PJT vs HL RX London
Hi everyone, do you have insights for both and which one would you choose for the SA?
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Both crazy good offers but I would personally go for PJT in NYC/London as m&a exposure makes it easier to exit to buyout
Both are top of the street for RX and really good offers if you have them. PJT has the edge in terms of exits and quality/size of deals (HL is very much a MM corp finance shop outside of RX). HL also known for atrocious and prickly senior culture but heard that their RX team is much better in this regard
PJT. Dominate and leader in RX, but offer rotation with M&A during your analyst program. Culture is better and they tend to have better exits too than HL.
You share the same offices lol
Take PJT.
HL tries its utmost to be like PJT, a few examples below
- PJT’s offices are in Mayfair? Interesting, let's move into the same building as them!
- PJT's base is 80k? Interesting, let's increase our base for RX to 80k!
- PJT have the highest meal allowances? Interesting, let’s give RX the same!
- PJT is the only bank that uses Suited assessments in UK IB student recruitment? Interesting, let’s use that too!
The issue with HL is that, for a long time, it was the RX advisor
Unfortunately over the years they have lost a lot of market to other banks, to the point where PJT now would be the RX advisor. HL is still a very good place, but they tend to benefit from legacy relationships with many funds, which gives them a steady pipeline of work (many times unfortunately this involves working on some not-so-nice PortCos)
As such, HL RX is now forced to effectively match whatever the others are giving, as to prevent losing more talent / market share
Would personally choose HL if you're set on RX - correct me if I'm wrong but PJT has a generalist programme for SA/FT
PJT offers a rotational analyst program where you can do both RX and M&A through a 9-month rotation each. However, given the current lack of deal flow in RX and the RX team being smaller than M&A, not all analysts are guaranteed an RX rotation. If you're certain that RX is your long-term focus and you are not convinced that you can work your way into the PJT RX team then you might consider HL RX. Comparing PJT RX and HL RX, I would personally choose PJT without any second thought.
That being said, PJT imo dominates in all other categories. In terms of deal size, complexity, exit opportunities, and the mix of M&A and RX experience, PJT generally offers broader exposure with exits to blue chip funds across both equity and credit investing. Base comp is equal as mentioned above, not sure about bonus though.
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