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Is this M&A or RX?
Sorry for being off-topic, but mind going over what your interviews were like at PJT?
I'm fairly certain that PJT hasn't had a super day yet considering they just started phone interviews. Is this for M&A?
They move fast after phone interviews
can confirm this is still true as of 2017 cycle. like, really fast.
M&A
When was the super day?
Will give my 2 cents (more on PJT since there's not a lot info out there); take it with a grain of salt.
Exit Opps: I don't think there's necessarily a bad choice between the two--and the fact that you've been able to land both offers probably means you will have no trouble in getting and excelling in buyside interviews (if that's what you want). From what I've heard, most headhunters understand the PJT transition and have reached out to the now 2nd year analysts for opinions on the 1st year analysts. Of course, there is definitely risk around the transition, and we won't definitely know how exit opps play out until the 2016 PJT intern class begins buyside recruiting (next year's analyst class still recruited for PJT when it was BX). End of the day, I think buyside recruiting comes down to the caliber of the analysts more than anything, and it seems like PJT and Evercore still maintain high standards for their analysts. Do keep in mind, however, that the 2016 PJT intern class will likely be a little larger than usual. That's partly a function of the group winning major deals, and partly because there was attrition in the 2014 analyst class (a few moved to the buyside a year early b/c they didn't want to deal with the spin, and one was moved to RX b/c RX was understaffed). All but one person on the M&A side for the summer accepted their offers (the one guy accepted, then decided to start in PE as an analyst), which I think says a lot about their confidence in the group's historically great exit opps.
Pay: No insightful comment from my end--both are above the Street average from what I understand.
Culture: From my perspective, the PJT guys are more laid back--probably a function of being a smaller firm more than anything. Evercore seems more on the reserved, professional side (at the associate, VP level) but the analysts are pretty tight knit. But to each their own--up to you for culture fit especially since you've met the people. Both are very open to buyside recruiting unlike places such as GS; both places will pick up the phone to help you out. I know that Evercore analysts get worked pretty hard, but no one really complains about the workload. Expect PJT hours to go up as well with more deal flow.
PM me if you want to talk. Don't think I can PM you because I don't have enough comments haha
That's great to hear. Blackstone was at the top of my list prior to the spin-off. Everyone I talked to said that they didn't expect anything to change, but just a little more volatility than I wanted. Was looking hard at the EBs like them and Evercore, but wanted to give BB a shot for this summer. Will definitely keep PJT on the radar for FT if I don't like the BB experience though.....
Would probably take Evercore since it is a more established brand at this point - less risk involved. As for exits you will see similar opportunities from both (if PJT holds up to what BX was before)
I would echo what crispykreme said above. I think it's also worth noting that the rx group had little/no turnover in the transition while the m&a group had some significant changes (though most would agree for the better). Exits at both these places come in a lot of cases from senior guys pulling for analysts. So while the rx group will have the same senior guys helping analysts out as in the past, the m&a group will experience some change. At the same time, the valuable parts of the analyst experience are staying the same for both groups (small deal teams, large responsibility). In short, I think it's fair to say there's some risk of exits not being quite as ridiculous in both groups as they were in the past, but it's also probably getting a little blown out of proportion especially for the rx group.
At least one superday was yesterday. Group of about 15 Harvard / Penn / UChicago / BYU / Cornell students. I had two MDs, a Partner, and a VP interview me, with no technical questions. Although my friend who had less senior people apparently was grilled very hard on technicals. Not sure when they get back
Take PJT if you want exit opps. The PJT group will be keeping the analyst class the exact same size, and will be even more selective than it was previously with where they are recruiting/who they take. Additionally, having spoken with multiple megafunds its clear that they view PJT as being the same as Blackstone, at least as far as exit opps (they all referred to it as "PJT-Blackstone," funnily enough, including Blackstone's PE group).
I would say take Evercore if you want to be a career banker. Also, this is basically splitting hairs: my honest advice (having interviewed with both groups in multiple offices) would be to take the one where you like the people the most...obvious advice, but unfortunately not often followed i guess.
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