Did I just blow-up my career?
I’ve been on the buyside since undergrad (non-target) different long-only credit shops (think CLOs, mutual funds, etc.) for 6-years. I am currently doing long-only credit performing / distress (time split 50/50). The long-term goal is to do pure long-short distress. I have accepted an offer as an associate at a tier 2 restructuring advisory shop (think Gugg, Jefferies, etc.).
I now have a bit of regret; how hard will it be for me to transition to a pure distress role in a year or two? Am I completely screwed?
....
no, those shops do lots of distressed work...and you'll see the biz from a different perspective...so its all good
Not Jefferies but would put them in same category. Looks like they do ~10ish decent creditor gigs a year and maybe low single digit company side (small mandates). Should I just renege the offer, would hate to do something that gets me nowhere, especially if it is going to be an insane grind? ugh
Can’t you just go back to a 2nd-tier buy side gig if you don’t like it? Nice thing about IB is you won’t get fired if you do the bare minimum, just “pushed out” when you’re up for promote
Yeah, I believe I should be able to go back to a long only performing credit gig. Goal here would be to try and break-in to pure distress. I am just trying to figure out if a restructuring associate job would be a waste of time....or would give me a leg up... thoughts appreciated.
Bump
Why would you go from the buyside to the sellside? If your experience was truly 50/50 performing/distressed, then you should have a fine skill set to go to a pure long/short credit or distressed fund. What was your experience like interviewing at these places, or did you not have success landing interviews? Can you give me an example of a distressed situation you worked on and how you framed it to your interviewers? Do you plan on just hanging out at this bank for a couple years to get more RX experience before going back to the buyside? I would've thought your interviewers would be able to sniff that out. I'm not sure about Gugg, but Jeff has a good special sits desk which also does stuff for leucadia, but this is separate from the RX side of banking I'm pretty sure.
Thanks. I’m not sure, very conflicted. Buyside distress is dream, but may like banking (why I took offer). It is hard to get interviews with my resume. Almost all headhunter opportunities I don’t get a first rounder. Had 2 interviews for pure play distress, all start up funds (through friends). Made it to the case study w/ one and was dinged. Other I was told I’m to senior. I’ve been looking for ~8-months.
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