Not trying to rank the two, but would like to gain a broader perspective as I have both offers in hand.
What matters to me : Prestige (for exit opps as I'm unsure what I want to do), salary, and experience (in that order).
Considerations :
- I know CVP has the higher pay, but I also know they lock your bonus for three years. So I might feel forced to stay when my peers exit to PE.
Would appreciate any insight , thanks.
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Based on the most helpful WSO content, when comparing PWP NY and CVP NY in terms of M&A, here are some insights that align with your priorities of prestige, salary, and experience:
Prestige for Exit Opportunities: Both PWP and CVP are highly regarded in the investment banking industry, with strong reputations that can open doors to a wide range of exit opportunities. However, it's worth noting that the prestige of a firm can sometimes be subjective and vary depending on the specific sector or geography you're interested in. For broad exit opportunities, both firms are well-positioned to support your career aspirations.
Salary and Compensation Structure: You've correctly noted that CVP tends to offer higher pay, but with the caveat of a locked bonus for three years. This structure can indeed make it more challenging to leave for other opportunities without forfeiting a significant portion of your compensation. It's important to weigh the immediate financial benefits against the potential limitations on your flexibility to pursue other opportunities.
Experience: Both firms will offer you valuable experience in M&A transactions. The key difference may lie in the firm's culture, deal flow, and the sectors they are strong in. CVP's reputation for being very strong in biopharma M&A, as mentioned in the context, suggests a specialization that could be beneficial if you're interested in healthcare. On the other hand, PWP's culture and rapidly growing team in certain locations indicate a potentially broader range of experiences and a supportive environment for career development.
In conclusion, both PWP and CVP offer prestigious platforms for launching a career in investment banking with competitive salaries and valuable experience. Your decision might ultimately hinge on your sector preferences, the importance of compensation structure to your personal financial planning, and the cultural fit you feel with each firm. Remember, while prestige and salary are important, the quality of experience and the alignment with your career goals should not be underestimated.
Sources: [SA 2024] CVP SF vs PWP LA vs Moelis SF, PWP NY in 2022? Exits, Culture, Reputation. Comparison to other EB's?, ft JPM HC (NY) vs PWP (NY), PJT vs. PWP vs. EVR (M&A groups)
100% take CVP M&A. Let's address what matters to you.
Prestige is a little bit of a funny concept but Centerview is as elite as it gets and probably the best boutique bank (yes I know evercore and pjt are right there). Go look at Vault 2024 prestige rankings. obviously that site is not the Bible but it should give you a sense of how the industry views Centerview. they absolutely killed it in 2023 and are always able to get the largest mandates. the senior leadership is extremely strong and it certainly appears that the succession plan worked as planned as tokat gets them on every single major healthcare deal and Kim is killing it with everything else. in terms of exits, you will get looks from every MF (both growth and buyout) and notable HFs. ignore what people say on this forum about Centerview not having great exits. I have a friend who works there and he consistently gets bombarded by recruiters for incredible buy side opportunities. also, since you will be a generalist you can basically parlay that into any sector group at a PE firm.
you mentioned this yourself, but no other firm pays like Centerview except maybe qatalyst and a few other very small boutique shops. you will be very well compensated with salary+bonus and also the perks are insane (crazy dinner stipend, generous uber expense policy, etc all of which definitely adds up over time). yes if you leave before 3 years you have to pay back 35k of your 50k signing bonus but that's not the end of the world.
experience was your third category and not sure you will find anything better than cvp. the generalist program gives you the opportunity to get exposure to all different sectors and this is very valuable as you begin to figure out what you enjoy doing. also, they do a ton of strategic advisory (more than most banks) and this will really get you thinking about how businesses make money, strategic initiatives, etc which will help you think like a investor. also, you'll get great modeling experience with all the m&a they do and they really do a great job training analysts since they want them to stay long term.
I didn't speak about PWP because I don't need to say anything negative about a great firm but just don't think they measure up to CVP in any of the categories you mentioned.
good luck with your decision and congrats on the offers!
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