PJT > Evercore?

With the recent thread about evercore the only other boutique I can think of that competes with a 2 year analyst program is PJT M&A. Is PJT now seen as the boutique for M&A with consistent top tier exits, smaller class, generalist analyst program across industries, and higher pay? 

Paired with RSSG, I can’t see why PJT won’t be the better boutique.

19 Comments
 

Read the comments on that thread lol: 

Can say the same thing about PJT M&A - minus the point about senior exodus. PJT has just been hiring more geriatric seniors who sit on their ass and do nothing while getting paid a nice $10mil, all while analysts get cranked by the week's new lateral Director from CS / BofA trying to make a name for themself by leading the efforts to pitch a $75mm niche Utilities or Insurance capital raise. Probably explains why all but 1 of our Class of 2019 Associates left the firm before being up for VP promote...

Much like EVR RX, PJT RSSG has done a great job of keeping a small, quality team with top-tier deal reps. On the M&A side, though, it just seems to be a bloodbath for shitty deals and "client relationship building" at the expense of quality.

 

the reply to that comment:

1. What do you expect those guys to do? Sit on their ass and do nothing? Company's are focusing on their own operational issues and shoring up balance sheets. They're new and have to demonstrate an ability to produce. Plus the fact that in the coming downturn/ layoffs they'll be the first to go if they don't. Understand that these are not the transactions you want to be working on but fees are fees. 
 

2. What OP is describing at EVR in terms of a volume push has not been seen at PJT. YTD EVR has done $70bn in US M&A on 90 deals = $770mm avg. deal size. Everyone has to move down market in a downturn, however PJT and CVP have avg. deal sizes of 1.5bn and 2bn so far this year 

 
Controversial

EVR is the firm that would typically come to mind when people think of an EB, but PJT has stronger talent, better exits, and more prestige. It was Blackstone's IB group spinout. If you like watches, think of it like Rolex vs Audemars Piguet.

But you will be at a great firm if you get an offer at either one.

 

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