Wanted to see if they're a good firm even worth recruiting for if I want to end up in IB / PE, or should I focus on LEK etc? Know there was an old post about this, but wanted to check if there's any updated thoughts.
Thanks.
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They’re the top firm for RX consulting but if you want to be in IB - why not just recruit directly? No point in wasting time side questing in consulting. But yes, it’s better than nothing if you can’t secure an IB seat.
What groups would you say have the highest probability of placing into PE/IB? And I'm gearing up for IB recruiting, but the thought is that there's gotta be a threshold where an offer from a group at A&M is better than an offer from some IB firm for placement right? If A&M's a good firm in the first place.
Also, should've clarified, my ultimate goal is PE, not really IB. Whatever helps me get there, don't care about strategy (buyout, growth, distressed etc)
Go IB if you want PE.
The threshold is "crappy local boutique that nobody has heard of that doesn't do anything". Even a meh middle market bank would be better because it's infinitely easier to lateral to a better bank where you can then improve your exit options.
If you want banking, do banking. If you want PE, do banking. I don't think i've ever heard of someone going to a RX TAS consultant as part of a strategy to do banking or IB. You do completely different things.
I’d probably say the best feeders into IB/PE are TAS/RX advisory. In M&A, there will be no threshold where an offer in RX consulting is beating an offer in IB, unless it’s a 1 MD shop in greater Chattanooga.
If you’re going for distressed PE, then that’s the only scenario where I’d say RX consulting would be an efficient use of time.
So you're saying if buyout / growth PE, any IB > any group at A&M, and if distressed PE then A&M RX is meaningful?
Yes and only in that scenario.
A&M RX is in its own league and will probably give you better exits than LMM IB, specifically if you’re looking to exit to a distressed shop. Their TAS group deals with a lot of ShitCos so it would make sense why the above comments say recruiters aren’t putting much time into them. I’ve heard good things about their PEPI group as well with solid exits to upper management at portcos and PE operations more broadly. If your goal is an investing seat from A&M, that will be a challenge in the same way it would be at most consulting firms. But id say if your goal is what you state above, I believe Rx or PEPI are probably your best options. Don’t know much about their industry groups and honestly those confuse me along with half of the groups there
Are you certain that A&M RX is meaningfully superior to only LMM IB for distressed PE? My sense; perhaps anecdotal, is that several activist and special situations private equity funds and hedge funds place a premium on restructuring advisory experience, particularly from firms such as Alvarez & Marsal. In some cases, I believe they may even favor that profile over most investment banking track records, given the direct exposure to operational turnarounds, liquidity management, and stakeholder negotiations. However, admittedly, not a lot of professionals in restructuring consulting are interested in moving to such roles. Please let me know if my experience is outdated.
Regular PE: BB/EB IB >> MM IB >>> A&M RX > LMM IB
Distressed PE: BB/EB IB = A&M RX >> MM IB >>> LMM IB
Gotcha, thx
Is it all of BB IB or some groups only? Like would someone from a non GIG/Levfin group at UBS have the same ease / be viewed the same as someone from PJT RSSG to get into distressed PE, based off this?
Good observation. You're right, for that second row instead of BB/EB IB I should have specified BB/EB RX or LevFin being = A&M RX, and A&M RX would probably be a better spot to break into distressed PE than say some rando coverage group at lower-tier BB.
But I'm no expert in this space, so I make mistakes like that
Most people who go into A&M's restructuring group aren't interested in transitioning elsewhere. They get compensated well and usually aren't risk-takers interested in being a principal investor. Path to making $1mm/year in your 30s.
How is the WLB at A&M?
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