HL RX vs Evercore RX vs PJT RSSG

Hey you all, Hoping to get some help deciding on what to take. Fortunate enough to have an offer from two of the three above groups (RX for HL/Evercore/PJT) and wondering if anyone could give some information about them on the following attributes (leaving it open to all 3 for anonymity and to make it useful for other user)

-- Culture/Hours
-- Return Offer Rates
-- Anything else

I'm generally aware that exits are good at all of them, so advice would be super helpful thanks

Comments (54)

May 2, 2018

Is this for 2019 Summer? and NYC?

May 3, 2018

Yes, Summer 19 in NYC.

May 3, 2018

Both HL and Evercore are phenomenal companies, though if you were going for reputation, HL takes the cake when it comes to RX. In reality though that doesn't matter that much as they're both great. From what I'm aware HL tries to give all their interns return offers, so if that's something you're worried about I would take that into account. Evercore gives a majority of people return offers as well so as long as you do well, you'll get an offer. I'm not very familiar with PJT, so I can't help you there.

The other thing to consider is that HL has a lot of offices working in RX and depending on your location you may get better or worse exposure, while RX at Evercore is a pretty small team, so if you do work there you'll be sure to get a lot of deal flow.

HL RX and EVR both pay above street, so unless you are dead set on NYC I would consider cost of living, especially if you want to stay at the same firm for a while. Beyond that, if you have any other questions, let me know and I'll do my best to answer them.

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May 3, 2018

Do you know anything about Evercore RX exits?

May 5, 2018

.

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May 3, 2018

EVR is a small group but their exits are really good. Everyone has left for a MF/HF the last couple of years, and their incoming classes are really strong.

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May 3, 2018

Thanks for all this information ! Other than about PJT, two more questions - for HL, would the nyc office be the best one ? If not do you know anything about possibly lateraling to LA/any other good office ?

Other question is about hours between the two - friends say that RX hours tend to be the worst, so if that's true do which of the three shops have it the worst from your knowledge ?

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May 5, 2018

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May 3, 2018

That's helpful, thanks !

May 3, 2018

HL rx is definitely not headquartered in MN. The firm's overall headquarter is in LA but their largest and best restructuring group is based in NYC. There are just some senior guys in MN because they can.

I know HL NY and LA place well. EVR also places well and it's only in NY.

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May 5, 2018

.

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May 3, 2018

He's right, but that was primarily because that is where Werbalowsky is. MN, did in fact, used to be the center of the universe for HL RX. Now that he has taken a step back at the firm, other offices, including NYC and LA get big mandates as well.

May 4, 2018

120 hours my ass. Bullshit.

May 3, 2018

HL RX has good culture, good comp, perks, and good exits. Don't know much about EVR RX. Are they any good? Seems like they have been growing a lot lately.

May 3, 2018

EVR RX has great exits.

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Best Response
May 3, 2018

You'd be stupid not to take PJT RSSG.. By far the best out of the 3.

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May 3, 2018

Why? People have turned down BX/PJT for other banks many times. The work is similar at all the top RX places. It's more about where you see yourself being the most comfortable. A talented person will be able to get a great exit from any of these options.

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May 3, 2018

Agree with your point about comfort. But the exits from PJT RSSG have been unreal (especially on the HF side)

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May 3, 2018

Yes, one or two of their analysts typically exit to elite HFs. Some years (like the most recent class) it's 0. The work you do at any of these three RX shops is great experience, and after that it's based on the individual's ability to interview much more than the group he/she comes from.

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May 3, 2018

Also Wallace everyone knows evr is a good group. No need to keep trying to hype it up here on wso. All three are comparable (plus maybe laz)

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May 3, 2018

What? I never mentioned Evercore...
You wrote almost exactly the same thing as me so I don't think there's disagreement.

And I referenced the current first year class. They sent people to York and Anchorage but nothing like Baupost/Darsana/etc which are the eye popping exits that make it such a sought after group.

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May 3, 2018

You mean people starting work in summer 2017? How are they supposed to leave with not even 1 year of experience?

May 3, 2018

Interviews for their 2019 exit took place in December.

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May 4, 2018

3xLevered makes solid points, but does go a bit off track by focusing too much on evercore rx. Wallace is correct that the work is mostly the same at evr/hl/pjt, but I think it's fairly obvious that unless you really love evercore, someone should choose pjt rssg over evr rx. (3xLevered does also make a good point, though, that evr rx is still a very solid group)

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May 4, 2018

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May 5, 2018

Dude chill. You clearly didn't look through my posts fully. I think super highly of PJT. I also think very highly of Evercore. Both groups get top students. If I were choosing I'd take PJT but it's not a no brain decision because it's not a great fit for everyone.

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May 3, 2018

Which class is this? 2017? Or the latest 2018 that you have inside info on? Sounds like news to me.

