The Case for Elite Boutiques over any Bulge Brackets in 2022
Disclaimer: Title is a little clickbait. Obviously, positions within banks are extremely group-dependent and everyone has their own preferences. However, IMO when thinking about an analyst position any of the EBs (Centerview,, , PJT, , PWP) will lead to a greater overall experience than the BBs. You have far more responsibility, gain more quantitative + soft skills, and receive higher compensation than the BBs. This doesn't , MS M&A, or Healthcare aren't stronger choices than some of these firms, but when thinking about these banks (especially for BBs which go through group placement post-offer) it can be much more of a crapshoot.
I had an offer between a top BB (/MS/JPM) and an EB (EVR/LAZ/PJT) and felt it was a no-brainer to take the EB offer. Ultimately, the most important thing when considering an analyst position is where you are going to learn the most. Working on teams where you will be able to work closely with seniors bankers and develop a robust technical acumen (more modeling experience + guaranteed M&A at EBs) is superior to working on bloated teams where a large part of your job is dealing with constant office politics and bureaucracy that bulge bracket bankers commonly deal with.
For those who chose BB over EB, would love to hear your thoughts on the decision and why you felt it was best for you. I personally feel that too many people fall in love with the "prestige" of bulge bracket firms as if anyone outside of finance cares what firm we all work at.
Now the rankings (just my preferences when going through the recruiting process, but all of these groups will give you the same opportunities):
1A. Centerview, PJT RX, GS TMT, Evercore, Lazard, MS M&A,
1B. PJT M&A, MS Tech, JPM Healthcare, Moelis
1C. PWP, All other top BB groups