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. 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. 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 think it is.Will future IB recruiters look down upon such experience , no offence but sometimes Brians comments give me this feeling, I don’t think recruiters will look “down” on such experience. The base salary for Public Finance Investment Banking Analyst ranges from $68,619 to $97,282 with the average base salary of $80,911. One more question- is public private partnership interview structure the same way as project finance interview? When government, education, healthcare and senior living clients need to finance important projects, they turn to a national leader. 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 … Will you cover topics like compensation, lifestyle, prestige and exit opportunities (especially as compared to those aspects for a more traditional investment banking group)? 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. Goldman Sachs) just put it under their investment banking division and call it “Public Sector and Infrastructure” (PSI). 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. “Public Finance” is a confusing term because it encompasses several different areas, … Although admittedly I want to stab myself repeatedly and decapitate myself every time I hear “prestige.”, Your email address will not be published. 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. Any more thoughts on how to line up an internship or full-time offer in public finance? Thanks! *, * Source: Thomson Financial, by number of issues. We are committed to participating in the communities we serve. You don’t need to memorize every detail, but you should have at least a sense of what’s going on in the market. I recently interviewed for an internship (3/28) and I thought it went pretty well. Public Finance Investment Banking Analyst. 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. 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. Find your next job near you & 1-Click Apply! I think it depends on the number of roles available, how you fit in, and your network. Our Public Finance division investment bankers are based in Oklahoma City, Oklahoma, Houston and Richardson, Texas and Newport Beach, California. What made you accept this offer so quickly and not consider other options? Are they biased toward undergraduates, MBA graduates, or those with more experience? I don’t like to cover time-sensitive issues but he does address the future of the industry a bit. Investment Banking - Public Finance. So if we submit an RFP one week, we might get a call from the issuer on Monday requesting more information or more details. Awesome article Brian. Sharp brings over 21 years of public finance investment banking experience. 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. I am not 100% sure but I wouldn’t say so; it really depends on the bank and the interviewer. There’s little negotiation work required because we don’t advise on M&A activity – only underwriting. Please refer to our full. Head of Public Finance Services Infrastructure modeling: highly unlikely. When is it appropriate to send another e-mail or even call the firm? I worked at that bank for a while, but they wanted me to transfer to another office due to some changes at the top and I didn’t want to move far away. 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. Do you have any advice or recommend any of your courses to properly prepare to achieve my goal. Frank Fairman Q: Great, thanks for those tips. “Public finance? We have hired a few people straight out of school before, but most of them had had internship experience. A: Sure. In 2018, Piper Sandler was ranked the No. Morgan Stanley puts it under “Sales & Trading” for some inexplicable reason, so there isn’t much consistency among banks. This is great stuff, thanks guys! This website and our partners set cookies on your computer to improve our site and the ads you see. Thanks! 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. For the sanitation services example, you might argue that since many local governments are facing budget shortfalls and declining revenue, it makes sense to contract out the services; privatization might also improve their efficiency and result in better quality of service due to the competition between providers. Best Regards. Can’t you just look up the information by going through their filings? There’s no right or wrong answer; it’s really about your thought process and how well you explain your reasoning. 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. 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. Public finance is an exciting area of investment banking, where bankers work with a diverse group of public sector, nonprofit and developer clients. Bernardi Securities is one of the Midwest’s most active underwriters. We guarantee 100% privacy. We never tackle your transactions with a one-size-fits-all approach. What percentage of your time is spent on that, and what else do you do? Island Capital Advisors, Inc. is a investment banking firm based in Palm Beach, Florida and Nassau, Bahamas. I had a good friend who worked in public finance, so I sent my resume to him even though I didn’t know much about the industry at the time. 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. They might ask you something like, “Do you think a major city should provide its own sanitation services, or should they be privatized? In his spare time, he enjoys memorizing obscure Excel functions, editing resumes, obsessing over TV shows, traveling like a drug dealer, and defeating Sauron. I’d then call if I don’t hear back from them. I went in for interviews there, spoke with a couple senior bankers, and eventually won an offer, which I accepted. Browse 31,639 PUBLIC FINANCE INVESTMENT BANKING ANALYST Jobs ($57K-$138K) hiring now from companies with openings. News & Insights. Q: Let me stop you right there for a minute – public finance is a pretty specialized area. So be careful when you’re researching the firms you want to apply to. The group plans financial strategies and structures tax-exempt and taxable offerings along with derivative solutions to meet the needs of wide variety of important public organizations. Your information will not be shared. So you mentioned above some different points that you might want to know about for public finance interviews – where can you find more information on going market rates and recent issuances? 377 Public Finance Investment Banking Analyst jobs available on Indeed.com. 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? 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. 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. Great article as always! Public Finance Investment Banking Analyst Piper Sandler Chicago, IL 4 weeks ago 132 applicants. location to see Public Finance Investment Banking salaries in your area. Coming up soon! 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. And just focus on the smaller firms that you see coming up in profiles there. Prior to joining the firm, Sharp was a managing director and leader of the special district group at … We focus on drafting the marketing materials and the prospectus for the issuer. Your email address will not be published. The difference is that you’ll write about different deals and describe your experience a bit differently (more focus on the financing side). 30+ days ago. The total cash compensation, which includes base, and annual incentives, can vary anywhere from $71,982 to $107,790 with … “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. A: It’s trickier than it sounds because the information is presented in confusing ways in their filings. But moving on, let’s circle back to how it’s different from normal investment banking. 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