Have an offer at a strong MM firm but received an invitation to interview for PJT capital markets. Which would provide the best opportunities in the future? Would the PJT name carry more weight despite being Capital Markets? Or would a coverage group at one of those listed firms be better?
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There is no "better" when comparing Capital Markets at an EB and Coverage at a UMM. Both are solid places to start your career.
The question is what you want to do: coverage or capital markets. I assume that you don't know what you prefer, so I'd recommend UMM coverage group. Not based on prestige but solely on the aspect that you don't know about your career goals and coverage leaves you with more opportunities (e.g. switching to a product group once you find your preference).
Good luck!
How are exits from a cap markets role at an EB? Do they model at all?
As far as I am concerned, "Capital Markets" at an EB is not your classical DCM / ECM. You are staffed on more complex transactions where corporates need tailor-made solutions or some sort of strategic advice - it might differ from boutique to boutique and I have no insights into PJT's Capital Markets team.
Because you are further away from the actual capital markets and closer to the business (as your job is to create financing solutions for rather complex situations), the job is a bit more modeling-heavy than you'd expect it to be. However, if you are interested in the exit only, choose coverage.
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