Keep hearing about CVP having this 3 year commitment. What exactly does this commitment entail? I hear some saying that people leave after 2 years to go to PE, despite the commitment. How does this work?
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They take back your $50K signing bonus
Oh okay, so if you stay the three years, you get the 50k, but if you leave after 2 years, you don't get it?
Maybe someone at CVP can answer, but I believe they give the $50K right before your start your first-year. If you leave before the three-year mark, they clawback pre-tax $35K, so it's a significant chunk. The flip-side is that excluding the bonus, your starting salary there is $180K for first-year and very comfortably exceeds the $200K+ range (think $230K/$240K) as a second/third analyst, so you might still end up making more than your friends at other banks even despite the clawback. Not sure what other banks have 3-year analyst programs, but seems well-worth doing it at CVP for the extra reps and you'd probably make more there in your third year than anywhere else, save Apollo (which btw requires you to shave off a few years from your life expectancy).
I anecdotally also heard of buyside funds covering the clawbacks for analysts that leave 3-year programs early but not too sure about that.
Close source tells me this - should be ~90-100% accurate.
It's a 3 year analyst program with a $50k sign on. People have gotten PE offers and left after 2 years (return full $50k). People have left for PE after 2.5 years (I think return $25k, or 50% of $50k). It's a firm that prefers and wants their analysts to stay on long-term (all their incoming and summer analyst classes are taught by actual practitioners, not TTS or Moodys, etc. they have speaker/lunch sessions with Bob Rubin and other top partner professionals), but it's not viewed as a negative to see them leave.
That all said, CVP analysts make top of the street, pre-GFC money (adjusted for inflation) and all their exits are excellent. Experienced analysts will clear ~$200k/year plus. In some years analysts choose to stay on as associates because they actually want to stay on as associates (might be a foreign concept to the children of WSO). Their culture, strategic advisory business model (strategy+transactional), firm leadership, etc. all speak for themselves - it's no wonder they were #1 in Vault this year.
Top bucket experienced ASSOCIATES will make $350-450k/year all in - that's Director/MD money at some bulge brackets right there.
CVP is also a great option for career banking. Wouldn’t mind just working there lol. The pay is insane.
Interesting to see that Centerview actually takes a lot of junior laterals (analysts and associates). Why is that so? It doesn’t seem to make sense given everything else about the place
The bank seems to be in heavy growth mode as they poach more senior bankers from other firms (new offices in Paris, presence in Chicago, etc.), so they probably need more bodies at the moment. Correct me if I'm wrong, but I looked on Linkedin and it seems the majority of the laterals are in the West Coast offices which they've been particularly focused on growing. In any case, their growth is the reason why their SA class even has now expanded to 35ish.
so theoretically if you did PE after Centerview, what would exits be like?
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