[2026] RX Tier List / Rankings
There's an absolute glut of rankings on here, some of which are quite honestly horrible takes. Just putting this out here to atleast somewhat even the takes. Not focused on exits, as if you don't want to exit, you don't want to exit, and consulting is much less focused on exits, rather in it for life. Focused more on mandates etc.
Both RX IB and RX Consulting are included, since I think the latter is becoming more widely known. Used some previous tier lists as inspiration for some restructuring consulting firms (outside the big 3), since I don't have too much experience with them.
Tier 1(a): PJT RSSG, A&M NACR
Tier 1(b): EVR RX, HL RX, AlixPartners RX, FTI RX
Tier 2: PWP, Moelis, BRG, Ankura, Province, CVP, Lazard (some could say a tier below due to UCC heavy)
Tier 3: Ducera, M3, Portage Point, Teneo, Greenhill, Guggenheim (some could say a tier above)
Tier 4+: Jefferies, Rothschild, Huron and the rest...
Edit: moved some around
centerview is higher
Accurate list, and agree with where the restructuring consulting firms are placed, based on what we're seeing from a distressed buyside point of view
Good list
Gugg over PWP MOE AND CVP? LMFAOOOOOOOO
Huh? They’re in the same tier wdym “over”?
It’s likely the same guy who’s been shitting on Gugg all over this forum in the same manner.
Teneo and Lazard same tier is criminal
Congrats on FTI
terrible list LMAO
Current list from my POV and edits I would make below.
Tier 1(a): PJT RSSG, A&M NACR
Tier 1(b): EVR RX, HL RX, AlixPartners RX, FTI RX
Tier 2: Guggenheim, PWP, Moelis, BRG, Ankura, Province, CVP
Tier 3: Lazard (could also be a tier above), Ducera, M3, Portage Point, Teneo
Tier 4+: Jefferies, Huron and the rest...
This will not weight buyside exits heavily as that list would just be the best banks and then consulting below.
Tier 1(a): PJT RSSG
Tier 1(b): EVR RX, HL RX, A&M NACR
Tier 2: Guggenheim, PWP, Moelis, Alix Partners,
Tier 2(b) Aka UCC Warriors: Lazard, Ducera, Jefferies, Province
Tier 3: M3, Portage Point, Teneo, BRG, Ankura, FTI RX
Tier 4+: Huron and the rest...
There is some random places that could be variable based on year and deals, ie. Piper, Seabury, rumored PJT spinout etc.
Biggest Change is FTI RX, they underpay and primarily do creditor work in massive teams so just dont view the experience as meaningfully better than anything in 2(b). This is very debatable at senior levels though and FTI is one of the most recognizable names out of this whole list.
Genuine question, couldn't you get to most distressed exits from A&M NACR if you actually prepped and networked a little + actually wanted to move? Asking bc the director at my shop (MM / UMM distressed) came from A&M and based on what they said
Bump. Curious abt this too
So what's your list optimizing for...exits?
Most accurate list
The tiering discussion is inherently subjective, so I won't comment and just discuss facts. The statement that FTI "primarily does creditor work" is simply not borne out by the facts.
FTI has one of the largest company-side restructuring practices in the industry and maintains a meaningful senior lender advisory practice, which is less common at A&M / Alix. While FTI handles more UCC engagements than A&M or AlixPartners, that does not mean it is primarily a creditor-side shop. The available league tables do not suggest that FTI does any less company-side work than either of those firms.
On compensation, it is true that FTI's total compensation is often lower, specially in strong years. That is largely because its pay structure is more heavily weighted toward fixed compensation and less toward bonuses. The tradeoff is that compensation tends to be more stable across cycles and generally comes with somewhat lighter hours than many of its direct competitors.
Accurate but why tf are there 10 new RX tier lists a day for such a niche career path 98% on here won’t get into/want to get into? Who really gives af??
Most competitive seats (for IB at least). People on this forum care about prestige and maximizing for sweatiness
As someone looking at a lateral move to RX, can you share some insights into culture and WLB between those places?
I imagine that HL is working you quite hard while others might be slightly better? Saying slightly, know it’s still RX and looking like a busy year ahead.
Also curious to know if there is different experiences between the US and London since I find Europe interesting for a long term career
HL has an army of people, far more than their solid (not top) deal flow warrants. I would expect the median analyst to not work very hard, but a few to get crushed.
PJT, EVR, MOE, and PWP will probably work you the hardest. Insane deal flow on the PJT/EVR side but more people vs good/okay deal flow on the MOE/PWP side but much leaner teams.
Just my observations being in the space with friends at a variety of shops
How sweaty are the other names here, Portage and M3?
.
Pretty accurate
Got offers from tier 1. Accurate list. Funny thing is Jeff RX people actually think they are top 3 on the street when I interviewed with them LMAOOOOO.
1a or b? Not that it matters much but curious
Drop gugg down. move Lazard up. Otherwise right. Source: A1 at pjt/evr
Bro sourced himself as someone less credible than OP 🤣
Rothschild??
Haven’t really interacted with them but added
greenhill?
Added, based on personal experience
Move Laz up for sure
How does Lazard pay compared to the rest on this list?
how is BRG comp these days?
How does comp compare across these names. How does the pay at the lesser known brands compare to PJT/EVR?
The consulting side is more of a black hole, but the tier 1 RX consulting firms' comp has been discussed on WSO quite a bit. As far as RX IB goes, they generally pay top of the street for IB, and unless I'm mistaken, some of the lower tier banks pay more than higher tier banks, but this isn't a pattern or something, moreso a function of the fees you get compared to the deal team size. So like a t1 firm is obviously going to get more business than a lower tier firm, but generally bigger teams, vs a smaller firm that lands a massive deal with a very small team.
What’s the difference between RX consulting and RX IB? Which is seen as more prestigious / higher comp?
Good list, personally agree with it
What about Piper Sandler RX?
Former TRS Advisors, which are former Rothschild RX guys. Solid group but very small and limited deal flow. One of those that should be pursued if interested in RX, but not nearly as good as their HC, C&R, or Industrials & Services groups.
Bump
Is Gugg RX rlly a T3? Networked w a couple ppl from the firm who mentioned they were industry leading
Stop with the incessant fucking rankings. Child shit
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