do banks actually classify public finance in their organizations? Q: Wait, how is that difficult? Experience. Our public finance professionals specialize in state and local government, derivatives, education, healthcare, hospitality and senior living. Interesting to hear about those consulting firms that also work in this sector. The total cash compensation, which includes base, and annual incentives, can vary anywhere from $71,982 to $107,790 with … We offer multiple financing structures that allow issuers to efficiently access the marketplace in a responsible, creditworthy and cost-effective manner. Apply on company website. Thanks for the post! But they had a lot more work on the muni side over the next few years, so I ended up spending most of my time there. Public Finance Investment Banking & Commercial Banking. “Public Sector and Infrastructure” (PSI). I’d like to know how they convince countries to sign up for something that neither the IB firm nor the government understands! Finally, your “story” is important just like it is in any finance interview – you better have a good reason for saying that you want to be in public finance rather than corporate finance. If I get an internship there, would it be relatively easy to transfer into a more classic investment banking group since its already an industry group or would it still be hard to break into classic ibd? Senior bankers still spend time on relationship development with companies, but it’s definitely more about the RFP and the “bake-off” process here. I’ve been reading your site since sophomore year of high school and now that I’m a sophomore in college, I really appreciate this post, since my academic studies are in city planning and business. Do the same employees, on different deals of course, serve on the financial advisory side and the underwriting side in smaller banks? I’d imagine there’s fair amount of technical questions in project finance interviews. Issuers pretty much always have competitive processes where they ask for RFPs (Requests for Proposals) from us and they decide based on who has the best RFP and who can offer the best rates. We never tackle your transactions with a one-size-fits-all approach. So this firm actually did more than just public finance, and originally they brought me on with the intention of splitting my time between generalist investment banking work and municipal work. I am currently a part time MBA student that will graduate at the end of this year. Bernardi Securities is one of the Midwest’s most active underwriters. In some countries/regions, it might be combined with DCM. Investment Banking. Be sure to cover hat demonic deal that IB make with countries called debt swap. The base salary for Public Finance Investment Banking Analyst ranges from $68,619 to $97,282 with the average base salary of $80,911. Oppenheimer’s Public Finance Investment Banking professionals advise and raise capital for state and local governments, public agencies, private developers, non-profit organizations, and other borrowers. Members of the Public Finance team in the Corporate & Investment Bank get direct exposure to a fascinating and immensely important area of finance. Public Finance has been one of our most-requested topics, and for good reason: it’s close to impossible to find reliable information on it online. That also gives you a good chance to get to know the industry since it really is totally different from corporate finance – you don’t want to go in expecting one thing and getting something completely different. You must confirm the statement above and enter a valid email address to receive this free content. Infrastructure modeling: highly unlikely. It might come up if you’re interviewing with an infrastructure PE fund or a Project Finance group and they give you a case study, but you have about a 0.01% chance of getting questions on this in public finance interviews. This depends on the situation too. Meanwhile, someone else might argue that these services should remain public because the added expense of managing contractors outweighs any cost savings, and because it’s too hard to ensure quality and consistency with different providers. Public finance is the study of the role of the government in the economy. Depends on how big the firm is. Please refer to our full. And since our issuers are tax-exempt, make sure you know what “tax-equivalent yield” means and how to compare muni bonds with corporate bonds. So if we submit an RFP one week, we might get a call from the issuer on Monday requesting more information or more details. Q: OK, so it sounds like you spend a lot of time writing these proposals for governments and tax-exempt entities that want to issue bonds. Please refer to our full privacy policy. Seasoned bankers, quantitative expertise and strong distribution fuel Loop Capital's flagship business. In boutiques & smaller firms staffs may be involved in both advisory and underwriting; in larger banks & BB the two are most likely separate. I would actually look on LinkedIn for some good examples: http://www.linkedin.com/skills/skill/Public_Finance, http://www.linkedin.com/groups?gid=1616807&trk=skills. It has now been a week since they meet and 12 days since my interview. Hi M&I, A little off topic, but your website is awesome. Do investment banking recruiters or the M&I team think project finance career is worth it/good?If i have experience in project finance , like raising money for projects,studying capital structure,valuation, is it close to IB/Corporate finance? Professionals. So does it mean that project finance interviews won’t be that technical compare with an M&A interview in a BB bank? I’d then call if I don’t hear back from them. We guarantee 100% privacy. Q: Great, thanks for those tips. Here’s a good example of an official statement for a bond offering from New York City – skim through that and you can get a sense of what’s important when you’re financing state and local governments. We are one of the largest US Municipal Finance practices in the country, headquartered in New York with over 340 banking and sales professionals operating in 26 offices across 16 states. But you should review the basics and make sure you know going market rates for municipal bonds just to be safe. Public Finance Issuing municipal bonds in today’s complex market requires highly specialized investment banking services. And yes. Salary estimates are based on 4,225 salaries submitted anonymously to Glassdoor by Public Finance Investment Banking Analyst employees. They may ask you basic points like what impact interest rates have on bond prices (inverse correlation), but you are not likely to get advanced questions there. A: Most of the time it’s in the capital markets group of an investment bank. Case Study: GS & Greece! Salary estimates are based on 4,225 salaries submitted anonymously to Glassdoor by Public Finance Investment Banking employees. 