PWP vs MS London (SA 2023)
Hi everyone. I was fortunate enough to have received offers from MS and PWP for SA 2023. Would really appreciate if anyone can provide any colour on both offices.
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PWP London is a strong office with good pay and culture and solid deal flow, but if I were you I'd definitely take MS. In the end, if you care about optionality or exits, European PE and especially MFs show a strong preference for GS/MS over just about any boutique. That being said, MS London has a really intense and sweaty culture because the group is so lean relative to their deal flow, so be prepared for that.
Hey, How long after your AC at PWP did you hear back?
PWP, if it were GS or JPM I would say that exit ops are worth it over the extra sweat (+chances are difference in sweatiness likely negligible between the three). MS is too sweaty in London for its exit ops to make up. You will still get your day in front of MFs and it is much more about interview versus your bank after the initial resume screen.
Is this thread a joke? Dumb Americans thinking that London is like the US I swear. Take the MS offer and run, PWP is good but nowhere near the level of the top 5 bulge brackets in London. MS will give you an insanely better brand name, higher quality deal flow (you won't have to work on MM deals) and better network.
100% this. YTD, Morgan Stanley is ranked #4 by volume in EMEA. PWP isn't even in the top 20 (well below Laz, CVP, Evercore).
OK Intern. Lol tell me you know nothing about the London banking scene without telling me so. Evercore London is a much weaker office than PJT/PWP London. CVP London is OK, but it’s a really small office and exits have not been up to par with PJT/PWP much less LAZ/Rothschild.
Congrats on both offers!May I ask how your AC was set up this year?
PWP: better pay and culture, exposure to large deals only in Telecom/Industrials
MS: better brand name, exposure to large deals across pretty much all sectors, better exit opps
Exit opps will likely be better for MS, but keep in mind that the data on exits is biased. People who go to a boutique like PWP are more likely to be career bankers and obviously, the number of people is FAR lower than at MS. I have several colleagues and friends who are/previously were at MS London and they all HATED the place. Extremely brutal hours and horrible culture. If you want a long-term career in banking, I would probably go with PWP. If you just want good exits and can survive a couple of years in hell, then I would go with MS. With that said, PWP is still a solid place and you will get interviews at reputable funds.
MS London is stronger, but buyer beware. The culture there is horrid, arguably the worst among notable London groups. PWP London has a better culture, and punches above their weight for exits. MF is harder from any boutique, but PWP does place into MF quite well for a boutique and consistently places across UMM.
If you think you can handle the culture and wlb, go for MS. Otherwise, if you are willing to sacrifice a bit of exit opps and brand name for better culture, go for PWP.
What makes it so horrid?
Toxic culture driven by the seniors, quite cutthroat, lots of busy work.
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