Recently received an exploding offer from an EB (LAZ/PWP/MOE/EVR) west-coast office. I am originally from California, and want to do PE long term. I attend a target school in the east-coast.
Is it worth rejecting this offer and waiting for GS/MS/JP to recruit in the coming weeks?
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Bro take what you can get. Especially since it’s an EB.
take the offer
Take the offer
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You might be able to push back the date that the offer explodes. I would ask if you can have some more time. We often give an extra week (or two in some cases) for candidates that ask for more time.
If they say no, take the offer.
Take the offer
Take the offer. West coast BBs have been recruiting for a while (and are probably close to done), and a west coast EB will get you to west coast PE easy
My situation was similar last summer. A bird in the hand is worth two in the bush.
it’s recession now, take what u have before u regret
Honestly depends on how strong of a candidate you are and what bank/office. Some of the regional branches of the boutiques are actually quite small / weak / industry specific and may not get you the looks you want for PE. If your question is should you specifically wait for GS/MS/JP I would say no -- take the offer if those are the only places you would take over the offer you have right now. If you were asking whether it would be worth it to continue recruiting at all the bulges and LAZ/CVP/PJT in NY to try to get a spot there I would say that it may be the right decision depending on your risk tolerance. If you really want to work on the west coast though then just take the offer no questions.
Would you answer change if it was moelis/Perella for the NY office? Would rather be at a few other places (GS/MS/JPM/PJT) and perhaps Lazard and centerview, but don’t want to end up at baml/cs/barclays or even worse
.
I'm 95% sure both MOE/PWP NY have been done for a while, so that hypothetical isn't even a possibility.
EDIT: PWP NY was done first week of May, and MOE NY was done by the last week of May. We are now a month removed, so there is almost no chance you still have an outstanding offer from either of them
The reason I called out LAZ/CVP/PJT is because those are the EBs that haven't filled their classes yet. EVR/Moelis/PWP/PJT Rx are already finished recruiting. BAML/CS/Barclays are better than a weak regional office especially if you don't want to do banking in Cali, or if you don't like the coverage (HC/Tech) that the office specializes in. Being straight up with you, as someone that went through on-cycle in NY after graduating from a west coast school, the PE opportunities I had for Ny & West Coast, were greater in quantity and quality than my friends from college who stayed in the west coast and weren't at one of the best groups. The way it shakes down is that Moelis LA, HL Rx LA, CS LA, MS Menlo Park, and Goldman SF get all the first dibs on the best west coast opportunities along with the kids in the top groups in NY that specifically ask HHs for WC opportunities. The kids in the afore mentioned groups will also get looks for East Coast funds because of the strength of the group. If you're not in one of those groups on the west coast, it is very difficult to get looks in NY during on-cycle and are fighting an uphill battle for the best spots on the west coast. Meanwhile, even if you're not in one of the best firms/groups in NY lots of kids still get shots with funds of all sizes, just because there's so much recruiting happening and so many funds interviewing in the city that week. So again, this matters a ton based on which firm and office you have an offer from. Moelis LA and Lazard SF both West Coast EBs, but are not in the same league and I would approach thinking about what decision you make differently depending on the strength of the group you have an offer from
Lazard west coast is solid from what I hear and EVR is EVR, so if its one of those two I'd take no question. Moelis LA is hell apparently so maybe wait around but honestly I'd take any of them and just be done with it,
I would take the offer. Was in a similar situation a few weeks ago and ended up accepting. My thought process was that the difference in prestige/experience between a top BB and a top EB is minimal to zero. However, ending the summer with no offers would be absolutley terrible, and given the environment right now, that seems like a higher probability no matter how strong of a candidate you are. I was in the middle of the interview process at a PE firm that completley scrapped their internship program for 2021 due to COVID uncertainties, and I think there is a non-remote probability that the BBs might take on a fewer headcount. Basically, the minimal incremental benefit of waiting was by far outweighed by the risk that I ended up with no offer.
Not taking a solid eb offer just because it isnt 1 of like 3 or 4 “top” groups in the west coast in hopes to get a gs/ms/jpm offer is pretty dumb imo. Setting yourself up for disappointment. Unless you are a diversity candidate, then makes a little more sense.
ask for more time. once a firm decides they are interested they will accommodate. if they do not then maybe you are not as strong a candidate as you think and should consider the risks.
I'd recommend taking the offer...especially in this job environment
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