Houlihan Lokey Restructuring--NYC
Anyone have any info regarding culture, comp, exit opps, hours, etc? I know they're really well respected in RX, but I haven't read much about the dynamics of the group itself. This would be for an SA by the way.
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Definitive one of the best places to do RX with excellent exit options and good comps. Hours can be tough as it's known to be a sweatshop from what people who work there told me.
Very creditor focused RX practice which means most exit opps are credit HFs, not a great place if you want to pursue PE or l/s HF in the future.
Far from the truth. Yes, many analysts exit to some form of distressed PEs and HFs as opposed to the vanilla kind, but that is more due to their own volition rather than limitations brought unto by the HLHZ platform. In fact, I know of several people who did RX HLHZ then went to Blackstone PE, KKR, etc.
Yea this isn't true - they are on some large debtor sides as well
As for exits believe there have been people to Silver Lake, Carlyle, KKR, Apollo, TPG, etc. in both their vanilla LBO funds and their distressed funds
lol it's like you're using the search function to comment on everything about HL in this forum... HL is good but the hard-on some people have in this forum is not justified
From my knowledge, or at least as pertains to their Dallas RX office, is that they are largely debtor-side, as opposed to creditor. Debtor-side RX is much more profitable and are generally the more attractive mandates for A&M.
HL is an OK MM bank with a strong RX business. However most people at HL RX do not exit to the top funds. When looking through wso posts on HL, people might start believing things that are not the case.
Can't really comment on their quality of bankers since I don't know them. Guys i interviewed with there all seemed top-notch. We pitch against them sometimes and they usually end up winning a very large % of mandates.
Have been on calls with a few of their junior guys (analysts / associates) and they are extremely sharp guys but I'm sure there are some mediocre bankers there as well as with any bank
RX offerees' preference based on deal flow, comp, culture, and exit opps from my school seem to be: 1: PJT 2: Lazard/Evercore 3: Moelis 4: Houlihan 5: Rothschild
Houlihan/Lazard/PJT have the largest teams and highest deal volumes. Evercore/Moelis provide the highest comp. Though very few people get RX spots each year, so it's somewhat hard to determine preferences.
Remaining in HLHZ Restructuring for life (Originally Posted: 05/03/2013)
Not exactly referring to myself but here it goes:
So one of my asian friends wants to do the typical BB -> PE -> top MBA -> PE path soooo badly, and he seems so confident that he can achieve his goals.
Now normally as a friend, I would be happy for him and back his plan, except there is one caveat: he is an INTERNATIONAL student LOL!
Because he's my close friend, I told him the truth - he has too many restrictions regarding H1B (which he would need to get re-sponsored for if he got his MBA) that frankly, pursuing an IB/PE/MBA/PE path to greatness is simply not feasible.
I told him that instead, he should focus on landing a "long-term" job, which would eventually lead to a sponsoring of a green card (usually by 5th,6th year) but would destroy any hopes of PE/HF route.
After hours of self-researching on his own, he listened and is now planning rigorously to pursue a long term career.... in BANKING!! (or as he put it "bank@h 4 lyF baby!".. He is specifically thinking of HLHZ restructuring in NY or LA and working his way up the ranks.
Now that I think of it, I'm not sure if I gave him good advice - how feasible would it be for an international student to pursue banking as a LONG term career? Furthermore, is direct promotes in HLHZ (specifically Restructuring common?)
Looks like exits are pretty good. Any more insights on comp and work life balance, perks, etc? I've heard culture is really good but if anyone knows specifics that'd be really helpful. TIA
He could go the IB - PE - MBA - PE route if he wanted... your advice was fairly short sided...
xoxo
You didn't give him good advice.
Way to give your friend shitty advice.
Sounds like you're trying to sabotage him for a spot yourself
Definitely trying to help his own chances at the expense of his friend
HE IS AN INTERNATIONAL STUDENT OKAY?? IF HE KEEPS SWITCHING FIRMS THEN NOONE WILL SPONSOR HIM FOR PERMANENT RESIDENCY THEN HE'll HAVE TO LEAVE AFTER 6 YEARS!!!! (WHICH IS THE MAX H1B VISA DURATION)
IF HE ENTERS AN MBA PROGRAM, HE WOULD STAND NO CHANCE FOR PE RECRUITING BECAUSE HE NEEDS SPONSORSHIP (ANOTHER H1B VISA) AND 95% OF PE FIRMS DONT SPONSOR!!!
IF AT ALL I'M BEING A GOOD FRIEND, MAYBE YOU CLOWNS SHOULD WORK ON YOUR READING COMPREHENSION SKILLS!!!!
For those who say I gave shitty advice:
95% of PE firms do not sponsor international students (H1B Visa).
Maybe I'll advise him to aim for BB IBD and stay there for the long term (since almost all BBs sponsor international students), but I can't imagine leading my (rather clueless?) friend to a long term career path in IBD with those brutal hours till he reaches VP
"95% of PE firms do not sponsor international students (H1B Visa)." Source?
