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SA or FT? Which group would you be placed in at each of the bank (if you know at all)?
Sorry, should have clarified!
All 2019 SA. Analysts are generalists @ PJT. No idea about placement at the BBs at this point.
Do you want to do RX? Would you generally want to work in a smaller teams and have more senior exposure + superior compensation? Then you might be best advised to go with PJT.
If you care more about prestige, deal flow, exit opps, etc., then, at least in London, based on my personal impression, nothing beats GS/MS/JPM (in that order).
I don’t agree on prestige and exit ops
As I said, it is just my personal opinion, I don't claim to be right. However, it may be noted that there are still quite a few funds that almost exclusively hire from GS/MS/JPM.
You might be a bit too biased here.
Also interested about this!
I'm currently leaning towards PJT because:
1) You are a generalist AND you do restructuring which is amazing in terms of learning experience (knowledge of many industries + more technical RX)
2) More exposure to senior ppl and clients, more responsibilities, teams are very lean (you don't have 5 analysts working on a deal)
3) Deal flow is picking up, from what I've heard analysts spend very little time pitching (there is another trend where someone compared the #deals/heads and it's actually on-par/higher than at other firms)
4) Culture sounds amazing, people are great, it's super collaborative, there is no facing time. It's essentially an advisory of the 21st century where they try to get rid of all the inefficiencies of BB (60 pages pitch books that will end up in the trash) + comp is top of the street which compensate for the risk of the firm being young
Also I like the fact that it's a young firm you will grow with if you join. Obviously, you don't have the name of GS etc. (yet) so it can be tempting to go with the "safer" option, but I think the work there can be much more interesting and exit ops (if that's what interest you) are as good (I've heard they will literally help you lend the best buy-side role if that's what you want).
A final note, I've met people who've moved from BB to PJT as associates, but can't find anyone who did the opposite so that should be a good indication. I think a lot of ppl are tempted to go to BBs partly because it's good for their ego (including me), which is fair, but I don't think this should be the bigger factor in a decision. (Also GS/MS/JP are obviously amazing firms where you'll learn a lot, I'm just stating IMO what are the pros of PJT)
Spot on man. These are my exact thoughts. Only reason I can think of going with the BBs are brand reasons and for my ego (I’m a little disappointed in myself about how much this is turning out to matter to me...).
Anyways, thanks for the input. Greatly appreciate it.
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