PJT London vs Rothschild London
Hey,
I’ve been lucky enough to convert my spring to SA 2022 role at PJT but I’m also very confident I will convert my Rothschild spring (hopefully for CRL). I don’t know which is better in that case or if I’m overthinking it.
Any help on which is a better offer considering they are complete opposites.
In London I would pick Roth, in the U.S. PJT.
Could I ask what the difference is between the London firms that makes you say this?
Work at a top BB in London (GS/MS) and used to be in NYC. Basing on deal flow, reputation, exit opps (unless it's PJT RSSG then I could consider picking them over Roth).
Agree
Would pick Rothschild in London. People obsess over PJT on WSO but unless it's RX and especially in EMEA it's undeserved.
Agreed. Unless it's PJT RSSG go with Roth - can't think of a more reputable EB in London other than maybe Lazard.
Will repeat what others have said, unless it's PJT RX, would pick Roth - absolute powerhouse in London.
Lol people don't know that as a junior (analyst) in London you will do both Rx and M&A at PJT. That said, I think it depends what is of interest to you.
M&A? Go to Rothschild
RX? Go to PJT
Want to be very very generalist (don't know what you like for from a deal perspective as well as sector perspective)? go to PJT.
I generally stand by this comment as well. Have close friends at both banks, couple of expanded points to consider:
- Interested in typical M&A to PE / other prestigious exit opp? Rothschild is a better option (definitely wouldn't disrespect PJT in this regard but Roth edges)
- Interested in M&A with intention to become career banker? PJT is a better option (honestly a really good culture right now, great perks, smart analyst classes)
Otherwise agree with PJT being better for those interested in RX or no real sector / deal preference yet.
Let's not split hairs here, both are great places to be for your career and congrats on the offers.
Congrats of the offer!
PJT is having a tremendous growth but still sometime lacks (compared to top shops) in deal flow when talking about M&A, while RX is top-notch. IMO exits in non-distressed / special situations funds are a bit more difficult than a BB/top-MM but have seen some so it's definitely possible. Here you will probably learn the most (if you care about RX) as SA/Analysts get to work on both M&A and RX, possibly favouring one of the two after the first year if I remember correctly, but still in the general pool.
Rothschild in London is a top MM shop, tremendous deal-flow, quite well regarded and whose analysts often compete with BBs for the same exits in the usual places. Guessing you are doing M&A, so you would probably have zero exposure to RX but you would learn M&A better since the deal-flow is very intense.
Whatever choice you make will be a good one, personally I would go with the one in which I thought the people were "better" in terms of personality, WLB, technicals etc since that's a very important factor when you are actually doing the job.
Obviously if you have in mind specific career objectives feel free to specify, so that me or people more knowledgeable might be able to help you with your choice.
Mid-market sweatshop vs. overhyped US boutique... tough choice indeed!
In your position I would go with the overhyped boutique for the:
i) growth trajectory
ii) generalist programme
iii) exit opps
iv) pay
Can't go wrong either way here though.
Trajectory seems like an important point - if you're worried about reputation consider the relative growth / ambitions of the two firms.
Rothschild's respected and dominant MM position is established. However, in 3 - 5 years when you're trying to leverage the brand name of your bank PJT's reputation is (probably) only going to increase.
As part of getting there PJT (and other newer boutiques) know they have to throw everything at junior pay / culture / hiring the right senior talent. The likes of Lazard and Rothschild simply don't have these same incentives.
Both are great places to start a career but this consideration will have a big impact on your analyst experience.
Source - have friends at both and the PJT analysts are significantly happier / better compensated than those at Roths.
Do three years at each and you'll earn c.£100k more at PJT
Well that is pre-tax incremental money - so consider it at the highest marginal tax rates plus lower tax free pension contributions etc - so more like £45k over 3 years. Sure it's a large amount but I would not just pick based on that.
fair point - still a lot of money when you're 24-25
PJT by far. I'd take every BB and Lazard, Evercore and PWP over Rothschild. PJT is far more prestigious, much stronger in the US and pays way better, Exit opps at Roths are very poor and has bad rep.
Prospect got rejected by Roth and is spewing bs here now? Amount of MS thrown at him should give you an idea.
Roth is top EB in London. PJT is great and pays top of the street at the junior level but both start equalizing at AD / D level. PJT still has a bit to go to be an M&A powerhouse in EMEA. Both choices are phenomenal.
AD / D level is at least 8 years into a career though... Quite a long time to put up with much lower pay if you want to be in banking long term
Current EVR analyst here. I wish this was the case but it's simply not true. In the U.S. (which is ultimately where I want to end up) EVR is top of the street with PJT and Roth is more of a Greenhill level EB / MM as some say. In LDN Roth's reputation is unbeatable. Both PJT and Roth are great with one having better RX and the other better M&A.
Can you comment on Roths Ldn hours at all? Currently contemplating a move but my current role allows me to maintain a healthy lifestyle and unsure whether to swap that for an extra 20k but added 20+hrs a week and 6 inches around the waistline!
