PJT LONDON - WLB/Culture?
Ignore handle, am a big 4 ACA in restructuring in london. Enjoy my job, good WLB (can make evening plans every now and then and on 90% of Fridays, can WFH 3x per week, no dickheads) but salary could be better - 55k base, 10-20% bonus.
Seen PJT is hiring an ACA Intake to join at the senior analyst level. While pay would increase substantially, keek to know what the hours would be like? Not sure I would take the plunge if I’m not going to have a life. PJT folk - let me know how your lives are & what the expected comp range is?
Friend works at PJT London in the RX group and his lifestyle is truly the best out of everyone I know in banking. This guy is literally working tech hours.
What level is he do you mind me asking? Is this normal for him?
Associate. Been there for 3 years now
How do you end up getting the opportunity to work in London?
Surprised to hear this since I've heard that PJT RSSG had one of the best WLB among NY EBs but maybe it's changed post covid
At PJT NY on the M&A side
Obviously WLB for a group as cyclical as Rx will vary significantly. In the back half of 2021 the juniors in the group were out the door at 6 or 7 - now they’re cranking. Can’t speak to LON, but the culture in NY RSSG is absolutely top-notch
I’ve heard PJT London WLB is better than HL London.
It’s a big team though so it will depend on your deal team.
It’s restructuring so sometimes you’re going to get crushed.
I used to work in big 4 restructuring and I couldn’t be happier with the switch to IB. Advisory work is way more interesting than independent business reviews or short term cash flow reviews. Seems like you need to make it to senior manager level to even be involved in advisory work at big 4.
I think big 4 people get scared of IB cause of WLB. Frankly I got crushed in big 4 for half the money doing mindless repetitive work. So my advice would be to just take the plunge.
HL’s RX team is sweaty af, would not recommend
ahah yes it is
How sweaty is HL RX London, you mind sharing some intel?
Would you mind going into further detail as to why you found IB rx(?) more interesting than big 4 rx? From the outside, they both sound similar, cash flow modelling = cash flow modelling,no? Cheers.
Friend there, over 250k all in for associate 1...
That's insane for being London.
I have no idea about PJT but if you don't mind answering, is it common for people to switch from transaction advisory to restructuring? Do you work closely with them at your big 4?
The WLB was relatively very good for banking for a few months (minus the WFH as the firm is pretty set on RTO), but it has picked up in recent months. The person who said their friend is working tech hours is obviously exaggerating. Don't make the move expecting that. As for the people, they are quite nice - especially in contrast to stories you hear about HL.
Bonuses took a hit this year (c.100% median bonus last year compared to c.70% this year), but with a base structure of 80/90/100 for AN1/AN2/AN3, you would be much better off from a comp perspective.
If you don't mind working 9am-midnight Mon-Thurs and 9am-7pm Friday with variable weekends, then I'd consider making the switch. If you're not completely okay with that, I would advise against switching given that you said you already like your current job.
How about sector/m&a groups? Are the working hours brutal?
Varies team to team, but M&A team is generally in later than RSSG. The work is quite different though. If you're making a decision between the two groups based on working hours, I think you're doing it wrong.
Hi OP here, for the response. Are holidays generally respected? I get having to log on to keep some things ticking over but have you seen them be flat out cancelled?
I’ve seen it happen pretty often, but YMMV depending on your deal teams.
The issue with PJT is that their associate+ employees are mostly lateral hires which makes it difficult to provide a consistent assessment of culture. A lot depends on which Partner you end up working more closely with, some will be more respectful of your free time and mental health than others.
Can you choose between Strategic Advisory and Restructuring from day 1 or do you have to wait before specialising?
nope generalist at analyst level
There are analysts who state strong preference for one over the other and get staffed almost exclusively on one of them.
Anybody can share some HL RX London horror stories?
i heard by far the worst WLB in london
I believe this was true some years ago, but I understand it is not that bad anymore. On the other hand, I believe there are worst groups in London in terms of WLB such as MS Media and Comms
flatmate was an analyst in corporate finance and he knew some of the RX guys: things like two all nighters in a row for pitches, working on profiles until 4am, getting yelled at in the bullpen in front of other people for mistakes, getting staffed on xmas day etc, plus bonuses are not great with no base salary bump in sight (65 for An1 is below street)
Sounds awful but not different from any other high demanding banking groups. What is nuts is that base is below street. I guess that is what you have to live with when you have a mid-market M&A franchise.
Would you guys say PJT RSSG London comp is higher than HL RX London comp for all levels? I guess the mandates and deals you get at both shops are pretty similar (or the same, just on the other side), so is it a no-brainer to take PJT RSSG London over HL RX London when taking into account comp and culture?
Can I pm you, wanna ask more about big 4 RX
Would you mind PM'ing me? I'm interested in what Big 4 rx work actually involves.
Bump
Anybody got updates from PJT London comp for this bonus cycle? I know for a fact that HL RX bonuses were 80%-120% of the previous analyst base (£65, 70, 75k) and that base salaries in HL RX have been bumped to £80, 90, 100k
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