5:00am - You wake up to your MD calling in a panic. He can't find a file. You let him know where it is and wait on the call until he finds it. He's been up since 4:00am.
7:30am - You roll into the client site and prep the weekly cash flow report while waiting for the West Coast team to wake up. You start calling them asking for updates while they're brushing their teeth and dropping kids off at school.
8:00am - Cash collections fell short of projections again. You prepare for the panic that will start when you let the team know. "Why didn't you predict this?", your MD asks. Your client's customers are also stretching vendors. You call the receivables team to find out who, and they don't know. You spread the missed collections out over the June and July forecast. "We'll collect it eventually". That's a problem for another day.
9:00am - The PE associate calls asking why last year's labor KPIs changed. Your MD yells "leave him the fuck alone". The PE associate texts you asking for help with her internal deck, you respond "the numbers are different because the CFO says we're just using different numbers now."
10:00am - The redbull you drank hits you. As you're responding to emails in the bathroom, you get 3 calls from your MD. He can't find that file again.
11:00am - A recruiter calls for a first round interview at a credit fund. You have to reschedule with them, again. You're busy trying to get a labor effiency analysis wrapped up by noon. "This is very urgent", the CEO assured you.
11:30am - The PE associate texts you again. Your MD tells you to ignore her and keep working.
12:00pm - You hop on a call to review cash flows with the payroll, AP, AR, and treasury teams. AP paid vendors too much, AR forgot to bill for 3 contracts, treasury doesn't know where a $150k wire was sent, and payroll gave you the wrong bonus numbers. You figure you can still pay interest this quarter, but that you'll need another $5 million injection from the sponsor for the next one.
1:00pm - You hop on a call with FP&A to prepare a lender report. You find out accounting hasn't finished their closing entries, and that we spent $300k more corporate costs than budgeted. The marketing team still can't provide us with a headcount. You still wonder why a construction company needs this much marketing.
1:30pm - Your MD asks you to email the controller for a new trial balance. They don't respond, and you hear from the accountant you CC'd that they're in the ER with chest pains. They are 35 years old.
2:00pm - You hop on a call you were invited to 10 minutes ago without any context. 4 people you've never seen before arrive. "Thanks for helping us with this, go ahead and present" one of them says. You have no idea what this meeting is about. You tell them "it's a big file and will take a minute to open" while you frantically text your MD "what is this call for?". He responds "cover for me, I can't make it." You finally get him to tell you that this is the procurement team, and you need to walk them through a new initiative he built. The call goes well - they're now all afraid of getting fired if they can't hit the targets you presented.
3:00pm - Your uber eats driver delivers a soggy subway sandwich after 45 minutes of wandering the corporate park. "Please tip and rate 5 stars" he asks. You tip 20%, you know you'll get reimbused in a few months.
3:30pm - The CEO changes his mind about drivers for the three-statement model you're building. Your MD has you plug your laptop into the flat screen so he can watch you. He gets motion sick when he sees you modeling. You finish in 4 hours and finally get your broken tab key to stay in place. You be sure to save a new version, knowing he'll change his mind again. You're on version 89.
5:00pm - Your MD hops on a call with the CFO and CEO and argues with them for 40 minutes about a $60k reconciling issue in a $50m+ cash flow projection.
8:00pm - Your MD says "let's plan on leaving at 10:30pm tonight. I have a board deck for you to work on right now." 45 minutes later, he sends it.
10:00pm - You send the finished board deck back to him, while ignoring more texts from the PE associate. "She's an idiot, your MD tells you."
11:00pm - The CFO accidentally emails the lenders that the auditors may issue an adverse opinion. The lenders start blowing up our inboxes.
12:30am - Your MD checks your work and tells you "Great work today. Go home and grab a ticket to go to Cincinnati tomorrow". He doesn't leave.
1:30am - You crawl into bed next to your MBB wife. She's been asleep for two hours. Her team had Nobu tonight. You had a 7-Eleven roller dog. If only you hadn't gotten a C+ in your Art History class freshman year of college, maybe you'd be at an MBB, too. A 3.6 GPA couldn't cut it in MBB, certainly one that can't ID a Rembrandt. Maybe you'll retake the ACT this summer and apply.
