I am an MBA student recruiting for IB at one of the main feeders (Wharton/Columbia/Booth).
PJT has a summer associate opening for their Secondary Advisory practice (i.e. Park Hill). After doing some high level research it seems like an interesting area. I wanted to hear some experienced professional's opinion on this type of role for a long term career. Would it be crazy to turn down a more traditional post MBA associate role at a BB/EB for a role at PJT Secondary Advisory? How does compensation within Secondary Advisory compare with more traditional IB M&A/Coverage? Is the work/life balance similar? Any insight would be appreciated.
It really depends what you want to do. It is not investment banking, that group is fairly new and there are 2 spots this summer I believe. Don’t pay attention to my job title here, it is not accurate.
I have no insight into comp and it seems like a small group so not sure how much color you’ll glean here. I do not think there would be much valuation work either. IBD is very different so it is something you need to decide. I would imagine the hours are better, but this is speculation. The read I have on the group is that they are just helping sponsors unload assets within certain funds they no longer want. I’m not sure it’s as transferable of a skill set at proper IB.
Thanks for the reply. That is all helpful. I see what you're saying about it being a completely different career path than IB. I've loved every interaction with PJT so far during recruiting more than any other bank (has only been with their M&A advisory), so one of my concerns is whether some of that culture is shared with the PH team.
It's especially difficult to find this information online from the perspective of someone looking at this group from a long term career perspective.
Very hard to find info. I think it would be something to go for if you are legitimately interested. I think it will have a significant sales component because what kind of analysis would need to be done by the group once you are looking for buyers?
I went to their corporate presentation but dropped it because I am only interested in IBD. To each their own and I can see why you would be interested. Just want to make sure that it is something you really want beyond the people since this is the career reset.
I think it is crazy. MBA is a risk in itself, and joining a new team and not knowing if it'll give you transferable skills or if it's something you would want to do in the long term is a huge risk.
I think you should stick to the BB role that you have.
I deal with this group a lot on the buy side. Secondaries in general is esoteric/wonky (not a statement of good or bad), so would echo the earlier comment that doing a traditional IB group gives you more optionality. But if you really gel with the group and have an open mind I don’t see an issue.
This is coming from someone who recently picked up secondaries investing as part of my gig, had no idea what it was when I started the job and I enjoy it.
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