Do people move from MBB to Alix/A&M? How is it? My thoughts
Former MBB here trying to navigate my moves. Obviously RX is everybodys darling at the moment but I've been eyeing the space for quiet some time (did one internship at the RX practice of a T2 firm).
I'm based in Europe and always hear great things about Alix. Like pay on the level of MBB, better lifestyle, more mature eye to eye culture and a real value proposition to deliver on projects with expertise.
The difference that made me aware is the way projects are run/treated:
- At MBB you get thrown on a project with a relatively junior EM/PM (3-5 YOE) and a 2-3 other young people who mostly don't have any previous experience for the case. You are then tasked to solve often times a hard / vague problem (i.e., growth strategy, BU assessment, etc.) and then scramble chaotically away for 3-4 weeks from weekly steer-co to steer-co trying to make sense while totally being overscoped
- At Alix (and that is what I heard from a friend there) you are often times at a project with max two people. None of them is a junior in the sense of MBB but ~90% of them have 2 years + experience from a other consulting firm or banking. You then work on topics where the team is FULLY capable and has real/extensive experience: such as liquidity planning/other RX related tasks. The crazy thing: the SVP on the Alix side (e.g., McKinsey AP equivalent, BCG principal) is holding the pen itself on the model and fully dedicated to that single project. At MBB, however, an AP/Principal would be stretched across 3-4 projects, sprinkling comments here and there, while also slaving away on numerous proposals/client discussions over the weekend
I cannot really scramble togther HOW they do it but from numerous sources at Alix (bare in mind I'm in Europe) the workload seems like 30-40% less than what I seen at my MBB. This clashes with the popular view that RX is much tougher than strategy consulting.
All of the people I know at Alix (incl. one SVP) manage to put down the pen around 8-9 pm on a frequent base.
Now contrast that with my MBB life again: the vast majority of principals/APs I worked with were either on the "early bird" schedule (started work at 5.30-6.00, worked till ~11-12 pm) or on the late night schedule (started work at ~09.00 worked till ~2.00 AM).
It is virtually impossible to have a good lifestyle beyond associate at MBB if you really want to progress. It is a commotized market and the only way to truly distinguish yourself is to work on more proposals, are sharper with your existing projects/clients, etc.
Now long story short. To me it almost seems like a bit of utopia in a sense of having really good pay, interesting work for the most part (never heard anyone there doing an org transformation) and also a good culture.
Is there any catch I am missing? I even could have named this post "Alix is paradise" :D
Not based in Europe so not sure if this will be relevant, but I ran the numbers sometime back and Atleast in the US, there’s very few that have made that jump. Not sure why, maybe because of the skill set mismatch or maybe bc MBB ppl view RX as “less” prestigious.
Also the hours in Europe are insane if what you’re saying is true. I networked with a former SVP who mentioned he pulled 1-3 am nights on a regular basis
Interned in MBB a long time ago, and interacted with ppl from RX consulting, so here's my take on "catches":
You've gotta remember that RX is highly situational. The problems are urgent, but the relationships are more episodic. You're not always building long-term partnerships, you're a firefighter. That can limit some of the strategic excitement or breadth you might get at MBB.
Exit opps are more finc oriented. You’ll be sharper on financials, sure, but if you're eyeing broad CxO roles or want to jump to PE ops or tech, the MBB brand might still hold more sway. Alix's (and even other rx consulting firms) exit options are strong but more niche.
EU vs USA dynamic: What you’re hearing is largely true in Europe. Alix in the US is absolutely much more intense, particularly around court filings or 13-week cash flow marathons. So your experience could vary geographically.
Also a obligatory note that "less hours" doesn't mean easier. RX requires real technical depth: cash flow modeling, debt instruments, creditor dynamics, etc. and you can’t fake your way through. If you can’t speak fluently about covenant packages or DIP financing, it shows fast. You will be exposed. But if you're intellectually honest and want to master a skillset that goes beyond frameworks into actual financial outcomes, it's a more grounded and rewarding place to be.
How comfortable are you with finance and accounting concepts? I've been saying this a lot lately, but I don't think strategy and restructuring are very comparable fields at all. There could be some overlap, but restructuring is much more quantitatively-oriented vs strategy consulting and also requires a good amount of in-depth accounting knowledge to really succeed. For example, on my last project, I was diving into the Company's inventory policies to understand the correct amount of write-off we needed to record and even working with auditors to write up a technical accounting memo on why our client wasn't a going concern. Additionally, the bread and butter work is building very detailed 3-statement financials and 13 week cash flows. Good luck getting those to balance and talk to each other if you struggle with understanding working capital concepts.
These aren't tasks most people from MBB would enjoy or thrive in. It's not a question of brain power or anything that's impossible to learn. It's moreso skillset and background.
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