Restructuring Consulting
Second year MBA student at Texas McCombs about to recruit for restructuring consulting firms, specifically:
- FTI
- AlixPartners
- Alvarez & Marsal
I know all three are similar. Hoping to learn the differences, each firm’s strengths, the stereotypes, what each firm is known for, etc. The only thing I have heard of is that FTI has more creditor work than the other two and that FTI is considered the best restructuring firm though I’m sure that could be debated.
FTI has quite a bit of experience / activity on the company side (debtor) side too, so not just focused on creditor advisory. As an example, they're an advisor to Hertz on their global restructure.
Thanks rickle. Do you know which of the three company has more creditor work / more debtor work? What's the general feel / reputation of each?
FTI has more creditor work. Don't know anything about the fees. Rep of each is excellent. Kind of the MBB of restructuring / turnarounds. My guess is more people interested in that type of practice leave MBB for one of these three vs the other way around. From what I hear, FTI is very collaborative. A&M a bit more cutthroat but that's just what I hear, no first hand knowledge.
Agree with Rickle.
FTI is very much a barbell structure - heavy on the juniors and seniors, but not so much in the middle ranks. As an MBA student, expect to be low-balled into a Sr. Consultant role which is where most people 2-3 years out of undergrad end up. Provided you're good, you won't have an issue jumping to Director in a year or two. Nowadays, Director level at FTI is basically the equivalent of Sr. Associate at other firms.
FTI is creditor heavy in NY due to the close proximity to major law firms. In other areas of the US, it's more of a debtor heavy mix. Folks in Texas for instance won't understand what it's like to work on unsecured creditor committee cases, while 80% of folks in NY will know it like the back of their hand. Nothing wrong with the creditor side, though it's considered to be less difficult overall (and is often less rewarded). FTI generally underpays vs competitors until the senior levels.
A&M is an hours shop. Expect to fight for good deals and your fair share of hours, as it has a direct link to your comp. I've heard many stories of people getting burned at A&M due to that culture, and personally I wouldn't want to join a group that encourages people to fight each other for their own piece of the pie. It's right for some personalities though.
Feel free to PM me if you need any more insight.
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