Summer Associate Recruiting: GS TMT v JPM M&A v CVP v EVR M&A v PJT M&A (all NYC)
Happy Thanksgiving to those who browse.
Currently in a top finance MBA program (Wharton, CBS, Booth, Stern) coming to the end of the recruiting process, and would be interested to hear any advice on team culture, senior headcount movement, dealflow and exposure, or any other insights. Obviously I might not even get these offers, but am deep in the process and want to be ready if I do.
I have MS to consider too, but don't find the generalist pool as attractive, and have heard bad things about group placement after working so hard to get in. Still, thoughts here appreciated.
I know FT base salaries are per below (SA slightly less sometimes) and my assumption is bonuses also roughly scale in line with this.
- GS: $175k
- JPM: $175k
- EVR: $200k
- PJT: $250k
- CVP: $250-300k (not sure the $300k in the Litquidity survey accurate).
I lean towards the EBs at this stage in my career but also recognize GS and JPM are stronger brands worldwide and one day if I am raising a fund or trying to move out of finance maybe they will have been the better picks. Any thoughts appreciated.
Congrats on Stern! CVP and PJT are much better if you want to be a career banker, while GS can offer you the best brand if you want to leave finance. Would completely discard JPM unless you really vibe with the people or its your only offer.
Also would check up on the return rates for these banks' summer associate programs. It is the most important factor.
Hearing that return offer rates should be high across the board looking at M&A demand next year. Thanks for the advice.
Stern doesn’t even place into GS TMT
GS TMT only hires from Booth, Wharton, HBS afaik (NY that is)
.
Thanks for the advice. Where would you place MS on this list? I might be one of the out of touch Asians to be honest
.
.
.
Nobody in their right mind is taking evercore m&a over Goldman TMT, lol
That's a bit of an exaggeration...
At the associate, rather than analyst level, the compensation gap widens (around $100k for As1). Could explain some of the divergent opinions in this thread.
Have spoken to second year students on both sides of this choice who had all options open to them. Good problem to have.
Have any of the EBs ever developed a career banker?
GS / MS / JPM for LT career, but if you value money over everything, then go with a boutique. If I had to rank, the list would be:
GS TMT
MS (assuming you get M&A, tech, or M&C)
JPM M&A
CVP
EVR
PJT
But really depends on what you’re trying to maximize for from a career perspective. If you want to exit after 2-3 years and make as much money as possible in the meantime then boutique would be the way to go.
If you’re serious about a LT banking career or an international planning to go back home, I think Top BB > EB
Why do you say BB for long-term banking? Curious on your input. I’ve heard both sides of the coin with BB vs EB for career bankers.
I’ve heard that EB is kind of a gauntlet in terms of workload. That would track with your “make as much money as possible then bail after a few years” comment.
.
Based on this thread, I am feeling more and more you can't go wrong with any of these.
I would say JPM M&A is regarded above any MS group within my cohort. Could flow from the generalist pool system at MS, which again is not great coming in as a MBA associate, and circularly pulls in candidates who don't seem as strong.
Went through the similar process a few years back (before CVP did the summer associate program).
Personally, in terms of pedigree and capabilities of students going to those firms, I’d rank them as the following:
1) CVP
2) Evercore Generalist (we didn’t have Evercore M&A to choose from)
3) PJT Generalist / Goldman TMT
4) Goldman other classic groups / MS M&A
5) JPM M&A / MS Generalist
Pretty sure MS is generalist for the first few years at ASO level
It was generalist for a few months, but will now only be a generalist summer for associates with group placement for full time
Can't really go wrong, these are the creme de la creme. All of them will provide you with a top tier experience and killer CV (plus excellent pay, especially at EB's like CVP and PJT). On another note, I do think JPM M&A is underrated. They have been killing it the last few years and will probably continue to do so in a stronger M&A market (just look at the league tables). If I had to personally rank them at this point in time, they would probably be at the same level/or above MS M&A.
MS just closed the year well above JPM in M&A league tables
I would index on fee values in terms of opportunity and experience in these teams. Not sure how meaningful raw deal values are.
Agreed, what EverViewMorganSachsPartners said above makes zero sense, there is a reason people look at M&A league tables (announced deal values for the year) to understand how banks are doing.
Deal fee tables are not the most accurate portrayal of a bank's M&A capabilities or activity for the year, as transactions may be stalled due to financing / regulations, and in a majority of cases, M&A deal fees are not publicly reported. He is clearly an insecure JPM associate trying to justify why it should be placed above MS
While we are here, where would BofA, PWP, and Jefferies rank amongst these? Thank you!
Respectfully as they are all great shops, most people would leave an air gap between the above and BofA, PWP, and JEF.
Depending on the team, probably BoA / PWP (in either order) are a full tier down from the above, and then JEF a tier down again.
I would note that PWP pays really well. I would also note that I personally really like Jefferies but they are not of the same standing as the others.
