PJT Partners Analyst & Associate Salary

PJT Partners pays at the very top of the Street for analyst and associate compensation, in the same conversation as Centerview, Evercore, and Moelis when bonuses are exceptional. Reported all-in first-year analyst compensation has consistently ranged in the high-$190Ks to low-$200Ks total cash, with base salaries that match or exceed the bulge bracket grid. Bonuses for top-bucket first-year analysts have been reported in the $80K to $115K range in recent strong years.

The firm publishes aggregate compensation expense in its 10-K filings as a public company, and the compensation-to-revenue ratio has historically run in the 60% to 70% range in stronger years. Restructuring bankers are typically paid on parity with M&A bankers within the firm, though Rx tends to perform counter-cyclically, meaning Rx bonuses can be elevated in years when M&A is depressed and vice versa.

At the senior level, PJT's partnership economics are widely viewed as among the most attractive on the Street given the firm's small senior banker count and high revenue per partner. Equity awards are a meaningful component for VPs and above. The trade-off candidates routinely flag is that the comp premium at PJT comes packaged with heavier hours and lean staffing — the dollars are top-of-street but so is the time commitment per dollar. Two-and-out exits to private equity remain a major draw, with Blackstone being a particularly common destination given the historical link.

PJT Partners combines M&A advisory with restructuring and activist defense in a unique platform. Compensation reflects this specialization, with bonuses rivaling Evercore and Lazard in the elite boutique tier. First-year bonuses typically range $110-130K, with top performers in busy groups reaching $145K. PJT's partnership with Blackstone's advisory business (until 2021 spinout) created a culture of excellence and direct economics. Analysts benefit from exposure to complex strategic situations and hostile defense work, which enhance learning and exit opportunities. The firm's restructuring practice can provide countercyclical stability, supporting consistent bonus pools. While hours are demanding, the work quality and mentorship are exceptional.