Secondary Advisory

Based on the most helpful WSO content, here's what you need to know about secondary advisory at firms like Evercore, Lazard, Campbell, and PJT:

1. Hours per Week:

   • Hours in secondary advisory tend to be slightly better than traditional M&A or restructuring roles. However, it's still investment banking, so expect long hours. Firms like Evercore and PJT are noted for having relatively decent hours compared to sweatshop reputations at other banks. That said, variability exists depending on deal flow and team culture.

2. Compensation:

   • Compensation in secondary advisory is competitive and aligns closely with other investment banking roles. For analysts, total comp (base + bonus) is typically around $180k, with signing bonuses varying by firm. For example, Centerview offers a $50k signing bonus, while others like Evercore and PJT are closer to $20k. Bonuses can drive total comp higher, especially at firms like Centerview and PJT.

3. Exit Opportunities:

   • Secondary advisory provides strong exit opportunities, particularly into private equity, growth equity, and hedge funds. PJT, for instance, is known for its supportive recruiting culture, giving analysts time off during on-cycle recruiting. Evercore and Lazard also have excellent reputations for exits, with Evercore M&A and PJT RSSG being top choices for many due to their strong pay, hours, and exit options.

If you're considering secondary advisory, these firms are all excellent choices with slight differences in culture, hours, and comp.

Sources: Evercore v.s. Lazard v.s. PJT Partners, EB Comparisons, PJT Camberview - Exits, Salary, Evercore NYC M&A vs PJT NYC M&A for Private Equity and MBA Exit Opportunities, PJT Partners, Evercore Summer 2019 Recruiting Timeline ??