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May 3, 2018

I think PJT RSSG's historical exits have been more consistent, but all three shops send the majority of their analysts to very top HFs. Differences are marginal - I'd go with the ones you think you'd be a cultural fit and have a good chance of getting a return - cannot stress this enough.

At this point exits are dependent on how good you are given the bank you are at meet certain thresholds.

All three give you good enough exit opps - you won't be "better off" by being at one over another

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May 3, 2018

I have a friend who's a first year at HL RX (year above me in school). They most certainly do not send a "majority" of their analysts to top hedge funds. Great group though.

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May 4, 2018

Congrats on the offers. I was in your shoes last recruiting cycle and had to make the choice between two of the three groups as well, so hopefully I can provide a bit of insight.

  • In terms of culture/hours, all three don't really put an emphasis on facetime and seem to have very chill people (HL struck me as a bit more geeky, EVR as 50% of the people very professional and 50% more broey, PJT mostly just chill and very sharp people)
  • All of the groups, as far as I know, hire as many summers as they have room for FT slots, so your odds of getting a return at each place are pretty equal
  • From what I was told by current analysts, at HL RX the NY office is where you really want to be
  • Exits out of all of these groups are unparalleled
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May 5, 2018

Mostly agree with juicebox77, went through the FT recruiting cycle last summer. I would rank them as:

  1. PJT
  2. EVR
  3. HL

This is based on exits, analyst level development, culture and compensation. I had a buddy go to PJT and tell me that he found the culture super cutthroat but that could be one persons experience.

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May 10, 2018

Lol have 0 idea why this got MS'd, it something's wrong leave a comment explaining the source of disagreement and then we can have a discussion that'll benefit the members of the forum?

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May 10, 2018

Somebody's just in a bad mood today, I just got ms on an innocuous comment from 3 years ago lol

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May 5, 2018

Congrats on all 3.

Two points I'd like to emphasize, as they've been mentioned above already.

1) The culture varies. From what I've heard (first hand), it varies a lot. Keep that in mind.

2) Exits are also all great, period. You're not going to be selling yourself short choosing one over the other. However, I'd second what was said by @hcet above, in that PJT's exits have been consistently the best historically. Then again, I know 2 guys who were Houlihan RX that went to Apollo. You see what I'm saying? Honestly, if you're good you will place incredibly well coming out of any of these groups.

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May 5, 2018

Deletes

May 13, 2018

bump

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May 13, 2018

Having either co-advised or been opposition of both HL RX and PJT RSSG, I have to say some of the smartest people I've seen in banking have been from PJT.

On culture, if you are looking at HL and PJT, they are both equal at the end of the day. You are going to get worked to the bone at these elite groups, and thats the same at any elite group.

I'd personally select PJT - but then again I prefer debtor work.

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Aug 19, 2018

They are all comparable. EVR Rx has phenomenal exits and has a very small class of analysts. PJT Rx has a phenomenal exits as well and very sharp people. Both groups are very technical so put you in a good place. I have to agree with above (just from recruiting experience), I ended up going non Rx route, but of my friends who were interested in Rx, I have friends that specifically chose PJT/EVR over Houlihan offers.

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Oct 5, 2018

Very inaccurate. I know multiple people who have accepted HL over EVR and one person who was still in the process with PJT but accepted HL

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Oct 5, 2018

I'm sorry but none of my accounts of what you say are true. I have 4 buddies in restructuring and all of them chose PJT and EVR over HL. I am guessing youre joining Houlihan as you recently made an account and commented on this? You may have friends that went the other way but am just providing objective advice based on my friends who went into the field. Think they are all comparable but have no reason to lie about it.

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Oct 6, 2018

Relax, it's pretty clear that you work at EVR based on your post history. I'm just stating what I've seen at my school (top target)

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Oct 6, 2018

They're all very similar.

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Oct 6, 2018

Lol....If you PM me I'm more than happy to tell you which bank and group I work in. You just made this account, commented on this post, and then tried to copy what I said about you working at HL. I don't even work in restructuring I'm just trying to provide help to people who may be interested in. For some reason its very popular at the school I go to (H,W,S,P) and many people are interested in it.... Unlike you just trying to provide advice for people interested in the field instead of biased advice

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Nov 4, 2018

For what it's worth,

PJT RSSG exits this cycle: Blackstone, Apollo, Centerbridge, KKR, Anchorage, Oaktree, GSO

EVR RX exits this cycle:

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Nov 4, 2018

Anyone know what the HL exits were this cycle?

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Nov 5, 2018

Carlyle, Apollo, KKR, Oaktree

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Jan 11, 2019

Only 4 analysts in the group? Also is this NY?

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Jan 11, 2019

Heard there are two from HL going to Apollo and multiple to Oaktree

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Jan 11, 2019

NY or across locations?

Jan 12, 2019

Think it's all NY but not 100% sure.

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Jan 12, 2019

But what groups at those places? Apollo PE >>> other groups

Nov 5, 2018
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Nov 5, 2018
Jan 13, 2019