2:00am - You sit on your phone watching emails roll in from the PE associate asking you for help reconciling last November's change in working capital. You ignore her, making her think she's the only one awake right now. "You can't be wrong if you don't give them any numbers." rings in your head. At least you're not in PE. Turnaround consulting is paradise.
Created an acc to give some extra touches for full pain and suffering (more RX than turnaround consulting though) :
5:00am – The Missing File
You wake up to your MD calling in a panic. He can’t find a file. You tell him exactly where it is. He insists he already checked. You stay on the phone as he miraculously finds it. He’s been up since 4:00am.
7:30am – The Morning Panic Begins
You roll into the client site and update the weekly cash flow. The West Coast team is still asleep, so you start calling them while they’re brushing their teeth and dropping their kids off at school.
8:00am – Cash Flow Panic
Collections missed projections again. “Why didn’t you predict this?” your MD asks. You call AR—turns out they don’t even know which customers haven’t paid. You spread the shortfall over the next two months. That’s a problem for another day.
9:00am – The PE Associate Struggle
A PE associate asks why last year’s labor KPIs changed. Your MD yells, “Leave him the f*** alone.” The PE associate texts you anyway. You reply: “The CFO says we’re just using different numbers now.”
10:00am – The Red Bull Hits
As you check emails in the bathroom, your MD calls three times. He lost that same file again.
11:00am – Recruiter Calls. Again.
A recruiter from a credit fund reaches out. You reschedule—again. You’re too busy trying to wrap up an “urgent” labor efficiency analysis.
11:30am – PE Associate, Again.
She texts again. MD says to ignore her. You do.
12:00pm – Cash Flow Review = Fire Drill
AP overpaid vendors. AR forgot to bill three contracts. Treasury doesn’t know where a $150k wire went. Payroll’s numbers are wrong. Somehow, you’ll still pay interest this quarter.
1:00pm – Accounting is a Black Hole
You prep the lender report. Accounting hasn’t closed their books yet. Also, $300k in corporate costs magically appeared. Marketing still can’t provide headcount. You still wonder why a construction company needs this much marketing.
1:30pm – The Controller is in the ER
Your MD asks you to email the controller for a new trial balance. No response. The accountant you CC’d tells you the controller is in the ER with chest pains. He’s 35.
2:00pm – The Mystery Meeting
You get invited to a meeting 10 minutes before it starts. Four unfamiliar people join. “Thanks for helping us. Go ahead and present.” You have no idea what this meeting is about. You stall—“Big file, loading now…”—while frantically texting your MD. His response? “Cover for me, I can’t make it.”
3:00pm – Lunch?
Your Uber Eats driver takes 45 minutes to find your office and delivers a soggy Subway sandwich. You tip 20%. You’ll get reimbursed. Eventually.
3:30pm – PPT Death March
MD: “Add a waterfall chart.”
MD: “No, make it a bridge.”
MD: “Actually, let’s just do a table.”
MD: “Wait, put the bridge back.”
MD: “Make it more ‘consultant-y.’”
You bold some text and hope for the best.
5:00pm – Fighting Over $60k in a $50M Forecast
Your MD spends 40 minutes arguing with the CFO and CEO about a $60k reconciling issue in a $50M+ cash flow projection.
6:00pm – The Data Black Hole Strikes Again
The CFO finally sends last year’s GL file. Half the accounts are missing, timestamps are off, and there’s a giant “Other” plug. You email accounting. They’ll “look into it” next week. The board deck is due in an hour.
7:00pm – The Late-Night Model Rebuild
CEO suddenly cares about CapEx burn. You have to rebuild the model. MD watches you work but gets motion sick when you scroll too fast. He makes you change assumptions three more times. You're now on Version 89.
8:00pm – More Work. Obviously...or DCF Disaster
MD: “Let’s plan on leaving at 10:30pm.”
MD: “Oh, by the way, we have a board deck to do.”
