I’m curious how hard it is to break into RX compared to a lev fin group (one that models), traditional coverage,or M&A group? As a freshman genuinely interested in all of these industries, but a job minority from a semi target, which would do you guys think would be the easiest and hardest industries to try and break into? Thx
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You're kind of thinking about this the wrong way, but I'll try to answer. RX is smaller than the other groups you mentioned (usually) so will likely be more difficult to "break into." I don't think that RX is more discerning than the other groups...there is no reason to think that they take stronger candidates.
RX groups tend to be more technical due to the nature of the work. However, I think most of the added "competitiveness" stems from the fact that most RX groups are at EBs, which have lower headcount than BBs / MMs while having higher pay. Not sure RX as a group is more competitive inherently.
I’d like to add in one other observation - RX tends to kick off recruiting first, so it’s usually the most prepared candidates who land an RX offer. You’re not just facing smart candidates, but smart candidates who are prepared.
This makes it harder for you to get an RX offer unless you’re equally prepared.
Got to know a lot in Rx
RX groups are extremely smalle and niche. Better off going Lev Fin /M&A/Coverage route and then transferring to RX if you really want to.
If you really want RX, go into Lev Fin first because you'll learn a lot about the legal negotiations that occur when placing debt (they do NOT teach you this in any sort of tutorial or IB overview). Lev Fin is both extremely excel heavy as well as legal heavy (tbh fascinating how much legal work is involved). More on life and levfin dot com
You can't possible argue that Lev Fin is more legally intensive than Restructuring -- restructuring definitionally occurs when there is a legal consequence or concern surrounding leverage. All the debt Restructuring teams interact with are legally implicated in a complex bankruptcy scenario -- this is not true for all the debt Lev Fin teams underwrite or interact with.
Don't think that he's saying that LevFin is more legal intensive than RX, just that you will get familiarized/comfortable w/ credit docs and debtor/creditor negotiations in LevFin. You have to understand credit docs in both LevFin and RX; however, you're going to look at them through different lenses. Will preface by saying that I've not worked in LevFin, but doubt that they are myopically focused on debt capacity, lien capacity, RPs, CoCs, guarantor entities, and approvals required for amendments. Also, as mentioned, they're not exposed to the legal side of a BK or any out-of-court restructuring (there is going to be a lot of paper, which the bankers have to understand, going back and forth in any OOC exchange/liability management transaction).
That said, have had guys w/ a LevFin background come to my group and be able to hit the ground running because of the modeling ability and familiarity w/ docs that they got in LevFin
Correct and on point @ Associate 1. Rx would be way more legal intensive than Lev Fin. I'm saying as a Freshman who doesn't really understand the world of Finance (let alone specialty situation finance), having a broad background in Lev Fin that teaches you the technical / legal aspects of RX is a great starting point, and if that really does interest him/her, then can pretty easily recruit into RX.
Having worked at BB Lev Fin, yes, we are highly engaged in the structuring of negative and affirmative covenants, liens capacity, etc. Reason being is because the team that raises the debt has to then sell the debt, whether underwritten or not, to credit funds. If we don't understand what these funds focus on, then we're not doing our job and we'll get toast.
My answer was taking the question in the perspective of this person being a FRESHMAN and giving them the best advice on how to go about thinking about finance roles. TBH I don't tell people to go into banking b/c I know how physically and mentally taxing it is, and is not for people who are in it for just the money. To be in either group (lev fin/rx), one has to really like what they're doing or else burnout will occur within months.
Rx is full of WITG hardos that dunk on GS for no reason every morning
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