Hi all, currently weighing offers from both JPM HC and PWP (have to go through the placement process). Would love to get some feedback on how both options compare in terms of comp, exits, culture, and WLB. Thanks!
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Comp and Culture - PWP by a mile
Buy-Side Exits - Same
Business Dev Exits - JPM
Would I be pigeonholed to HC industry exits if I went for JPM HC, even if the JPM name is super recognizable?
Nope. Not at all. With a brand name that strong you’d open more doors. And you’d have extremely strong exits within HC if that is what you decided to do.
Gotta disagree with the above. Buy side exits is JPM HC by a mile; basically every analyst who recruited and put in effort in the past has gotten an offer at a MF/any top fund of their choice. Culture is absolutely horrendous though, especially post-COVID.
How is JPM's HC group in terms of deal flow by vertical (biopharma/biotech, HCIT and services, devices)?
HC banker at another NY BB.
Culture - PWP wins by a mile. PWP's overall culture is pretty good for banking standards, with Industrials and C&R having better culture while HC having a reputation for having a pretty sweatier culture. That being said, even PWP's worse group in terms of culture (HC) beats out JPM HC's culture by a mile. JPM HC is insanely sweaty and the culture is terrible.
Comp - PWP by a mile.
Dealflow - Varies by group. All of PWP's groups are solid, and JPM HC is one of the best BB HC groups out there. Really depends on whether you want M&A (or RX) or the full-service BB experience more than anything else.
Buyside Exits - JPM HC. Both JPM and PWP are very strong in terms of exits, but I'd definitely say JPM HC places a bit better than PWP with MF.
Corporate Exits - JPM HC by a mile (for HC). The JPM name carries more weight outside of finance, although JPM HC's exits tend to lean to the healthcare industry obviously.
If you want exits at all costs and think you can go through 2 years of grinding with no regard for your comp, go for JPM HC. IMO PWP is the better choice if you want a more holistic balance between culture/comp and exits.
Please for the love of god don't work at jp HC.
Care to elaborate?
Would love to hear about any further details. Is the culture incredibly bad or just really sweaty because of strong dealflow?
Are we talking about extremely sweaty or also toxic culture?
Take JPM
I hear and understand the points above but believe JPM is just the better path here. Easily at a top 3 BB / Probably the best if not top 2 HC group across banks - seems like a no brainer.
Also - PWP (and other boutiques) FT hires normally placed in bad/less desirable groups.
You’re best off taking an amazing opportunity here than gambling with a boutique. Just my 2¢.
JPM HC
pwp easily
May be a bit biased (spent AN years at GS/MS/JPM before lateraling to an EB), but ultimately I'd go with JPM only if you're dead set on maximizing PE placement. After experiencing both the BB and EB experience, I've personally found the EB experience to be considerably better. You're treated much better, the seniors generally care more about you, deal experience is just as good if not better, and there's much less bureaucracy and office politics. PWP is also good enough where by going PWP over JPM, you're not sacrificing that much in terms of PE exit opps, although JPM HC still edges out PWP for placement into MF.
Hey all, OP here and wanted to provide closure. I ultimately decided to sign with PWP as I liked the culture there significantly more than from my conversations with juniors in JPM HC, and also realized that I don't see myself as the just-hit-the-desk on-cycle gunning for MF type of person and PWP's buyside placement was more than strong enough. Thanks for the feedback from everyone on this thread!
How’s PWPs SF HC group
Interned there. Really hardworking and definitely pretty sweaty, but people are really smart and nice, deal flow is great, and exits are great as well.
Congrats on getting both offers. I'm also going through FT recruiting and am curious where you interned in the summer and what caliber of school you go to?
Target/Lower BB
Take JPM, don’t buy into the whole EB thing unless you want to be a career banker.
Can you expand on why? Would love to hear your perspective.
I am a random stranger on the internet opining on another random stranger's post, so take all of this with a grain of salt and understand that I have certain biases. I have a bit of unique experience here as I have worked at both banks you are deciding on - and currently still work at one of them - ignore the Analyst 3+ title.
This is entirely dependent on what you are looking for. You mention exits - the JPM name carries a lot more weight outside of finance. While at PWP, my friends from high school all thought a buddy at BofA doing corporate treasury had a higher compensating role purely because they had heard of BofA (this is not me shitting on treasury at all, just making a point toward's exits). While inside of financial services, I would equally weight the two firms / groups and say it comes down to the candidate (someone is going to comment that a JPM analyst is going to XYZ fund and it is somehow better because of this, but a lot of this is self selection) and the prep they put in / how much conviction they have pursuing their next step, in banking or not.
From experience, people tend to stick around at PWP for a little while longer for culture and comp reasons.
Deal flow is interesting because a lot of this is market dependent with what is in the market and what your senior bankers drum up / bring in. Both firms have excellent seniors, but that does not preclude you from pitching. I would say that I pitch(ed) less at JPM, in general (some PWP nerd is going to say that they don't have a balance sheet so they don't waste time on cap raises whereas JPM does - to note PWP has a cap markets desk and does cap raises, just not on balance sheet).
Ultimately, you have a long career ahead of you and you cannot go wrong with either firm, so find your reason for either - for me, it's always down to the people - and stick with it / don't live in the rear view mirror.
Good luck and congratulations! This is an exciting time in your life embarking on a sweet journey. Make your pick, but don't let it get to your head and don't become cocky / big man on campus (though be sure to buy your buddies who helped you along the way a round)
Just curious, what ultimately led you to make the switch either from a BB to an EB or from an EB to a BB?
At the end of the day it's all the same job and until you're in a revenue generating seat your comp at either a JPM or a PWP is going to be pretty similar. Sure $20K difference either way is a lot of money, but in the grand scheme / relative, it really isn't (some years you might get more at PWP and some more at JPM, again just dependent on the year / market). So, the biggest factor is always the people for me. I am fiercely loyal to those that are loyal to me / will go to bat for me. I had voiced my concerns to my team(s), some were addressed, but the most important ones were not.
It's funny though... when you say you're leaving, they ask how can we make you stay... lol. I hated making the others in the group suffer for my absence, but no one is going to look out for you better than you will.
You have less of this luxury as you may not have the clearest view on the team you would join and the type of people in that team / if you mesh and gel with them.
PWP HC
Take JP
PWP
Can't really go wrong with either option. Ultimately choose the one you feel like you fit better with.
good choice...JP HC extremely toxic
Incoming SA @ JPM, should I be avoiding HC during the placement process then even though it's a strong group?
It's still a good group and tbf the culture in a number of JPM's other groups are equally bad, so if you're interested in HC might as well go for it.
Should be noted that while PWP HC has a better culture than JPM HC, PWP HC still has the roughest culture at the firm and is far from a lifestyle group. A lot of the seniors in PWP HC came from JPM (former group heads, etc), and it shows.
Sort of facing a similar dilemma except it's a lateral position for JPM DI vs PWP Industrials. Anyone got any insight?
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