Vault’s Verdict

A very prestigious independent investment banking advisory firm, Evercore is looking for extremely intelligent, hardworking, ethical candidates with strong technical and communication skills who can learn fast and are willing to take initiative. The firm’s interns get incredible exposure to senior bankers, one of the best training programs on Wall Street, excellent deal experience, and a true picture of what a full-time role looks like. Since interns are treated like full-time analysts, the hours can be challenging. Meanwhile, Evercore’s full-time junior bankers have access to clear promotion paths (analysts have the opportunity to work a third year as an analyst or transition to associate), extensive mentoring, excellent training, early responsibility, significant deal experience, and the opportunity to work across several industries before deciding on their area of focus.

A healthy work/life balance can be achieved at Evercore. Senior bankers are respectful of juniors’ time, vacation days are almost always approved, and seniors respect juniors’ time off, allowing them to unplug. However, that means when you’re not on vacation, you could be working long hours, depending on the deals you’re staffed on. As for the compensation package, it is very generous and at the top of the industry average. Perks and benefits are also strong, with some insiders saying the lack of an on-site gym is a negative and the 401(k) could be better. Evercore’s wellness offerings are extensive, and include counseling, exercise programs, meditation, nutrition education, and financial well-being and child services support.

The firm is making great strides when it comes to diversity hiring, particularly with respect to recruiting more women. Currently, Evercore’s junior staff is very diverse, but its senior staff could be more diverse. As for the firm’s business outlook, Evercore’s leadership team is adaptable, strong, and focused on ways to improve the firm’s standing. And despite the current down market, Evercore’s position as a leader in M&A as well as restructuring means it’s poised to continue to succeed.

Hiring Process

“The firm obviously wants people who are very strong technically, but even more important seems to be whether a person fits well with the firm's culture of support and friendliness.”

“I think the firm is looking for individuals who fit its culture. They’re looking for team members who have good communication skills, learn fast, and are willing to take initiative.”

“Loved the process. Mine was remote but still felt personal and close. The ideal Evercore candidate is extremely intelligent, principled, and moral, and can become a true expert and specialist in tough situations and industry-defining moves. This requires intelligence, a good attitude, and humility.”

“First-round phone interview is mostly technical. Final round is a Super Day with two associates, two VPs, and also mostly technical. Three days after the Super Day I got the call about the offer. Talent and intellect are top priorities, followed by a demonstration of work ethic.”

Interview Questions

“Evercore asks very technical interview questions and tends to start asking technical questions very early in the recruiting process.

“The first round is very fit -oriented, and then Super Day was two hours and much more technical than at other firms.”

“Why banking? Why Evercore? Walk me through your resume. Walk me through a DCF. What happens to total enterprise value if LIBOR goes up 100 basis points?”

“M&A math. Tell me about a time you faced a conflict with a coworker. Give me a scenario where an increase in the WACC of a DCF will cause the estimated value of the company to increase.”

Intern Experience

“The exposure to senior banker is unbelievable. The firm has an apprenticeship model, which is really helpful for navigating an intense work environment. There is some pressure to perform because everyone here is so smart and sharp.”

“The Evercore internship experience has one of the most robust training programs on Wall Street. It truly prepared me for the full-time role. After two weeks of very practical training, I was staffed on important deals. The firm works hard to pair you with a series of mentors and takes the apprenticeship model very seriously.”

“The internship experience provided real, hands-on deal experience, and I felt that I was given true responsibility as a summer associate. Great learning environment and high-performing teammates, but your schedule can be unpredictable.”

“Best parts were the engagement with team members, thoughtful mentorship from senior staff, great intellectual challenge, and good training. Worse parts were the virtual environment and challenging hours.”

Career Development

“Opportunity to do a third year as an analyst or transition to associate is great for development as a junior and allows you to play up in your role.”

“Evercore has a clear promotion pathway with ample performance reviews to point out areas of improvement, which guides employees to attain promotions. With the generalist program, the firm provides everyone with the opportunity to work across several industries prior to narrowing down to certain groups, allowing employees to shape their own careers.”