2021 Summer Intern - Investment Banking - Public Finance. Hey! Piper Sandler & Co. is a leading public finance firm with investment bankers in local markets across the United States. You might point to previous experience in student governments, non-profits, or anything policy-related (even something like the debate team) to support this claim. Although admittedly I want to stab myself repeatedly and decapitate myself every time I hear “prestige.”, Your email address will not be published. Required fields are marked *. A: We specialize in advising and underwriting for tax-exempt entities – state and local governments, publicly-owned infrastructure and utilities companies, non-profits and educational institutions, and even non-profit hospitals (though the hospitals are more on the healthcare investment banking side). What is public finance?”. Q: Let me stop you right there for a minute – public finance is a pretty specialized area. Localized market knowledge. I went in for interviews there, spoke with a couple senior bankers, and eventually won an offer, which I accepted. I would look for something in corporate banking or some other lending/credit role (even credit rating agency jobs) and try to leverage that to move into Public Finance. A: Sure. Overview. What made you accept this offer so quickly and not consider other options? Public Finance Localized experience coupled with broad securities distribution. Don’t you need to know anything about infrastructure financial modeling or bond math? It sounds quite confusing. The actual underwriting process is more like an IPO or debt issuance: we work closely with the sales & trading team and they make the marketing calls, handle the roadshow, and so on. And I wasn’t too worried about becoming overly specialized since they had planned to put me in more of a generalist role at first. You can still get in with less experience than that, but most of the time you’d have to complete an internship here to have a good shot at winning a full-time offer. Effectively it becomes an “interview process” and we continue pitching them on why they should pick us to underwrite their debt. I think it should not be a difficult move; def a relatively easier move vs a move from BO/MO-> FO or S&T/PB -> IBD. The most common questions in interviews: tell me about yourself, describe the public finance industry, why do you want to be here, and why should we hire you. Yes, but I think the issue there is that they also do a lot of work that’s more similar to management consulting or operational consulting-type projects, which wouldn’t pay as well. I believe it does, but not sure of the details. Instead, we work with you to find financing that fits your needs. Thanks! What should you expect in interviews with these groups? Full-service investment banks offer a wide range of services that include underwriting, M&A, sales and trading, equity research, asset management, commercial banking, and retail banking. So be careful when you’re researching the firms you want to apply to. Browse 31,639 PUBLIC FINANCE INVESTMENT BANKING ANALYST Jobs ($57K-$138K) hiring now from companies with openings. How much does a Public Finance Investment Banking Analyst make in Philadelphia, PA? It is the branch of economics that assesses the government revenue and government expenditure of the public authorities and the adjustment of one or the other to achieve desirable effects and avoid undesirable ones. A: It can be really tough to find these specialized public finance firms, because it’s easy to confuse them with consulting firms in this space. Financial Modeling & Valuation: A Practical Guide to Investment Banking and Private Equity. Our Public Finance division investment bankers are based in Oklahoma City, Oklahoma, Houston and Richardson, Texas and Newport Beach, California. But moving on, let’s circle back to how it’s different from normal investment banking. You don’t need to memorize every detail, but you should have at least a sense of what’s going on in the market. Awesome article Brian. And just focus on the smaller firms that you see coming up in profiles there. Granted that one can convince them that there would be potential to get a few deals out of said municipality? Thanks for visiting! Thanks! News & Insights. Great article as always! Brian, I want to first say thank you for this site! Prior to joining the firm, Sharp was a managing director and leader of the special district group at … I am not 100% sure but I wouldn’t say so; it really depends on the bank and the interviewer. This is great stuff, thanks guys! There are a lot of “advisory” firms that do fee-based consulting work for government and tax-exempt clients rather than underwriting; it’s similar work, but you don’t get paid as much and it’s technically not even investment banking. Your email address will not be published. Wait for 3-4 days for their response. Most people want either generalist IB positions or more specialized positions, but not both. Q: I’m skeptical of what you just said, because I’ve heard reports of people getting more “unique” / technical questions in public finance interviews. Even if you’re out of school already, you can just propose a “trial internship” and reduce the risk for both parties. Unlike with corporate debt and M&A activity, all the information here is public so you have no reason not to know it in advance. We support our public finance platform with a strong primary and secondary trading effort. Because our public finance teams are experts in their sectors, we are able to effectively serve your organization and provide in-depth analysis of your market. Public finance is an exciting area of investment banking, where bankers work with a diverse group of public sector, nonprofit and developer clients. As for why I took this offer without interviewing around more extensively: I was speaking with a few other firms, but I thought it was a good offer and didn’t want to risk losing it by waiting too long. Stephens Inc. * Source Global Market Outlook 2021 Island Capital Advisors, Inc. is a investment banking firm based in Palm Beach, Florida and Nassau, Bahamas. Can you describe the trade-offs?”