Moelis & Company: The Founder-Led Elite Boutique With Global Ambitions

Ken Moelis launched his firm in July 2007—fourteen months before Lehman Brothers collapsed. Most new advisory firms would have died in that environment. Moelis thrived.

While competitors scrambled to survive the financial crisis, Moelis & Company built a restructuring practice that would become one of the best in the industry. The same contrarian timing that looked reckless in 2007 looked brilliant by 2010.

Today, Moelis stands as one of the premier elite boutiques, consistently ranking among the top advisors globally for both M&A and restructuring. The firm has grown from a startup to a publicly traded company with offices on four continents.

Here's what you need to know about Moelis—the culture, the work, the recruiting, and whether it's right for you.

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The Founding Story

Ken Moelis's Background

Ken Moelis spent 18 years at Donaldson, Lufkin & Jenrette (DLJ), rising to run investment banking. When Credit Suisse acquired DLJ in 2000, he moved to UBS, eventually becoming president of UBS Investment Bank.

At UBS, he built a reputation for aggressive deal-making and talent cultivation. Many bankers who would later join his firm worked under him there.

In 2007, he left to start his own shop. The vision: an independent advisory firm with the talent and relationships to compete with the bulge brackets—without the conflicts of interest that came with trading desks and balance sheet lending.

Launching Into Crisis

The timing looked terrible. Moelis opened its doors as credit markets were beginning to seize up. Within a year, the global financial system was in freefall.

But the crisis created opportunity. Companies needed restructuring advice. Deal activity shifted from leveraged buyouts to distressed M&A and liability management. Moelis had hired restructuring talent specifically because Ken Moelis saw a cycle turning.

By the time markets recovered, the firm had established relationships with boards and management teams that continue driving deal flow today.

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Culture and Work Environment

The Entrepreneurial Ethos

Moelis feels more entrepreneurial than larger competitors. The firm went public in 2014, but the culture remains founder-driven. Ken Moelis stays actively involved in major deals and firm strategy.

What this means day-to-day:

• Flatter hierarchy than bulge brackets
• Direct access to senior bankers on live deals
• Expectation that juniors contribute substantively, not just execute
• Speed of decision-making that larger firms can't match

Bankers describe the culture as "high-conviction." The firm takes positions on strategic advice. It's not just about getting deals done—it's about giving advice the client might not want to hear.

Meritocracy With High Standards

Moelis promotes based on performance. The firm is known for moving talented people up quickly—and moving underperformers out.

The trade-off:

• Genuine meritocracy: Strong performers advance regardless of pedigree
• High pressure: The bar for "strong performance" is demanding
• Limited patience: The firm doesn't carry underperformers

Former bankers describe the environment as "intense but fair." You'll know where you stand. Political maneuvering matters less than results.

Hours and Lifestyle

Elite boutiques generally work long hours, and Moelis is no exception. Expect:

• Typical week: 70-85 hours
• Busy periods: 90+ hours during live deals
• Weekend work: Common, especially during deal execution
• Travel: Varies by coverage area, but expect regular client travel

The hours are comparable to bulge bracket peers. The difference is that smaller deal teams mean more meaningful work per hour—less administrative overhead, more substantive analysis.

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Deal Flow and Capabilities

M&A Advisory

Moelis has established itself as a top-tier M&A advisor. The firm consistently ranks among the most active advisors globally by number of deals.

Notable strengths:

• Sponsor coverage: Strong relationships with private equity firms across strategies
• Cross-border: Global platform enables complex international transactions
• Activism defense: Advises boards facing activist shareholders
• Strategic advisory: Long-term relationships with corporate boards

The firm punches above its weight on marquee transactions. Recent headline deals demonstrate the ability to compete with any bank on the largest transactions.

Restructuring Excellence

Restructuring remains a cornerstone of the platform. The firm built its early reputation on distressed advisory and has maintained that expertise.

What sets Moelis restructuring apart:

• Willingness to take on complex, contentious situations
• Deep bench of experienced restructuring professionals
• Ability to advise across the capital structure
• Track record on some of the largest restructurings in history

The restructuring practice provides counter-cyclical ballast. When M&A slows, restructuring typically accelerates—providing revenue stability through economic cycles.

Industry Coverage

Moelis covers most major industries, with particular strength in:

• Technology, Media & Telecom: Deep Silicon Valley and media relationships
• Healthcare: Pharma, biotech, and healthcare services
• Financial Institutions: Banks, insurance, asset managers
• Industrials: Broad industrial coverage globally
• Energy: Oil & gas, utilities, renewables
• Consumer & Retail: CPG, retail, restaurants

Coverage quality varies by industry and geography. Some groups are stronger than others—worth researching your specific area of interest.

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Compensation and Progression

Analyst Compensation (2024)

Component	Amount
Base salary	$110,000
Signing bonus	$15,000
Year-end bonus	$90,000-$130,000
Total first year	$215,000-$255,000

Compensation is competitive with other elite boutiques and bulge brackets. Bonuses are performance-driven, with meaningful differentiation between top performers and average performers.

Associate Compensation

Component	First Year	Second Year	Third Year
Base	$175,000	$200,000	$225,000
Bonus	$100,000-$175,000	$125,000-$200,000	$150,000-$250,000

Progression to VP typically takes 3-4 years as an associate, depending on performance and timing of promotion cycles.

Career Trajectory

Typical progression:

• Analyst: 2-3 years
• Associate: 3-4 years
• Vice President: 3-4 years
• Managing Director: Varies based on deal origination and client relationships

Moelis has a reputation for developing talent internally. Many managing directors joined as analysts or associates. The firm promotes from within when possible, creating visible career paths for strong performers.

