PWP vs BAML
Perella Weinberg Partners versus Bank of America Merrill Lynch
What is the preferred decision here?
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Personally, I would go with PWP, especially because BAML is a generalist offer. I've heard great things from friends about the exits from PWP in recent years, and seems like the analysts really enjoy their experience. I think it's more of a toss up between PWP and similar EBs when comparing to a bulge like JPM, although obviously group dependent. BAML and other places like Citi and Credit Suisse are still fantastic firms to start your career, but on the whole would take PWP due to on average better exits, a slightly more enjoyable experience, and maybe a marginal prestige difference within finance. Hope this helps, but ultimately up to you.
Disagree strongly. PWP is not a well known brand outside of finance, and while I do agree that some group exits very well (eg. New York consumer), the other satellite offices don't do well. BAML exits into low-mid MFs routinely (eg. M&A / LevFin), while PWP does so much less frequently
BAML for many reasons:
Would take it over PWP. Congrats on both offers!
BofA
As a silly prospect that could only hope to work at either of these firms, I just want to point out that you are comparing a company with 250k employees to one that has 550 (according to Linkedin).
By that logic, you can probably assume that there is likely, at minimum, 10x as many current/former BAML employees on this site as PWP, So no matter which firm is actually better, the consensus will most likely be BAML. For better or for worse.
Definitely PWP. Both are great banks, but PWP has a better culture, and in terms of exits PWP would put you at an advantage due to the size of the analyst class. BAML would be heavily group dependent and the experience wouldn't be as great for 2 years.
There aren't anywhere near 250k people in the investment bank, genius
Clearly not "Director", that's so obvious I didn't think it even needed to be stated.
But you're an imbecile if you don't understand the fact that a current/former employee from any division would be inclined to say nice things about their employer. Being a part of the Investment Bank has nothing to do with it.
Yeah except you entirely forgot to account for the fact that this forum worships boutiques.
I would take BAML/Citi/Barclays over PWP/Laz/Moe, but that's just a personal preference. You'll get paid more at PWP.
PWP Alum here. Had a great experience and I am 99% sure our exits are better than the average person at BAML. Would take PWP if you want to stay in high finance, but if you plan on eventually going into "main street" I would take BAML's name (as someone above said).
Come on man, 99% is ridiculous when BAML has groups like M&A/Sponsors.
Classic BAML reading comprehension. I didn't say 99% of our exits are better than 99% of their exits, I said I am 99% sure our average is better than their average exit. Still, I love you.
After receiving MS on this post
In the US - PWP better pay - Very similar exits to PE, better for industry for BAML
In EMEA - PWP better pay - BAML definitely better exits for PE or industry
If you want to have a long-term finance career just stick to PWP and enjoy the money difference
Probably the most accurate post. As this point it’s pretty much dependent on you for the exits in the US, in EMEA BBs still dominate the space despite lower pay.
I would just add that PWP has very solid placement into/recommendations for MBAs (HBS mostly) if OP is interested with such optionality, BAML will likely not be as strong unless you work for an MD (and even then) that went to HSW
I agree with one of the above posters. One important thing to consider is the core focus of the bank. Have a look at BAML's market share this year- it is clearly a growing franchise (top 3) . Exits will be somewhat comparable but will give edge to BofA given alum/ ex Merill brand among mid level people.
Bro who bumped this 3 month old thread. Also, PWP
Current BAML analyst here. As many other have said BAML is a very safe choice, you won't have much trouble navigating the finance world with BAML on your resume. For many of my colleague who got EB offers, they choose BAML due to job security and solid deal flow across all sectors. I started at 18 as a part time teller at BOA and was later given the opportunity to recruit for IB through the summer analyst pipeline. I think a lot of people tend to forgot the culture aspect of a firm. Given culture and fit is such a vague term nowadays. From my experience, I can never see any of the horror story that people talk about here on WSO happening at BAML (please note I'm class of 2018 graduate so I can't speak to anything prior to my time).
Ironically, I will choose PWP over BAML, given that I was auto rejected from PWP (I come from a non-target). Therefore, I'm always under the idea that EB > BAML, despite no hard evidence to back that statement. I guess the "grass is always green on the other side" also plays into my decision.
I also had the option of either BAML or PWP and chose PWP. I don't regret that decision and think I made the right choice. As many have already mentioned, it's dependent on a variety of factors (group placement is an important one to consider) but I personally thought it was worth it for the culture, strong analyst experience due to the smaller team sizes and materially higher comp. They also support a variety of career options, whether it's A2A or recruiting buy-side, and have seen pretty strong exits in recent years.