Associates work in small client project teams, led by a Managing Director, to analyze and execute various investment banking and principal investment transactions. Because of the entrepreneurial nature of PJSC, we encourage our associates to take on increasing levels of responsibility commensurate with their abilities. As a result, PJSC believes our associates develop significant client and deal experience earlier than at larger, more structured investment banking firms.
Associates work in all the firm’s various practices, including mergers and acquisitions, divestitures, strategic advisory, corporate restructurings, fairness opinions, recapitalizations, and financings in the capital markets. As an Associate, you will likely work across the different industry groups at the firm. Associates are expected to assume significant responsibility as part of a deal team. They are responsible for managing day-to-day execution of a live transaction, interacting with client executives, performing complex financial modeling and valuation, creating presentation materials for client meetings, and developing key insights on companies and industries. Associates commonly work with an analyst to complete this work and must be capable of directing and managing junior resources.
Typically, Associate candidates will have received an MBA degree and have prior experience in investment banking or with other financial institutions. We look for a strong quantitative background as well as excellent oral and written communication skills. It is important that our associates are able to function smoothly in small teams and can perform under pressure in a fast paced environment. Candidates should be a U.S. citizen or permanent resident.
Associates should have a strong academic track record demonstrating an ability to work hard and an enthusiasm for learning. Also, associates should be very comfortable working with numbers and have excellent communications skills necessary to work closely with clients.
An associate’s advancement is based on merit and he or she will receive additional responsibilities quickly based on performance. Most likely, an associate acts as generalists during the first few years at the firm. After this time, Associates usually transition smoothly into a more dedicated position with one of our industry practices.
1. What type of deal flow does the firm have?
" The firm typically has 20 to 30 active engagements and enjoys a large number of significant relationships. More importantly, PJSC hires a limited number of junior bankers ensuring that each banker will continuously work on numerous active engagements."
2. What is the career path?
" PJSC is a meritocracy. Associates will typically become Associate Directors in their fourth year but may be promoted earlier or later depending on the individual's progress and contribution. The timing of future promotions will depend on when an Associate Director is ready to assume the responsibility of soliciting and overseeing client engagements as well as guiding the firm."
3. Will I be able to assume more responsibility faster than at a big firm?
" Yes. Associates who prove they are capable of assuming additional responsibility are actively encouraged to do so."
4. What sort of access will I have to Peter Solomon?
" The firm maintains an open door policy, and, given its size, every member of the firm has constant exposure and access to the partners."
5. What is the typical composition of a client team?
"Depending on the complexity of the assignment two to four bankers, including a Managing Director and either an Associate Director or an Associate along with an Analyst. In the initial stages of an Associate's career he or she should expect to work on teams with associate directors, but over time associates will spend the majority of their time on teams with a managing director and an analyst."
6. What level of compensation can I expect?
"The firm makes every effort to compensate junior bankers at the upper end of compensation paid by investment banks. As bankers become more senior, compensation is tied to individual contribution in addition to the firm's profitability. When the firm is successful, as it has been in the past, there is the opportunity to receive compensation in excess of one's peers at larger institutions."
7. How does the lifestyle compare with larger investment banks?
"PJSC's clients expect the same level of client service that larger investment banks provide, which requires its professionals to make some of the same sacrifices that bankers at larger institutions make. PJSC does, however, take on assignments selectively which ensures that hours spent working are focused on satisfying our client's needs as well as completing transactions."