Vault’s Verdict

TPH is ideally looking for driven, intelligent, creative, passionate, and hardworking fast learners—people who can make a lasting impact at the firm. Interns receive a lot of live deal experience while working on small deal teams. Meanwhile, full-time junior bankers have access to excellent career development opportunities—you can have open discussions about your career development with senior leadership and request to work on different types of projects across various verticals. In addition, the firm likes to hire from within, regularly promoting analysts to associates.

Work/life balance at the firm is relatively good for investment banking. Teams try to limit contacting you on “protected weekends” and vacation, and there’s a new policy where you have to take five consecutive vacation days every six months. Still, lean deal teams and busy teams (you will work on many live deals) means hours can be long at times. Meanwhile, salaries and bonuses are competitive with peer firms, and the firm’s hybrid work option allows you to work from home when necessary. In addition, there are many wellness offerings, including reimbursements for counseling, exercise programs, meditation, nutrition education, and childcare. 

Diversity could be improved at TPH, according to insiders, who note that the firm is rather homogenous and can do better to hire and retain women and minorities. On the plus side, TPH’s recent intern class was very diverse with respect to race and ethnicity. As for TPH’s business outlook, it is bright. The firm is exceptionally well positioned as a leader in the dynamic, rapidly-changing energy space, and the firm is performing very well following a recent transition in leadership.

Hiring Process

“I believe our firm is looking for the best of the best, not only in terms of work abilities but also in their ability to be a part of TPH. There is a bond among workers, and that is not filled in by just anyone. We are looking for someone we can see making a lasting impact at the firm.”

“Multiple rounds of interviews with junior and senior members as well as a skills test. Looking for driven, intelligent, and creative individuals with a strong sense of team as well as a positive disposition.”

“We’re looking for someone who is passionate, hardworking, and a fast learner. I think we are pretty diligent about callbacks and shortlisting people to the next round.”

“The firm is looking for well-rounded candidates who have a very strong interest in energy (both traditional oil and gas and energy transition/new energy) and banking. At TPH, we prioritize cultural fit just as much as technical abilities. As such, we often hold a number of initial screening phone calls with analysts/associates/directors prior to Super Days.”

Interview Questions

“Our firm goes through an extensive hiring process for the technical team. This includes multiple interviews with team members of varying levels, application tests to prove abilities in needed programs, as well as abstract thought questions to understand how one thinks and works through problem solving.”

“Where do you see yourself in five years? Give an example where you had to work on a team that was difficult or stressful. How do you handle stress or tight deadlines?”

“Dartmouth Partners handles our screening process, along with the recruiting team. The process moves very fast from there. I believe the entire process is under a month long. Super Day questions range from behavioral to brainteasers.”

“You’re asked to go into extreme detail on an oil and gas M&A transaction of choice. Full DCF walkthrough plus case studies and how to value an oil well. You’re exposed to many individuals across the firm and at different levels.”

Intern Experience

“As an intern, I was given the ability to actually work on projects and was not assigned to meaningless tasks. I gained real experience and was paid while doing so. The team makes interns feel like they belong and are part of the broader team. One of the challenging aspects of the internship is the hours—you work like an investment banker does, which can be difficult to adjust to on a short time frame.”

“Best part is I got a lot of exposure from the start and hands-on work with small deal teams. On the downside, I couldn't get exposure to all the verticals during the internship.”

“The best aspects were the culture and strong learnings environment. Only challenging part was getting used to the hours.”

“Live transaction experience from day one, and I felt included on deal teams. That engagement led to a lot of learning and overall an extremely positive experience.”

Career Development

“At TPH, you typically see associate hires made internally from the analyst position. The team really focuses on developing talent internally and providing the path to move up the ladder. When you put in the time and effort, you'll more often than not have the means to be promoted to the next level. I think one aspect that we could improve upon is preparing for the transition from analyst to associate. While I have not personally made this move yet, it seems there could be more done to prepare for this change in role.”

“I think the firm provides excellent career development opportunities. For example, TPH allowed me to transfer from Equity Research to Investment Banking mid-way through my career here.”

“TPH is all about its people. You have the opportunity to work on large, important transactions in the energy space. You really learn the energy industry, and there are numerous lateral opportunities to work in different industries or geographies.’

