RX Consulting Advice?

New guy here,

I've just joined an RX Consulting firm (not Alix, FTI, or A&M), and I'm looking forward to learning the RX business. For background, I went to a non-target school and graduated Cum Laude with an Undergrad in Accounting and a Masters in Finance. I have not had any RX internship experience. With this in mind, I figured this would be a good place to ask a couple of questions. Any other guidance and advice is greatly appreciated as well.

1) Do RX consulting firms use their preferred investment bankers for the client in the event of a sale, or do the clients reach out to the investment bankers by themselves?

2) Are there/where are any RX consulting tutorials for modeling or example case studies? I've seen a good bit of material for RX investment banking (Wall Street Prep and the Houlihan case study for example), but I recognize that RX IB is different from RX consulting.

3) What is the most important thing to do/to know when starting in RX consulting?

Again, any guidance/thoughts from anyone is greatly appreciated as I take this exciting first step in my career.

Comments (5)

Aug 11, 2022 - 7:08pm
WSO Monkey Bot, what's your opinion? Comment below:
Most Helpful
Aug 15, 2022 - 7:54pm
NowWhat, what's your opinion? Comment below:

1. The client, client's board, and / or client's bankruptcy counsel will usually rely on their relationships with the banking side to select a restructuring investment banker. Sometimes the consultancy will be asked to reach out to their banking contacts, but that's usually the exception, not the norm.

2. Wall Streep Prep has a 13-week cash flow course. TWCF's are the bread and butter of RX consulting. The course is expensive, so I would only recommend you purchase it if you have a decent amount of downtime before you start. Alternatively, you could look into your new firm's training resources once you've been onboarded. RX consulting can be very lumpy from a staffing perspective. You might not get assigned to a client deal for a week, a month, or even a few months after your start date. Use that time to do whatever training you can find. Because once to do get staffed, it's usually a sprint for at least the first month or two.

3. I may be wrong, but I don't think you can isolate just one "most important" thing. Some will say make sure you understand BK principles thoroughly, others might say make sure you can use Excel without the mouse. Still others might say it's really important to do a good job on your first deal, because that will make a big impression to the rest of the firm in terms of your reputation. If you want, feel free to send me a PM, and I can try add more color and answer any additional questions you might have.

Best of luck!

Aug 16, 2022 - 12:26pm
brokonkey82828, what's your opinion? Comment below:

Apologies for my cluelessness but what are BK principles?

Aug 16, 2022 - 1:00pm
NowWhat, what's your opinion? Comment below:

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