Hey all, I was wondering if anyone could give me any insight as to the differences between working at the treasury of a firm versus a large public agency. I have a short term opportunity in a position at the treasury of a large public sector agency that issues its own debt, and I was wondering how its basic treasury functions would differ from corporate. From what I already know, it’s got a very conservative investment policy, basically just trading cash equivalents and government bonds, so there wont be much diversity in terms of asset classes. Is this something that all company treasuries have, or is this just because they use the “public’s money”? As of right now, I’ll be working with risk management and debt management. In Risk- nothing exciting yet, no hedging that I know of - just operational insurance issues (deductibles, premiums, claims). In Debt - shadowing the the process of an upcoming bond sale. Working with underwriters and the law dept, etc. Basically, I’d like to know how much of this short term experience I can use towards the CFA, and more importantely, how transferable it would be towards future opportunities in PM/Asset management. I’m doing a rotation program, and this is the closest experience I’ve gotten to truer financial work/capital management in a public agency. The experience will be for 4 - 6 months, and I’m pretty sure once I’m there I can get a chance to be involved with other functions of the Treasury. Any advice of areas to look at?
anyone? I guess my basic question is just what differentiates the Treasury of a corporation from that of a public agency. If anyone can give me any insight, it would be great, as neither Google or AF’s searches have given me much to work with. Thanks!