I currently have an offer from JPM and potentially PWP and I wanted some advice on what would make the most sense, as the window to accept is closing. I am interested in PE in the future, possibly MFs, and currently want to place into M&A or healthcare. Just keeping in mind that preferences only go so far during group placement and JPM return offer rates are supposedly relatively low. 

Will get better, hands on experience at PWP. Depending on group could carry more weight within finance industry. JPM name holds more weight outside of finance.

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I got offers from both last cycle and am joining JPM this summer. This is a classic EB vs BB question. All the arguments there have been laid out in great detail on WSO. Some unique points on PWP: really good culture, and you basically get guaranteed admission into HBS if you decide to go for MBA after analyst years. In terms of PE exits, it comes down to the group you get placed into at JPM. If you are confident that you could get into M&A/HC/M&C, then exits should be better than PWP. But PWP already has pretty good exits anyways and there’s always risk involved in the group placement process.

Obviously not like you receive a deferred offer right when you walk thru the door. Both Joe Perella and Peter Weinberg went to HBS. Mr. Weinberg also sits on the board of HBS so this paves a great way for PWP analysts shooting for HBS.

Which group did you place into? Did you make one of the three you mentioned?

I did get placed into one of those three groups (pending official announcement in a couple of days) but definitely didn’t feel 100% confident I could going into the process. If you are considering these two banks and you are risk-averse, all else being equal PWP is an awesome choice. Have to pitch them here tho I didn’t end up going but the people were on another level of nice from junior all the way up to MDs compared to those I spoke with at other banks. For reference, I made round 80 networking calls with all the BB and EB during recruiting.

But only if you get into top group and that’s not a guarantee. It’s actually more of a crapshoot actually.

Can someone comment on how the placement process works for the m&a group. And how is the return offer rate for either m&a or HC group.

Went through the process recently and fairly certain will be joining the group. That’s not my experience. Everyone admitted into the process was assigned 3 chats which lead into a final round with a senior banker if they went well. I personally was not asked a single technical question but some friends have been asked technicals. Most of the calls were just pretty chill coffee chats with a focus on why group and resume.

JPM will offer the MF possibility in a wider range of groups. That said, the top groups at Perella (RX especially), will offer you the same chance. Like mentioned above, this is more of a BB vs EB question. More groups and individuals at Perella will have a preference for career banking development, and PWP is a way better place for that (Culture, Pay, Mentorship). For pure 2 and out, JPM is the safer bet since there are more groups placing MF.

PWP does not exist consistently to MF. My buddy at PWP told me his analyst class only had 2 MF placements in the entire bank.

JPM is far better for large cap PE exits. 

Edit: just got spammed with 4 MS in like 20 seconds. This "hellskitchen" dude (clearly a PWP analyst - check his post history) has multiple accounts going crazy trying to defend their bank lmfao

Shedding some light on JPM. The group placement process can be tough. A lot of kids wanted the classic M&A, HC, and MC only to later have to settle for a capital markets role or FIG role. Yes JPM FIG is top, but it will close a lot of doors. Really questionable why JPM doesn’t have separate applications for capital markets and coverage internships. Having that said, there is risk to taking JPM given that you have to go thru group placement. I’d you’re a target kid, you will likely not encounter that many issues group.placement placem

can you expand on the group placement process. Are you able to get one of your top 4 choices? If I put capital markets last is there still a chance for me to get placed into it.

There are 18 groups. You reach out to probably all coverage groups for initial conversations, if they like you, they'll pass you onto another analyst, and so on. Eventually they'll pass you onto staffer. If staffer gives thumbs up, then you speak with intern sponsor to have the "what are you thinking of ranking us" talk. My class is still waiting for our official placements. HR has said that almost everyone gets something in their top 3 picks. This is assuming that you're not shit and aren't ranking M&A, HC, and M&C even tho they ghosted you. FIG needs 22 interns, regional IB needs like 8, DCM needs another 10 interns ECM 10. Class size is around 130. In reality, around half of those 18 groups shouldn't be in the same application as IBD.

Is it actually that much easier if you’re from a target? Not HYPS, but right below and would be interested to see if it would actually be simpler for a candidate with my profile. Not that it wouldn’t be worth going to JPM if I didn’t get into HC/MA/MC, but as someone wanting to jump to UMM/MF PE, it’s important.

Dont work at either - personally I’d take JPM for the brand name, but Perella works on some pretty cool deals across the board. Njoy (announced today), Tom Ford, Elon Musk (cap markets), FTX, etc.

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