Anyone know about compensation at Roth/if there have been any recent bumps for USA or LDN?
Heard from a few folks at the firm and recruiters that a raise is coming fairly soon for London. Assume same would happen in the U.S.
Good to know thanks!
Pay at PJT is significantly better (A1s are making £90-100k all in). As a junior, you get to do both RX and M&A as previously said. PJT is harsh hours but has a fairly decent culture vs Rothschild.
Shocked so many people are saying Rothschild. The people I know who went to PJT had the choice to go to top US BBs and went to PJT.
Also, PJT meal allowances?!
Stories about Roth culture surprise me. Took RTH (one of the strong sector teams) over a U.S. BB primarily due to better fit and culture and have not regretted it.
It's accurate to say that PJT overall has a better perks / comp package and can confirm that the meal allowances are one of the best in London (if not the best).
There are plenty of reasons to pick PJT over Roth as stated in my comment above but on a pure exits basis (the dreaded "prestige") Roth in London still beats it. Though the gap is narrowing so you never know in a few years.
I imagine the people that you know either:
1. Preferred the perks, pay, and culture at PJT
2. Had a strong preference for / big interest in RX
3. Read WSO religiously and haven't been able to separate the London versus NY landscape
Will give them credit and assume it's 1 or 2.
The people ik at PJT are getting very actively headhunted. I'm not sure the advantage in exit ops is there anymore.
A bit surprised you said PJT has harsh hours compared to Roth.. don’t know PJT hours, but Roth isn’t great
Roth has the better brand name, however I would tend to say that on average PJT deals could be more interesting (especially if you like RX), as Roth does loads of MM... also pay is so much better at PJT.
Is everyone in the Rothschild office on WSO or how come that it's so insanely pushed here once again. People just completely forget that it's much bigger and maybe stronger in M&A but just for smaller deals. At the same time PJT plays in a different league for RX. Please also stop spreading the wrong information that teams are split, at PJT you are generalist.
All in all: Go for PJT, much more elite. Would only consider Rothschild if you are keen for MM PE.
Work in PU&I at a European bulge (which happens to be one of the strongest utilities teams on the street) so don't have a single horse in this race. In my sector, and the adjacent one that I cross paths with often, i.e. energy, Rothschild destroys PJT any day of the week. It is not even comparable in terms of number of deals, deal size, "interesting" deals etc. etc. etc.
Also got no stake in the game but in which world is one sector representative? Again PJT is much smaller and will have rather specific strengths depending on the seniors (mostly not M&A).
Much more importantly, just look to which places the people exit. PJT is just a different world if you consider any kind of Distressed or general HF exits and probably even stronger for MF PE (& Co). Noone says Rothschild is bad but this board really puts them on par with GS while they are a MM player.
You keep using MM but you do know their average deal size for HC, CRL deals right? Clearly you got rejected by them as in London Roth’s are very well regarded and would be ahead of many firms on the prestige level. You sound like a prospect.
Are you trolling? From your comments it's easy to see that you are a prospect and just got an offer from a boutique haha ("Applications: 2 ACs: 2 Offers: 1 EB in Ldn - 1 month 1 week ago")
Rothschild clearly is MM, that's how everyone in the industry would brand them, nothing to argue here. Probably that's why I keep calling them that way.
I`m at a top US BB btw, so probably check your bias prior to randomly calling people out
You must be one sad mofo to be commenting on threads when you’re in the industry and then proceeding to say ‘I’m at top us BB’. Someone is defo insecure about being in the ECM team
Can you pm me? I am about to start on a PUI desk in London and have a few qns if thats cool? Burner account fyi so i cant pm
Quite the opposite - the forum is full of clueless Americans pretending like their view of the street is universal for EMEA, Australia, Canada etc.
PJT is nowhere near Rothschild in London.
PJT by a mile.
Which teams are the strongest at Roth’s London or do they all generate equal exit opps?
In London it goes:
GS-MS-JP-BofA-Citi-PJT-Lazard-Rothschild
so PJT>Roth
MS is better than JPM? Since when?
Looks like someone got an offer from JPM and is insecure about it. MS has always been better than JPM, unless you are talking about DCM
I would agree that GS / MS > JPM > BofA / Citi, but would still say Lazard / Rothschild has a slight edge over PJT, just because they are much more established in the region and have literally been here for hundreds of years. Having said that, PJT in London is growing incredibly fast so you can't go wrong with taking either offer
this thread is fucking hilarious.
No one would take Roth over PJT in London. I’d even say most people here view Evercore and pwp as more prestigious and would take them over Roth also. On par with Moelis and Greenhill.
I don't know if Moelis, PJT and PWP have great exits or something but having spent quite a few years here now, in terms of actual M&A dealflow those banks are nowhere close to Rothschild (or any of the 5 US BBs). Like not even in the same zip code. Also didn't realize Greenhill even had an office here!
Nice to finally see a thread where Roth LDN is actually regarded. Normally just see US hype bois slating it all over this site.
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