. Most analysts here come in with at least 1 year of experience, unless they interned here previously and converted that into a full-time offer. Just a brief email works. Investment Banking Public Finance ... Our public finance professionals specialize in state and local government, derivatives, education, healthcare, hospitality and senior living. PNC combines the size, scale and capabilities of a large national commercial and investment bank with the values and community focus of a Main Street bank. Piper Sandler is a leading, international investment bank and institutional securities firm. Are they biased toward undergraduates, MBA graduates, or those with more experience? location to see Public Finance Investment Banking salaries in your area. Great article, I noticed that Goldman Sachs is the only firm that puts their PSI group under their investment banking industry groups. A: It’s trickier than it sounds because the information is presented in confusing ways in their filings. In 2018, Piper Sandler was ranked the No. Brian DeChesare is the Founder of Mergers & Inquisitions and Breaking Into Wall Street. We’re going to delve more into what you do on the job in Part 2, but for now I wanted to switch gears and go into the recruiting process for public finance. Morgan Stanley puts it under “Sales & Trading” for some inexplicable reason, so there isn’t much consistency among banks. In addition, we provide M&A advisory services, valuation services, and capital sourcing, amongst others. But some banks (e.g. New York, NY 10005 (Financial District area) Loop Capital's Public Finance Division provides specialized banking practices in healthcare, housing, project finance and transportation as well as market,…. “Public Finance” is a confusing term because it encompasses several different areas, … Q: Great! Besides the usual analytical, teamwork, and burn-the-midnight-oil qualities, you also need to write well if you work in public finance because we spend so much time drafting proposals and writing long RFPs. It’s most similar to a debt capital markets group because we’re still underwriting bonds… only for different types of clients. Or are you referring to consulting firms that do non-transaction related advisory? Best Regards. As a former senior-level public finance investment banker for 25 years, I would be more than happy to answer questions from my point of view. Bond math: no, not in-depth. Thanks so much! Our Public Finance Investment Banking Group has assisted hundreds of clients in underwriting general obligation, lease rental, special assessment area & TIF, water/sewer, higher education, healthcare and other revenue bonds. Frank Fairman All of it is publicly accessible, but it’s not always simple to get the full picture just based on the documents. A: Sure. We respect your privacy. Filter by location to see Public Finance Investment Banking Analyst salaries in your area. Basically, do employees change roles depending on the deal or are the staffs of advisory and underwriting completely separate? Public finance investment banking services for municipalities and nonprofit entities. Coming up soon! Many firms do both, so his point was just to watch out what you’re applying for because you may not know what you’re getting into. It is a wonderful subset of investment banking, and well suited for people with a desire for a career in investment banking, but one which touches on public service at … The Investment Banking Division public finance group provides tax-exempt and taxable financing solutions for public and private not-for-profit clients. They might ask you something like, “Do you think a major city should provide its own sanitation services, or should they be privatized? A: My interviews were not terribly technical, but keep in mind that I was in a unique position – at the time I thought I would be doing a mix of normal investment banking and public finance work. So, let’s move into an average day in your life…. Unlike pitch books in investment banking, you don’t just get a big RFP occasionally and then move on; they keep flowing in month after month. *, * Source: Thomson Financial, by number of issues. The difference is that you’ll write about different deals and describe your experience a bit differently (more focus on the financing side). Whether you work with issuers or investors, you will have the opportunity to learn and make meaningful contributions. Representing local and regional banks, as well as major Wall Street investment banks, our services span due diligence, document preparation, negotiation and regulatory compliance. So they’re not much different from normal IB interviews – you just need to know more about what you do in public finance and how the industry works before you go in. A: Most boutiques in this sector want someone with at least 6 months to 1 year of experience. What percentage of your time is spent on that, and what else do you do? Interesting to hear about that, the interviewee didn’t mention a math test but then he already had ~1 year of experience so it was a bit different. Your information will not be shared. Filter by. So you went into public finance without knowing much about what you really do there – what do you actually do, and how is it different from normal investment banking? Other than that, the same strategies apply: ask for informational interviews, be super persistent, and always try to get an internship first even if you’re at the MBA-level or you have more experience. Island Capital’s focus is to provide its clients with a total solution to their corporate finance needs. I think it depends on the number of roles available, how you fit in, and your network. “Public Finance” is a confusing term because it encompasses several different areas, and some banks / groups focus on one area while others do everything: Project Finance is usually a separate group or a separate team, and so is Utilities & Infrastructure. Generally, boutique public finance firms want people with some industry experience. We are committed to participating in the communities we serve. 30+ days ago. Sharp brings over 21 years of public finance investment banking experience.

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