MS vs. PJT vs. Lazard

Hi all,

Apologies for creating the millionth version of this post, but this community has been very helpful to me in the past, hoping it can be helpful now as I try and make a decision.

Was fortunate enough to end my recruiting process in a situation where I have to choose between these three firms, and am having a very difficult time making up my mind here. I know that this is ultimately a choice that only I can make, but would love to hear input on anything anyone can speak to.

For some context, the MS offer is group specific, so I would not have to go through group selection. I had some concerns over being pigeonholed into that group's industry, but have been assured that that won’t be a problem. I really like everything I have heard about the group’s culture. PJT and Lazard are both generalist M&A internships (with PJT being generalist FT as well), the culture there is a bit more of a question mark as I did these processes later and did not network as much. Have a mentor at my school who raves about their PJT experience (but also says that it’s becoming a bit more of a sweatshop?), and have heard that Lazard has been making cultural improvements but do not have a ton of ins there either. I like the idea of what I've heard about Lazard's "intellectualism" but not sure how real/significant that is. Culture/QoL is one of my major factors here, and unfortunately also probably the hardest to quantify/rank.

In terms of exits, I’d lean towards PE but am definitely open to going A2A. All three places have talked up their A2A programs and opportunities for internal advancement, though I’ve heard PJT is the most “2-and-out” of any of them. Feel like the three are roughly comparable in terms of finance exit opps, with maybe a slight edge to MS if I want to get out of finance (feels unlikely but you never know).

Feel like I would have a great learning opportunity at any of them – the group at MS has lean teams and does in-house modeling, almost gives me a bit of a boutique-ish vibe within a BB which could be a best of both worlds scenario as I feel like I’d learn and grow much better in that sort of environment. That said, generalist internships might give me a bit more of a varied exposure (particularly Lazard for Rx, which is a field I have some interest in), though MS would have cap markets exposure that the boutiques might not.

I know comp should not be the deciding factor in this decision but for FT, MS would likely be appreciably lower than the EBs (50-60k pre-tax delta) due to larger bonus, at least from what I understand. Base would essentially be the same across the board.

Ultimately, I could see myself being really happy and successful at all of these places, which unfortunately makes this a more difficult decision. Any insights into any of the factors listed above, or any other info/guidance you think might be helpful, would be greatly appreciated. Thanks all.