PJT London vs Rothschild London

Hey,

I've been lucky enough to convert my spring to SA 2022 role at PJT but I'm also very confident I will convert my Rothschild spring (hopefully for CRL). I don't know which is better in that case or if I'm overthinking it.

Any help on which is a better offer considering they are complete opposites.

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Comments (58)

  • Intern in PE - LBOs
Jun 3, 2021 - 12:52pm

Can you lateral from the London office to NYC at PJT? I saw an analyst from oxbridge at PJT in NYC, so wanted to ask about the internal mobility

  • Partner in PE - LBOs
Jun 2, 2021 - 11:48pm

Would pick Rothschild in London. People obsess over PJT on WSO but unless it's RX and especially in EMEA it's undeserved. 

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Jun 3, 2021 - 3:19am

Lol people don't know that as a junior (analyst) in London you will do both Rx and M&A at PJT. That said, I think it depends what is of interest to you.

M&A? Go to Rothschild

RX? Go to PJT

Want to be very very generalist (don't know what you like for from a deal perspective as well as sector perspective)? go to PJT.

Jun 3, 2021 - 4:31am

I generally stand by this comment as well. Have close friends at both banks, couple of expanded points to consider:

 - Interested in typical M&A to PE / other prestigious exit opp? Rothschild is a better option (definitely wouldn't disrespect PJT in this regard but Roth edges)

 - Interested in M&A with intention to become career banker? PJT is a better option (honestly a really good culture right now, great perks, smart analyst classes)

Otherwise agree with PJT being better for those interested in RX or no real sector / deal preference yet.

Let's not split hairs here, both are great places to be for your career and congrats on the offers. 

Jun 3, 2021 - 4:02am

Congrats of the offer!

PJT is having a tremendous growth but still sometime lacks (compared to top shops) in deal flow when talking about M&A, while RX is top-notch. IMO exits in non-distressed / special situations funds are a bit more difficult than a BB/top-MM but have seen some so it's definitely possible. Here you will probably learn the most (if you care about RX) as SA/Analysts get to work on both M&A and RX, possibly favouring one of the two after the first year if I remember correctly, but still in the general pool.

Rothschild in London is a top MM shop, tremendous deal-flow, quite well regarded and whose analysts often compete with BBs for the same exits in the usual places. Guessing you are doing M&A, so you would probably have zero exposure to RX but you would learn M&A better since the deal-flow is very intense.

Whatever choice you make will be a good one, personally I would go with the one in which I thought the people were "better" in terms of personality, WLB, technicals etc since that's a very important factor when you are actually doing the job.

Obviously if you have in mind specific career objectives feel free to specify, so that me or people more knowledgeable might be able to help you with your choice.

  • Analyst 2 in IB-M&A
Jun 3, 2021 - 4:17am

Mid-market sweatshop vs. overhyped US boutique... tough choice indeed!

In your position I would go with the overhyped boutique for the:

i) growth trajectory

ii) generalist programme

iii) exit opps

iv) pay

Can't go wrong either way here though.

  • Analyst 1 in IB-M&A
Jun 3, 2021 - 5:10am

Trajectory seems like an important point - if you're worried about reputation consider the relative growth / ambitions of the two firms. 

Rothschild's respected and dominant MM position is established. However, in 3 - 5 years when you're trying to leverage the brand name of your bank PJT's reputation is (probably) only going to increase. 

As part of getting there PJT (and other newer boutiques) know they have to throw everything at junior pay / culture / hiring the right senior talent. The likes of Lazard and Rothschild simply don't have these same incentives.  

Both are great places to start a career but this consideration will have a big impact on your analyst experience. 

Source - have friends at both and the PJT analysts are significantly happier / better compensated than those at Roths. 

Jun 3, 2021 - 6:55am

Well that is pre-tax incremental money - so consider it at the highest marginal tax rates plus lower tax free pension contributions etc - so more like £45k over 3 years. Sure it's a large amount but I would not just pick based on that.

  • Associate 1 in IB - Ind
Jun 3, 2021 - 12:33pm

Prospect got rejected by Roth and is spewing bs here now? Amount of MS thrown at him should give you an idea. 

Roth is top EB in London. PJT is great and pays top of the street at the junior level but both start equalizing at AD / D level. PJT still has a bit to go to be an M&A powerhouse in EMEA. Both choices are phenomenal. 

  • Analyst 1 in IB - Ind
Jun 3, 2021 - 12:50pm

Current EVR analyst here. I wish this was the case but it's simply not true. In the U.S. (which is ultimately where I want to end up) EVR is top of the street with PJT and Roth is more of a Greenhill level EB / MM as some say. In LDN Roth's reputation is unbeatable. Both PJT and Roth are great with one having better RX and the other better M&A. 

  • Analyst 3+ in CorpFin
Jun 9, 2021 - 12:34pm

Can you comment on Roths Ldn hours at all? Currently contemplating a move but my current role allows me to maintain a healthy lifestyle and unsure whether to swap that for an extra 20k but added 20+hrs a week and 6 inches around the waistline!