“Open discussions on career development with senior leadership, and you can request opportunities to work on certain types of projects across verticals/product types. It would be nice to have more proactive discussions from seniors rather than you having to be very vocal.”

Quality of Life

“I didn't join the firm with the expectation of having a good work/life balance, and I knew that vacation days would be limited. It’s quite surprising how the teams do make an effort to limit contacting you on protected weekends and vacation, and the firm has recently started a new policy where we have to take five consecutive vacation days each half-year.”

“Great projects and clients, and TPH does a great job involving juniors in client interactions. Work/life balance is relatively good for banking, but we all work hard and we keep a lean shop, so it can be difficult to take time off. We do a decent job protecting juniors on vacations, protected weekends, etc., but we can always do better.”

“The culture is very solid, and I enjoy integrations with the rest of the junior team as well as the seniors. Work/life balance can be challenging at times, but that is the nature of the business at an elite boutique.”

“In the current environment, I've noticed more of an ability to balance work and life. I think part of that is due to having gone through the work-from -home phase. Now, there seems to be less of a stressful ‘I need to be in the office until 10 p.m. every night’ mentality. This has allowed for me to balance being in the office and being at home with family. The most challenging aspect still is being ‘available’ every day. It does not allow for unplanned activities that would keep you away from a computer for extended time.”

Salary and Benefits

“Comp is good and competitive with other firms. Very flexible in remote work, flex hours, and dress code, which mirrors our culture—'people first.’ We don't take ourselves too seriously, but we take our work and clients extremely seriously.”

“For the work we put in, the firm does compensate appropriately. I am very satisfied with my pay, bonus, and benefits/perks. I would not do it for less because of how difficult the hours are."

“Compensation rivals competitors, if not better than competitors. Parking covered is a big positive. And you can work remotely for two weeks twice a year. However, the 401(k) match could be higher, and they need to cover the on-site gym cost.”

“Salary is consistent with the Street, but the firm does a great job supporting its employees. They offer free parking to employees and meal credits when working late. Additionally, the hybrid work option allows you to work from home when necessary so you don't always have to stay late in the office.”

Wellness Efforts

“TPH provides benefits that many firms don't, allowing employees to take care of their and their families’ physical and mental well-being. From the top down, the firm makes it clear that wellness is a priority.”

“Reimbursement for counseling, exercise programs, meditation, nutrition education, and childcare. Fantastic medical benefits.”

“There are plenty of options regarding wellness open to employees—it's whether they have time to take advantage of these opportunities that falls flat to some extent.”

“The firm provides monthly reimbursements for wellness-related expenditures such as gym memberships, etc. As a firm, they are very dedicated to employee wellness.”

Diversity ESG Initiatives

“The company treats everyone the same and with dignity, and tries its best to include everyone in social situations and to be accommodating.”

“Diversity is tough in banking. TPH does a good job, but we can do better to hire and keep women and minorities. I think women are probably underrepresented. The last intern class didn’t have many women, but the recent intern class was very diverse with respect to race and ethnicity.”

“The firm is extremely focused on creating a diverse work environment. This is reflected in the TPH culture as well as in our recruiting and hiring practices.”

“TPH is involved in the community and local charities through giving and various events throughout the year. We also focus on energy transition as a business but could do better implementing carbon reduction as a cultural aspect of the firm. Compared to other energy IBs, we do a great job, but that shouldn't be enough.”

Business Outlook

“Our firm is doing well after a transition in leadership this year. We've continued to win business for the next year and have worked on an extensive number of projects in 2022. I believe our bank continues to differentiate itself from competitors, in large part due to our technical team, which is one of, if not the best in the industry.”

“Excellent institutional client base and an industry leading technical reputation. Clients big and small look for our unique perspectives, which entrenches us within their companies. This provides a leg up in pitch situations as well as a considerable amount of pitch less business.”

“Leadership transition has made for interesting dynamic, and most are confident that those taking the reins are poised to deliver great leadership to get the results. There is some uncertainty that comes with working for a smaller, independent advisor that can sometimes do poorly through no fault of its own in a down market.”

“TPH is exceptionally well positioned for the dynamic and rapidly changing energy and M&A landscape. The senior team has positioned the business to be very nimble and responsive to our environment and the different business opportunities. I have tremendous confidence in TPH's outlook going forward.”