Hi,
long time lurker from the UK, created this account for advice.
I'm from a top target in the UK and currently have SA offers from PJT / EVR and GS / MS / JPM. What should I do and why?
The first offer is for across M&A and restructuring and the second one is open (could end up anywhere but prefer M&A/industry team)
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Firstly, very well done for receiving those offers.
Just thought I'd add in my 2 cents into this... Take it as you will.
Quickly on my background - also from the UK, Top Target, Final Year Undergrad. So my information is from people I have talked to, who had interned at those banks last Summer.
Having said that... 1) I would not take PJT, going by Last Summer's London batch, I've heard the conversion was very poor. Cannot recall exactly, but it was either 2/9 interns or 2/11 interns converted. Also feedback from one of the London Interns is that the firm still seems to be trying to find it's culture and fit... Having said that, if you were offered a direct Graduate Analyst role, I would definitely reconsider as it is still very reputable across the market.
So now falls to an argument of either EVR or GS/MS/JP...
If you were offered GS, always 100% take it... However, I can assume it is with one of the other two, otherwise you would not be asking.
So... 2) Conversion rates for GS/MS/JP were all quite low last year, apparently around the 50% mark. I am not too sure on EVR, however, I think it now boils down to which bank do you prefer on a personal level, and also whether you can find out the conversion on EVR from last Summer (I believe it was higher than 50% though). In any case, wherever you do go, your exit opportunities will be just as good, it is very much just the case of where do I think I can most likely convert, and where would I rather prefer working at...
Goodluck
My info on PJT was from one of the SAs who interned there this Summer just gone... I will question him/her again however (having said that, this person did not convert).
Your info is definitely wrong. PJT had 5 summer interns and 3 received an offer, just like "Buildingawall" said.
It's not an easy question, but I would choose either GS/MS or PJT in this case. If you are interested in RX, then obviously choose PJT. If you are more interested in M&A, then GS/MS might be a better decision. Even though PJT hired some heavy hitters for their strategic advisory team, they are still not strong in this space and I'm not too sure if that will change soon. However, having the opportunity to work across M&A/RX is obviously nice to build a well-rounded skill set. Take also into consideration whether you would like to work in a small firm or if the bulge bracket experience is more appealing to you.
If your offer is from either JPM or Evercore, I'd rather choose JPM unless you really liked the people at Evercore. It goes without saying that all your options are great places to start a career.
No. There's more to this than a marginal leg-up in brand name.
bump
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