PWP vs BAML

Personally, I would go with PWP, especially because BAML is a generalist offer. I've heard great things from friends about the exits from PWP in recent years, and seems like the analysts really enjoy their experience. I think it's more of a toss up between PWP and similar EBs when comparing to a bulge like JPM, although obviously group dependent. BAML and other places like Citi and Credit Suisse are still fantastic firms to start your career, but on the whole would take PWP due to on average better exits, a slightly more enjoyable experience, and maybe a marginal prestige difference within finance. Hope this helps, but ultimately up to you.

bump

Disagree strongly. PWP is not a well known brand outside of finance, and while I do agree that some group exits very well (eg. New York consumer), the other satellite offices don't do well. BAML exits into low-mid MFs routinely (eg. M&A / LevFin), while PWP does so much less frequently

BofA

I would take BAML/Citi/Barclays over PWP/Laz/Moe, but that's just a personal preference. You'll get paid more at PWP.

PWP Alum here. Had a great experience and I am 99% sure our exits are better than the average person at BAML. Would take PWP if you want to stay in high finance, but if you plan on eventually going into "main street" I would take BAML's name (as someone above said).

In the US - PWP better pay - Very similar exits to PE, better for industry for BAML

In EMEA - PWP better pay - BAML definitely better exits for PE or industry

If you want to have a long-term finance career just stick to PWP and enjoy the money difference

Do you have any indication of what group you'd be placed in at BAML? Certain groups place lights out, which I'm sure you'll find with a bit of research. How strong were your conversations at each? Culture matters a lot, you'll be spending a lot of time with your team. Generally, exits at both are similar and where you go afterwards will come down to you individually. PWP is multiples smaller in headcount vs BAML, and if you have an MD or partner pulling for you it can really set you apart. PWP is also no longer generalist and you'll be placed in a "core group" sometime before your start date, so that's something to be aware of.

PWP unless you prefer the environment of a BB and can ensure placement into the top groups, or don't plan to stay in finance long term. Though, I have a preference for boutiques in general, and so did most of the IB kids in my undergrad. Others have a preference for bulge brackets, which recruit from more schools and have more employees (and more wallstreetoasis users)

If you can get one of BAML’s top groups (M&A, LevFin, Sponsors, REGL), pick BAML. Otherwise, PWP hands down

I agree with one of the above posters. One important thing to consider is the core focus of the bank. Have a look at BAML's market share this year- it is clearly a growing franchise (top 3) . Exits will be somewhat comparable but will give edge to BofA given alum/ ex Merill brand among mid level people.

Bro who bumped this 3 month old thread. Also, PWP

Current BAML analyst here. As many other have said BAML is a very safe choice, you won't have much trouble navigating the finance world with BAML on your resume. For many of my colleague who got EB offers, they choose BAML due to job security and solid deal flow across all sectors. I started at 18 as a part time teller at BOA and was later given the opportunity to recruit for IB through the summer analyst pipeline. I think a lot of people tend to forgot the culture aspect of a firm. Given culture and fit is such a vague term nowadays. From my experience, I can never see any of the horror story that people talk about here on WSO happening at BAML (please note I'm class of 2018 graduate so I can't speak to anything prior to my time).

Ironically, I will choose PWP over BAML, given that I was auto rejected from PWP (I come from a non-target). Therefore, I'm always under the idea that EB > BAML, despite no hard evidence to back that statement. I guess the "grass is always green on the other side" also plays into my decision.

I also had the option of either BAML or PWP and chose PWP. I don't regret that decision and think I made the right choice. As many have already mentioned, it's dependent on a variety of factors (group placement is an important one to consider) but I personally thought it was worth it for the culture, strong analyst experience due to the smaller team sizes and materially higher comp. They also support a variety of career options, whether it's A2A or recruiting buy-side, and have seen pretty strong exits in recent years.

I think a fair comparison is to think about the size of two banks from an analyst class perspective. PWP has 20 analyst per year in NYC, and assuming BAML has 100+?

From my personal experience so far, it’s been great - a lot of technical / interesting work along with live projects. Had a lot of senior attentions too (working directly with MDs on projects). Deal team tends to be super lean (one analyst + one/or zero associate + one VP). From an exit perspective, just for my class, everyone who wants to recruit got a buyside offer. Just a few names of exits for this year, we had a few Carlyle, Apollo, Brookfield, Crestview, HIG, and a few other UMM / MM names.

I had friends at BAML who enjoyed the experience too, as it’s a bigger class and more structured / typical banking experience. Exit seems to be more heavily group dependent (M&A seems to do very well there).

Up to you for a decision and your personal preference on experience. Realty is if you are a great analyst at either of those two places , you could get to top funds if you work hard for it

I’d pick BAML for the reasons above.

Also, BAML promotes early, they have a 2 year analyst programme whereas PWP has a 3 year (I think?).

My friend at BAML joined straight out of undergrad as an Analyst and got promoted to Associate literally after 22 months of joining.. legit not even 2 whole years. He’s 23 years old and already an IBD Associate, that’s truly insane to me especially considering his comp.. 23 year old likely earning around $250k.

Salary: PWP

Exits per capita: PWP

Experience: PWP

Prestige: PWP

Culture: PWP

Do girls know you at the bar: BofA

BAML for exits and deal experience

Bro Perella all day lol BB’s pay terribly now a days

baml for the bitches

BAML. PWP has declined a bit in dealflow in recent times and while they may have a better culture that's certainly more subjective and can change at any point meanwhile BAML deal sizes and brand is far stronger than PWPs.