Comments (11)

  • Analyst 1 in IB-M&A
Jan 16, 2022 - 2:15pm

Honestly, for M&A they're not too different. At Moelis you'll likely get more reps but work on smaller deals. IMO it was a better learning experience (not sure now bc it's not generalist anymore). PJT may make it easier for you to get interviews at some MFs, but during on-cycle you can only interview for a couple firms anyways. Smaller class size at PJT is nice

Jan 16, 2022 - 12:14pm

In term of M&A, I'd say they're pretty similar. For RSSG, definitely go to PJT. All of the top independents have their pros and cons, but generally they will all provide equally good experiences, with a slight difference in exits (EVR, CVP, PJT, PWP, MOCO).

Most Helpful
Jan 16, 2022 - 1:32pm

How they do the business is very different imo.

Bread and butter of Moco is sponsor-backed sell side mandate. Size of the deal won't be too big but you will get good reps and exp working with sponsors. Probably that's why Moco exits are more in MM/UMM with frequent distressed shops (generalist model - heard it's no longer a case there tho), than MF.

PJT is more of a whale hunting model. Doesn't mean you won't get reps but in a lesser degree compare to Moco. Once you get a deal done, it would be looked favorably. I feel like exits are better at PJT if you're looking at MF and HF out of banking program.

Comps I believe is similar and you can't go wrong with either, but I'd personally go with PJT for culture.

  • 2
  • VP in IB - Cov
Jan 17, 2022 - 1:30am

This is spot on. Moelis will pump out 100+ sell sides a year primarily in the sponsor backed MM/ UMM space. High reps but you're really just running outsourced process. PJT will do 30-50 deals a year with an average ticket size in the $3-$5bn range. Quality of experience will be much better given the focus on highly strategic large cap transactions. 

  • Analyst 1 in IB-M&A
Jan 16, 2022 - 1:43pm

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