PWP Updated Outlook 2025
Can anyone provide context on PWP in 2025? Exit ops, top groups, and positioning among other EBs and BBs. Any insight on most recent exits of the analyst class is helpful.
Bump
Comp - Close to top of the street, higher AFAIK than PJT or EVR
Exits - Pretty average to be fair. Lower than the likes of EVR, PJT, or LAZ. Probably in line with MOE or GHL. Above firms like GUGG.
Deal flow - Honestly depends on the year / sector. For eg, last year the Healthcare (J&J-Shockwave) and FIG (Blackrock-HPS/GIP) teams landed some blockbuster deals. Other teams were doing ok at best.
Reputation - Hard to gauge, and that has been an issue with PWP over its existence. They simply lack the consistency to perform y-o-y at the same level similarly to CVP, EVR, PJT. They can have a great 1-2 years followed by pretty average years. They also have a history of teams ditching team to competitors (eg Media / Telecom group or RX group a couple of years ago)
Good culture, high comp, exits good as PJT M&A/LAZ/MOE (the absolute number can be seen as underwhelming but the firm has the lowest SA headcount among all EBs) better than GHL at this point. Somewhat occasional blockbuster deal but doesn't seem common, but good enough to get looks with decent scores/school pedigree.
Exits are not as good as PJT M&A/LAZ/MOE, despite PWP's relatively small class. Sure some kids will get a MF/UMM but a handful get pretty mediocre MM/LMM outcomes (source: did my SA there, moved FT to a different EB)
Interesting, some kids while I was recruiting told me they chose PWP over MOE, saying how the exits are on par with MOE/LAZ, and showed a decent number of MF exits but guess not common really. Heading to PJT M&A/LAZ/MOE type shop and always thought PWP is almost equal in terms of exits/prestige/etc.
Is this selection bias? Target students generally opt for those roles versus non-target?
What the FT lateral interviews like for EBs?
PWP Ny class size was ~30, Moe was ~36, PJT M&A 20-25, Laz ~35. Idk man i somehow dont think SA headcount was the reason for having less exits
Bro, PWP has worse exits than all of the firms you mentioned (including GHL). I don't know what are you on. That said, it's still a great gig to have
Eh I think a lot of it is self selection due to the personalities they recruit. It’s been covered in other threads but they tend to recruit the chiller personalities compared to Moelis Wharton Hardos etc. Depends what you prefer.
This most recent FT class has some pretty nice exits.
Have a lot of friends at PWP, and their exits are solid (and they largely get the same looks as our class at Evercore does, with the exception of maybe some more special sits seats that Evercore does better on). I think PWP's exits are largely due to self-selection (anecdotally far fewer people I know at PWP participated in on cycle than at Evercore, and PWP also has a higher A2A rate), but PWP still has great exits. Some exits I can think of from current PWP analysts as well as analysts who left in the past year or two: Apollo, KKR, Carlyle, TPG, EQT, Diameter, CD&R, Platinum, Ares, Thoma Bravo, LGP, Oaktree GFI, FP, GTCR, THL, L Catterton.
Agree with the culture aspect. PWP definitely has fewer IB -> PE hardos than Evercore/Moelis/Lazard, and I think that's reflected in their lower on-cycle participation rate as well as higher A2A conversion and number of exits into CorpDev post-analyst stint. When factoring in the relatively small analyst class sizes and lower on-cycle participation (when most MF offers are given), PWP still places well across the UMM / MF board.
Saepe ipsum distinctio in. Non est error reprehenderit consequuntur quibusdam ea ut laborum.
Ea reiciendis nulla delectus quo mollitia eos ut. Saepe amet dolore facilis. Et explicabo inventore eligendi distinctio neque sit voluptas.
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...