So currently around the 3-4Y tenure mark at MBB. Have been in PE processes for ~1 Year and received some offers but never really found the proper fit.
I realize something "new" (in a sense that MBB people are getting poached in contintental Europe): RX consulting is benefitting from large tailwinds and practices are so overburdened with work, that there is almost some sort of "gold-rush" vibe.
I have mainly done PE / Corp.Fin related work at PE and have been approached by numerous firms to switch over to RX roles. Most recently, some friends exited to a T2 firm building up their RX arm.
Whats noteworthy is that the vibe is so different from generalist strategy consulting. Whereas here (MBB) everything is getting more difficult with clients (i.e., every proposal a challenge to convert, always need fee reductions/invest, etc.) and internally (i.e., good luck with office transfers/fast track promotions/bonus/nice offsites) RX seems to be really on the up.
I notice this in that they almost cater to everything - i.e., office choice, starting timeline, sign-on, coffee-chats/first round interviews with the most senior professionals.
Now I am no trained RX professional but I have a good understanding of corporate-finance (which I got told is the biggest plus) and have with various large-cap PE sponsors (apparently also positive).
I hate and despise generalist MBB consulting by now and the general Kumbaya/"we are solving the worlds toughest problems"/"lets to a 12 week generative AI in marketing and sales transformation" and thought the RX professionals to be much more up my ally.
Does it make sense to switch???
Based on the most helpful WSO content, it seems like switching to RX consulting could be a strong move for someone in your position, especially given the current "gold-rush" vibe in the RX space. Here are some key points to consider:
1. Tailwinds in RX Consulting
2. Your Background Aligns Well
3. Cultural Fit
4. Opportunities in RX
5. Considerations Before Switching
Conclusion:
Switching to RX consulting seems like a logical and potentially rewarding move given your dissatisfaction with MBB and the current tailwinds in RX. Your corporate finance and PE background make you a strong candidate, and the cultural shift in RX could align better with your professional preferences. However, ensure you thoroughly evaluate the specific firm and role to confirm it aligns with your long-term career aspirations.
Sources: How is A&M perceived in the industry?, Oil&Gas controller vs. restructuring consulting, Why You Should Consider Restructuring – Common Misconceptions/Insight on RX Groups, Top 5 Restructuring Consulting Firms 2020 (my opinion), Pros & Cons Summary - Post-MBAs in Restructuring (RX) - any regrets?
Not much to say here except for pressure testing the specific firm and team. T2 firms building out new RX arms can be fantastic opportunities to grow fast, but make sure the senior professionals leading the build-out have real deal pedigree and aren’t just rebranding their advisory practice, because in RX your reputation compounds through deal closings and creditor/sponsor relationships, and being someone the board wants to work with, rather than heavy decks
Late to the party, but dude, just go. Everything you've described basically answers your own question. You hate what you're doing, you're good at the stuff RX actually needs, and they're literally competing for you. That's a rare combo. The gold rush vibe is real (not ignoring that), but that's also kinda the point; you want to be in a growing practice, not grinding proposals at MBB hoping for a transfer that never comes. Yeah RX has cycles for sure, but you're not locked in forever and the skill set travels well. If anything the only reason NOT to go is if you had a specific path at MBB you were still chasing, and it sounds like you've already mentally checked out of that. Pull the trigger.
Just be aware of what VP in IB mentioned above, regarding pressure testing the specific firm, that's good advice.
I’d seriously consider switching. I’m biased, but I think restructuring is a much stronger training ground if you want to get close to the actual operating and financial mechanics of a business, versus evaluating it from a high level.
The main caveat, and I say this often on these forums, is to go in with clear eyes about what the work actually is. RX consulting is much more hands-on and detail-oriented than people expect. There is usually a meaningful accounting component, management information that may be incomplete, unreliable to non-existent processes for reporting/operating, and models that need to tie back to real operating metrics and pass multiple stakeholders' diligence. You generally cannot put out a high-level, market-consensus story in a deck and have that hold up in a restructuring scenario.
I’m seeing that on a live deal now: an earlier sale process relied on a fairly high-level business plan that ultimately missed badly. Once lender confidence in both Management and the IB team's forecast was gone, we were brought in to rebuild the plan and TWCF from the ground up. That meant digging through trial balances and operational data, building detailed scenarios, challenging management’s assumptions, and producing a forecast creditors could realistically underwrite, not a hockey-stick projection built on high-level P×Q assumptions.
That does not mean the work is unlearnable, or that people from banking or consulting cannot do it. It just means there is a real ramp-up curve, especially if you have not spent much time with accounting, operational data, or detailed financial modeling.
I’d describe RX as somewhere between banking, consulting, and operational finance, with more accounting than most people expect. If you enjoy getting into the weeds, understanding how a business actually runs, and potentially want to be an operator or executive someday, it can be an excellent training ground.
If you are more interested in an investor-style role (i.e. higher-level diligence, pressure-testing assumptions, etc.) you may prefer creditor-focused work, or at least want to think carefully about which RX platform you join.
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