What can I do to break into Rx consulting from a tax background?
Okay so I really want to get into Rx consulting, I have my undergrad & masters in accounting with my CPA. I’m currently working with closely held businesses/family offices in the tax/management consulting side at a top Rx consulting firm. I’ve heard time and time again that it’s basically impossible to move internally, but if there is just a small chance, what could I do to improve my odds? Additionally would it make more sense to lateral to a lesser Rx practice using the brand name of my current firm although I’m not specifically in Rx? Thanks in advance.
Transitioning into Rx consulting from a tax background, especially with your solid foundation in accounting and a CPA credential, is challenging but not impossible. Here are some strategies and insights to improve your odds, drawing from the most helpful WSO content:
Leverage Your Current Position: Your experience with closely held businesses and family offices is valuable. Highlight how your work has given you insight into complex financial structures and management consulting, which are relevant to Rx consulting.
Internal Networking: Despite hearing it's nearly impossible to move internally, don't underestimate the power of networking within your firm. Seek out mentors or sponsors within the Rx consulting division. Express your interest and ask for advice or the possibility of shadowing projects to gain exposure.
Professional Development: Continue building your skill set to align more closely with Rx consulting. This could include taking courses related to financial restructuring, distressed assets, or turnaround management. Certifications like the Certified Turnaround Analyst (CTA) could also bolster your profile.
Showcase Transferable Skills: Emphasize your analytical skills, understanding of financial statements, and experience in advising businesses through your tax/management consulting role. These are crucial in Rx consulting for analyzing distressed companies.
Contribute to Rx Projects: If possible, volunteer to work on any Rx-related projects, even in a minor capacity. This hands-on experience can be a strong addition to your internal application.
Consider a Lateral Move: If internal mobility proves too difficult, using the brand name of your current firm to lateral to a smaller Rx practice could be a strategic move. It might offer more opportunities to gain direct Rx experience, which you can leverage for future roles.
Networking Outside Your Firm: Engage with professionals in the Rx consulting field through industry events, webinars, and professional associations like the Turnaround Management Association (TMA). Networking can uncover opportunities that might not be publicly advertised.
Prepare Your Narrative: Be ready to articulate why you want to move into Rx consulting and how your background equips you uniquely for this field. Your story should highlight your passion for restructuring and your commitment to making a career shift.
Remember, persistence and strategic networking are key. Each step you take to align your skills and experiences with Rx consulting increases your chances of making a successful transition.
Sources: Lateral to RX from Niche Coverage, Q&A: I grew up in Consulting and reinvented my brand 3 times, Breaking into consulting as ex-diplomat??, Restructuring Consulting - Undergrad, Q&A: Restructuring Consulting
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You absolutely can switch. I am in RX Consulting and I would say 90% of our group is a CPA originally and 90% of our group came from something non-RX related.
When it comes to firms, I doubt A&M/FTI would let you switch from tax to RX; however, if you used the A&M/FTI name to switch to a lesser firm that values your work experience (and hires you at a non-entry-level position) then you can come back at a higher level in a couple years. In fact, you likely can have a leg up on the competition since you already have that brand on your resume.
You got this!
Thank you so much for your positivity! As far as lesser firms for Rx would you be talking like Big 4 or what level would you recommend to be easiest to transition to?
Literally anything! A&M just hired multiple guys from BDO and Grant Thornton on their latest hiring run.
Some firms really like CPA backgrounds, I know everyone Ive met at M3 has a big 4/cpa/etc backgrounds. Great firm and they’re recruiting so maybe look into that.
I’m sure there are other ones, I would look for creditor + UCC heavy shops since that’s a terrific skillset to have for that type of work.
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