Hi guys,
Just got 2 offers
one at MS doing real estate private equity
the other at Perella M&A analyst
can't decide right now
personally like MS, but also like doing pure M&A at the same time...
please give your thoughts! cheers!
| +355 | Evercore Intern Seizure | 54 | 7h |
| +67 | JPM M&A is Gone??? Purely Coverage Banking??? | 31 | 6h |
| +58 | Is DCM actually underrated ? | 24 | 17h |
| +50 | How do I understand vs. just memorizing? | 5 | 16h |
| +48 | Losing my personality in Banking | 9 | 17h |
| +47 | Are all Tech / TMT groups sweaty? | 38 | 13h |
| +42 | Associate & Above IB exits | 16 | 3d |
| +32 | Incoming IB Analyst: Best Ways to Prepare? | 10 | 9h |
| +27 | Which groups are ideal for laterals? | 12 | 11h |
| +24 | The good and bad with Wells Fargo | 1 | 17h |
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.
Parella all day, everyday. Pay is probably much better, and they want you to rise the ranks. You shouldn't even consider the real estate gig.
Unless he/she wants to go into real estate...
PWP all the way, poster above had it right
Real Estate is very niche. I'd go perella all day as well. They are as elite as you can be.
PWP, especially given the news coming out about MS layoffs.
oh, forgot to mention, they are both for summer internship. so will the name of MS give me an edge to land an even better IBD/M&A full time offer? thanks!
I think you answered your own question. I personally would go with MS (given you have a somewhat decent shot at a FT offer), but if your ultimate goal is IBD / M&A, this is a no brainer.
The big question: Do you have any interest in real estate?
If you're not 100% committed to real estate than PWP is the way to go to keep as many doors open as possible. In fact you can potentially get offers from better real estate shops during FT recruiting with PW on your resume.
PWP if you're interested in a long term banking career (team is very supportive if this is your goal).
Parella dude.
Thanks all guys! I was actually expecting some sort of debating... but it seems you all prefer PWP than MS I think I know what to do now... really appreciate your opinions!
Are you guys serious? MS Real Estate private equity is a good buyside job...
This is true - but if Jiu's not 100% committed to Real Estate then it isn't a good choice.
MS Real Estate is a good start-out job. It's not niche. Look, the above posters are probably those who've never landed an FT let alone a SA position. It helps the CV because you get a grounding on the buy-side. This, in general, could be far more helpful. However, if you're too worried about exits then go PWP.
It would greatly help people add more weight to what you say if you get Certified User status. Otherwise, there's no reason to believe you're anything other than a college kid either (even if your responses do sound solid). Pat/WSO have an exceptional (read: perfect, as far as I'm aware) track record of keeping their CU's anonymous.
My god. Are you guys fucking serious? Talk to the people at each firm. Figure out what you want. None of these people will help you make the right decision for you because they are not like you. They are only giving you their opinions based on what they would prefer.
The day of the Bulge Bracket Bank is no more.
Hear my opinion for what it's worth. I'm at a top BB, and if I was in your shoes and had the forward perspective that I have now with my 2+ yrs of experience in banking, I would pick the MS opportunity for a couple of reasons:
Not sure if the third point is relevant, but the first two are very true. Consider that MS REPE is ridiculously fierce and very well regarded across the street, and doing a summer internship there will open doors to many top non-real estate opportunities at elite boutiques, other top groups at MS (you will get preference for remaining spots after summer analysts are hired), and GS/JPM industry groups. I'd argue that just like how GS FIG (top FIG group on the street) does not pigeonhole, a MS REPE internship will not pigeonhole you into real estate FT. Having such an elite group on your resume will open up many non-RE doors that will get you much better opportunities than PWP.
Why is MS Real Estate considered good buy-side experience? Also considering how tough it will be to convert from SA to FT in MSREI - why do you think he/she will have an easy time lateraling?
First of all, congrats on the offer.
Second, Perella Weinberg, No hesitation.
You just have to make sure that if you pick MSREPE you get the offer so you can leverage it. Otherwise you're kinda screwed
I forgot to caveat my comment only applies assuming their is a FT spot after ur summer stint (you should ask). If so, I would go to MS, if you want to go to a mega-fund down the road.
Regarding someone's comment about "how she wokld be getting buyside experience" in the group: she will because she will be involved with due-diligence, attend and be involved with preparing investment memos for committees and working with existing portfolio companies - these are skillets that she can market for top groups at GS/MS/JPM.
@ibanker12: It's safe to assume there's at least a FT offer at the end but if the conversation rate is the same as last summer it would be ugly.
Additionally don't you think that the difference between how real estate is valued is a negative in that regard?
As a real estate person - I've always been told that RE is always viewed as niche for that particular reason - and that the skillset is rarely seen as transferable.
Yes, but a summer in the group will not confine her to just RE. The experience in the group, can be leveraged to other very attractive alternatives.
Thanks for the above posts! just also wondering if you guys have a rough idea what is the conversion rate from SA to FT at both places? I think from what you said above, I cant really go wrong with picking either one in terms of firm reputation and experience; but maybe the only criteria I can look at is the conversion rate... Cheers!
