Secondaries Advisory Hours and Culture
Hi WSO,
I've been doing a lot of research on secondaries advisory ("PCA") but one area I'm having trouble finding real information on is the hours and culture versus other product/coverage areas ("M&A-lite" but what does that mean in terms of WLB). This is broadly firm and group dependent (GP-led, LP-led, a mix of both) but if anyone has information they can share, perhaps in your current group or what it was like before making a move to the buyside if you are there now, I would greatly appreciate it. Interested in hearing about all levels Analyst-MD. It would also be helpful to know what kind of bank you're at (EB, BB, MM, independent advisory shop). Thank you!
Based on the most helpful WSO content, here's what you need to know about hours and culture in secondaries advisory:
Hours: Secondaries advisory roles generally offer better work-life balance compared to traditional M&A roles. While still demanding, the hours are often less intense, especially on weekends. For example, one user mentioned working fewer weekends compared to traditional IB counterparts. However, this can vary depending on the firm and the type of deals (GP-led vs. LP-led).
Culture: The culture in secondaries advisory can differ significantly across firms. At top players like Evercore and PJT, the environment is described as high-stress with high turnover, particularly at Evercore, which is known for its high volume and pay. PJT, on the other hand, is noted for its focus on single-asset continuation fund deals. Independent advisory shops and smaller firms may have a more relaxed culture but could lack the resources and deal flow of larger platforms.
Firm Type:
Deal Type Impact: The type of deals (GP-led vs. LP-led) also influences the workload and culture. GP-led deals often involve more complex structuring and negotiations, which can lead to longer hours compared to LP-led deals.
If you're looking for a balance between strong deal experience and manageable hours, it might be worth exploring firms that focus on a mix of GP-led and LP-led deals while considering the firm's reputation for culture and turnover.
Sources: Best PCA/Secondary Advisory Groups, Please Help Me Understand Corp. Finance / M&A at the Big 4, Tier 1 PCA/Secondary Advisory, Guide to LA IB Scene (2023 Edition), Q&A: Consulting v. Banking, the age old question. By Former MBB and Bulge Bracket Banker.
Thanks bot but this is exactly the vague answer I am trying to expand upon. "Generally better WLB compared to traditional M&A roles", "While still demanding, the hours are often less intense, especially on weekends". With so many secondaries threads popping up on the forum, there has to be people in the space willing to comment - bump!
Never been sell side but am in secondaries buy side and best I can do is Evercore works their analysts like dogs
Am on the buy side in secondaries as well (chill hours) and all the PCA groups seem to work serious hours. Buddy of mine in PCA is consistently getting smoked.
Bump
Feel free to send me a PM. I’m currently on the buyside but was formerly doing sellside secondaries. I can speak to the hours / WLB at the junior level, including how it differs by group (I have close friends at a few other shops) and how it differs by LP/GP deals.
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