PJT M&A vs GS Healthcare

PJT.

PJT. Personally, I just really prefer boutiques, and I'd pick a top boutique like evr, cvp, moe la, pjt, over any BB. Though, if you're really interested in the specific coverage area you're in at a BB then that's important to consider as well (GS TMT if you see yourself going into tech or GS HC if you see yourself going into the healthcare space in the future, etc.). Also, not sure if you care, but it's not difficult to figure out who this is if you really have both offers. Can't go wrong with either one though

GS. Best name brand of any finance firm in the world and opens literally every door in the world

Even if you want to do healthcare PJT is still better. Two words: Jami Rubin.

I turned down the top boutiques for it. It's the marquee name and you may not appreciate just how much weight it carries across countries in random situations (e.g. meeting some latam angel investing billionaire? Instant credibility)

PJT unless you only see yourself doing Healthcare. The GS name will take you far but PJT has such solid momentum it’s only up from here. And you’ll be paid more

GS. Yeah you might get paid a little bit more and you might get somewhat better work experience at PJT, but having the name on the resume will make a bigger difference at the end of the day.

If you choose to stay in banking you can always lateral to PJT or a similar shop. If you wind up in any line of work other than high finance the names are miles apart in recognition.

Cannot go wrong - pick the firm where you liked people the most as you’ll spend 100 hours per week with them.

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Is this for FT or internship?

FWIW, PJT is much more supportive of recruiting than GS is. I know some people who didn't like GS solely because of the lack of support on that front where as the boutiques especially PJT is very transparent and would vouch for you during the process

Hope this helps

I think it’s incredibly difficult to know what you want to do when you’re still in college and what a job in IB actually entails and how much you have to sacrifice (at all levels). Maybe you end up loving the job and want to stay in IB / PE, but there’s a pretty decent chance after doing the job for a few years, you realize it’s not for you. Until you actually work on the desk for 6+ months, I don’t think it’s possible to have any idea whether or not the job is for you. If you decide you don’t want to stay in PE, the Goldman Sachs name will open many more doors than PJT. Maybe you want to go to the corporate world, move overseas, try your luck at a startup, or whatever it is, GS will set you up much better. Additionally GS will give you a broader experience across different products. The learning curve is steep, but once you’ve been on a few M&A processes, built a few models, etc, they’re all more or less the same. If you decide to stay in finance, you’re experience and exit opportunities will probably be better at PJT, but marginally so at best. IMO, PJT offers minimal upside with a lot of downside if you decide to do anything else out of finance. I picked a too BB over top EB, so probably biased. I believe I would enjoy the work and culture at an EB significantly more, but if I could go back, I would still pick a top BB. 

95% of the people that matter for professional things know of PJT to be honest.   Its not like PJT is an under-the-radar type boutique like Ducera or Robey Warshaw or even a firm like Allen & Co.  Its not like if you are choosing between these options, that you are applying to work for a factory manager who has no exposure to high - finance.  The people that you need to know - they know.  If you think there will be a name-brand issue, can put PJT Partners (IBD Advisory business spun-out of Blackstone in 2015).  

Its a pre-eminent IBD boutique and realistically even the tech circles that hate bankers know what it is and that its good.   There's arguably a very minor benefit in the sense that the people in a professional who don't know what PJT is are also the same people who know of GS from issues GS has had with the news (IMDB / housing / Aluminum etc.) which may actually negatively impact candidacy.  

However some cases where GS does better PJT:

- Non-NYC dating pool 

- Hometown heroes if you come from anywhere that isn't the North East

- Your mother / father bragging to their friends / family about their superstar child

- Overall network spread (if you are extroverted, larger analyst classes means you likely know more people at different places post analyst years- having contacts at a healthcare focused MM PE shop for example Revelstoke doesn't seem valuable until you are trying to buy a company from that shop).   More likely one of your class-mates launches a unicorn start-up. 

I think taking into account PJT's comp, its a toss-up so if you are already leaning PJT, take that offer. 

When did you get the offer for PJT, btw? Only reason I'm asking is because I superdayed for PJT and was hoping for good news. Also, I'll echo earlier points made in this thread; take GS if you're more extroverted, and take PJT if you care more about recruiting out after your two years. (I'm biased ofc.) FWIW, don't worry about SA retention rates. I've heard GS classic groups have 85-90% retention. 

Hey OP, surprised no one mentioned this but highly recommend you ask HR or your interviewers if you could speak to Analysts and/or Associates at each firm about their respective experiences

Normally after an offer is extended, they'd happily chat with you to talk about any concerns you may have

And frankly, focus on fit. I promise you 2 years in IB feels like an eternity if you don't like your team