Note to self: do not befriend crucifix.
Yes, you are dangerous to your friend's future professional well-being.
he mad
YOU WILL REGRET THIS.
JUST WAIT TILL I BECOME MD, WHEN I CAN REJECT YOUR SORRY ASSES
Bro, I think your caps lock may be stuck. Just a thought.
Will your rejection email be in all caps as well? Just want to make sure I remember who you are
lol i have several friends who are international and was able to get their visa sponsored by PE firms LOL. Sure permanent residency might be a problem if you are there for a short term, but if you are really good at what your do, I don't see a problem once you get your post MBA spots.
bad advice
If he is good at school, he will get a BB job after his undergrad. If he is good at banking, he will get into PE, if he is good at PE, he will get the sponsorship. End of the story.
Wow OP you have successfully made me laugh on the floor. Solid effort. Also I can FedEx you a new keyboard with extended warranties. PM your address.
Best thread I've read all week.
Lol. Just keep in mind your advice is contingent upon his performance/office politics. If he can stay for 5-6 years by doing a good job and get promoted without office politics getting in the way, then good for him. I would remind your friend that your advice is one possible solution, not the ONLY solution. Things change, especially when you're trying to create a roadmap for the next 5 years.
US firms don't sponsor international students so clearly PE is a no go? Remind me never to take advice to you.
Side note: think your caps lock is stuck, there's a Best Buy that's open 24 hrs most day in Union Square - check it out
I'm sorry about my caps lock response, I was a bit drunk last night and that jackass' response of "r u mad" just made me so frustrated I threw my mouse at the wall at a speed of like 90mph because it just shattered into pieces.
To your response ricottacheese, I know one could think of it as "unfair" but it's the sad truth - huge BB banks sponsor intl students, but smaller (non-megafund) PEs rarely sponsor intl students. hence I'm discouraging him to pursue the convoluted path of career switching between IB to PE / MBA then PE again etc, and instead convincing him to take a more long term path in one direction, which in this case is banking.
Think of it like this, I'm suggesting to a 5'9 asian basketball player the truth - that no matter how good he may be at basketball (or IBD), his chances at the NBA (Private Equity) is very slim just by virtue of his height (in this case, a lack of US work authorization). I know it's "unfair" and I am very aware of certain exceptions (Nate Robinson, Spud Webb) but it would be very difficult and unrealistic to assume a career path towards that route. Makes sense?
PS. To those who suggest I'm trying to help my own chances at the expense of my friend - I don't really understand. He's still aiming banking just like I am, so how exactly am I helping my chances? It's not like I am suggesting he go an entirely different path (ex. accounting or sth), we're both aiming banking - we'd both still be competing albeit he'd need sponsorship whereas I won't.
Just in case anyone was actually interested in the original question about direct promote at HLHZ from what I've heard its pretty rare within the Corp Fin side of the bank but is a bit more common within the bank's restructuring group. Now I don't work there and I only know people at the analyst level there so I would confirm this with someone who has a bit more knowledge on this matter.
OP = OP's "friend"
Did you make any effort to get to know what you're talking about???
NO!!!! This is terrible advice.
There are plenty of internationals, go and learn how things work
Internationals have it harder. True. Ask any Indian who went to IIT, then to IIM and then to Banking and then to PE. I don't even know anyone who managed to do it.
FINALLY, someone who actually understands the process for internationals.
THANK YOU for clarifying, unlike the rest of these ignorant fools here
quite honestly it's really hard to get sponsorship nowadays especially non engineering related jobs. But him getting permanent residency with a 5 year sponsorship AND internal promotion in Houlihan is probably tougher to achieve than his original plan.
very funny, you must be unemployed since you have so much time in your hands. I hope you get run over by a car.
As weird as crucifix is, he's right in saying that international students have a tougher time getting gigs in America. The first thing employers ask them is if they need to get sponsored, and if the answer is yes, usually they'll get turned down. The number of sponsorships that each firm can offer has been shrinking, so firms can really only hand them out to a select number of people. The US immigration system is pretty fucked up in that regard, turning down highly educated international students and letting aliens get a free pass.
With regards to the original question, it would be tough for your friend to even make it to a firm like HLHZ. If I'm not mistaken, non-BB banks have even less flexibility towards sponsorship.
OP: This link might help you.
http://answers.yahoo.com/question/index?qid=20120820214356AAz4CzE
Got to love the herd mentality with people jumping on OP.
OP is somewhat right in terms of his friend having low chance of doing BB->PE->MBA->PE in the US. Might be better off going to Asia and doing that route there without all the immigration hassle.
For the US a good option is picking a firm and staying there until 6 months after he has EBGC plastic on hand (and if he happens to be Chinese, there is quite a long wait to even get a number for EBGC application, 3 years or so from when I checked the numbers last time). So, if he manages to get into a bank and stay there for the long haul (6-10 years) - it might be a good option. He can also do MBA part time or do EMBA while still on H1B, so won't need responsoring.