45 minutes later, he sends it to you.
or maybe
PE associate asks you to sanity-check the DCF the fund is running. You open the file. The discount rate is 4%, revenue CAGR is 20%, and somehow they’re getting a 14x terminal EBITDA multiple. “This doesn’t make any sense,” you text. She replies, “Yeah, but this is what the partner wants.”
9:00 pm – LBO Model Pain
Your MD asks you to update the LBO model for the lenders. You remind him that we’re not doing an LBO—this company is already levered 7x and on the verge of covenant breach. He stares at you blankly. “Just add a sensitivity table for different IRRs.”
10:00pm – Board Deck Sent. MD Reviews.
You send the finished board deck. MD says, “Great work.” PE associate texts again. You ignore her.
11:00pm – Oh No.
The CFO accidentally emails lenders that auditors may issue an adverse opinion. Lenders start blowing up your inbox.
12:30am – Pack Your Bags
MD tells you, “Go home. Grab a ticket to Cincinnati tomorrow.” He doesn’t leave.
1:30am – Your MBB Wife Is Asleep
She had Nobu tonight. You had a 7-Eleven roller dog. If only you hadn’t gotten a C+ in Art History, maybe you’d be in MBB too. Maybe you’ll retake the ACT this summer. Atleast the pay's amazing.
3:00am – The Existential Crisis
At least you’re not in PE.
Painfully accurate, especially the modeling / val part
Bump, is this what it's like? I know it's obviously exaggerated a bit, but in general how does it match up?
Zero exaggeration, I've had weeks on end like this (Sat/Sun included). There's actually way more yelling, insults, paranoia, ego, and breakdowns. People embezzling funds and messing with the accounting to pump their bonus numbers. There are also weeks where life is easy, everyone loves you, and you bill like 10 hours/wk.
Yeah, this is pretty accurate I’d say
Accurate
Bump
is this what its like to work in Big 4 consulting / FTI?
This kind of chaos is definitely much more in line with FTI, Alix, A&M, Province, and similar top-tier RX shops rather than Big 4 turnaround groups. Big 4 RX tends to be more focused on bankruptcy advisory, trustee work, and court-driven processes rather than the pure fire-drill operational turnaround and high-stakes cash flow triage that firms like FTI/Alix/A&M specialize in. So long story short, no for big 4, yes for FTI (and Alix etc..).
I really wouldn't class B4 RX / turnaround in the same space as FTI / Alix / A&M, and the t2,t3, or even t4 / top t5 RX players because the work they do differs fundementally from the players above. B4 turnaround/restructuring tends to be more focused on court-driven processes, bankruptcy advisory, and compliance-heavy work, while FTI, Alix, A&M, Province, and similar RX firms do more high-intensity, hands-on operational and financial restructuring. So it's an apples to oranges comparison. Expect 50 - 65 hrs a week during typical hours, and 65-80 on busy weeks for B4, versus 60-80 for typical hours at FTI etc, and 85 - 100+ for busy weeks. Pay is better there though.
i actually worked at A&M and it was very professional and everyone was super competent, so little of this resonated with me hence why I asked if this was FTI (since I assumed Alix is also similarly competent, lots of cross hires but I rarely saw people from FTI).
however I worked there during covid where there wasn't as much work as would have hoped, we were WFH for nearly 2 years etc so it was super chill time.
Do you think turnaround consulting is a better fit for PE compared with RX Bankers?
So relatable, had an MD question me because I was pressing Ctrl Right Arrow, Ctrl Left Arrow too much
"Why do you keep doing that?"
I feel like I instantly lose at least 30 IQ points whenever a group of people internally are watching me build a model. I somehow am fine with mocking things up in Excel in front of clients, but those late night sessions where everyone is huddled in a room fiddling with assumptions in a 3-statement model or reconciling differences between the 13 week and 3-statement were intense. It becomes so difficult to do anything when 3 different people are telling you to do something and/or when everyone's tired/on-edge and it feels like every small mistake you made writing a formula costed people 15 minutes of sleep.
A+. Had me rolling.
Accurate and painful.
10/10 post, funny and mostly accurate.
Love this lol
Lmao
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