Does anyone know how exits have been in past 1-2 cycles at Evercore and Moelis? Curious to hear whether the significantly expanded analyst sizes (esp. at EVR) has affected buyside placement at all.
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I have no data specifically on EVR and Moelis, but there's no doubt that expanded analyst classes will definitely have an impact on buyside placement. Let's be generous and say PE is a mature industry so it takes the same number of associates every year from a pool of IBD analysts. When banks increase their analyst class sizes, it increase the pool of candidates fighting over a stable number of positions so placement from a % point of view will go down, it's inevitable.
Now, whether junior bankers at firms that have already expended their classes will be specifically affected (due to lower transaction exposure, perceived lower quality, etc) is another question, but I don't think recruiting team at PE firms actually thought that far out and processed that into their hiring decision. PE recruiting is done so early nowadays that transaction experience is overvalued by this board IMO (whether you closed a deal 6-7 months into your analyst stint is more down to luck than anything) so I wouldn't worry about this too much.
Without giving examples on the past class or two at MoCo/EVR, there is definitely a bigger variance in placement for the most recent classes. However, the top analysts from the past two classes at these banks have still gotten great exits. Impossible to separate the effects of an increased focus on analyst rankings within the class by employers versus lower average quality of analysts but the variance is certainly there. That being said, once you go through recruiting you'll realize that being at an EB or top group at most banks will mean that you get more or less all of the looks that you want on the if you're doing PE recruiting and a large amount of the looks you want if you're doing HF recruiting. Actually getting the job once you've gotten that initial look will have little to do with your bank or group at that point.
Moelis NY Crushed it this year. I heard that LA didn't do to well.
Interesting, would you mind disclosing some of the placements?
I disagree with that. Have friends who are analysts at Moelis NY and LA. General consensus seemed that LA placed better. However, in NY you have upwards of 25 analysts per year and in LA it's 7-8 per year so if half the NY class places in top PE funds it looks like NY did better than LA. You're still better off being in their LA office.
Thanks for the responses guys - really helpful. Does anyone have any information on exit opps at PJT for both M&A and RX? I've seen the exits on the old BX M&A/RX thread but am wondering if things have changed post spin off?
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