VP/Director Life at RX Sweatshops
How is it? I understand firms like Ducera work you to the bone at Analyst/Associate level but how are things at Director/VP level? You officially cleared junior years (technically) but obviously still years to MD. I know VPs at PJT RX are getting worked badly for MD promotion (3-year track) vs. Lazard RX VPs still enjoying better hours as they have another 3 years of D irector years before making MD.
Separately, curious about mid level compensation progression at RX shops. Rumors say PJT RX pays you $750K-$1M through 3 years of VP vs. Lazard VP-D gets way below market. (probably $600-800K through 6 years?) Any idea at Ducera/Greenhill?
Wondering the same about Evercore RX
I believe EVR also has 4-year VP track to MD?
dyk comp relative to other firms?
Bump
Bump
Hopefully we can get one of the 23 VPs in EB RX to weigh on this one man. Rooting for you. Bump!
Those comp numbers seems overstated.
I interviewed at both Lazard and Greenhill for resurrecting roles a few years ago. Flunked both interviews.
They both hinted that VP comp all in was around 800k.
This was back in 2020, so I assume it’s inched up since then.
Can confirm GHL RX VPs make around 600-700k all in.... They don't have many spots though given the size of the group
Great. Helpful datapoint. Does that mean Director there makes $800K-$1M?
Was this for an analyst role? If so, what topics do you think you flunked?
I think it was like senior associate level. They had me do bond math and interest rate curve problems. If it’s not all behavioral questions, I always fail honestly.
Interesting to hear that Lazard indicated $800K for VP level. I thought they would be more at $550-700K for VPs and $700-800K for Director level.
PJT Rx comp for VPs is above your stated level. Only VP1 last year was at that level (range was at the high end of your range).
You’re telling me VP2/3 make 7 figures? That’s crazy. Can you share the range then? And I believe they are up or out after VP3 right?
PJT is on borderline every mandate in distressed that hits the market. They will have record revenue record everything. Would not be surprised if comp is ridiculously high
anyone from mid-senior levels in RX care to comment on hours / WLB?
$450K - $800K stepping up from VP 1 - 4ish is a far more realistic comp range. Could top performing VPs catching an MD promo get to $1M, probably has happened, but that's nowhere near indication of realistic comp ranges. Maybe in big fee years there's some excess, but people love to talk about those years as if they're the norm. Bonuses can be volatile and bank or deal dependent.
For people asking about WLB, ask yourself if you think a top performing Rx VP working a distressed deal has good WLB. Needless to say, the answer is no. Do you "build the model", no. Do you have tons of other shit to do and handle, yes. We're up at 3am regularly. Trade-off for the money.
Lastly, would encourage people to not buy-into the defined 2 or 3 or 4-year track for promotion once you approach higher levels. A) People tend to leave / quit, which sets them back on the curve, but also B) The implication of this would imply there are numerous 30-32 year old MDs across the street. Again, anyone who has actually worked in restructuring, or banking in general, knows the rarity of a young MD like that (especially in Rx). This isn't VC where everyone is a "partner", much more hierarchy involved. Even if you did make MD or some equivalent Director title, you're the highly paid execution guy who won't be sourcing shit.
Source: VP in Rx.
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