Centerview vs. PJT vs. Evercore

Centerview has been on some absolutely INSANE deals, more consistently than any other BB/EB. So if you want to work on mega deals, then that's the place to be....but TBH you CANNOT go wrong with any of the 3. I think PJT has better runway for Distressed / Special Situations opps given that it spun off of BX, but Evercore has great alum and has been rapidly growing over the last 4 years.

However, I also think Centerview is the most target-heavy/strict from a recruiting standpoint. NOT to say that the others don't have a rigorous process (PJT in particular actually probably has THE hardest interviews), but anecdotally, Evercore/PJT seem more willing to give unconventionals/non-targets at least a chance.

People overrate the "insane deals", at least from the junior perspective.

Honestly to be a bank on a mega merger you spend years kissing ass, creating countless ideas decks until one day they finally hand you the deal.

But even once you are on the deal, you have to co-advise with 3/4 other banks (which is not fun), everything you do is under intense scrutiny (due to the public nature of the deal), you have countless seemingly never-ending interlopers (see the Comcast/Disney/Fox deal), and at the end of the day a public mega merger is not really all that relevant to doing PE buyouts (which is what most juniors want to end up at).

Honestly I'd pick Evercore on this list if you want to go PE. They do the most work with sponsors and you'll get as much exposure as you'll want to the mega mergers.

From a selectivity/exits/work/prestige/culture/comp perspective, I'd say PJT and EVR are practically the same. EVR is a little bigger (in people and naturally, dealflow) but can't really go wrong with either.

All 3 are great. Centerview is a bit smaller than the other two firms, and comp is great there. EVR and PJT have better exits, but CVP still can exit well. Can't go wrong

Depends on which sector but in general, I'd rank it -

Evercore Centerview PJT

I'd say holistically (pay/exits/culture) for NY Evercore = PJT > Centerview. Recruiting your first year at Centerview is apparently heavily frowned upon so a lot of analysts don't do it which sets you back exit-wise relative to EVR/PJT. Something to consider as well is EVR's analyst class size, which causes more internal competition for staffings/buyside looks while I'd say PJT is probably a bit smaller in size and thus less competitive. Ultimately you can't go wrong with any of those three firms/Lazard/Moelis

.

Centerview definitely rocks you on the hours but the upside is that there is no face time and you are encouraged to go home as soon as your work wraps. Partners just expect you to show up with your game face on when necessary and it tends to be more often than most other shops because teams are lean and the deals tend to be major (average 2-3x the size of next shop). It's true that there isn't much sponsors work but there is enough to go around when you have about 70 analysts across the entire firm. You've got a 3 year program with about 50 (announced) deals per year plus about 15 more undisclosed (first hand knowledge). I believe you make nearly as much in your 2nd analyst year as an average associate at a bulge ($230-50k or so?) and even more as a third year so the thought about jumping to buyside shouldn't weigh much around compensation less a few elite shops that'd end up compensating you better. You just end up on that track a little sooner elsewhere if that's what you want. It's true that they do not support you recruiting out of your first year because it would imply you're breaking contract but they have lead partners meet with analysts to help review resumes ahead of recruiting in their second year (again first hand knowledge). You don't get demonized for wanting to go elsewhere in finance but the unspoken rule is you definitely shouldn't leave to go to lower mm fund in Timbuktu. The firm seems to value their network becoming more expansive in the highest echelon of finance but that's not the worst thing in the world. Pertaining to recruiting, it's very technical but there is a big emphasis on diversity and shift away from target-only recruiting that will likely start to yield results in the next few analyst classes. Historically, the firm has valued scrappy folks but the make up tends to lean heavy towards target schools for sure. Your exits between these banks won't vary too much but historically EVR and PJT tend to have more PEcentric exits. It's tough to measure because CV also has highest A to A retention by a mile (likely a lot due to comp) but also because the culture is very collaborative and you don't want to feel like you're an analyst / cog in a new place all over again (and not even get paid more for it). I'm yet to find out, but I think you have to end up prepping yourself for buyside interviews regardless of where you go and you'll have to sell yourself so we'll see how things shake out for each of the firms this recruiting season and maybe revisit this thread.

i worked at an elite boutique and i'd rank good group at evercore > centerview if you get on best deals > PJT > centerview if you get on not best deals > bad group at evercore. important to recognize that at evercore, you don't know what group you are in until like 6 months after your analyst stint. at centerview, almost everyone will be put an a mega-deal at some point so long as people generally like you, which will get you looks no matter where you go.

PJT doesn't do any deals, but they have a reputation that will last for at least a few more years from their association with blackstone. you won't get real work experience there, but you'll work with some great people. because you won't work on any deals anyway, it's the least variable of all the places to work - you get the extremely strong name brand regardless of what happens and the good recruiting opps no matter what.

Wow, names from the past.

So, I was early at Blackstone (funds 1 and 2, $500mm), partner at Lazard and early founder at Evercore. The real PJT (Paul Taubman and I) worked together for many years too.

First, I’m super dated in my perspectives... but...

1. Lazard was a tougher place in the 1990’s mainly but we had some of the very very past partners and it was individualistic. It’s become more mainstream now.

2. Evercore is a haven for top productive partners leaving bigger firms for more freedom and compensation. For a long time places like GS thought it was their brand name that brought business in - and they were mostly correct - but if you were confident and cocky you knew better. When the research scandals and dead weight started hitting comp top bankers left to join the Evercore’s. Greenhill was the first really but somehow never grew enough for the critical mass.

3. Paul Taubman is one of the smartest and nicest guys; if his personality is the firm culture of PJT it would be a great place to work. The Blackstone advisory business before it being spun out was irrelevant to Wall Street.

My advice is to go to the firm with the people you respect the most and imhas great deal flow. It’s a paid graduate degree. Don’t get hung up on prestige (if I had I never would have joined Blackstone back then or helped found Evercore).

If you live the work and are learning, things will work out. I once quit a form (Morgan Stanley to join Blackstone) over a $10,000 bonus difference as a VP; it was a matter of principle. It was a stupid decision no matter how well it worked out. Look further out.

Finally, try to start specializing in industry’s not products. Knowing more about your clients will allow you to play a more senior role. It will also man you have VPs and MDs that care about your career progress unlike the generalist pool.

Also, remember you only have so many lateral moves before people worry about hiring you. Don’t do one for just a small change in comp or situation.

Stay with we’ll known established firms or ones populated with top performers.

Once you go downstream for slightly more comp or a quicker title, it’s hard to go back to the more prestigious firms unless you have really proven yourself.

Everyone wants to take a 3rd year associate and make them a VP to join a no name place. The. Try to get back to the better known firms if that doesn’t work out.

Ok the firms mentioned above would no doubt be great places to work at.

My last work of advice is if you join a firm do so in their core area of expertise not a second tier practice within that firm. If they are known for advisory do that. If their are known for restructuring join that. There are many different reasons for this but I’m tired of typing!