{ "media_type": "text", "post_content": "Any insight on PJT Secondary Advisory? Have that internship offer and a GS offer that I’m not that excited about. I know it’s not IB, but does anyone here have insight into hours, comp trajectory, etc? \n\nThis is mba associate level, currently a 1Y at a feeder.\n\nPJT Partners", "post_id": "6213d36b1509600033ab019e", "reply_count": 3, "vote_count": 3, "bowl_id": "5c04d0b643b531001738b601", "bowl_name": "Investment Banking - IBD", "feed_type": "bowl" }
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PJTSA's Financial Sponsors Group is the golden ticket into PE, with muuuch better hours than any other IB group in existence. I'm really not seeing the issue here... IB Prestige, Money, Exit Ops and WLB is laid out in front of you on a silver platter.

If it's modeling exposure you're worried about, that's foolish, bc you can pick up those skills relatively easily, through contributing to the groups you'll be outsourcing work to (M&A, LevFin, Coverage etc). Regardless, by now you should know that networking is the most important factor in landing high finance jobs (especially PE/HF recruitment which is so informal), and not modeling, so an opportunity in FSG is literally your wet dream come true.

You can DM me for my venmo handle.

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What about the offer are you hesitant about?

Going to reiterate what someone else said. Secondaries advising (brokerage) versus investing is very different. PJT SA is a secondaries broker, your job is to work with LP’s to sell their stake (provide liquidity) in a PE fund to another LP. Benefits to the purchasing LP is they can mitigate the j-curve of primary investing versus secondaries.

There is little diligence or modelling work, it’s more so running a sell-side process; but instead of a company, you’re managing the execution of the process to close the transaction. There’s also the fundraising (for Secondaries funds) side too which sometimes gets bucketed in the Secondaries Advisory, which makes the skills you developed less relevant for a strong exit.

Exit opps can vary… Secondaries is not the same as PE or banking (at least I feel the skills you learn are not as strong), and worklife balance is marginally better than traditional IB related roles (9am-7pm on average) instead of 9am to midnight/1am. I personally feel exit oops are primarily based off how you network and present yourself. It’s also about timing and luck too.

Anyway, It’s a growing practice for many firms so these hours can vary since building business and getting deals may result in increased workload. I’d personally take the GS offer, you’ll get more looks by virtue of the firm name.

Comp is standard Wall Street starting salary for any analyst : associate equivalent. Bonus is probably 20-30% of your base salary. And trajectory I can’t comment on.

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