Objective 2022 IB Elite Boutique Group Rankings

Will be happy to discuss rankings in the comments from personal experience. Wanted to get this list across for any prospects wondering how each group stacks up against each other. As you can see, there's a lot of overlap with prestige but hopefully you'll have a better idea of where to network/recruit.

  1. PJT (RX), Moelis (LA), Qatalyst (only if Tech)

  2. CVP (Anywhere), Evercore (Menlo Healthcare)

  3. Evercore (NYC M&A), Lazard (SF Tech)

  4. Moelis (NYC M&A/RX), Lazard (NYC RX or Healthcare)

  5. PJT (NYC only M&A)

  6. Lazard (NYC only M&A)

  7. PWP (NYC M&A/RX), Evercore (Menlo Tech)

  8. Lazard (SF Healthcare), Evercore (RX)

Guggenheim and Greenhill are not considered EBs nowadays. Both have shifted a lot of focus towards MM now in 2022.

Not familiar with PWP/PJT/Moelis SF. I haven't seen them on many deals. Also am unfamiliar with O&G/Houston groups.

Comments (18)

  • Analyst 2 in IB - Cov
Jul 17, 2022 - 2:50am

I've been working at one of the firms listed above for a couple years now. This past cycle, HR made the decision to "expand" our school lists and explicitly told us not to recruit solely from Ivies/T20s. As a result, I'm frankly not as excited about our incoming 2023 SA class, but that's another late night rant. Hopefully prospects can allocate their networking time accordingly from the list above.

  • Intern in IB - Gen
Jul 17, 2022 - 9:41am

You're dissatisfied with the incoming class of junior summer analysts because they don't all come from Ivies?

  • Analyst 2 in IB - Cov
Jul 17, 2022 - 10:35am

To be completely frank, in previous years, analysts from ivies simply performed better than those from state schools. HR is manipulating the meaning of diversity at this point. No offense if you're from a state school working in IB.. that in itself is amazing and you should definitely be proud. But there is a noticeable performance difference between students, whether it be in their ability to model or present. YMMV at other firms though

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  • Analyst 1 in IB-M&A
Jul 17, 2022 - 9:44am

The funny thing about this ranking list is that if you get into literally any one of these shops and you're good at the job you will have no problem getting any exit you want. Just a reminder for prospects who start developing gray hair on a nuance that only you guys are worried about. An EB is an EB.

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  • Analyst 2 in IB - Cov
Jul 17, 2022 - 10:39am

Agreed! Getting into any of those places is amazing, all have sub 3% acceptance rates from a very able and competitive applicant pool.

Just wanted to make this list to simply show that each EB has its stronger/weaker groups, and that ranking each individual EB is impossible.

  • Incoming Analyst in IB-M&A
Jul 17, 2022 - 10:28am

Throw LionTree and Allen in there

  • Analyst 1 in IB-M&A
Jul 17, 2022 - 11:48am

Would personally bump Moelis LA down a bit. When recruiting, was choosing between them and CVP, and all the analysts I spoke with more or less told me to go to CVP over them (if I didn't care about exits)

  • Analyst 2 in IB - Cov
Jul 17, 2022 - 12:00pm

Have them up there because of their exits, but yes.. if you're not looking to exit, CVP is the place to be! Congrats man

  • Intern in IB-M&A
Jul 19, 2022 - 12:14am

Lmao at the number of boutique ranking threads recently. Most college kids are thinking about exits above anything else, in which case PJT RSSG, EVR NYC, and CVP will set you up the best (this is pretty much objective through a LinkedIn search). Past this is splitting hairs
 

Also, agree with the above - no one is taking Moelis LA over any of the above shops lmao

  • Intern in IB - Gen
Aug 10, 2022 - 3:25pm

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