Best shop for RX: PJT vs HL? Got both offers
I feel like there is no consensus about the top RX group of the world. I lean for HL because it has been here longer. I have offers from both. What do you monkeys think?
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I have heard this too, but I have also heard this is not reflective of the current reality. I currently don’t have any preference between debtor or creditor. I am just looking for a better overall experience.
HLHZ for volume, PJT for size.
HL acc does a lot of debtor work (e.g. chinese RE companies (evergrande, modern land), seadrill etc.)
hl is probably around 55/45 creditor debtr, and pjt vice versa
Associate offer?
Won't answer this to remain anonymous
Copying from another post, but this is spot one. Assuming this is for NY, they are both excellent, pick the one you like the people the most, that’s where you’ll succeed
The reality is that when students compare different offers, they are not looking for a shop that leads league table, rather for a great analyst experience and most people consider PJT/HL RX better than Moelis for a variety of reasons:
1. Exits: PJT/HL RX (especially PJT because of their 2-year program) are two of the groups with the best exits on the street. Considering their class size, their placement is ridiculous. For selection bias, most people will aim for distressed/credit arm exits but MF PE is also very double (Houlihan has sent one to APO PE for a few years now)
2. Culture/Hours: I do not work at PJT/HL, but those two have the reputation of having a very good culture and not insane hours. People there are extremely sharp and there is no facetime culture. Let's just say that Moelis is behind on this point.
3. Group selection: you could not recruit specifically for RX at Moelis until this year (believe they have split recruiting starting next year) while you could for the others two. Kids interested in RX would have no reason to do a generalist program rather than one in which they would be certain to have a RX experience. Lazard is an amazing RX platform as well, but because of its generalist program, it is not the goal of most top students interested in RX because of group placement risk.
4. Class size/Reputation: PJT and HL have a 10ish class size and they are extremely selective when recruiting. If you are not at W/H, or part of Global Platinum Securities getting an offer will take insane skills/prep and definitely some luck. I think their small size gives college students an idea of a high reputation that is not comparable to Moelis given their much larger class.
In reality, the experience at the best RXshops (PJT, HL, EVR, LAZ, Moelis) on the job is very similar, but college students (the very few who can pick among these groups) have their reasons to decide what is best.
Agree, there are no bad decisions here and congrats on getting both offer
How hard is it to lateral from tier 2 RX places like GHL/Roth/Gugg
How about you just work wherever you like the people better lol both are top tier spots
HL is known to be a volume shop, I would imagine PJT has the better lifestyle. Know nothing about either RX group and I'm also high af right now though. Kinda just wanted the free banana that comes with posting. Nom nom nom mmmmm that's a tasty free banana
Ewh wait that's not bannnana itMs monkey shit WHY HAVE U DONE THIS 2 ME
A small point that is mostly splitting hairs although worth noting is that HL has RX offices all over the US as well as internationally while PJT sits exclusively out of NY and London.
To the degree that you want to stay long-term, you’d be “stuck” to those two locations with PJT vs likely have more freedom to sit out of anywhere you want in the US (HL has RX in NY, LA, CHI, MPLS, and Dallas afaik)
Also forgot to mention that HL prides itself on its internal promotion tendencies, which iirc is something way above industry average at like 60%+ for MDs. Again, only relevant if you want to stay
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