Exit Opportunities for Restructuring Consultants
I am curious what exit opportunities exist for people who start at restructuring firms like FTI Consulting, A&M, or AlixPartners out of undergrad. From my research, it seems like private equity (PortCo Operations), private credit, RX IB, and FP&A are the most common options.
Also curious how you are perceived by the industry when you start in RX Consulting out of undergrad, rather than brought in as an experienced hire. Any differences?
Also interested in this
I wonder if this would get more traction on another forum.
Based on the most helpful WSO content, exit opportunities for restructuring consultants are quite diverse. Here are some of the paths I've seen people take:
Midcap Private Equity (PE): This doesn't necessarily have to be in distressed sectors. The strong financial and operational skills developed in restructuring consulting can be highly valuable in PE.
Senior Executive Roles: Many consultants transition into industry roles, often at a senior level. This could be in a variety of sectors, depending on your area of expertise and interest.
Investment Banking (IB): Some consultants move into IB roles, where their experience in dealing with financial distress and restructuring can be a significant asset.
Other Specialized Consulting Groups: There are also opportunities to move into other specialized consulting areas.
As for how the industry perceives those who start in RX Consulting right out of undergrad, it's generally positive. The experience you gain in restructuring, particularly in a firm like A&M, FTI, or AlixPartners, is highly regarded. It allows you to develop strong financial and operational skills, which are transferable to many areas within the industry. However, your experience will strongly depend on the firm you join and the projects you get staffed on.
Remember, it's not just about where you start, but the skills and experiences you gain along the way. So, embrace the journey and make the most of it!
Sources: How is A&M perceived in the industry?, Alvarez and Marsal -- Restructuring and Turnaround Consulting, Top 5 Restructuring Consulting Firms 2020 (my opinion)
Bump
To start off in Rx consulting right out of undergrad would be quite an accomplishment, let alone at one of the top shops (it would look very impressive). Most folks typically break into Rx after some years of experience. I honestly didn't think AlixPartners hired anyone into their core Rx group until they had roughly 5 years of experience and would be joining as a VP.
Typical exit opps are fairly extensive given you may have gained experience across many verticals of accounting and finance. You could go to Rx IB, FP&A or PE consulting. It's also not uncommon to stay at a client full time after serving as an interim CFO. There are many options at your disposal.
Great insights, thanks!
Are you open to me PM'ing you?
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