“The informal mentorship aspect is one of the best parts of the job. Yes, it will take some time to organically find someone willing to take you under their wing, but most of the senior bankers are more than willing to do so.”

“The training is unparalleled. I've heard from colleagues at other banks about the kind of training they're given, and Evercore's is a class apart. Senior members of the team are constantly giving me the chance to learn, grow, and take on additional responsibility. The sky is truly the limit.”

Quality of Life

“Vacation days are almost always approved and encouraged. Furthermore, senior folks respect your time off, which leads to a healthy work/life balance. Four days a week in office and one remote significantly improves quality of life.”

“Evercore does a great job encouraging junior employees to take their vacations and unplug from work. However, that means when you're not on vacation, people are working quite hard. Sundays are work days more often than not.”

“Culture and work/life balance largely depend on group, with large variations across the groups. Some of my colleagues will work 90-hour weeks, while some only 60.”

“The makes an effort to track and be reasonable with the hours that we work. There is also a concerted effort to not bother people when they do go on vacation. There are definitely long hours, with some weeks being worse than others. That being said, most senior bankers are respectful of your time and do not try to give unnecessary work if it can be avoided.”

Salary and Benefits

“Evercore has paid well in both salary and bonus during my time with the firm so far, which has been great. On the downside, the 401(k) matching is limited and has restrictive vesting requirements compared to the firms I’ve previously worked for.”

“Generous compensation package (ahead of industry based on comparisons with peers) but lots of equity and deferred cash as part of the bonus structure (also more than competitors).”

“Best parts: Dinner is paid for each night; people don't care if you wear casual shoes in the office, and everyone wears t-shirts on Zoom; and flexibility to work from home (policy is four days in the office and one day WFH).”

“Free Ubers home, comped meals, and pay is excellent and top of Street. However, there’s no on-site gym, and I wish the insurance packages were better.”

Wellness Efforts

“The firm has an extensive wellness program that includes access to nutrition, meditation programs, counseling, and regular webinars to keep us updated on current trends in the aforementioned fields.”

“Evercore provides counseling, exercise programs, meditation, nutrition education, as well as financial well-being and child services support.”

“They provide online trainings and counseling programs, but you never have enough time in your schedule to leverage them or even attend the trainings.”

“Evercore has all the usual wellness initiatives that major companies have. What's really unique is the culture of the people. At Evercore, you can trust your team and colleagues to have your back and respect you as a person. So, even if there is pressure, there's never any anxiety or stress.”

Diversity and ESG Initiatives

“The firm has done a great job to bring in women and under-represented level. At the junior level, it is very diverse. At the senior level, the diversity level is a bit lower. But the firm still has women and under-represented groups at the senior level. I think the firm is intentionally making an effort to make it better.”

“I'm involved a lot in recruiting, and the firm really has a focus on recruiting diverse candidates, particularly women.”

“Evercore does a good job of recognizing diversity and makes a pointed effort to be inclusive across the board. I'd like to see more women here, but that may also be a product of self-selection.”

“The firm is making strides to be better in this area with various councils and committees to spearhead these efforts. I believe the foundation is being laid, and those seeds will bear fruit in the future.”

Business Outlook

“The firm's outlook is 100 percent related to the market's outlook. Due to how bad the market looks right now, the outlook of the company is relatively more conservative than how it normally would be. But I think all the groups are still working a lot, and the leadership team is very agile and adaptable to changes of the environment.”

“The market is tough, and every firm feels the impact. I love how Evercore keeps it's cool through a cycle and doesn't cut hiring or reallocate. They're clearly planning for the long term.”

“Great brand with relatively low overhead costs vs competition. We are now the ‘bulge bracket boutique.’ Evercore has grown substantially in terms of number of employees and product mix, and that growth brings with it more risk.”

“Leadership works as hard as everyone else and is always focused and reflecting on ways the firm can improve. Evercore has a great position in both M&A and restructuring, and can be dynamic about reallocating labor between the two practices.”