PJT M&A or GS FIG (Banks / Spec Fin)

Based on the most helpful WSO content, here's the breakdown:

1. PJT M&A:

   • PJT M&A is a strong group with solid exits, but it doesn't quite match the level of PJT RSSG in terms of placement into mega funds (MFs) or distressed PE/HF roles.
   • While PJT M&A analysts have landed at MFs, the placement isn't as consistent or stellar as other top-tier groups. Some analysts have even had to stay for a third year due to challenges in exiting.
   • That said, PJT M&A still offers good opportunities for private equity, particularly in middle-market (MM) and upper-middle-market (UMM) PE.

2. GS FIG (Banks / Specialty Finance):

   • GS FIG is a specialized group, and while GS as a whole has a strong brand that opens doors, FIG's focus on banks and specialty finance may limit generalist PE exits.
   • GS does not have a recruiting-friendly culture, and firm policy could make it challenging to recruit openly for PE roles. However, analysts often find ways around this with support from their teams.
   • GS's name carries significant weight, which can help secure interviews, but the specific vertical (Banks / Specialty Finance) might not provide the broad modeling and deal experience that generalist PE firms typically value.

Recommendation:

If your primary goal is private equity, PJT M&A might be the better choice due to its broader exposure to M&A transactions and more relevant skill set for PE recruiting. However, if you value the GS brand and are confident in navigating the recruiting challenges, GS FIG could still be a viable option, though it may require more effort to position yourself for generalist PE roles.

Sources: GS TMT/FIG vs PJT RSSG vs Evercore M&A, BY EASE OF RECRUITING, Evercore NYC M&A vs PJT NYC M&A for Private Equity and MBA Exit Opportunities, Jefferies SA 2023