Evercore vs. Centerview vs. Lazard
All are obviously amazing options. However, heard that CVP’s deal flow plummeted recently after they were on a tear. Thoughts on where to go?
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Thank you, that’s very helpful! One of my friend’s roommate is an analyst at CVP and has said that (obviously won’t elaborate more to preserve his anonymity). I personally really loved my conversation with the Evercore people, but interviews aren’t all that helpful given everyone is always in their sales mode
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CVP is the top EB in publicly announced fees for Q1 2021, per Dealogic, even slightly edging Evercore. They also had a record 2020. You’re grossly misinformed.
That is a wildly hot (read: inaccurate) take on Centerview's deal flow. My roommate works there and has been grinding, and they are bringing everyone back into the office in June as a result. A good number of CVP's deals also don't get publicly announced (I know first hand of several large transactions where they were involved), so public information is not the best source.
As for the main point of this topic, I'd say CVP = EVR > LAZ in this case. With the deciding factor between CVP and EVR being whether you are willing to do the third year. Both CVP and EVR will give you any exit you could want, but if you want to get to the buyside as fast as possible, the 2-year path at EVR might make the most sense. If you are interested in the buyside but are willing to put in another year in banking (while getting paid on par with PE associates), hard to beat CVP.
How does a deal not get announced? Is it because 2 private companies? What size/types of transactions are these (outside of out of court resizing capital structure)
The deals themselves get announced but the press release doesn't explicitly mention advisors. Large corporations for whatever reason are very finnicky about their PR image.
Gonna be at Evercore this summer and had an offer from Lazard. Unless you're interested in getting placed in Lazard RX, which I believe is better than Evercore's, the choice should be between Centerview and Evercore given comps and culture (I felt I made the right decision after seeing nothing substantial was discussed Lazard's recent townhall).
If you want a career in banking, Centerview takes the cake, but otherwise, Evercore should provide better opportunities for the buy-side (supportive for recruiting).
I'd say go to Evercore for better PE exits, but CVP if you plan to stay in banking. Laz really shouldn't be considered in this case unless it's RX
As others have said, I would nix Lazard and decide between EVR and CVP. Really comes down to culture and and if you’re willing to stay on for three years. If the thought of staying 3 years doesn’t turn you off, I would go to CVP personally. On par with EVR for prestige and scale of transactions, but has a stronger emphasis on mentorship and actually viewing junior bankers as team members that are worth investing time in (this might seem like a crazy concept, but a lot of places just treat juniors like a resource and don’t take the time to bring you into the deal process or actually explain the rationale behind what’s happening).
As far as deal flow, I find this pretty hard to believe. I don’t work there, but have seen them across the table on many major transactions. They have a lot of rainmakers... CVP staffs on an “account” based model I believe, so your friend’s accounts probably just aren’t very active right now (essentially as an analyst you cover client XYZ, so whenever there is a deal or meeting for client XYZ, you are responsible for it. This is nice because you can really get to see the lifecycle of the client relationship and develop a deep understanding of their business, but can lead to some weeks being brutal and other weeks light).
That’s very helpful, thank you! I thought Evercore uses the exact same staffing model?
Confirming this.
Would love more understanding on this as CVP’s account system seems identical but when discussing with bankers at both firms about it my intuition pulls me to think that it’s slightly different.
Do you take on more one-off requests as part of “strategic advisory”? Maybe CVP sells it better but their emphasis on it leads me to believe perhaps they’re more involved on accounts outside of the deal than EVR.
Would love more color on this!
Current analyst at CVP, literally every single team I’m on everyone is soooo slammed. I wish deal flow would slow a bit lol, would be really nice. Whoever told you that was either completely wrong or messing with you.
I've been trying to lateral there! Any advice about going about that? I heard from SG that you guys don't recruit first years in the NY office but given increased deal flow, maybe it changed?
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