Jumping places is not something he can do.
Here is the best option, and I am not joking: He should marry a nice Asian-American girl. This will give him a quick GC, and then he will have the same shot as Americans at good careers in the US.
With regards to H1B:
It's 3+3, and then you need stay outside the US for one year before you can re-apply. If you are lucky and hail from Chile or Singapore (like me), you can jump on the H1B1 visa which has unlimited renewals.
Most big financial firms, as I understand it, sponsor H1B, at least at the post-analyst/associate level. If you are good, they will make the effort to hire you.
You can also extend H1B one year at a time almost indefinitely after 3+3 when you already have EBGC application filed and you are just waiting for the number.
just to throw it out there...in my fund, 3 out of 9 guys don't have american citizenship (yes, indian). I also have several other friends who are NOT in mega funds (in 1b+) PE funds who got their firms to sponsor for them. Some even applied for permanent residency for them as well.
I read this thread initially because I have a lot of experience with H1Bs in banking, meaning I'm on one currently. Then I kept reading, and definitely agreed with the first couple of comments: bad advice. I don't know what kind of friend you are OP, but my American friends from college were all for me applying to banking and shooting for that sponsorship, albeit a 1/65,000 chance in 2010 so.... yea, again, bad advice. Then I kept on reading and saw your all-CAPS comments and for a brief second, thought you/your bff was still in high school. Anything "your friend" sets his mind to, he can and will accomplish. That's what you need to say. If you're a good friend, you will do this. If not, you will just cast further doubt into an already stressful and grueling interview process. Do the former, trust me, he will thank down the line. Good luck.
This is the first thread in a long time where I truly cannot tell if OP is trolling or not. So well done to you, OP. I guess.
Sometimes the comments are better than the original thread post.
Troll
Haha great read. You're either a maniac or a master troll.
Definitely harder for internationals to break into banking. From my experience most BBs and bigger MMs have international applicants. Quite a few banks required citizenship in my schools ocr though. Houlihan restructuring and corp fin accommodate international students
I feel like there are already a bunch of threads on this. Use the search function but to repeat what I've said before
Had a close friend there and they have it very good. There are weeks he/she worked hard and has zero time and others he/she left very early (6/7) depending on his staffing. Comp is top of the street and apparently there is no tiering of analysts / associates in some offices which I would assume makes things pretty relaxed come bonus time.
Perks are the usual IB stuff but they get a higher stipend for dinner and also lunch, in addition to other stuff like cell phone bill, gym, car service, monthly metro card, which really leaves little to no other expenses which is pretty nice
He/she talked very highly of his experience there and the overall culture
Houlihan Lokey RX Exit Opps (Originally Posted: 02/13/2013)
Hey guys,
I was wondering what the exit opps are for HL RX are from LA. I know most say distressed debt/pe, but does anyone have any specifics?
How do the the places that people exit to stack up? top notch, middle tier, etc?
Spoke with couple of people there but in NY not LA. Apparently amazing fantastic opps - we're talking distressed m&a arms of MFs and b/c its the top name on the creditor rx (however its also does a lot of debtor rx) a lot of exits to top credit hfs.
Any more opinions?
Also interested. On a somewhat related note, what are the differences between the office locations? Is one office better than the others (specifically NY vs. LA)?
Exits are good, but nowhere near what people are describing. I don't think HLHZ RX sends anyone to BX PE, KKR, TPG... If they do, it's very very one off and in that case, might as well say any BB even the lower tier place just as well.
I have some decent info on exits. My buddy who was there (and is now at a top-notch fund) shared some exits so I can vouch for their exits. They are really damn good.
Basically the group has very strong client relationships with a lot of top funds and routinely send people to Oaktree, Apollo, TPG, KKR, Carlyle, in both distressed / special situation and non-distressed arms in addition to other elite funds.
Additionally, i don't know much about this since I'm not in RX, but apparently a lot of the top distressed fund PMs and senior folks are ex-HL RX folks and they have a history of picking off analysts from there.
Also keep in mind that their incoming analyst class size is relatively small with around 5-6 analysts in any one of their offices which might be another reason their classes seem to have strong exits.
I hear that Rothschild exits are stronger. No idea about the other rx groups though
No, Rothschild is more of a MM bank imo & Tier 2 in RX
RX tiers are:
edit: w/o operational RX
Moelis ahead of Evercore?
In terms of the proportion of top-notch work, exit opps, etc. (i.e., not just total deal volume), the RX tiers are:
1: Lazard, PJT, HL, Evercore, Moelis 2: Greenhill, Rothschild, Jefferies, etc.
HL always dominates the league tables. I would not be surprised to see Evercore capture many of the highest profile RX matters when the economy turns south this time (as Evercore did during the last recession: "New restructuring league tables available" on WSO), despite having a smaller RX team. Alix, Alvarez, etc. shouldn't be on the list because they are operations consulting firms.
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