Jan 9, 2019
Elite Boutiques in New York: 2020
With 2020 SA recruiting approaching, would love to hear the community's thoughts on these NY EBs in particular: EVR, CVP, LAZ, PWP, PJT, MOE. Interested in a holistic ranking / discussion based on culture, exits, generic prestige, analyst experience, and firm outlook.
Thank you!
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Comments (64)
All great firms but my list that i would work (accounting for all work/life balance, prestige, pay, etc)
Once again this is just my preference and each firm has their pros and cons. If you excel in any of thse you will get good exits and the pay for analyst years will be marginal.
Once again just my list but I think many people would agree for the most part
I'd rank them as follows, but at this point it's all down to personal preference. Like the above poster said, land at any and you're golden.
1) Centerview
2) Evercore
3) PJT
4) Moelis
5) Lazard
6) PWP
Not sure how Centerview is your #1. My list would be along the lines of
1. EVR / PJT
2. LAZ / MOEL
3. Centerview / PWP
I think I have some bias bc of the conversations I've had with analysts/associates about their experience, deal exposure at the junior level, etc. My mentor works there too and he's only had positive things to say about them.
FWIW in recent years have seen more people choose (or switch to for FT) Centerview and PWP over Lazard and Moelis than vice versa. Primarily due to cultural reasons as well as the fact that these firms no longer restrict exits like they have in the past.
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I've never heard of someone choosing PWP over those places, and rarely CVP (not that many people have gotten multiple offers and chosen banking in recent cycles).
Agree with Merged_Aqcuired. I don't know anyone at junior level who would jump ship from Moelis/Lazard and go to CVW/PWP and definitely definitely not more people doing that. Not knocking PWP/CVW as they are still great firms but no one I know or have known would turn down those two to go to a smaller firm with worse exits. Maybe the only reason would be if they hated the culture and wanted fewer hours but that is definitely not the norm.
Generally agree as well. I can confirm it's happened more but of course is by no means the norm. Just goes to show that behind PJT and EVR, preferences become much more personal and subjective. Also, as already pointed out, with the anticipated timeline OP shouldn't expect to be juggling multiple EB offers in the first place
They are all great shops. Just don't know anyone who'd drop Moelis/Lazard to take CVW/PWP unless it was for cultural reasons. The recruiting is so jumbled that sometimes you just have to accept where you are given an offer but I am just referring to a candidate who has an offer in hand from all these shops.
CV most profitable i-bank of any meaningful size hands-down
Not super well informed... How are the hours at evercore? Compared to BB?
EB hours (and EVR is a classic EB) are comparable to BB and maybe a bit higher on the margins.
Based on preferences and experiences of peers at these firms in New York, would list:
1) Evercore
2) PJT
3) Centerview
4) PWP
5) Lazard
6) Moelis NY
Some are known to be more supportive of buyside recruiting, some are known to have tougher cultures, etc. Again, to reiterate, any differences are marginal and all will provide great experience and opportunities.
In reality, since ranking these is basically splitting hairs:
Evercore=PJT>Centerview=PWP=Lazard=Moelis NY
Good luck!
I've been out of the IB hiring world for a year so maybe something happened recently, but outside of that possibility I'm surprised to see you rank Centerview with the rest instead of the top. Certainly when I was in IB (again until only a year ago) Centerview was considered by far the hardest place to get hired. Top pay by a good margin, good culture etc. Did something change recently?
most rankings would place centerview similar to the above purely b/c of the perception that exits are restricted
I don't think most people ever considered Centerview equal to Evercore or PJT/Blackstone. The third year commitment has always been seen as a big negative.
Gotcha. Can understand why that's a negative. Above analyst level, CVP is considered at least on par with EVR/PJT and I guess it's that 3rd year that makes the difference.
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When is/are you/everyone expecting SA 2020 recruiting for the EB's to begin?
Looks like a few of the MM firms have already opened 2020 applications and a good mix of BBs / EBs have begun on campus info sessions. I'd guess these boutiques would start interviews in March based on previous timelines
Which MMs have you seen with open applications? Have heard RBC but application wouldn't even work for me
For SA 2019, Lazard held info sessions March and applications opened in May and filled spots in NYC by mid June. Evercore was also well into recruiting by the end of May. CVP had info session in May and then did interviews in the following fall, in September. Target uni.
Didn't hear about precise timelines for 2020.
any ideas as to how to approach EB recruitment if I have <2 alumni at each?
Build quality relationships with those <2 alumni. Your end goal is that they stick their neck out for you and introduce you to other non-alumni members of their team. For them to do that they have to know that you're sharp, and the only way to ensure they know it is to develop a relationship above what everyone else at your school is going to do (i.e. only 1 informational interview)
Second this -- did something similar for FT recruiting from my non-target and it helped immensely. Strong/solid academic performance + Technical ability + ability to hold an engaging conversation + networking + developing professional relationships that have depth and you're golden.