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Recruiting and How to Break In

Target Schools

Moelis recruits from top undergraduate and MBA programs:

Core targets:

• University of Pennsylvania (Wharton)
• Harvard
• Yale
• Princeton
• Stanford
• Columbia
• MIT
• Duke
• University of Chicago
• Northwestern

Additional recruiting:

• Georgetown
• NYU
• University of Michigan
• UC Berkeley
• University of Virginia

The firm recruits fewer total analysts than bulge brackets, making the process highly selective. It also recruits laterally from other banks at the analyst and associate level.

What Moelis Looks For

Technical excellence: Expect rigorous technical interviews. The firm wants analysts who can execute from day one.

Cultural fit: Entrepreneurial mindset matters. They want people who take ownership, not people waiting to be told what to do.

Communication skills: Clear thinking and articulate presentation. You'll be in front of clients early—they need to trust you can represent the firm.

Work ethic: The hours are long. They assess whether you can handle the intensity.

Genuine interest: Why Moelis specifically? Generic "I want to work at an elite boutique" won't differentiate you.

Interview Process

First round: Usually 30-45 minutes, mix of behavioral and technical. Cover your story, "why banking," and basic technicals (accounting, valuation, M&A).

Superday: Multiple interviews (typically 4-6) with analysts, associates, and senior bankers. Expect progressively harder technical questions. Behavioral fit assessment throughout.

Common technical topics:

• Three-statement modeling
• DCF mechanics and assumptions
• Comparable company analysis
• Accretion/dilution in M&A
• LBO fundamentals
• Restructuring basics (if interviewing for RX)

Behavioral questions:

• Walk me through your resume
• Why investment banking?
• Why Moelis specifically?
• Tell me about a challenging team experience
• What's a deal you've followed?

Networking Approach

Moelis is smaller than bulge brackets, so networking matters more. Every touchpoint influences your candidacy.

Effective approaches:

1. Alumni connections: Leverage school networks for introductions
2. Moelis-hosted events: Attend information sessions and recruiting events
3. LinkedIn outreach: Thoughtful messages to analysts and associates (not MDs)
4. Industry events: Finance conferences and panels where Moelis bankers speak

Keep outreach specific. Generic messages get ignored. Reference recent deals, firm news, or specific groups you're interested in.

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Exit Opportunities

Private Equity

Moelis analysts are competitive for buy-side recruiting. The firm's deal volume and exposure to sponsors translates into strong placement rates.

Where analysts land:

• Upper middle market PE (deals $500M-$2B)
• Growth equity
• Sector-focused funds
• Some mega-fund placement

The restructuring group places well into distressed investing—Oaktree, Apollo credit strategies, and similar funds.

Hedge Funds

Event-driven and distressed hedge funds recruit from Moelis, particularly from restructuring. Fundamental equity funds also recruit analysts with strong sector expertise.

Corporate Development

Strong corporate development placement. The firm's client relationships sometimes translate into direct opportunities.

MBA Programs

Many analysts pursue MBA programs after 2-3 years. Moelis placement into top programs is excellent—the firm's reputation opens doors.

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Who Thrives at Moelis

Good Fit

The entrepreneurial banker: You want to build something, not just work at a brand-name institution.

The deal junkie: You care about the work itself. Big deals, complex situations, meaty problems.

The self-starter: You don't need hand-holding. You figure things out.

The elite boutique seeker: You specifically want independent advisory—no trading conflicts, no proprietary positions.

Less Ideal Fit

The institutional path-follower: You want the biggest brand name regardless of experience quality.

The balance-seeker: You prioritize predictable hours over deal intensity.

The highly risk-averse: Smaller platform means less safety net if things go wrong.

The pure restructuring candidate: If you only want restructuring, consider Houlihan Lokey or PJT Partners, where restructuring is more central to the identity.

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Comparison to Peers

vs. Evercore/Lazard/Centerview

Moelis competes directly with the top elite boutiques:

Factor	Moelis	Peer Boutiques
Deal flow	Strong	Comparable
Culture	Entrepreneurial	More established
Restructuring	Top-tier	Lazard comparable; others less
Compensation	Similar	Similar
Exit ops	Strong	Similar

The main differentiation is cultural. Moelis feels more like a startup that made it. Lazard and Evercore feel more like established institutions.

vs. Bulge Brackets

The standard elite boutique vs. bulge bracket trade-offs apply:

Moelis advantages:

• More senior exposure
• Smaller deal teams
• No prop trading conflicts
• Closer to deal decision-making

Bulge bracket advantages:

• Larger platform and resources
• More diverse exit options (S&T, research, etc.)
• International mobility
• More visible brand in some circles

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Key Takeaways

Moelis has built a legitimate elite boutique in less than two decades. The firm's founding-era bet on restructuring proved prescient, and the M&A platform has grown to compete with any advisory firm globally.

What makes Moelis distinctive:

• Founder-led culture with entrepreneurial energy
• Top-tier restructuring combined with strong M&A
• High-conviction advisory approach
• Meritocratic advancement

The trade-offs:

• Intense hours and high expectations
• Less established than century-old competitors
• Smaller platform means fewer support resources

The bottom line:

Moelis is an excellent choice for candidates who want elite advisory work with a more entrepreneurial environment. The firm has proven it can compete on the biggest deals while maintaining a distinct culture.

If you value ownership, direct exposure, and building rather than joining—and you can handle the intensity—Moelis deserves serious consideration.