Elite Boutiques in New York: 2020

ufcf's picture
Rank: Senior Chimp | banana points 28

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)

Dec 27, 2018

All great firms but my list that i would work (accounting for all work/life balance, prestige, pay, etc)

  1. Evercore
  2. PJT
  3. Lazard
  4. Centerview
  5. Moelis
  6. PWP

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

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Dec 27, 2018

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

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Dec 28, 2018

Not sure how Centerview is your #1. My list would be along the lines of
1. EVR / PJT
2. LAZ / MOEL
3. Centerview / PWP

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Dec 28, 2018

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.

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Dec 28, 2018

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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Dec 28, 2018

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).

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Dec 28, 2018

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.

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Dec 28, 2018

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

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Dec 28, 2018

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.

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Jan 4, 2019

CV most profitable i-bank of any meaningful size hands-down

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Jan 2, 2019

Not super well informed... How are the hours at evercore? Compared to BB?

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Jan 6, 2019

EB hours (and EVR is a classic EB) are comparable to BB and maybe a bit higher on the margins.

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Dec 27, 2018

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.

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Most Helpful
Dec 27, 2018

In reality, since ranking these is basically splitting hairs:

Evercore=PJT>Centerview=PWP=Lazard=Moelis NY

Good luck!

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Jan 6, 2019

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?

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Jan 6, 2019

most rankings would place centerview similar to the above purely b/c of the perception that exits are restricted

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Jan 6, 2019

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.

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Jan 6, 2019

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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Dec 27, 2018

When is/are you/everyone expecting SA 2020 recruiting for the EB's to begin?

Dec 27, 2018

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

Dec 27, 2018
ufcf:

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

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Dec 28, 2018

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.

Dec 28, 2018

any ideas as to how to approach EB recruitment if I have <2 alumni at each?

Dec 28, 2018

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)

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Jan 1, 2019

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.

Dec 28, 2018

Do you go to a main target (H/P/Y/S)?

Dec 28, 2018

yes

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Dec 28, 2018

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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Dec 28, 2018

deleted

Dec 28, 2018

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

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Dec 28, 2018

Piper and Lazard are still posting for SA 2019 in Charlotte, then again it is not NYC.

Dec 28, 2018

Rothschild?

Dec 28, 2018

Europe they dominate, US they do almost nothing / vanilla deals

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Dec 28, 2018

*Really sorry to all the US Rothschild analysts that I am offending

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Dec 28, 2018

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.

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Dec 28, 2018

Would also like to hear about Guggenheim

"It is not our circumstance that controls us, but our thoughts that control our circumstance." -James Allen

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Dec 28, 2018

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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Jan 1, 2019

.

Jan 1, 2019

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.

Jan 2, 2019

.

Dec 28, 2018

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

Dec 28, 2018

Curious how PJT M&A stacks up against the others.

I suspect PJT's high rank can be attributed disproportionately to their RX arm?

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Dec 28, 2018

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

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Dec 28, 2018

On what are you basing that opinion?

Dec 28, 2018

the usual metrics

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Dec 28, 2018

Definitely one of the best for Rx but not as good as other shops you mentioned for M&A

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Dec 28, 2018

and why is that?

Dec 28, 2018

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

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Jan 1, 2019

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

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Jan 1, 2019

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.

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Dec 28, 2018

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.

Jan 2, 2019

Where does Greenhill fall? Stock seems to have recovered since its 2018 low and is growing MD headcount.

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Jan 2, 2019

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.

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Jan 4, 2019

GHL Rx also built up a lot. Hired ex Rothschild rx cohead, analysts placing well.

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Jan 5, 2019

1) Goldman Sachs
2) Morgan Stanley
3) JP Morgan
4) BOA
5) Citi

6) Who? Oh, those guys. Sure.

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Jan 5, 2019
  1. Everything else in the world
  2. The value of your opinion

Sup, Harvardboiii

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Jan 6, 2019
covavoityuderg:

7. Everything else in the world

  1. 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.

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Jan 7, 2019

Harvard's letting in people who can't differentiate between the proper usage of "Accept" and "Except" now? Damn...

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Jan 7, 2019

Yes, how does that make you feel?

Jan 6, 2019

Yeah I'm sure a lot of people choose Citi over CVP and EVR. Troll game is slipping.

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Jan 6, 2019
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Funniest
Jan 6, 2019
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Jan 6, 2019