PJT RSSG vs. Evercore M&A
I've been fortunate enough to get offers from both of these firms for SA 2021. Currently, I'm leaning towards PJT RSSG due to reputation and exits, but my concern is that restructuring might pigeonhole me. Additionally, to what extent do restructuring analysts gain m&a skills and how much of the job consists of looking through credit docs vs. actually building out modeling skills?
On the Evercore side, while I think it's a great firm my concern is that if we are still in a recession come Summer 2021 the return rate might not be quite as high. Also, is the exit differential between a group like Evercore M&A that great relative to PJT RSSG?
Need to make a decision within the next two weeks. Would appreciate any and all opinions!
It’s going to be very different work, but if you really can’t decide based on that just go with where you liked the people more.
PJT RSSG is the best banking job period in terms of any objective metric you could ask for. Would be silly to let that offer go. You could always recruit into vanilla buyout PE from PJT RSSG if you really wanted to.
What objective measures are you using, exactly?
Compensation, prestige, perks and benefits, exits. I've also heard culture is great.
This is obviously not true- someone at Goldman has a better name on resume hands down- forget about it. You have an argument with the points you mentioned no doubt, but for name brand, nothing beats top BB banks
You're referring to name brand outside finance / to the common person which doesn’t really matter if you want to work for a top megafund or HF
Within finance, if you know you know
That’s why top wharton and harvard kids summer at GS top groups (fig/natres/industrials) and then lateral to centerview, evercore, or pjt the next summer or full time.
That's awesome. Huge congrats. I would lean PJT RSSG- both are very prestigious but PJT RSSG is more specialized and given the amount of restructuring work in the near future, would seem like a better choice. Great exits from both, but PJT is smaller so probably better per capita.
Also- any chance you might have some advice for Evercore's superdays in terms of technical/behavioral split? Have one coming up myself and have no clue what to expect
Recommend knowing a recent deal relatively in depth. Tends to be pretty technical overall - key behaviorals are the typical “Why EVR” “tell me about yourself” etc. I think there is more info in the EVR Superday thread that was just posted.
gotcha- were the technicals similar in difficulty to the phone interviews?
First, congrats on two excellent offers. To answer one of your questions: it isn't too uncommon to run a sale process during a restructuring assignment, so you may gain some M&A skills.
PJT RSSG is imo the best group on wall street in terms of experience, culture (a bit nerdy but nice and chill), office, comp and exits. Close friends summered and are returning. Exits to MF PE are more than possible but less common because most people join specifically interested in the distressed space. With an offer in hand, they're definitely open to talking about exits if you ask. They know they're talked about a lot because of their exits and aren't afraid to use that info to attract top talent. Just ask one of your interviewers (a second year) about your concerns about being pigeonholed and I'm sure they'd be more than willing to talk.
Do people who do RX and M&A tend to primarily exit to PE? Could one go to a HF? If so what would that be like and how would the skill set transfer? To what type of fund could one coming from either group go to?
If you want to exit to PE then PJT is the way to go. PE placement is one of their explicit selling points and they basically give analysts the week off the focus on interviews.
Why the fuck did this guy get MS?
Thanks so much for your insight. Obviously the buyside exits are great, but I know that PJT RX doesn’t do A2A. If I decide I don’t want to go buyside, will I have to get an MBA or do you think it would be possible to recruit out as an A3 and then direct promote?
PJT is pretty strict about not promoting A2A. However they have regularly hired analysts back as associates post PE-stint (e.g. Blackstone and Angelo Gordon). That alone should tell you a lot about the culture there.
RSSG is the best group on the street hands down
The consensus is clear here. PJT RSSG will give you the absolute best distressed/event/activity/ even equity hedge fund and PE opps aside from maybe like traditional large cap buyout funds focused on a specific industry. better exits than GS TMT, MS M&A, anything. If you really want to do TMT long/short at Citadel then yeah maybe choose GS TMT but for everything else the choice is clear.
