RX to MF? or straight to HF?

Incoming analyst at EB RX (think Laz, HL, EVR, PJT, Moelis). Long term goal is to work at a SM HF (preferably with the ability to look across the capital structure including equity). Since on cycle starts in July these days, was wondering what people’s thoughts were in regard to going through on cycle to secure a top MF PE? With the idea that after 2+2, I’ll have phenomenal optionality for SM’s.

Compare this to waiting in banking to recruit for the best SM opportunity possible. Given my goals, would be interested to hear from people who have done one or the other. Is the optionality really that much better after 2+2? Is it really worth grinding another 2 years? Again this is with the caveat that I can get a MF seat, but I feel like I’ll have as good a shot as anyone coming from EB RX and can do it with enough prep time


The way I see it, pros of MF PE:

  • Another great brand name on resume

  • Can go to B School and have even more options in general

  • Can stay in PE or go back if I like it (probably not the case for me)

  • 2 extra years of technical training 

Pros of SM right away:

  • join young, 2 extra years of reps as a public mkts investor

  • Job is just definitely more enjoyable to me

  • would likely choose a SM with a better lifestyle

 
Most Helpful

lmao HL RX is prob top 5 among all IB groups

 

Cross capital structure HFs don’t care as much about PE experience as the typical Tiger cub / LS funds so for your purposes, it actually might make more sense to go earlier to the HF role.

 

I’m at a very well known fund that does cross cap stack investments with an emphasis on distressed. If you are dead set on public markets / distressed and get the chance to go to one of these funds, definitely go for it. You want to get into a market facing role ASAP as long as you have something to fall back on (which is IB/PE). No one cares about pe at these funds unless its elliott. A lot less focus on prestige and more focus on what you can bring to the table.

however, if you are still unsure about public markets and or distressed, mfpe is a safe choice till you decide

usually hf hiring is pretty random except for silverpoint (usually based on a seat opening up). Most important thing now is to read a lot more over next couple months and firmly decide on what you want to do so you can plan ahead. Always remember, you dont have to go through with on cycle if you still didnt decide. Lots of firms and most HFs go through the off cycle route

 

Thank you. This and PE associate 2’s response were the exact types of answers I was looking for. To your point, I definitely like a value-oriented investment style and have basically ruled out Tiger cub, growth l/s equity style. Just how I’m wired.

 

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