  • Analyst 1 in IB-M&A
Jun 3, 2021 - 1:06pm

Pay at PJT is significantly better (A1s are making £90-100k all in). As a junior, you get to do both RX and M&A as previously said. PJT is harsh hours but has a fairly decent culture vs Rothschild. 

Shocked so many people are saying Rothschild. The people I know who went to PJT had the choice to go to top US BBs and went to PJT.

Also, PJT meal allowances?!

  • Analyst 1 in IB - Ind
Jun 3, 2021 - 1:17pm

Stories about Roth culture surprise me. Took RTH (one of the strong sector teams) over a U.S. BB primarily due to better fit and culture and have not regretted it. 

Jun 3, 2021 - 1:50pm

It's accurate to say that PJT overall has a better perks / comp package and can confirm that the meal allowances are one of the best in London (if not the best).

There are plenty of reasons to pick PJT over Roth as stated in my comment above but on a pure exits basis (the dreaded "prestige") Roth in London still beats it. Though the gap is narrowing so you never know in a few years.

I imagine the people that you know either:

1. Preferred the perks, pay, and culture at PJT

2. Had a strong preference for / big interest in RX  

3. Read WSO religiously and haven't been able to separate the London versus NY landscape

Will give them credit and assume it's 1 or 2. 

  • Analyst 1 in IB - Gen
Jun 3, 2021 - 6:49pm

A bit surprised you said PJT has harsh hours compared to Roth.. don't know PJT hours, but Roth isn't great 

  • Analyst 1 in IB - Gen
Jun 3, 2021 - 6:48pm

Roth has the better brand name, however I would tend to say that on average PJT deals could be more interesting (especially if you like RX), as Roth does loads of MM... also pay is so much better at PJT.

Jun 3, 2021 - 8:40pm

Is everyone in the Rothschild office on WSO or how come that it's so insanely pushed here once again. People just completely forget that it's much bigger and maybe stronger in M&A but just for smaller deals. At the same time PJT plays in a different league for RX. Please also stop spreading the wrong information that teams are split, at PJT you are generalist.

All in all: Go for PJT, much more elite. Would only consider Rothschild if you are keen for MM PE.

  • Associate 1 in IB - Ind
Jun 4, 2021 - 10:05am

Work in PU&I at a European bulge (which happens to be one of the strongest utilities teams on the street) so don't have a single horse in this race. In my sector, and the adjacent one that I cross paths with often, i.e. energy, Rothschild destroys PJT any day of the week. It is not even comparable in terms of number of deals, deal size, "interesting" deals etc. etc. etc. 

Jun 4, 2021 - 10:56am

Also got no stake in the game but in which world is one sector representative? Again PJT is much smaller and will have rather specific strengths depending on the seniors (mostly not M&A).

Much more importantly, just look to which places the people exit. PJT is just a different world if you consider any kind of Distressed or general HF exits and probably even stronger for MF PE (& Co). Noone says Rothschild is bad but this board really puts them on par with GS while they are a MM player.

Jul 22, 2021 - 6:12pm

Work in PU&I at a European bulge (which happens to be one of the strongest utilities teams on the street) so don't have a single horse in this race. In my sector, and the adjacent one that I cross paths with often, i.e. energy, Rothschild destroys PJT any day of the week. It is not even comparable in terms of number of deals, deal size, "interesting" deals etc. etc. etc. 

Can you pm me? I am about to start on a PUI desk in London and have a few qns if thats cool? Burner account fyi so i cant pm

  • Analyst 1 in IB - Ind
Jun 4, 2021 - 4:00pm

Quite the opposite - the forum is full of clueless Americans pretending like their view of the street is universal for EMEA, Australia, Canada etc. 

PJT is nowhere near Rothschild in London. 

  • Analyst 2 in IB-M&A
Jun 5, 2021 - 3:19pm

Looks like someone got an offer from JPM and is insecure about it. MS has always been better than JPM, unless you are talking about DCM

Jun 5, 2021 - 3:28pm

I would agree that GS / MS > JPM > BofA / Citi, but would still say Lazard / Rothschild has a slight edge over PJT, just because they are much more established in the region and have literally been here for hundreds of years. Having said that, PJT in London is growing incredibly fast so you can't go wrong with taking either offer

  • Accountant in IB-M&A
Jun 4, 2021 - 2:54pm

No one would take Roth over PJT in London. I'd even say most people here view Evercore and pwp as more prestigious and would take them over Roth also. On par with Moelis and Greenhill. 

  • VP in IB - Gen
Jun 4, 2021 - 3:17pm

I don't know if Moelis, PJT and PWP have great exits or something but having spent quite a few years here now, in terms of actual M&A dealflow those banks are nowhere close to Rothschild (or any of the 5 US BBs). Like not even in the same zip code. Also didn't realize Greenhill even had an office here!

  • Accountant in IB-M&A
Jun 5, 2021 - 7:38am

Nice to finally see a thread where Roth LDN is actually regarded. Normally just see US hype bois slating it all over this site. 

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