I can't tell you PWP but I can tell you MSREI was 1/1 SF 1/4 NYC so combined 2/5 (40%)
If you want to go to Harvard for MBA, being at PWP is a shoein. Perella is a huge HBS guy. One phone call and you're golden.
m&a opens up many more doors.
MS is a shi**y evil firm with a tonne of evil people (with several decent people who are turning) - don't work there.
worked at both; PM me can give you perspective
Omg don't drink perella Kool aid. Much overrated. Know friends who worked there: 1) horrible buy side exits. No hedge fund exits at all. And only small pe shops. No structured recruiting. 2) mba placement is getting worse by the year. No way joe perella is going to write you a rec letter. You barely get to talk to him. 3) sweatshop hours and some douchebags. MS anything will get you better recognition outside the industry.
This.
I worked at a BB and if this was a FT gig and you wanted M&A, go with Perella.
But as a summer, I'd go with MS.
I'm an incoming summer associate at pwp. My thoughts are 1) it is a small firm with a small class, thus u won't have as many ppl going to a megafund if that's your goal. Historically the handful that exited went to quality PE/VC , however I have heard the firm looks for stability and doesn't necessarily fully support buyside exit ops 2) this is false. upon receiving my offer on my sell day I spent an hr in joe perella's office just talking about anything. he is busy but if he can take the time for incoming summers I'm sure you can get to know him during summer. 3) sweatshop hrs and douchebaggery will be prevalent anywhere.
@Contrarian
2) Sell day is called sell day for a reason. These are bankers btw, aka professional salesmen. I never really cared for the honeymoon period with any firm after I got my offers. Try going into Perella's office when you start working and see if that will rub your directors/MDs the wrong way. And try slipping in a few words with him when you are in conference. My original point was Perella will write you rec letters for biz schools 3 years ago when the firm had 20 ppl. Now not a chance. He himself is a great businessman and a very nice person. But the firm is at a position where it's big enough that there are enough people btw you and him.
Also bear in mind that PWP and a few other smaller shops are very fairness opinions heavy in their deal flow.
These said. PWP has a good name and you won't go wrong career wise. But MS's name will bring recruiters and its long-established network and alum outside the firm will benefit you in ways you don't realize now. Especially you are only a summer. I know people from MS RE who transited into mega funds.
I still think that I really need more advice... so i just listed what i like and i dont like about each option. please give your thoughts... good things about MS: brand name, good network of ppl, probably better exit opps? bad things about MS: dont really want to narrow myself into real estate PE at such an early stage... good things about PWP: potential better deal exposure (smaller deal team), the work is pure M&A bad things about PWP: outside of the finance industry, probably the brand name is not as big as MS I also like the ppl at both places, so culture is not an issue here. what are you thoughts?
Many thanks!
U just repeated the question in your first post.
If you can't make this decision yourself, nobody else can help you especially following the 20+ trailing comments.
Parella hands down
Perella. MS is a load of S***
Final thought: Given banks are filling their FT programs with their summer interns - I think it becomes risky to turn down PWP. In the event that you aren't able to get a FT offer elsewhere.
However, if you do pick MS we'd love to have you as an active contributor down in the RE forum.
Don't pick MS just to try and lateral into the M&A group for FT. The chances of that happening are slim to none. Other groups are possible though, but even outside M&A lateraling from SA to a different FT group isn't always that easy.
Alias repellendus eaque numquam blanditiis sunt accusamus aut. Nam rem et a quasi debitis. Quod repellat ut rem voluptatem.
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...
Libero harum optio soluta et eligendi. Earum harum eos unde velit aut soluta qui. Aut consequatur ex et minus voluptatem et. Eligendi aliquam aut tempora maxime. Porro ut exercitationem id ut deserunt aliquam voluptatibus.
Vero ea quidem nisi accusantium ea soluta dicta modi. Facilis et ea ut quia quia aut.
Deleniti esse quia eos totam. Eligendi in officia aut commodi et eligendi. In nulla suscipit qui ipsum quis iusto. Officia ut et ad. Aut fugit dolore omnis recusandae neque esse. Corporis assumenda laborum qui dolor.
Vel expedita laborum ipsam nemo est molestiae et soluta. Et qui excepturi omnis repudiandae. Amet dolorem aut voluptatem et sequi. Dolor consectetur fugit sequi dolorem officia est quia. Officia fugiat et ea doloremque voluptates officiis. Delectus delectus libero quos non.
Ipsam sunt sed quasi aut. Ut maxime vitae natus quibusdam ipsum id ducimus voluptas. Blanditiis reprehenderit tempore esse delectus et et officia. Ut repellendus ipsa corrupti ea neque. Velit occaecati accusantium illum rerum explicabo quibusdam.
Laudantium laboriosam et magni. Et quis cum omnis beatae omnis. Cum et neque maxime pariatur distinctio dolor et eius. Laudantium quia est perferendis sed. Iusto et eius excepturi velit consequatur debitis et rem.