Offer scenarios: PWP vs JPM and Citi vs Barcap
Hello folks,
Two offer scenarios that i'm hoping the board can give some input on: Candidate 1 has PWP and JPM offers. Candidate 2 has Citi and Barcap offers in hand. Both are looking for pe exit opps and are neutral to the people they've met at each firm throughout the process. Neither has made significant progress to leverage one offer to get into a top group (i.e. the respective M&A groups) though each has tried.
Pay differences are minimal and so they aren't really a concern here. Prestige is somewhat important but PE exit opps is the most important driver.
Which offers would you suggest signing? Thanks everybody
For candidate 1, JPM. For candidate 2, Barcap.
For candidate 1: get offers first For candidate 2: get offers first
For Candidate 1 JPM For Candidate 2 Citi
this is why there's so much misinformation on this board: Citi vs barcap it obviously depends on the group -JPM vs PWP: PWP by far... people at PWP routinely choose it over JPM and MS. The only reason someone would choose JPM is if they are not looking to go into finance after banking or they want to tell family friends and girls where they work. Perella Weinberg gives you amazing, more relevant experience out of college. In addition over 60% of their analysts go buyside, contrary to what people think about the firm not supporting buyside exit opps. PWP pays better, better exit opps than a generalist offer at JPM (excluding M&A and sponsors), and better work experience. In addition, more prestige as you're working with legends in M&A and have amazing placement to harvard and wharton for B-school. For those commenting earlier, don't give misinformation on this blog when you have no idea what you're talking about, which in turn harms people's decisions.
By quickly tracking his/her profile, you can see that Jesse Livermore is a junior in college who is going to PWP for the summer, so keep that in mind.
PWP is a phenomenal bank and does position you well for exit opps and b school but there is something to be said for the breadth of experience you'll get at a BB such as JPM. I have a lot of very strong contcts at PWP and talked to them at length about whether an EB or BB would be best for me. They all urged me to go to a BB because of the variety of experience you receive. At PWP you only get M&A experience. The consensus they gave me was that elite boutiques are great for older bankers because of less regulation/red tape and you already know what industry you want to be in, but for junior bankers go BB. Obviously you can't go wrong going to PWP, it's a great bank, but I would say JP unless you're confidant that you want to do M&A.
while it may seem like that, that's false as PWP only started on campus recruiting to schools in mid-late january, and therefore no offers were given. all recruiters prefer M&A experience over coverage so that's false. Also, no one would make that argument about EB vs BB, specifically at a perella/Greenhill/cview, because you get both R&R and M&A. In addition you are a generalist in industry and therefore not only learn industry through being a generalist but also capital structure and distressed situations through R&R. Furthermore, in an M&A group or coverage group you have dedicated teams in LevFin and sponsors that provide modeling, and you don't gain that experience but rather more industry knowledge. Sure, if you know you want to do solely tech banking it's good to be at a BB doing tech banking only for the industry knowledge, but that's unlikely to be the case
Some major rationalizations of outcomes ex post ITT
Haha dude I don't know why you have your panties in such a a bunch about this, I'm just trying to help out OP. I'm telling you that 3 MDs at PWP gave me that exact advice about BBs vs EBs. You can't go wrong with either bank OP, they are both great, probably top 10 banks, I only really commented because livermores first post caught my attention because it was so outlandish. 60%+ of analysts go buyside? give me a break there's no way for you to know that
no major opinion on PWP vs JPM but it's not hard at all to know stats on how many analysts go where and even specific shops if you have good friends who are analysts/junior bankers (who are much more important to talk to about the junior experience and exits than senior bankers...), especially for a shop like PWP where there aren't 10 billion analysts every year.
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