I really don't get why GS TMT is considered prestigious at the MBA associate level. I mean I get that at the analyst level it's great given historically top-notch exit, but the MBA recruiting works differently. There is a considerable downgrade in the quality of MBA associates vs analysts in that group (bare majority are DEI candidates)
Second this. Tier 1 EB is where you should go as an MBA associate. Tier 1 MBA associates are pretty much diversity
CVP hires mba associates now? I was under the impression besides a couple of people through informal MBA recruitment processes, they don’t really recruit MBA’s while preferring undergrad instead.
CVP hires mba associates now? I was under the impression besides a couple of people through informal MBA recruitment processes, they don’t really recruit MBA’s while preferring undergrad instead.
Yes, I believe they started it 2-3 years ago. Based on what I’ve see on LinkedIn and WSO, seems like they recruit mainly from Wharton, CBS, and Booth at this point. Not sure if they recruit anywhere else at the MBA level.
Prefer undergrads but have recently started selective MBA recruiting. Took one from HBS this past year and also are interviewing a few from MIT Sloan this year
Also recruit at stern a bit.
The CVP base is a myth, as far as I've heard they start at $185k like the other EBs (including EVR), except for PJT which does the $250k salary across all associate classes.
Isn't it 300k? That's what I have been hearing from our club
Not for MBAs, maybe they pay A2As differently
Sad these places need to recruit MBA associates.
Sad for them I mean
why?
If I were in your shoes I'd prob take the GS offer over PJT, assuming you're lucky enough to be in that predicament. You'll work a shit ton of hours at either firm, but you'll get way more reps / gain exposure to more transactions at GS, which is the most important thing from a development standpoint. PJT has a phenomenal reputation within investment banking circles, but outside the world of high finance, practically nobody has heard of it. The GS stamp on your resume is something you'll be able to leverage for the rest of your career. I can't complain about the comp at PJT, but this shit overall is not worth it. Myself (and a couple others I know of) plan to GTFO after bonuses drop.
Why is it that bad at PJT? Btw are you in RSSG or strategic advisory?
I seriously doubt you'll learn more at GS vs PJT at the associate level. I'm at another top BB, but from the stories I heard at GS it doesn't sound like a place for great learning experience (of course, you still get a great brand name on your resume if that helps)
Stop with the incessant PJT glaze. The poster above literally works at PJT and is advising against PJT.
What level are you and what’s the comp like?
Ah finally, the EB prospects can escape their copium bubbles now that an actual PJT employee has demonstrated how the grass really isnt that much greener on the other side.
PJT is the best, period
How would people rank Citi M&A vs MS M&A from a culture and exit perspective?
MS is in a completely different league – let alone the M&A team.
I don't think anyone would be deliberating between these offers if they had both.
Nam quaerat iusto autem. Natus deserunt dolor vitae quia. Adipisci perferendis provident blanditiis nostrum. Voluptatem et sed id dolor numquam. Itaque facere repellat exercitationem distinctio fuga voluptatem.
Laudantium qui neque ratione voluptatum enim. Asperiores labore iure dolor laborum voluptatem et ut. Sed qui voluptatem recusandae nihil rerum ut. Inventore inventore incidunt totam consequatur deleniti. Dolorum quos et labore aliquam et et non. Officia et autem eveniet nam in commodi. Aut voluptates commodi ipsa temporibus quod non explicabo.
Rerum dolorem magni soluta alias est. Sint eaque corrupti sed aut. Accusamus maiores dolores quos autem.
Autem est accusantium temporibus mollitia consequatur. Omnis vel id asperiores. Perferendis vel rerum sed exercitationem est. Veritatis nesciunt dignissimos voluptas perspiciatis architecto.
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...
Architecto omnis dignissimos asperiores. Quisquam aliquid officia repellendus sit. Repellendus repellendus aut non dicta et. Non ab repudiandae blanditiis sequi. Beatae laboriosam exercitationem ea cum. Sit ex illum cumque enim et sit est.
Esse est adipisci unde dignissimos ut dolorem. Distinctio ullam suscipit sit at iusto eligendi. Nihil ab voluptatem voluptas assumenda vitae rerum reiciendis. Dolor sunt sint saepe eum perspiciatis ut. Ut sed a quo ducimus.
Pariatur aut natus aut dolorem vel. Sequi aperiam consequuntur debitis ducimus distinctio repellat. Distinctio eos sed placeat asperiores provident omnis.
Sit expedita qui dicta et pariatur voluptatem. Ex consequuntur delectus illum facere. Praesentium quasi assumenda exercitationem dolor est sit blanditiis.
Atque quo facilis adipisci tempora odit ut placeat. Velit deleniti ut minus enim aut velit aliquam architecto. Repellendus illum maxime asperiores voluptas velit. Eum aspernatur aut dolor sed pariatur.
Eveniet hic quam inventore fugit. Unde sed quas aperiam eaque.
Ipsa distinctio omnis exercitationem possimus corporis et vel. Consequatur alias ullam velit mollitia quisquam tempore. Repellat ut rem est quo.
Nobis praesentium aut repudiandae odit quia et at at. Consectetur et ratione aut quam odit.