PJT vs PWP - London Office
Hey considering offers between PWP (M&A) and PJT (M&A + Restructuring) in the London office as an analyst. What are your opinions on the question? Thanks
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PJT consistently pays top of the street, offers exposure to both M&A and Tx, exits very well, very nice culture and deals are very diversified compared to PWP
Did you recruit for FT for both?? Go with PJT. They are stronger in London and you will get exposure to both RX and M&A
Yes
PMd
Both are very strong but come with some drawbacks. - Generally, pay at both is significantly higher than at BBs, junior responsibility is significant and overall culture is good. Note though that PJT has much longer hours than PWP on average. - Despite what you have probably heard, PWP exits might be better for traditional LBO PE while PJT is the clear #1 for everything distressed/credit (also probably among the best for HF and very strong for PE with a slightly distressed angle (Apollo, Oaktree) - M&A deal flow is not ideal at either with PJT mainly doing Media&Telco/HC and PWP mainly doing Industrials (GER+FR). PWP has a stronger track record in M&A but PJT might be poised for more growth.
Overall, if you are mainly interested in M&A, choose PWP, choose PJT if you might also be interested in RX and RX exits.
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