Lateral From RBC ECM to CVP/Q/PJT RSSG?

Based on the most helpful WSO content, here are some insights regarding your situation:

1. Prestige and Lateral Moves:

   • RBC Capital Markets has been making strides in investment banking, but it is still considered a mid-tier player compared to elite boutiques (EBs) like Centerview Partners (CVP), PJT Partners (PJT), and Qatalyst Partners (Q).
   • Lateral moves from ECM to RX/TMT/M&A can be challenging due to the differences in skill sets and the prestige associated with the target firms.

2. Exit Opportunities and Group Preferences:

   • PJT RSSG (Restructuring and Special Situations Group) is highly regarded for its exit opportunities, especially into hedge funds (HFs). Analysts from PJT RSSG have a noticeable advantage in recruiting due to the strong candidates the group attracts.
   • Centerview Partners (CVP) is known for pushing analyst retention and offers a thick signing bonus. However, it may not be the best for exits compared to PJT RSSG.
   • Evercore M&A is another top choice for many due to its pay, decent hours, and great exits.

3. Cultural and Work Environment:

   • The culture and hours can vary significantly between firms. For example, Moelis has a reputation for rough hours, while PJT and Evercore are rumored to have better work environments.
   • It's important to consider where you see yourself being the most comfortable, as the work can be intense across all top firms.

4. Compensation:

   • Pay at top EBs like Centerview, PJT, and Evercore is competitive, with base + bonus around $180k. Centerview offers a higher first-year signing bonus compared to others.

5. Networking and Setting Up Chats:

   • Reaching out to individuals currently working at these firms for informational chats can be beneficial. Networking can provide insights into the firm's culture, expectations, and the lateral hiring process.

In summary, while moving from RBC ECM to a top EB like CVP, Q, or PJT RSSG is challenging, it is not impossible. Leveraging RBC's growing prestige, networking effectively, and demonstrating your transferable skills will be key to making this transition.

Sources: EB Comparisons, PJT RSSG vs. Evercore M&A, The rise of RBC Capital Markets, https://www.wallstreetoasis.com/forum/investment-banking/lay-of-the-land-ebs?customgpt=1, mid tier bb's and eb comparison