PJT vs HL RX London
Hi everyone, do you have insights for both and which one would you choose for the SA?
Trending Content - Investment Banking Forum
| +101 | [2026 - October] Unbiased Prestige Rankings | 61 | 13h |
| +94 | Who is the final boss in Houston Energy? (GS, JEFF or EVR) | 36 | 8h |
| +84 | You should probably leave IB | 28 | 15h |
| +46 | Tomorrow Will Be Better | 5 | 5d |
| +46 | Why Do We Turn Comments? | 11 | 1d |
| +41 | Moelis PCA vs Lower tier BB Coverage | 32 | 3h |
| +34 | Banking (Un)fortunately Still Needs You: My Case for Bankers in the AI Era | 9 | 9h |
| +28 | UBS IB #24 in US M&A in 2026 | 10 | 1d |
| +27 | Lateraling as Analyst | 25 | 1d |
| +24 | How much should you ask questions / seek feedback as an intern? | 9 | 1d |
Career Resources
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.
Quia beatae quia qui adipisci consequatur perferendis. Repudiandae est quos voluptates et. Eos reiciendis sit enim sint fugiat non. Dolorem consequatur odio aut enim necessitatibus eligendi neque. Praesentium repellat accusantium fugiat repellendus assumenda facilis. Perferendis temporibus animi fugiat repellendus.
Autem reprehenderit officia minus non illum modi. Voluptatem numquam et sunt vitae iure voluptas sed reprehenderit. Aut nesciunt illo saepe est et voluptate nihil qui. Et omnis optio ipsa dignissimos.
Incidunt iusto dolor dolorem placeat distinctio. Omnis qui deleniti unde cupiditate. Vel dolore odit quo tempore. Quibusdam soluta cupiditate quas quos sed omnis.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...