UMM PE vs EVR/GS/MS (top group)

Choosing between staying at a top-tier group at EVR/GS/MS in NY and moving to a ~$80Bn AUM PE firm in SF is a significant decision. Based on the most helpful WSO content, here are some key considerations to weigh:

1. Career Trajectory and Exit Opportunities

• Staying at EVR/GS/MS (Top Group):

  • These firms, especially in top groups like GS TMT, MS M&A, or PJT Restructuring, offer unparalleled prestige and strong exit opportunities. If you're uncertain about your long-term goals, staying in banking provides flexibility to pivot into various roles (PE, HF, corporate, etc.).
  • The brand name of GS/MS can be instrumental in future career moves, especially if you decide to leave finance or explore non-PE roles.
  • EVR and PJT, as elite boutiques, offer excellent pay, better responsibility, and comparable exits to megafund PE, with a slightly better lifestyle than bulge brackets.

• Moving to the ~$80Bn AUM PE Firm:

  • If your long-term goal is to build a career in private equity, this opportunity could be a great stepping stone. AUM of ~$80Bn suggests a strong, established firm, likely with significant deal flow and learning opportunities.
  • PE roles often provide better work-life balance compared to banking, though this can vary by firm.
  • However, transitioning to PE early may limit your ability to pivot back into other finance roles or industries compared to staying in banking longer.

2. Location and Lifestyle

• NY vs SF:
  • NY is the financial hub, offering unparalleled networking opportunities and proximity to other top-tier finance professionals.
  • SF, while more tech-focused, offers a different lifestyle and potentially better quality of life depending on your preferences (e.g., weather, outdoor activities, etc.).

3. Compensation

• Banking:

  • EVR and PJT are known for their "no-BS" culture and higher pay compared to bulge brackets like GS/MS at the analyst level.
  • GS/MS still offer competitive compensation, though the "Goldman discount" is sometimes mentioned in WSO threads.

• PE:

  • PE firms typically offer higher base salaries and bonuses compared to banking, especially at the associate level. However, this can vary depending on the firm and location.

4. Long-Term Fit

• Consider where you see yourself thriving:
  • Do you enjoy the fast-paced, deal-heavy environment of banking, or are you more drawn to the investment and portfolio management side of PE?
  • Banking offers a broader skill set and exposure to various industries, while PE is more specialized.

5. Timing

• Leaving banking too early (e.g., after just one year) might limit your development and network. Many professionals recommend completing at least two years in banking before transitioning to PE to maximize learning and exit opportunities.

Final Thoughts

If you're confident about a long-term career in PE and the firm aligns with your goals, the ~$80Bn AUM PE opportunity could be a great move. However, if you're still exploring options or value the flexibility and prestige of a top-tier banking group, staying at EVR/GS/MS might be the better choice. Ultimately, it comes down to your career aspirations, risk tolerance, and personal preferences.

Sources: MS/GS vs EVR/PJT, Chose Evercore over GS & MS for Full Time - Did I make the right choice?, GS/MS/JPM vs EVR/PJT/PWP, Can someone break down PE Associate exit opportunities?