Do you go to a main target (H/P/Y/S)?
yes
At my university some have already done info sessions for 2020. We've been told "soft" first rounds begin in early February. For '19, interviews were from March-May and completed by June for most EB's
"It is not our circumstance that controls us, but our thoughts that control our circumstance." -James Allen
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Any are good but note that Centerview is a 3Yr program. You get a massive signing bonus but contingent on following through with all 3 years, or else taken back. That's why some users may have it ranked lower than other users - great IBD experience overall, but if you want to transition to PE ASAP, it's probably not the best option to do so.
"If you have a difficult task, give it to a lazy person; they will find an easier way to do it." - Hlade's Law
Piper and Lazard are still posting for SA 2019 in Charlotte, then again it is not NYC.
Rothschild?
Europe they dominate, US they do almost nothing / vanilla deals
*Really sorry to all the US Rothschild analysts that I am offending
Do well in select industries (e.g. Food, Paper/Packaging) and deal sizes vary much more widely between MM to true EB size deals. The divestiture of Sara Lee was a cool deal for them.
Would also like to hear about Guggenheim
"It is not our circumstance that controls us, but our thoughts that control our circumstance." -James Allen
CVP, EVR and PJT are clearly in the first category.
Moelis is more of a wild card. I've heard good arguments that they are at the top because you get great training, and I've heard arguments that they're not as good (insane hours and brutal culture for the same pay and exits that you'd get at the places above).
Laz, PWP and others are the also-rans.
All of this can be trumped by fit. If you feel a strong fit with the group making you the offer, that's a better bet than anything else.
.
My guess is that it's not a significant margin. Certainly not significant enough to be more important than the degree of fit you sense with the group you're interviewing with.
.
Would add that it's probably more useful to rank specific groups within the banks (e.g. EVR M&A vs PJT M&A vs. Moelis M&A or EVR RX vs. PJT RX vs. LAZ RX) as opposed to the entire bank itself
Curious how PJT M&A stacks up against the others.
I suspect PJT's high rank can be attributed disproportionately to their RX arm?
PJT RX is definitely one of the best - if not the best - RX groups on the street i'd say, but I also think PJT M&A in on par with the likes of EVR/LAZ/MOE M&A. Can't go wrong with any of these really
On what are you basing that opinion?
the usual metrics
Definitely one of the best for Rx but not as good as other shops you mentioned for M&A
and why is that?
Their M&A advisory is just not as built out as their Rx practice. Still good, but other shops you listed are better options for M&A
Not sure why you are getting monkey shit as its pretty well-known that their Rx practice is better than their M&A advisory side. Would also put it below other firms mentioned for M&A
What are we basing the M&A opinion on?
You guys downgrading PJT M&A but when asked, you compare it to PJT Rx? Makes no sense.
My impression is they are roughly in the same league as EVR/CVP/MOE for M&A, subject to the usual disclaimers about specific groups etc. And ahead of Lazard which everyone knows is a step down from the other EBs outside of Rx. BX M&A was sought-after before the merger and PJT (the guy) was a force of his own as well.
Anecdotally, people with offers from the places above are just as likely to choose PJT from what I can tell. I could be wrong about that but I'm not hearing any good support for the argument that they are behind those places for M&A.
At my school's in office EVR info session, the bank said they would recruit "target schools" (H/P/Y/S/P) in the spring, and online application would open in July/August. They said that this was going to be a trend for most IBs. Have talked to Jefferies and PWP saying they will most likely do the same.
Where does Greenhill fall? Stock seems to have recovered since its 2018 low and is growing MD headcount.
I'm a biased source, but I'd say analyst exits similar to historical; Tiger cub, few ex-SAC funds, CDR, Centerbridge, and other less known but respected UMM/MM PE. Keep in mind class size is ~10 in NYC. Much stronger deal flow this year but nature of smaller firm is that there's more ebb and flow.
GHL Rx also built up a lot. Hired ex Rothschild rx cohead, analysts placing well.
1) Goldman Sachs
2) Morgan Stanley
3) JP Morgan
4) BOA
5) Citi
6) Who? Oh, those guys. Sure.
Sup, Harvardboiii
Accept for the fact that I went to Harvard and interned at the top bank on Wall Street and now have a buy-side gig lined up straight out of college, so in fact, the value of my opinion generally carries great weight in any boardroom. Get cucked bubba.
Harvard's letting in people who can't differentiate between the proper usage of "Accept" and "Except" now? Damn...
Yes, how does that make you feel?
Yeah I'm sure a lot of people choose Citi over CVP and EVR. Troll game is slipping.
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