Hey everyone, I accepted an offer for a relatively weak group at GS / MS / JP , however, I also had an offer for PJT's / Evercore / Lazard summer internship which includes both M&A and RX. Wanted to hear peoples' opinion on choosing the safe FT offer over the RX / M&A offer given Covid-19 and the amount of RX that is likely to follow. Would people make the same choice as I did knowing what we know now?
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Honestly, it woud be super dumb to not take the full time offer.
Thanks! Just worried about my group's deal flow and their rep not being as strong as other groups at the bank
you can always try to transfer internally
Isn't Lazard the only summer internship that includes both M&A and RX? PJT and Evercore have different applications for M&A and RX.
My thoughts exactly. Obviously Lazard... Either way, hope OP finds his answer and will subscribe to the thread to learn more.
hahaha lol.
To be fair to OP, think PJT is also pooled at a junior level so during the summer you would likely get exposure to both
Incorrect - SA and RSSG are not pooled. Some interns may work cross-groups in special circumstances (usually when there are teams from both SA and RSSG working on a deal), but it is not a shared pool like Moelis.
I know Moelis, Lazard, and PWP have this structure. Evercore, PJT, and HL for sure do not have this generalist structure.
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Not in London
It would depend what you’re looking for honestly. Considering you’re in London it would seem that you had an offer from PJT as I know they offer both M&A/Rx. Also, If you have a FT offer from a BB it probably wouldn’t have been hard to convert the others.
The brand name of those BBs is undeniable if you ever leave finance and will always give you a good reputation to fall back on, whereas the others aren’t really known outside of IB. Considering you’re in a weaker group exits to PE would be comparable (slight advantage for distressed funds to PJT) but in general better at the BB. The pros of PJT/EVR are that have a good reputation for their cultures, work life balance, pay (esp with ongoing covid to raise bonuses) and quality of work (more live deals and breath of work with Rx). In the short term they will likely benefit more from covid than the BBs but it won't affect an analyst too much either way.
There are positives for both and I don’t think you should regret your decision for a second. Despite the pandemic, they are all stable shops with good deal flow and excellent places to start your career! Congratulations on the offers :)
This isn't a real debate, take the FT offer. If anything, COVID has shown that you can't expect eternal calm waters. Take the (top 3 BB) offer and transfer internally if the group ends up being less than what you hoped.
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