A&M Restructuring - Where does it fit in the consulting hierarchy?
I know that restructuring differs greatly from the strategy/management consulting firms. Still, how does it fit in the hierarchy? Is it viewed similarly to the T2 (EY-P, LEK, OW, etc.?).
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It's a different industry. That's like comparing a hedge fund to a PE firm. Sounds the same to a layman, but there are different tools and strategies at play.
A&M is probably #1 or #2 in the restructuring industry, not by size but by recognition. FTI is simply the biggest but they underpay so there's that.
EY-P is not recognized as the go-to for restructuring. LEK and OW have zero presence. Likewise, you wouldn't go to A&M for strategy. FTI is attempting to enter into the strategy sphere with FTI Delta but it's a small venture relative to other larger platforms.
Yeah, this checks out. I have an interest in both spaces (strategy and restructuring) for different reasons. My question was more about how they are perceived prestige-wise.
RX consulting works a bit differently. If you've been on good deals and have developed a strong skillset / intuition, then you'll be valuable to any platform, especially as a junior worker bee. Sure, if you get into A&M that'll help your branding to transition to banks and other larger type organizations if you're planning an escape route. However, if you're just interested in RX consulting, you can start just about anywhere that has a national presence and good deal flow where you'll spend more time on deals than pitchbooks. Focus on the training and what learning experience you'll get. I tend to think FTI is the best for junior roles given the large cohort of young 20-somethings guided by older experienced consultants.
RX consulting is a different world altogether.
When trying to put RX into a lens akin to MBB, it’s Alix/A&M/FTI. However, in RX the perceived T2 and T3 shops pay similarly to the big boys, which isn’t always the case in more traditional mgmt consulting. More generally, RX consulting comp is far above traditional management consulting comp — at least anecdotally, a RX analyst/associate with no MBA could be making about as much (if not more) than a post-MBA associate at MBB.
Seen a lot of RX consultants exit to private credit, banking, and some to PE, though it seems to be a bit less common. The guys I know in that field make very good money and generally work less than RX bankers, for comparison - however, depending on deal flow, it’s still 70-80+ hour weeks when times are busy.
Thanks for the response. Are you open to me PM'ing you?
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