Public Finance Blog

As we head into the final quarter of the year, rather than waxing philosophically, I’m going to share observations from both the candidate side, the hiring side, and the industry of public finance in general.  These are the inquiries I’m receiving regularly.

Talks Around The Industry Of Public Finance

First, the industry of public finance.  Even with the government shut down, our industry is the strongest I’ve seen in years.  The demand for tax-exempt financing across all sectors continues to remain strong.  The interest market that we are currently in, even with only one FED cut, has not been a deterrent to the bankers and bond counsel.  They have deals on the shelves that they are starting to dust off. Along with their current productions, they are being kept very busy. 

The Hiring Manager’s View

Within the industry of public finance, hiring managers want to hire, but take much longer to set up initial interviews to talk to the candidates.  They are being more selective than they have in the past to avoid any overlap or misjudgments of what a candidate can really do.  The hardest part when hiring a candidate from the manager’s perspective is to accomplish two things: get a candidate who fits with their culture and one who can truly do what they say they can do when it comes to ramping up and bringing over their current clients.  For bond counsels, this is indeed easier than for the bankers.  Why?  Because the bankers themselves cannot definitively say that they are their clients or the company’s clientele whom they currently work for (i.e., the “business card effect”). 

The Candidate’s Side

Candidates want to move; however, at this point in the year, they are getting hesitant as bonuses start to be in question.  If they are going to get a bonus, they want to stick around, especially knowing that no firm this late in the year is going to want to make them whole.  For those candidates who are expecting a bonus, they are staying put as they wait it out while knowing what disappointment may await them.  They are fearful of making a move as it could affect their total compensation for the year.  Those candidates who don’t expect a significant bonus are contemplating leaving the industry of public finance in general.  Their bonuses over the last couple of years have not met their expectation, and they are concerned about another poor bonus season.  Most institutional sales people who are looking all want to go to the buy side as their first priority.  Portfolio managers, traders, and underwriters know there are very few coveted positions, so they either stay in their current role or look outside of traditional banking positions.

These observations should motivate both candidate and manager that if the fit is right, business is definitely there.  There are very well-qualified companies as well as candidates out there, so don’t wait to hire or be hired!!

Conclusion

You don’t need a resume to chat with us! If you would like to discuss your options, please reach out for a confidential conversation at 760-477-1284 or email at harlan@hfriedmansearch.com. He can also be reached on LinkedIn. Harlan publishes a blog every Thursday here. Subscribe to our monthly newsletter here, which is a compilation of our weekly blogs, so you never miss one. We have also been mentioned in Forbes this year, click HERE to read more.  

About Harlan Friedman, JD & Founding Member, H. Friedman Search LLC. Harlan is a thirty-year veteran Public Finance Banker turned recruiter who specializes in the placement of all levels Public Finance Bankers, Healthcare Bankers, Municipal Advisors, Compliance Officers, Issuers, and Bond Counsels.