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!
Comments (88)
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
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.
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Learn moreBased 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?
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
Do you go to a main target (H/P/Y/S)?
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.
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.
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.
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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
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.
Everything else in the world
The value of your opinion
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...
Yeah I'm sure a lot of people choose Citi over CVP and EVR. Troll game is slipping.
Look at the scoreboard pussy, I don't even know if CVP and EVR made it on the last League Tables because why the fuck would I read past the top 5? Wayyyy too many MM nerds are on this site hyping each other up.
I just made a groupme for sophomores recruiting for 2020 IB SA. DM me and I will add you
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Interviews or applications rolling out?
apps
for evercore ib.. is there group selection or is it just m&a for all
they have a few different programs. advisory, rx, and pca. at least for advisory: you apply and if you get an offer, you get a generalist offer in NYC. other offices (Chicago, SF, and Houston) have specific groups (industrial, tech/healthcare, energy [respectively]).
your internship is as a generalist. if you return full time you are also a generalist and get staffed in different groups, depending on both the needs of the firm and your interests. after like 6 months you have the option to choose a group that you've worked with. if they like you, you can go to that group.
I've met a couple of people that really like the generalist model and have remained a generalist but have a few groups they regularly work with.
At my school's info session Evercore was very insistent that there would be zero interviews before apps open in July. Anyone know the probability they break this and hold supers in the next month or two?
Heard the same exact thing at my target here. They have also already wrapped up diversity for SA 2020.
same knew people who got exploding offers from their women's program
Any thoughts on culture for Lazard NYC and PWP NYC?
Centerview, Rothschild and PWP lead the pack.
At my target school (Wharton), priorities are for Evercore by far. Then either PJT, Centerview, or Moelis and then maybe Lazard.
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Can think of at least two wharton kids who explicitly took PJT M&A over Evercore, but I think you're generally about right.
I can see that. I do know one person who chose Lazard over Moelis in 2018, so I'm sure there are exceptions.
The general consensus among current students and recent alumni in IB (both BB and Independent) & PE shops that I've talked to seem to highly favor Evercore over the others for exit, pay, technical caliber of bankers, culture, and recognition within high finance. They said PJT simply doesn't attract as many top candidates as it used to prior to its spin off from Blackstone.
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I went through the traditional IB -> PE -> MBA ->PE route and did 1 year at BB (GS/MS) and 1 year at EB (Blackstone/ Evercore). The majority of Harvard/MIT/Wharton kids that I know prefer Blackstone/PJT and Evercore over the others by far. They simply attract the cream of the crop from the best schools even over Goldman or Morgan Stanley.
CVP was preferred by those with strong interest in consumer. Really can't speak for the remainders of EBs, but definitely less preferred than Evercore and Blackstone/PJT.
Where would Moelis lie?
Have seen a lot of Wharton/ Penn guys at Moelis, but not as many from Harvard, MIT, Stanford or other top schools. As said above, wouldn't put Moelis on the same tier as PJT or Evercore. But that is not to say that exit opps are worse. Candidates at PJT, Evercore, Moelis, PWP would get good looks from the recruiters.
First, unless you're a super genius, no one will get to choose between PJT and Evercore...
At any of these firms, you'll have the same exit opps (Evercore, PJT, Lazard, Centerview, PWP, Moelis, Guggenheim, Greenhill); they are all elite boutiques and people go to Megafunds from all of these firms every year.
Maybe Evercore has more super geniuses than Greenhill and "places better" but that's not because the person works at Evercore, it's because that person has a better resume. Gets self selecting...
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