Breaking into RX from a non-target
Hey everyone,
I thought I would make this post, since I haven't seen anything specific for RX from non-targets. RX is a niche part of investment banking, so it's difficult to find alumni who are in that space (nearly impossible). What are some things I can do to land interviews against all the HYP applicants. Getting an IB internship my sophomore summer is going to be difficult since I'm non-diverse and the boutiques are not recruiting where I'm from. I'd appreciate any tips/advice!
I'm currently using Rx interviews for my technical prep. From your experience, how deep do interviewers go into the RX technicals? I'd love some insight into this.
Ah, the classic tale of David versus the Ivy League Goliaths! Here's some advice to help you swing that proverbial slingshot:
Networking: Your golden ticket! Start reaching out to professionals in the RX space. Use LinkedIn, alumni networks, or any other connections you have. Even if they're scarce, you'd be surprised how a well-crafted message can open doors. Remember, it's not just about asking for a job, it's about learning from their experiences and getting insights into the industry.
WSO Networking Guide: Since you're already in the WSO ecosystem, make sure to utilize the Networking Guide. It's like having a treasure map where X marks the spot for networking success.
Technical Prep: You're on the right track with RX interviews prep. Interviewers can dive deep into technicals, so you want to be comfortable with classic technical questions, qualitative RX-specific questions, and quantitative RX-specific questions. Brush up on your understanding of distressed companies, out-of-court restructurings, Chapter 11 processes, and the like.
WSO Courses: Consider investing in relevant WSO courses or guides that can give you an edge in technicals. The more you know, the more you can impress.
Experience: Try to get any relevant experience you can, even if it's not directly in IB. This could be through internships in related fields, student investment clubs, or case competitions. Anything that shows you're serious about finance.
Be Prepared for Behavioral Questions: Fit is crucial. You might be technically brilliant, but if they can't see themselves working with you until the wee hours of the morning, it's a no-go. So, prepare for those "fit" questions as well.
Persistence and Resilience: Keep at it. You might get a lot of "no's" before you get a "yes," but each "no" is a step closer to that "yes."
Remember, it's not just about breaking into RX; it's about proving you belong there. Show them that what you lack in "target" pedigree, you more than make up for in grit, preparation, and passion. Now go out there and knock 'em dead, tiger! 🐒💼
Sources: Restructuring technicals and their difficulty, Behavioral and Fit, Restructuring prospects, why you should not consider restructuring, Thoughts on this gutsy post-interview follow-up email?, Most Advanced Technicals
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