GS / MS / JP Full Time vs PJT / Evercore / Lazard Summer

Intern in IB - Ind

Hey everyone,
I accepted an offer for a relatively weak group at GS / MS / JP , however, I also had an offer for PJT's / Evercore / Lazard summer internship which includes both M&A and RX. Wanted to hear peoples' opinion on choosing the safe FT offer over the RX / M&A offer given Covid-19 and the amount of RX that is likely to follow. Would people make the same choice as I did knowing what we know now?

Comments (14)

  • Prospect in IB-M&A
Mar 26, 2020

Honestly, it woud be super dumb to not take the full time offer.

    • 1
  • Intern in IB - Ind
Mar 26, 2020

Thanks! Just worried about my group's deal flow and their rep not being as strong as other groups at the bank

Mar 26, 2020

you can always try to transfer internally

  • Prospect in Other
Mar 26, 2020

Isn't Lazard the only summer internship that includes both M&A and RX? PJT and Evercore have different applications for M&A and RX.

  • Prospect in IB - Gen
Mar 26, 2020

My thoughts exactly. Obviously Lazard... Either way, hope OP finds his answer and will subscribe to the thread to learn more.

  • Prospect in Other
Mar 26, 2020

hahaha lol.

Mar 26, 2020

To be fair to OP, think PJT is also pooled at a junior level so during the summer you would likely get exposure to both

  • Intern in IB-M&A
Mar 26, 2020

Incorrect - SA and RSSG are not pooled. Some interns may work cross-groups, but it is not a shared pool like Moelis.

  • Prospect in IB - Gen
Mar 26, 2020

I know Moelis, Lazard, and PWP have this structure. Evercore, PJT, and HL for sure do not have this generalist structure.

  • Analyst 2 in IB-M&A
Mar 26, 2020

PJT definitely does not pool.

  • Intern in IB - Ind
Mar 26, 2020

Not in London

  • Prospect in IB-M&A
Mar 26, 2020

It would depend what you're looking for honestly. Considering you're in London it would seem that you had an offer from PJT as I know they offer both M&A/Rx. Also, If you have a FT offer from a BB it probably wouldn't have been hard to convert the others.

The brand name of those BBs is undeniable if you ever leave finance and will always give you a good reputation to fall back on, whereas the others aren't really known outside of IB. Considering you're in a weaker group exits to PE would be comparable (slight advantage for distressed funds to PJT) but in general better at the BB. The pros of PJT/EVR are that have a good reputation for their cultures, work life balance, pay (esp with ongoing covid to raise bonuses) and quality of work (more live deals and breath of work with Rx). In the short term they will likely benefit from covid more than the BBs.

There are positives for both and I don't think you should regret your decision for a second. Despite the pandemic, hey are all stable shops with good deal flow and excellent places to start your career! Congratulations on the offers :)

    • 1
Mar 26, 2020

This isn't a real debate, take the FT offer. If anything, COVID has shown that you can't expect eternal calm waters. Take the (top 3 BB) offer and transfer internally if the group ends up being less than what you hoped.

  • Intern in IB - Gen
Mar 26, 2020
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