Municipal Finance Fellowship Program

MUNICIPAL FINANCE FELLOWSHIP PROGRAM

New York State Homes and Community Renewal (HCR) established the Municipal Finance Fellowship program in 1990. The Fellowship offers a year-long, full-time opportunity to gain professional experience in the public finance investment banking industry. Beginning in July of each year, HCR offers up to 4 Fellowships annually to students with interest in pursuing careers in finance and the public sector. The program strives to create a more inclusive and diverse workforce in the financial services industry. 

Program Description

Fellows will participate in a one-year public finance rotational program, where they will spend six months with HCR and six months with a partnering investment banking firm. Current investment banking partners include Barclays, Morgan Stanley, Samuel A. Ramirez & Co., and Wells Fargo.

At HCR, Fellows will be deeply involved with single-family and multi-family bond financings, real estate finance, and mortgage insurance. At the investment banking firms, Fellows will be immersed in the public-finance investment banking arena. Fellows will receive a compensation package with benefits.

Responsibilities may include: 

HCR

·    Reviewing cash flows for new money issues and refunding

·    Preparing presentations to rating agencies and Board Members

·    Participating in bond pricing calls

·    Analyzing retail & institutional orders and allocations

·    Evaluating developer proposals for affordable housing developments

Investment Bank 

·    Participating in the analyst training program

·    Preparing RFP responses, presentations, and pitchbooks for potential clients

·    Gathering market data to analyze trends, value, and price transactions

·    Attending bond pricing calls and sales meetings

·    Creating debt structures for bond issuers

Eligibility

·    The program is open to undergraduate students receiving a Bachelor's degree in May/June of the applying year/Winter graduates of the prior year with a Bachelor's degree.

·    Applicant must be a resident of New York State and a permanent resident of the United States.

·  The program is designed for students who are members of historically under-represented groups in the financial services industry.

Application Materials and Deadline

·    The application deadline is April 21, 2024

·   Cover letter – include a narrative on our ethnic, racial, cultural, familial, economic and/or other biographical factors as they have impacted your life and accomplishments

·    Resume

·    List three references with contact information

·    Unofficial college transcript

·    Send all materials and questions to municipalfellowship@hcr.ny.gov.