Can someone share some insight into how it works at places like PJT, Qatalyst, Evercore, etc. - in terms of a coverage team running the CIM and the model? I assume they manage both/every workflow as most of these types of shops don't have dedicated M&A teams, right?
This must be a pretty big gap between most BB ANLs and EB ANLs?
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Bumperino
Bump!
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Yes, coverage obviously runs the CIM and model at an EB. No, it doesn't create a big gap for a bunch of reasons.
1) The model isn't everything or even the most important piece of a transaction
2) M&A at a BB won't run the model every time. They're really just an extra set of hands that don't have expertise at a junior level.
3) From a pure modeling standpoint, if you work on 2x the number of transactions at a BB and only run the model 50% of the time, you still end up in the same place
4) Going by your logic, M&A would be lightyears ahead of anyone at an EB because they run 5x the number of processes
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