PWP vs PJT lateral offers? M&A NYC
Received offers from these two shops fortunately to lateral (ignore title) and not sure which to take as I have a few days to decide. It is for M&A in NYC. I enjoyed speaking with the people at PWP more, although I know PJT maybe has slightly better exits (unless that is only for RSSG?) and is perhaps seen as marginally more prestigious. PWP had smart, sharp folks who were genuinely very chill. PJT kind of seemed like douche bags.
Curious to hear some thoughts.
Honestly go with PWP. Exits from both are literally the same for M&A. People who rank EBs have small cocks
Can’t go wrong. M&A for EB’s (especially PJT / PWP) are all excellent options and are virtually the same, go with your gut. Have seen stellar MFPE exits from both. Congrats fam!
If you like the people, go with Perella. Their M&A franchises are roughly the same so go with culture. PJT RSSG is a top group on Wall Street, however.
Same thing — choose culture
pay exits and rep are the splitting hairs.
PJT
Unrelated, but what is your background? I am currently looking to lateral from FinTech into IB, and I am finding it hard to network and find opportunities to even interview.
That’s not a lateral. Lateral is IB to IB. Therefore would assume OP is currently at another IB
Go to the firm you'd see yourself the most happy and best fit with the team. That matters a lot more than you'd think. The pay will be similar and the hours will likely be tough at any bank.
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PJT for RX and slightly better exits but PWP for better culture, lifestyle and still awesome exits.
PWP is still a sweatshop lol…
Out of curiosity, where did you intern that allowed you to get these two great lateral offer?
Were the douchebags only a certain level or across the board? Usually the MD/Partner level is nicer during interviews and it's the jaded Associates or VPs who are douches
Not OP but have interacted quite a lot with PJT. The junior/mid-level people are mostly nice and smart but PJT does have a sizable contingent of people who come off as more on the pretentious and hardo side.
It's 100% due to the overwhelming Wharton representation among juniors at PJT. For better or worse I don't think there's a firm on Wall Street that recruits such a large proportion of their class from a single school as PJT.
Same pay and “prestige”. Go with culture.
I think most people would argue PJT M&A is marginally more prestigious/slightly better pay...but as others have said the difference is small. If you really vibed with the people at PWP I'd say go with them
If you're interested in exits, go with the one you vibe with more - exits at PWP and PJT M&A are similar. If interested in career banking, consider which industry you're interested in. PJT's program is generalist at the junior level but the firm's M&A strengths are very much in REGL and Media & Telecom. PWP will place you into a group but PWP tends to be more well-rounded across other industries (although PWP is significantly weaker than PJT in PJT's bread and butter - REGL and media).
PWP doesn't cover media & telecom anymore since like 2 yrs ago. shut down the group.
Think that's what the post meant by PWP being significantly weaker in REGL and media since I don't think PWP has a dedicated REGL group either (although they do have certain bankers with strong lodging connections) - back when Woody Young was around their media & telecom practice was actually pretty strong.
You’re splitting hairs homie, go with culture so you’ll actually be successful
PJT M&A prob has a slight edge on brand/pay, firm seems to have good upward trajectory so difference could become more pronounced in the coming years. Congrats on the offers - time to kick back and smell the roses!
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