Didn't get a return offer from my internship, but ended up with two FT offers: Moelis PCA and a coverage group at a lower-tier BB (Barclays / DB / RBC).
leaning towards coverage but curious what you guys would do. Thoughts?
| +84 | Drunk VP. How to manage? | 28 | 37m |
| +42 | How do I take my foot off the gas? (AN1) | 4 | 3d |
| +38 | Lazard US Views 2026/2027 | 14 | 3h |
| +37 | Tomorrow Will Be Better | 5 | 6h |
| +36 | Who is the final boss in Houston Energy? (GS, JEFF or EVR) | 9 | 3h |
| +28 | Moelis PCA vs Lower tier BB Coverage | 18 | 40m |
| +26 | Why did EVR succeed vs GHL or PWP that ended up getting acquired? | 9 | 1d |
| +26 | Why Do We Turn Comments? | 3 | 6h |
| +21 | How early is to early? | 9 | 1d |
| +20 | MS NYC Generalist Program Group Rankings & Placement Process | 11 | 9h |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
Depends mostly on what you want to do after, so I'd start there.
Moelis is a stronger name on the resume, and a lot of people weight that. PCA is fundraising advisory for funds, so you're working with sponsors and LPs all day. You learn the fund world and the people in it, which is useful if you want to end up on the buy-side. What you don't get as much of is classic M&A and LBO modeling reps, and the work is more decks and process than models.
Coverage at a lower-tier BB gives you more of the traditional toolkit. Pitches, comps, valuation and a mix of M&A and capital markets, depending on the group. The bank name is weaker, but the skills transfer anywhere.
If PE is the goal, find out where each group's recent analysts actually went. Ask both teams. Exit lists tell you more than the brand does. If you want to stay in banking longer term, I'd lean coverage for the broader training unless you really like the fund side.
Also look at the groups themselves. A good team with good people at a lesser name often beats a better name with a bad group.
Thank you. Leaning coverage since I could see myself staying in banking and PCA is a newer group at Moelis so it feels like more of a gamble.
PCA if its GP-leds at Moelis. You get tons of modeling work cuz your industry bankers dont wanna do it and youre generalist. Source - i work at moelis and was staffed on multiple pitches / deals with the GP-led team
Thanks - very helpful to get your opinion. May I ask two follow questions. Is PCA a strong group within MOE?
I also worry HHs will be biased because it is not M&A or coverage.
PCA is the fastest growing group at MOE and within the next year or two will certainly be a top group given their momentum (recently closed breakout trxns for ECP and Towerbrook).
GP-leds is a combination of sale process and a fundraise process. You are selling to a new vehicle and re-underwriting the go-forward. You are then raising capital from investors to fund that vehicle.
That said, if you know the equity story, the business model, the operating model, comp set, etc. and can both talk and model well...you really think a UBS or Wells Fargo coverage banker who relies on their product teams for all things technical will really show better? It comes down to can you pitch your work experience well enough.
Also would like to add that unless you network a lot and kill your informal interviews / chats with HHs, you arent doing apollo / kkr / bx / warburg buyout investing out of this seat. You can compete for UMM, MM, and LMM buyside seats and go up market for secondaries investing seats (think Apollo S3, Blackstone SP, CVC, LGP and such)
Mostly agree with the Moelis analyst above, but I'd push back on a couple of points. I'm a first-year associate at an UMM fund, for context.
Even if Moelis PCA gets better, I don't see anyone choosing it over a traditional Moelis M&A or RX group, or a traditional even strong group at a lower-tier bank. I know someone in a similar PCA group who's been working hard to move into coverage - very repetitive and pigeon holes you.
From the PE side, there are so many candidates that funds lean heavily toward traditional banking experience. Secondaries or lower middle market are realistic from PCA, but if you look around UMM funds, you'll find plenty of people from Barclays, DB, others and basically no one from PCA. Not saying that is justified but it is how the world works.
Think it’s group specific, pm me and can explain
del
categorically false
Since when was Barclays a DB tier lol
Today. Effective today. Also RBC is a new BB now.
Coverage, always can go pca later (always looking check linkedin). Moelis also not top three.
Would you recommend EVR PCA compared to GS/MS/JPM tech in SF/Menlo? Genuinely split since pay isn’t drastically different and both seem interesting
Evr pca is much better than moelis pca but PLEASE take MS / JP / GS.
This is not even a question! Pay first year of your career does not matter.
Surprised coverage is not the overwhelming response here. Gives way more optionality compared to PCA, which will pigeonhole you
I'd say easily coverage based on long term optionality. Also curious which tiered firm did you intern at? Top BB/EB (I'm recruiting FT and haven't seen many people get 1 offer let alone 2)
Atque cumque facilis et dolores numquam. Illo voluptatibus nihil maiores molestiae veritatis consectetur aut. Aut eos iste voluptatem magnam animi eveniet omnis. Pariatur tenetur minima est laboriosam error illum. Architecto facere rem rerum est perspiciatis magnam neque possimus. Qui eum corporis ullam sit tempora autem. Quae laudantium itaque enim ut.
Assumenda perferendis fugiat nobis sint animi perferendis quo. Aut totam veniam perspiciatis illum quia sunt.
Enim nobis eveniet modi omnis minima ea aut. Corrupti itaque quia aperiam aut. Nam veniam est neque reprehenderit laudantium magnam doloremque. Dolor molestias qui natus qui nobis. Quisquam delectus libero numquam. Asperiores aut velit nihil rerum.
Quod nostrum officiis nam cumque consequatur dolores consectetur. Molestiae et animi voluptatum ut perferendis blanditiis. Odio sint dicta sapiente eos amet nemo labore. Quod temporibus eos consectetur eius molestiae magni accusantium et.
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...