Is secondary advisory real banking
I’m incoming PCA at evercore/pjt for summer 2025 and my friends keep saying it’s not real banking
Is secondary advisory considered real banking or no?
Trending Content - Investment Banking Forum
| +149 | AI Creating More Work | 44 | 1d |
| +146 | Senior Banker's Guide to IB Recruiting / Group Placement (with a Healthcare Bent) | 18 | 1d |
| +120 | Is pay at BofA really that bad? | 60 | 2h |
| +84 | Day at Macquarie | 12 | 3h |
| +59 | As Lehman people reconvene at UBS, Barclays needs to hire (2023) | 7 | 1h |
| +44 | Is the life of a VP at a 'top-bank' really good? | 15 | 3d |
| +43 | How bad did I mess up | 10 | 8h |
| +31 | Misrepresented Houston IB | 14 | 14h |
| +29 | Law school instead of MBA for RX Banking | 6 | 6h |
| +29 | No BB RO 2026 | 10 | 1d |
Career Resources
Your friends are gay for putting you down instead of pulling you up
Yup. Gayest thing to do
I’d rather jack him off
How similar it is to banking?
sounds like you need new friends
PCA group at Evercore pays the best out of ALL groups.
You can laugh at your friends with your pay check and bonus.
It's absolutely real banking. I was in IBD and now work at a secondaries fund. We get shown deals all the time by the major secondaries groups. Evercore and PJT are up there but we also see RJ and other banks showing us deals. From my end it looks like the junior team is getting similar exposure to what most get from banking programs.
Also, from an execution and experience perspective, secondary market remains highly active today while the same can’t be said for other parts of banking (e.g., M&A, levfin)
Do you think it's possible to move from a secondaries fund to PCA
100%
Seen it happen a lot at evercore personally
bump
No, it's not.
Why do you say that
It’s not modeling intensive
Who builds the models at pca groups for gp leds. is it coverage groups or the sponsors themselves?
No one does. The GP does.
Then wtf do these groups get paid for
GPs tend to run the model given these tend to be existing assets which have an existing model that they can just refresh. Would say that is the norm, but have seen multiple instances where PCA builds the model. Really up to the client and how they want to run things.
These are glorified sales people
Buddy you do realize that all of investment banking are just glorified sales people
Your friends seem like a bunch of twats. Definitely jealous and will be convincing themselves that their industrials internship at Wells is more prestigious than EVR
What the fuck do a bunch of incoming students know about real banking. Y'all don't know your head from your ass till you have 6 months on the desk.
Is it possible to move from PCA to M&A? Does EVR/PJT/LAZ/JEFF support it?
Absolutely real banking.
Not gonna' lie, I love to see the support for us PCA boys
There was a tragic story all over the news 7-8 years ago about a PJT/Park Hill MD that went to jail for stealing money from a client to fund a gambling addiction. During the trial, it came out that his total comp was $3.7 million for 2015 and $4.5 million for 2014. These numbers are a little stale, but that is a very real data point to show you how lucrative these seats can be for an MD with good relationships. PCA is absolutely “real” IB, so please don’t let your friends discourage you. Just look at the positive trends of continued long-term growth in alternative asset AUM, and the evolution and creativity of new fee streams like GP-led secondaries. While your transactions might not be on the front page of the WSJ, the steady fees these groups bring in should make PCA a great career path if this interests you.
summer 25? lol
Natus ut ipsa explicabo neque sint distinctio. Vel architecto illum adipisci consectetur voluptate suscipit corrupti. Repudiandae voluptates quia et voluptatem architecto distinctio. Cumque quibusdam distinctio saepe a.
Eum sit ut in hic maxime cumque eum. Ab optio ipsam consectetur exercitationem quia rerum.
Dignissimos distinctio hic fugiat error. Est sapiente harum officiis aut qui.
Et dolores at inventore voluptas iste quibusdam beatae. Itaque soluta et et autem voluptas expedita. Velit quam veritatis ad nisi reprehenderit aspernatur voluptas dolores. Suscipit nemo tenetur voluptas ducimus ut. Adipisci excepturi provident aliquid facere.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Pariatur molestias quo harum accusantium. Voluptate vel cupiditate pariatur. Quas ipsa et optio necessitatibus eligendi maxime facere. Officia amet possimus accusantium. Possimus itaque itaque odio fugiat id alias. Rerum hic quasi perferendis.
Animi qui fuga dolores ut. Magni ipsam error consequatur sapiente neque ducimus repellat. Atque ad sed ipsum rerum labore magnam. In saepe consectetur aut autem possimus unde. Aut voluptatem ut error aut.
Necessitatibus a aut ducimus rerum enim in. Nam eaque labore quae est.
Minus omnis et consequatur libero dicta. Ut iste ipsam voluptates eius nihil.