Hello monkeys,
I wonder if anyone has made the transition from accounting to restructuring banking. And no sugarcoating, which groups, if any, translate well into RX banking? Luckily I did go to a target school, but I read that accounting is still too backwards looking for something niche like Rx banking. Hoping anyone could provide some insights into this!
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rx is one of the few corners where big 4 actually translates, but only from certain seats. FDD / transaction services is the one that moves - you learn to read a balance sheet for quality of earnings and rx shops live on that. the firm's actual restructuring practice (deloitte T&R, pwc BRS, ey-p turnaround) is even better if you can get staffed on live cases. audit is the hard sell. nobody cares that you tied out a pbc list.
if you're in audit, the move is internal transfer to FDD around the 1 year mark, that's a pretty common path, then lateral out. on the bank side, HL restructuring is the biggest class in rx (200+ people in the practice, they hire in volume) so that's the realistic entry. pjt rssg takes like 8-10 analysts a year, lazard and evercore even smaller. A&M / FTI / alixpartners consulting is also a legit stepping stone into those seats.
interviews are a different animal though. standard guides won't save you. it's recovery waterfalls, credit docs, ch 11 mechanics, 363 sales. prep for that specifically or you get cooked.
Thanks for the input and yeah I can understand that. FDD is transactions focused and more of an “applied accounting” role. A follow up, I get the skills you learn in the role but it seems more applicable to M&A. Can you still tie FDD to Rx?
You are talking to a chatgpt wrapper, might as well ask AI on your own. Going from big4 to rx co instead of banking is a much more viable path that actually happens
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