RX at PJT will give you more analytical and useful skills than any M&A group. they do almost all debtor side -> so you’re focused on digging deep into the company and the negotiations and even the operational turnaround strategy aspects. in M&A honestly all you do is a crap ton of accretion/dilution, dataroom bullshit and making your sales-y management pres. You get the same amount of granular company analysis if not more in RX and you have to think more like an investor.
Both are great, but I will take Evercore anyway. I just don’t find restructuring as exciting and fun as traditional M&A advisory, and Evercore is an exceptional firm for that
Another piece of advice, don’t take the most prestigous or anythink like that, but the one you are moat excited about!!! Both will give you incredible opportunities for the future, the difference would be on how you enjoy it, passion will drive you to be excellent at it
Not sure if this is a consideration but in a recessionary period, you will for sure have a job and a bonus at PJT RSSG. Whereas at EVR M&A or even PJT M&A, you might not get much a bonus too.
Also PJT RSSG makes you industry agnostic whereas at EVR M&A there will be group placement to consider. Unless if there are specific people at EVR that can pull you into a group you would love to be in, PJT RSSG will suit you much better both in terms of a recessionary period and recruiting standpoint as a generalist.
can’t speak for Evercore, but PJT M&A and RSSG have the same P&L, so everybody will get a bonus (in line with previous years)
Same with EVR, from what I've heard.
I wouldn’t chase the prestige, both are amazing firms and groups. My friend did RX, didn’t enjoy the work, and wished he did M&A instead. Both groups will get you great looks so I would choose whichever had the type of work I liked more.
your biggest consideration should be whether you want to do M&A or RX. Read into these two fields, network with people at the firms that you have offers with, etc. As for your questions: 1. RX will not pigeonhole you. If you do RX you'll be able to recruit for PE, L/S, or Distressed HF. For M&A it'll be harder to recruit for distressed, so if anything RX gives you optionality. 2. especially in the current economic environment, boutiques have a lot of their M&A teams working with their RX teams. So the M&A team might run the operations-side of the model and the RX team might do the recap. If you're worried about modeling skills in preparation of on-cycle recruitment, don't be, because on-cycle is so early these days that you'll have to self-teach yourself anyway regardless of M&A or RX. 3. No comment on return rates, however as mentioned, M&A teams are still kept busy in EBs like EVR where they work with RX on a lot of the deal flow. Overall sentiment by my peers across the industry is that it's more likely things will get better sooner than a lot later, so hiring needs will return under today's current mindset. 4. no difference on exits in terms of ability to get headhunter looks. you'll get access to the top headhunters from both shops, and at that point it's up to you. PJT RSSG places lights out because they're a very strong exit culture and takes really smart kids by themselves, but just because other kids are smart doesn't mean you automatically are. EVR places well, just with a larger class + 3rd year and A2A optionality you'll get a larger variety of exits (not just PE/HF, but corpdev, etc.) If you're focused on exits one thing that is true is that you'll get more optionality into distressed with PJT
other considerations (some you might have to figure out): * pay * prestige: both great names in finance, PJT RSSG will earn you more respect from college kids if that is what you want * hours: EVR slightly better * culture: figure it out. PJT RSSG is one team, whereas EVR M&A has a ton of different groups each with their own culture * industry: EVR M&A has sector teams (unless generalist), PJT RSSG is industry agnostic * and most importantly will you enjoy doing RX or M&A work more
Years ago, I took a M&A offer over PJT RX. At the time, I wanted to work in PE, not a distressed HF, and I didn’t want to do the legal and credit documentation work that comes with restructuring.
I was wrong about the exits. The PJT RX analysts go on to be PE associates at Apollo, Blackstone, H&F, Berkshire, etc. Top tier HFs on both equity and debt side. No other banking group has such consistently strong and diverse buyside exit opps.
I was right about the work. I would’ve hated wading through all that hairy debt analysis. M&A and RX are fundamentally very different jobs.
