GS TMT vs PJT/EVR for MBA Associates

Yes. It's another BB vs EB for MBA associates thread. I understand top BB would be better for non-finance exits/career banking progression and EB for better pay but was curious about GS TMT vs PJT/EVR dynamics.

Many on this forum consider GS TMT the top group you want to be placed in for MF PE exits but does that mean you have (even slightly) better chance in buyside as an MBA associates?

Thoughts?

 
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Went through the same choices. First, I wouldn't lump Evercore and PJT together. I'd look at it as GS TMT vs Evercore M&A or GS TMT vs PJT RSSG, bec PJT's M&A is not on the same level as Evercore's M&A franchise. If you want to do restructuring, then go to PJT. Between GS and Evercore's M&A businesses, I'd argue for and personally chose Evercore over GS.

Exit into corporate is pretty much on par from ANY (not just GS/EVR) of the top banks. No corp dev job is going to turn you down because you don't have the GS name. Typically, you exit into one of your clients or corporates where you have friends/ colleagues at. I've seen this from every bank at Asso+ levels, including peers at BoA, Citi, Centerview, Moelis and PJT. Exit into PE/Growth/HF is somewhat similar. This is where having the top name does help compared to "Tier 2" brand names. But exit into these more traditional routes (especially larger PE funds) is virtually impossible at the post-MBA level and your PRE-MBA background + personal connection matters MUCH much more than which bank you're at (assuming you're doing M&A and closed relevant deals). I've personally seen more impressive post-MBA exits from Evercore (2 in UMM/MF PE) than GS (I haven't seen or heard of any other than to MM/LMM - please correct me if I'm wrong). 

Learning was and should probs be the most important factor. I talked to a lot of folks at both banks and my sense was that you learn more at Evercore. More hands-on experience building out the model as an Associate and dive deeper into the diligence process rather than quickly churning from a deal to another. This isn't to say that you don't learn well at GS... of course you do. 

Generalist vs sector. Evercore lets you be a generalist for a year before you commit. 

Pay delta is real. For some reason, GS discount is a still a thing today and your pay delta only at first year could be ~$100k. Obviously this gets compounded over your years in banking and only gets larger. 

Fwiw, 5ppl I personally know went through this exact choice at the MBA level (spread across past 4 yrs) and 4 chose Evercore while 1 chose GS. The GS person came from a completely non-trad background (Not for profit) pre-MBA while the 4 came from somewhat professional services background (Consulting, accounting, asset management, corporate). At the end of the day, either is a fantastic firm to join and you honestly won't be disadvantage starting at either. Hope this helps.

 

I'd still gravitate towards Evercore over MS/JPM M&A and also other lower-tiered EBs over lower-tiered BBs' M&A groups. I've personally come across more interesting deals & projects at EBs in general + found my peers, analysts and seniors at EBs to be sharper. I've worked at a top BB (GS/MS) pre-MBA but find EB's assignments to be more of a hybrid between M&A and consulting. This is a generalization to a large degree though. At this point, I think fit with your group might be more important than some of the other factors. 

 

The PE/HF exit ops are exactly the same across the two, but agree in principal that having pre-mba background helps in either case.

More importantly responding because your comment here was enough for me to be 85% sure who you are so that was an lol knowing you're on here talking up your bank. Maybe just 10% less detail would be better, mate.

 

That’s not the best advice.. why join GS, lost a couple of $$$ (~talking abt 250k assuming you stay there till As3), before joining EVR when u can join right away? And no.. there is really no special treatment whatsoever with all the reps you think you might have earned at GS.. you watch way too much wall st movies

 

In my class (2020), 3 folks who got EVR offer all chose EVR and turned down other options, including GS, JPM, MS, and other EBs. Centerview did not recruit at my school that year so it was out of discussion. I do find those 3 are sharper and generally the "speaker" of the class when everyone is quiet in class. 

 

Their high retention means they don’t recruit much out of MBA. They usually do take a couple people, though from very select schools.

 

EB > BB for Post-MBA. The group prestige + buy-side placement factor that drives Analyst decision making just does not apply. Culture, compensation and learning should be the focus. Doing both the coverage and execution will help build a more robust skillet and knowledge base if the intention is to stay in finance. 
 

As for PJT vs. EVR, the personality types are very different. You should go where you fit best. 

 

How is this even a question? You’re going to lose out on hundreds of thousands of dollars over the next few years as an MBA associate? For the analysts I guess it doesn’t matter because it’s only 2 years but post MBA you need to make the most you can. 

 

You can speak to people you’ve networked with at EBs (call them independents when speaking, people don’t use that term IRL). See if there are spots at the end of the summer. If not you can lateral out at the end of first year. Both of these are extremely realistic and can be done if you want to. 

 

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