Deciding between two RX groups...
I suspect there might not be anyone on here from either of these two, but posting nonetheless.
Basically, between two restructuring groups: PwC T&R vs Deloitte T&R which presents the better value proposition when it comes to pay, exits, culture and deal volume? Obviously people working at each would say theirs is better, but what's an outsider's perspective on the two?
Thanks for any help
Based on the most helpful WSO content, neither PwC T&R nor Deloitte T&R are typically mentioned among the top-tier restructuring groups like PJT, Houlihan Lokey, Lazard, Moelis, or Evercore. However, here’s a breakdown of what might help you evaluate the two:
Pay: Big 4 restructuring groups like PwC and Deloitte generally offer lower compensation compared to elite boutiques (EBs) or even some middle-market investment banks. That said, pay differences between PwC T&R and Deloitte T&R are likely minimal, as both are part of the Big 4 and follow similar compensation structures.
Exits: Exit opportunities from Big 4 restructuring groups are generally more limited compared to top RX groups at EBs. However, Deloitte T&R might have a slight edge due to its broader reputation in consulting and strategy (e.g., S&O/S&A). PwC T&R, while solid, may not have the same level of brand recognition for exits into distressed investing or private equity.
Culture: Culture can vary significantly by office and team. Deloitte’s restructuring practice might feel more integrated into its broader consulting arm, which could mean a more collaborative environment. PwC T&R, on the other hand, might lean more towards a traditional accounting firm culture. It’s worth speaking to current or former employees to get a better sense of the day-to-day.
Deal Volume: Neither PwC nor Deloitte is known for handling the largest or most high-profile restructuring deals. Their deal flow is likely to focus on middle-market or smaller transactions, often with a more operational or advisory focus rather than the high-stakes financial restructuring seen at EBs.
If your goal is to maximize exits into distressed investing, private equity, or hedge funds, you might want to consider targeting the top RX groups mentioned earlier. However, if you’re choosing between these two, Deloitte T&R might offer a slight edge in terms of broader exit opportunities and brand recognition.
Sources: Top Restructuring Groups 2019 & Restructuring Questions, PWP NY Groups, Best big 4 consulting dept?, Restructuring Groups in 2020, Top Restructuring Groups 2019 & Restructuring Questions
Unfortunately don't have much insight into the Big 4's RX practices, but personally haven't seen them as pure play RX advisors on notable deals as of late in the US (likely due to conflict vs. their audit arm) - With little information, I'd personally choose PwC, given they were successful in building out an RX practice in the US before (sold to FTI).
From the tier lists I've seen on here, I think PwC, along with EY-P, is held in higher regard than Deloitte or KPMG when it comes to restructuring at the Big 4. I have experience working at the Big 4 in restructuring and I'll say that the work will be slightly different from Big 3 or boutiques since there are independence restrictions on the exact type of work they can do (i.e. Big 4 cannot be an interim CEO/CFO of a company), which can be limiting. That said, you'll still learn 3-statement financial modeling and 13 week cash flows, so you can always parlay that experience into RX at another shop if that becomes an issue.
To evaluate these 2, I'd try to DD this by seeing how big their teams are as a proxy for their deal volume, particularly in offices like NYC/Chicago/Dallas, which are the hotbeds for RX work. I think if you search this forum, you'll also find some links/deal tables that'll tell you exactly which one is bigger. I think at the end of the day, they're both similar enough that it won't matter and you can always use it as a stepping stone to a better shop down the road. Both also have strong MC/strategy practices in case you want to internal transfer to leave RX altogether, so you can't really go wrong either way.
Is dallas really a hotbed for RX? I was debating making a post on this, I thought NYC / Chicago / Houston were the traditional RX hotspots, and this would go into the future as well
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