Hi all, have a friend who received offers from both gs nyc classics and evercore nyc rx. Seems like the gs nyc offer will end up being one of indus / consumer / fig (keeping anon for privacy).
for some background he is an international student if that helps.
what would be the better choice here. Career goal is umm. / MF pe in nyc .
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Take evercore
Unrelated but curious - how do SAs in to GS classics group know what group they're going into? Do y'all have to network and is getting into TMT super competitive? Just wondering what the process and timeline is looking like for SAs in particular.
They tell you when they give you the offer. Usually you interview and the people who interview you range across all coverage groups and there’s some process with HR that takes the interviewer’s group into account.
Before the interview, you get to list your preferences (which hardly get taken into account). You most likely get a BUM (business unit manager, who is basically a staffer) from one of the coverage groups. If you do well, you're likely going to get an offer from that group. There are exceptions but this is the norm.
evercore
How does EVR RX compare to HL RX?
Is there anymore info? Is your friend set on RX? From an exit ops perspective both give you the same opportunities. The three groups for GS and EVR rx should give the same opportunities.
If he isn't dead set on RX maybe OP should consider GS for optionality.
Source: I went through recruiting last year and was deciding on these options too. I ultimately chose GS.
Which GS group was the offer from?
Not sure folks here appreciate how different RX is to typical coverage/M&A
.
What is liability management? Tried to read a few sources but they all pretty vague.
Thanks all for the feedback, for some additional context goal is to do vanilla buyout pe so not big into distressed etc
Well I think that answers the question. If he’s not interested in distress then why build a skill set in that? Take GS. Also, I’m curious how your friend still has EVR rx offer. They wrapped up quite a bit ago.
Evercore is the clear play. Not comparable.
I don’t think this website understands how niche RX truly is. If he wants to do any sort of PE, and not credit, the clear path is GS classics as it’ll give you good reps and good looks from head hunters.
This guy clearly has no clue
This website is a circle jerk of EB-obsessed college kids lol. You're not going to find many threads of people saying take the BB but in this case GS is the way to go based on what you've described. Funny enough, sentiment from the few seasoned bankers on here is that BB > EB for most cases but WSO will always prefer EBs.
EBs place better per capita and multiple people have cited this (I think matt ting even made a video on this)
Not true for these top rx groups
they can EASILY exit into vanilla pe shops
The killer placements top RX shops have are a recent shift that senior folks are not in touch with (after all, why would they be? They're busy being BANKERS). Speaking as a junior person who had the choice and chose RX after pretty extensive diligence, I can guarantee you that if you wanted to settle this objectively and list, one-by-one, the placements top BBs had on-cycle it will not compare to PJT/EVR RX.
Everyone who says RX pigeonholes you have not seen on-cycle results in the past 2 years. For what is worth, no AN1 or AN2 at Evercore RX is currently doing distressed after exiting. Every single one of them has landed a MF or UMM PE seat in the first couple of days of on cycle. Just take a look at the results. Multiple KKR, Apollo, Blackstone, etc. Outside of PJT RX no other group has a similar MF PE offer to analyst ratio.
Source: am Evercore RX.
For PJT RX this year, the exits are BX PE (2x), H&F, APO, KKR, Centerbridge and Hillhouse. There are more people heading to MF PE than not. Don't know the list of firms for Evercore but I imagine that it's something similar.
Really interesting. Never understood the pigeonhole argument when the placements are always so insanely good. Anyone have info on the other EB RX placements from the last year or two? (HL, Laz, Moe, PWP etc.)
Is the kid going to Hillhouse going to work in China? Is he from there?
Do you think the exits are because of the group or because the self-selection that brings the best talent to EVR RX? Would love to hear a break down on this
A mix of both. First, on the self-selection point, obviously the group is able to pick some of the smartest kids on the streets, but also compared to previous years where only RX hardos want to work in RX (hence if you looked at exits from analyst classes prior to 2021 where it was primarily HF/credit exits), nowadays I would say most people in the group are fairly open-minded and aren't only focused on distressed exits. Think this has to do with the fact that more people from different backgrounds are recruiting for RX, and it's no longer gatekept by a few target schools where distressed is seen as the most glamorous path of all.
But secondly, the on-cycle game has changed a lot. Nowadays headhunters are much more focused on the prestige of the group. This means groups like Evercore RX / PJT RX have become disproportionately favored for PE recruiting. Even if you were originally considering to recruit for a distressed HF in the off-cycle, it's hard to say no when KKR / Apollo give you an on-cycle PE offer within 2 weeks of you hitting the desk.
RX teams are going to be real busy for the next year or two, I'll tell you that.
Evercore all day
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