Evercore RX vs. BX Credit

I am in a very fortunate spot to be deciding between these two for my junior summer. My goal is to go to a MF or highly ranked HF. I also want to get the best training possible in modeling/other skills. I don't have a preference between buy-side/sell-side for my first year out of college.

For context, I am at HYPW with a very good GPA so should be getting emails from headhunters wherever I go. I also know the people that are going to Evercore in my year and the years above, so would be working with friends.

Any insights would be appreciated. Thank you!

 

Don’t really know just wanted to say congrats. Freaking awesome.

 

Calling BX credit just „solid“ is fkin ridiculous.

 

You can exit from BX credit to PE. Maybe not a MF fund but UMM is possible (I did the same, switched from credit to UMM PE). The brand of BX will get you really far.

 

Is your superday for Credit or Insurance or ABF? They’re all very different.

 

You'll be surprised when you see that even top analysts from top M&A / RX groups might not make it to a top MF like BX, in both credit or equity. Recruiting involves factors like luck, timing, and even having the right diversity mix. You will be competing against top BB / EB candidates for the already limited number of spots for associate recruiting. The difference in "caliber" between competitive banks is truly so marginal, and recruiters know this is banking, not rocket science. If kids were really that smart they would not be bankers. MFs are also using their SA programs to snag the top talent early, shrinking the buyside funnel further. For optionality, sure, banking preserves that as a safer route. But you will have to accept that you might not be able to land a shop like BX again, which is a personal question you need to answer.
 

And get out of the echo chamber. Some of my smartest friends went the credit route because they enjoyed financial engineering, and they're getting paid just as well, with visibility for promotion. Some partners in credit in my network make 1.5x-2.0x the comp of their equity counterparts including carry. My other friends who elected for MF PE are now recruiting to move down to UMM or LMM shops or go to business school because they are getting squeezed out. There's no cookie-cutter path to success, you will make similar amounts in any of these career paths, you will have strong names behind you, and most importantly, nobody truly cares at the end of the day what you do for work, so you should care about what you do. If you have an interest in learning the credit space, and you are adamant about working at a BX / KKR-caliber name, take the BX offer. BX credit is one of the best seats in finance. Everyone, including headhunters and recruiters, know that top talent usually forgoes banking to go straight to the buyside. The typical BB / EB > buyside path is a dime a dozen. If you're not at all interested in credit, take the EVR offer. It's a great shop, you'll get good training, and most of my friends who did their analyst years there ended up at respectable buyside shops.

 

You'll be surprised when you see that even top analysts from top M&A / RX groups might not make it to a top MF like BX, in both credit or equity. Recruiting involves factors like luck, timing, and even having the right diversity mix. You will be competing against top BB / EB candidates for the already limited number of spots for associate recruiting. The difference in "caliber" between competitive banks is truly so marginal, and recruiters know this is banking, not rocket science. If kids were really that smart they would not be bankers. MFs are also using their SA programs to snag the top talent early, shrinking the buyside funnel further. For optionality, sure, banking preserves that as a safer route. But you will have to accept that you might not be able to land a shop like BX again, which is a personal question you need to answer.
 

And get out of the echo chamber. Some of my smartest friends went the credit route because they enjoyed financial engineering, and they're getting paid just as well, with visibility for promotion. Some partners in credit in my network make 1.5x-2.0x the comp of their equity counterparts including carry. My other friends who elected for MF PE are now recruiting to move down to UMM or LMM shops or go to business school because they are getting squeezed out. There's no cookie-cutter path to success, you will make similar amounts in any of these career paths, you will have strong names behind you, and most importantly, nobody truly cares at the end of the day what you do for work, so you should care about what you do. If you have an interest in learning the credit space, and you are adamant about working at a BX / KKR-caliber name, take the BX offer. BX credit is one of the best seats in finance. Everyone, including headhunters and recruiters, know that top talent usually forgoes banking to go straight to the buyside. The typical BB / EB > buyside path is a dime a dozen. If you're not at all interested in credit, take the EVR offer. It's a great shop, you'll get good training, and most of my friends who did their analyst years there ended up at respectable buyside shops.

If you can't make it into MF PC out of the EVR RX analyst program, the ability to move up at BX Credit without getting counselled out / fired is going to be extremely difficult.  EVR RX analysts if they want them can get shots on goal at all of the MF direct lenders both on / off cycle and if verbal presentation / deal presentation / technical screens aren't up to snuff its going to be difficult to get the associate, senior associate, VP, etc. promotes at BX credit. This would be a different comparison if it was against one of the weaker RX analyst programs like a Miller Buckfire, GLC, TRS, etc. where you get significantly less interview opportunities. 

The benefit of going to EVR RX is that there are significantly more shots on goal to top credit / equity HFs + MF PE + UMM PE + top SS groups that will be much more difficult to recruit from BX Credit. I used to work at one of the $20b+ distressed / event platforms and unless they were referred in we wouldn't consider a BX direct lending analyst. Also FWIW KKR has a good credit rep and obviously a top-tier PE rep but there are quite a few MF credit shops I'd rather be over there (Ares, Apollo, BX, HPS, Blue Owl, Angelo Gordon) given performance issues and lack of differentiation.   

 

Don’t necessarily disagree with your points, which is why I mentioned EVR will preserve optionality. But still think it holds that getting a shot on goal at BX is important but not rare considering most analysts at a top BB / EB will get those shots as well. A SA requires converting but will be a more surefire way to land at a top MF name. I think it depends on what OP is prioritizing at this stage. If you are interested in whatever MF buyside role you are looking at, there’s really no point joining the masses to rerecruit and go through 2-3 years of banking to end up at the same spot with the right stroke of luck. Everyone specializes at some point, although I do recognize optionality is important for people who don’t know what they want to pursue.

Regarding BX / KKR, I meant they are the top MF platforms, not necessarily just within credit. Apollo can be thrown in there ofc.

 

Was in a very similar position and decided to go EB RX. Would strongly recommend it.

The issue is that when you try to make the next move...people are unsure what your skillset is from the credit position. The safer option for a PE firm / HF is the banking analyst since you know what you are getting training-wise. Not to mention, headhunters will have a conflict of interest if they represent BXC and are just accustomed to targeting top banking analysts.

From EVR RX, you will have every opportunity available to you: MF PE, HFs, MF PC (although maybe not BXC lol), etc. Although you would still get a great experience at BXC, you unfortunately will not have as much optionality (at least not as much as you might originally think coming from such a great firm).

 

You are correct. Teams are split into either private credit or public credit. Public side is CLO focused. They merged the former public CLO (performing credit) team and the opportunistic credit teams into one public credit team. However, that was more the result of them not raising another distressed credit fund (capital solutions) so the combined teams focuses on performing credit. Could potentially change if they raise distressed capital (in which case the merged public team would handle everything) but Blackstone is so big, it's not worth the reputational risk to chase ugly public distressed situations. 

 

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