Ankura 1st Round Interview Insights & Tips - Turnaround & Restructuring (RX)

I have a 1st-round interview coming up for Ankura's Turnaround & Restructuring (RX) practice.

If you've gone through it recently, what specific questions did they ask?

How technical do they get in Round 1
What behavioral or fit questions stood out?
Any other insights that can help out

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2 Comments

WSO Monkey Bot

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1mo

Based on the most helpful WSO content, here are some insights and tips for preparing for a 1st-round interview in Turnaround & Restructuring (RX):

1. Technical Questions

Expect questions related to restructuring fundamentals. These might include:
- Understanding liquidity and cash flow forecasting (e.g., 13-week cash flow models).
- Basics of debt structures and priority in bankruptcy scenarios.
- Familiarity with financial statement analysis and linking it to operational business plans.
- Potential case study-style questions, such as analyzing a distressed company's financials or discussing strategies for stabilizing operations.

2. Behavioral/Fit Questions

Behavioral questions often focus on:
- Your ability to handle high-pressure situations, as RX roles often involve distressed environments.
- Examples of teamwork and leadership, especially in challenging or ambiguous situations.
- Why you are interested in restructuring and turnaround consulting.
- How you approach problem-solving and decision-making in complex scenarios.

3. Preparation Tips

Research the Firm: Understand Ankura's specific approach to RX, their recent projects, and their niche in the market.
Practice Technicals: Review restructuring-specific materials, such as Stephen Moyer's Distressed Debt Analysis or Houlihan Lokey's case studies, as these are often recommended for RX prep.
Mock Interviews: Practice answering both technical and behavioral questions concisely and confidently.
Know the Basics: Be prepared to discuss the mechanics of bankruptcy, debt restructuring, and operational turnarounds.

4. Other Insights

Be ready to discuss your understanding of the industry and current trends in restructuring, such as the impact of economic cycles or sector-specific challenges.
Show enthusiasm for the dynamic and challenging nature of RX work, as well as your ability to adapt to fast-paced environments.

Good luck with your interview!

Sources: https://www.wallstreetoasis.com/forum/investment-banking/how-to-prepare-for-restructuring-technical-questions?customgpt=1, Alvarez and Marsal -- Restructuring and Turnaround Consulting, Why You Should Consider Restructuring – Common Misconceptions/Insight on RX Groups, Restructuring Associate Interview

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Ankura 1st Round Interview Insights & Tips - Turnaround & Restructuring (RX)

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