PJT Camberview - Strategic Investor Relations (STIR) - comp/culture/exit?
Already read the last large thread and went through a ton of Llinkedin pages, but had trouble verifying any of that information through linkedin / elsewhere.
Strategic Investor Relations (STIR) at PJT Camberview - can anyone confirm what bonuses look like on percentage basis vs base? (100%/150%, or much lower?). Additionally, if I go down this route am I closed to ever going back to buyside? I can't find any exits from camberview to any buyside firms - other thread said it happens and especially so for STIR but I can't confirm that. At the associate level and up, what are realistic exit opps from STIR if I don't want to stay there forever? I can't find those activist HF exits that people mention...
As a preface, I already have professional experience and this is for associate level (I have some decent years doing equity research for some smaller buyside firms already). So the transition to IB, which most tend to view this job as, is not something I am looking at,.
My guess is a ton of people just write "analyst" or "associate" at PJT instead of camberview (likewise if they are at Evercore) on their resume and LinkedIn, so it makes it harder to track the real exits. Makes sense to slip by in those first 1-2 years out of school
Comp is lower. Team is mostly women which can be odd if you’re not.
team is weaker than Evercore per most in the industry - but better than the BB teams
Says 200-250 base comp on job description. What is bonus like? Anyone actually heard of an exit to HFs?
No chance to exit to a HF - I don’t think you understand the role if that’s a question
I understand the position in so far as I have read up about activism defense/ shareholder advisory across the internet and on WSO, but that about sums up my familiarity with these departments. Some people on WSO have remarked that they see exits to that, which I was not able to confirm through linkedin. I don't think thats a question?
My understanding is that they are engaged on a flat fee basis (at least at PJT) to advise companies (primarily IR dept) on messaging (think IR day decks, what targets to set, how to give the right impression to investors and how to better tell the story of "why buy our stock"), as well as with ESG strategy and other corporate governance issues. The other side is in defense against M&A/activism campaigns, which admittedly I am less familiar with how one would provide good advice against defending something like this. I would guess it is the similar camp of advising companies on how to craft a new story to investors and the institutions that advise for proxy voting.
Someone had mentioned that STIR spends time intimately with companies on their corporate strategy / story telling, and that it involves updating earnings models and pitching things like alternative capital allocation strategies (you obviously need to demonstrate how you are looking to unlock value for the investors). In that scenario, where you have someone with some small LO buyside experience, and then the branding of a quality investment bank whilst doing some more of that modeling scenario analysis, I could potentially see a path to working for different buyside firms.
I also get that it could only be very soft skills on just how presentations look and vague messaging. So too much qualitative analysis that doesn't go along the lines of proving you can model multiple investment scenarios, and that a HF exit is unlikely.
Precisely what I am looking to confirm - how familiar are you with these groups?
I'm quite familiar with the team and can certainly address some of your questions. Keep in mind that some of the information might seem conflicting since much of it is passed along through the grapevine. The reason behind the lack of comprehensive information for STIR is rooted in the scarcity of details even within PJT/CV. The group itself was established around 3 to 4 years ago, making it relatively new.
Regarding your point about exits, there haven't been many over the past 3-4 years specifically for that team. I personally believe this isn't due to a shortage of exit opportunities but rather a function of excellent career progression, attractive compensation, work-life balance, engaging tasks, and the recent creation of the team. The exit opps mentioned in the other post are probably more so referring to STIR analysts, or members of the activism team. The career progression path is clearly defined, leading to evident upward mobility that can be tracked on Linkedin. Speaking about STIR's pay (I can't speak for other practice teams), it's quite decent. Based on some data points I've come across, associates 1-3 reportedly earn around 360-500. For VPs, the range is approximately 640-810. While this might still be around 40k less per level than SA, I anticipate these STIR figures will rise as they continue to 1) collaborate more with SA and 2) take on broader mandates. Even if the 40k gap doesn't equalize soon, the compensation remains competitive given the work-life balance it offers. Speaking of work-life balance, it's relatively favorable and arguably among the best in terms of hours worked versus compensation earned. As many of the mandates aren't time-sensitive, you enjoy more control over your schedule. An associate mentioned working from 9-7/8 with minimal weekend commitments 50% of the time, and from 9-11/12 with weekend work 50% of the time. Quite a significant range. There's a culture of respect over your time, and I have heard informally that most people take their full 25 days PTO. Most people would WFH after 6-7 pm. PJT also offers 6 remote weeks and WFH on fridays.
Addressing your last question about the nature of the work, many of the aspects you previously mentioned were accurate regarding STIR's focus about a year ago. However, there has been a noticeable shift as the team has taken on more diverse mandates to support the company's corporate strategy and long-term financial planning. Consequently, the focal point has shifted from the company's IR team to its corporate development, strategic finance, and strategy teams. There isn't a standardized mandate since each company faces distinct challenges, but it can range from conducting a comprehensive company valuation from the perspective of active portfolio managers to identify areas of potential value enhancement (such as market expansion, capital allocation, cost reduction, etc.), to assisting in constructing an investor deck for a company preparing for an IPO, to crafting a decade-long roadmap to unlock growth, or critiquing a companies' financial model projections. While STIR's core activities still encompass earnings calls, investor days, and IR messaging, this shift is evident in their hiring approach. The STIR team is comprised predominantly all former buy-side portfolio managers/analysts, along with a handful of individuals from EB. The activism work is predominately handled by their activism team. STIR and SA only acts as support to help create slides to benchmark the companies' operating metrics/kpi/financial health. I didn't continue with their process but I would imagine that the mix of buyside, banking, and strategy consulting skillset is highly valuable to any public equities hf/am or any strategy/ir/strategic finance function at companies.
bump
Wanted to bump again to get a better perspective on the Strategic IR team at PJT - anyone provide info on what exits from this group have been like at associate level and/or what bonus looks like at associate level? Thanks!
Bump
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