Ended up at a big PE shop either way so am happy with my decision.
This is great advice - like everyone else here has said, don't pick one over the other just for "prestige" since they're close enough that what work interests OP is what matters more.
First to clear up some misinformation -- PJT has tracked every analyst exit since the spinoff -- placement is lights out, and objectively the best of any group on wall street. Proof? Here are their analyst placements for the 2020 exiting class:
Blacksone PE, KKR Special Sits, Apollo PE, Centerbridge (x2), Oaktree, Anchorage, Blackstone GSO.
That's it. That's the whole class. Not a single analyst headed to a mm shop. That said, it is undeniable that you have landed the only other peer EB offer there is which is Evercore M&A. Like others have mentioned, your most important question now should be what you want to do after your two years as an analyst. Seems stupid to ask before you even take a summer offer as a sophomore, but is really important for this decision. Thinking about growth equity or VC? Take the M&A offer. Want to do distressed? Rx hands down. Thinking about going A2A? Can't do that at PJT. Want a small analyst class? Out of luck at Evercore. Don't mind comments talking about the "current environment" or job security. You will have a good summer and a full time offer waiting for you after it at both of these shops. Over the course of your analyst career at either of these groups, you will pitch, and you will do live deal work. I guarantee it. You will get worked hard. I guarantee it. Don't make this decision based on a market cycle; this is the platform on which you will launch your career. The core question here has nothing to do with evercore or pjt -- it should entirely be a question of M&A or Rx and you have (arguably) the best offer for each-- talk to seniors, talk to people in these groups, and figure out where your preference lies and take your offer with 100% conviction -- there are no bad decisions here. Congrats!
This is the best advice in this thread. Ask yourself which you'd rather be doing at 2am, reading a credit doc (go read a few to experience it) or working on pitch materials. Obviously a generalization, but these are examples of some of the more tedious things in each role respectively and one of the few ways to personally distinguish between the two. Best of luck.
I think you largely make good points, but I would raise that the 2020 exits for PJT RSSG, aside from obviously Apollo and BX PE, are deceivingly mediocre. MF Credit gigs are not all that coveted by most banking analysts (KKR Special Sits and BX GSO). Oaktree has seen a lot of people looking to jump ship after the Brookfield acquisition. Centerbridge has been struggling with some of their PortCos even pre-COVID (PF Chang, IPC, etc...). I think Anchorage has also been struggling the last couple of years.
I fully agree that KKR SS, GSO, and Oaktree aren't top tier exits, but if you recruit on-cycle then it's very difficult to get a decent non-PE offer.
I also think it's pretty consensus for any RX banker to take CB over BX. Both have terrible culture, but at least CB pays well.
I would caveat that by saying if you look down their exit list, everyone that has chosen to go into PE has exited to a MF or equivalent. Although credit shops aren't the most sought after groups at a regular investment bank, I would contend that the individuals that did want to go into PE got great placement, and those who went to the GSOs and Oaktrees wanted credit work, and those are some of the exits that exist for analysts recruiting on cycle. Don't want to trick into college kids into thinking that GSO or Special Sits are the same as the flagship fund at KKR or BX, so you make an important distinction, but felt it was worthwhile to point out that those recruiting for one likely aren't recruiting for the other.
wondering how recent exits from evercore m&a look like!
It's bigger, but just as good for the strong analysts.
PJT RSSG. Worked across from them multiple times when I was in banking. Great work product and the people are as bad compared to some other peers (looking at you HL). On the other side I now almost always vote for them to rep our creditor group
Which one are you learning towards? I would lean PJT Rssg. An upperclassmen friend of mine chose RSSG and he's had a phenomenal experience so far. Will be going to MF soon.
How were the interview processes for the two- Was the Evercore superday more deal/industry focused? Was PJT very technical as well?
Every first year analyst at PJT RX has placed for summer 2021. I know many, many first years at Evercore who have not placed yet, despite trying.
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