2025 Summer Analyst – Municipal Products Group (Global Markets)

Campus Program
New York, NY
February 5, 2024

Campus Role Type
Internship/Co-Op and Summer Opportunities

Start Date




Pay Range

$24.00 – $38.75 hourly

Department Overview

At TD Securities, the Municipal Products Group (comprised of Public Finance Banking and Municipal Sales & Trading) function within Global Markets is an integral part of the full suite of services we provide. The team covers all sectors within the municipal finance space such as state and local governments, infrastructure, power and utilities, higher education, housing, not-for-profit health care and transportation and assists clients in analyzing and issuing various offerings of municipal securities. Following training, this unique program provides summer analysts with two rotations spanning approximately 4 weeks each with the banking and sales and trading teams.

Job Details

The Municipal Products Group team interacts frequently with other areas of the Bank, including: Debt Capital Markets, Credit Management, Market Risk Solutions, Sustainable Finance, Corporate and Investment Banking, and Global & US Fixed Income Sales and Trading.

At TD Securities, you will learn the capital markets business and gain a competitive advantage of your own. You will be exposed to a wide variety of clients, industries, financing structures, and products. You will also work in a team environment, honing the skills necessary to be successful in the financial services industry.

Summer Analysts will work with seasoned Public Finance bankers and Municipal Sales & Trading professionals and will acquire the knowledge and skills necessary to become a Full Time Analyst in the municipal finance space. Summer Analysts will be part of the broader Global Markets business allowing for cross-functional experience and interaction with market participants, including our issuer clients.

In this capacity you will:
• Provide analytical, research, and transactional support to the Public Finance team, while assisting in the preparation of cash flow modeling and other financial analysis in connection with potential or live capital markets financings. You will also assist bankers in the preparation of proposals and pitch books for prospective and current clients detailing firm capabilities and financing solutions.
• Gain exposure to the sales and trading of municipal securities and new issue underwriting. Learn how to price municipal bonds and how to hedge and manage risk. Develop an understanding of the various market participants (dealers, customers, brokers, etc.) and how to effectively communicate and engage with them.
• Work closely with Public Finance bankers and Municipal Sales & Trading professionals to ensure that each proposed or live transaction receives the appropriate underwriting approvals and execution under TD Securities’ approved procedures and all related documentation as required to meet or exceed regulatory standards.
• Work with issuer clients to help them achieve sustainable finance goals, including financing various designated “Green” and/or “Social” capital projects.
• Have the ability to take ownership on assigned tasks and projects, managing assignments through successful completion.
• Develop and promote a business model which focuses on strong partnering with executive management of the firm and with relationship managers of TD Bank N.A. to enhance TD Securities’ profile and market share of Municipal Products business across the U.S.
• Stay fully informed on market data and trends, economic information, and key industry developments as well as regulatory standards. You will also learn to develop and maintain relationships with market participants including lawyers, financial advisors and issuing clients.

Job Requirements

  • Must be eligible for employment under regulatory standards applicable to the position.
  • You must be work authorized in the United States without the need for employer sponsorship.


• Graduation date between December 2025 to June 2026 (undergraduate degree)
• All majors welcome, but significant coursework in a business-related field is required
• Strong financial/analytical skills, knowledge of MS Excel preferred
• Well-organized and detail oriented
• Ability to work under pressure with tight deadlines and establish priorities with minimal supervision
• Compelling interest in and knowledge of the financial markets, particularly in municipal finance
• Proactive and highly motivated
• Excellent verbal and written communication abilities
• Strong problem-solving and multi-tasking skills
• Successful candidates must have the capacity to become adept at financial modeling
• Able to work effectively in a team environment and independently
• Demonstrated leadership (i.e. sports, clubs, extracurricular activities and philanthropy, etc.)

Company Overview

Our Values
At TD, we’re guided by our purpose to enrich the lives of our customers, communities and colleagues, and share a set of values that shape our culture and behaviors. In exchange for how our colleagues show up to help TD succeed, we are committed to delivering a colleague experience grounded in Impact, Growth and a Culture of Care. No matter where you work across TD, we empower you to make an impact at work and in your community, explore and grow your career, and be part of our caring and inclusive culture.

Making Your Well-being a Priority
A caring and supportive culture that promotes colleague well-being is core to who we are. At TD, we focus on total well-being with extensive programs to help colleagues assess, manage, and improve their well-being across four core pillars — physical, financial, social and mental/emotional. In addition, we champion a safe and inclusive work environment, so colleagues feel a sense of belonging and feel supported in their personal and professional growth. Through our focus on well-being, we know that we can help our colleagues thrive, contribute to our culture of care, and support better business outcomes, because when colleagues feel their best, they’re more likely to do their best.

Our Total Rewards Package
Our Total Rewards package reflects the investments we make in our colleagues to help them and their families achieve their financial, physical and mental well-being goals. Total Rewards at TD includes base salary and variable compensation/incentive awards (e.g., eligibility for cash and/or equity incentive awards, generally through participation in an incentive plan) and several other key plans such as health and well-being benefits, savings and retirement programs, paid time off (including Vacation PTO, Flex PTO, and Holiday PTO), banking benefits and discounts, career development, and reward and recognition.

How We Work
At TD, we believe in-person connections fuel collaboration and collective creativity. Our workplace experience empowers colleagues to do great work side-by-side at TD locations, while offering flexibility to work remotely where it makes sense for the work and team. Our teams work in one of three workplace models: hybrid, onsite and primarily remote. Wherever our colleagues are working, they’ll always have access to the TD community to experience our culture of care.

Who We Are
TD Securities offers a wide range of capital markets products and services to corporate, government, and institutional clients who choose us for our innovation, execution, and experience. With more than 6,500 professionals operating out of 40 cities across the globe, we help clients meet their needs today and prepare for tomorrow. Our services include underwriting and distributing new issues, providing trusted advice and industry-leading insight, extending access to global markets, and delivering integrated transaction banking solutions. In 2023, we acquired Cowen Inc., offering our clients access to a premier U.S. equities business and highly-diverse equity research franchise, while growing our strong, diversified investment bank. We are growth-oriented, people-focused, and community-minded. As a team, we work to deliver value for our clients every day.


Our Commitment to Diversity, Equity, and Inclusion
At TD, we’re committed to fostering an environment where all colleagues are encouraged to bring their authentic selves to work, experience equitable opportunities, and feel respected and supported. We’re dedicated to building an inclusive workforce that reflects the diversity of the customers and the communities in which we live and serve.

EOE/Minorities/Females/Veterans/Individuals with Disabilities/Sexual Orientation/Gender Identity.

If you are a candidate with a disability and need accommodations to complete the application process, email the TD Bank US Workplace Accommodations Program at USWAPTDO@td.com. Include your full name, best way to reach you, and the accommodation needed to assist you with the application process.

How We’re Helping Make an Impact in Communities
TD has a long-standing commitment to help drive progress towards a more inclusive and sustainable future. That’s why we launched the TD Ready Commitment in 2018, now a multi-year North American initiative. Under the TD Ready Commitment, we are targeting a total of $1 billion by 2030 in community giving across four key, interconnected drivers of change: Financial Security, Vibrant Planet, Connected Communities, and Better Health. It’s our goal to help support change, nurture progress, and contribute to making the world a better, more inclusive place for our customers, colleagues, and communities.

We look forward to hearing from you!